# EDGAR Filing Document

**Accession Number:** 0000814679
**File Stem:** 0000940400-25-011183
**Filing Date:** 2025-11
**Character Count:** 144432
**Document Hash:** d729383c2929088b79ed7a92de8ed03f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011183.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-011183

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05186
- **FILM NUMBER:** 251531607

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **as of September 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Long-Term Investments — 89.9%** | **Long-Term Investments — 89.9%** | **Long-Term Investments — 89.9%** |
| **Affiliated Mutual Fund — 34.8%** | **Affiliated Mutual Fund — 34.8%** | **Affiliated Mutual Fund — 34.8%** |
| **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;AST J.P. Morgan Fixed Income Central Portfolio\* | 62042267 | &nbsp;&nbsp;&nbsp;&nbsp;$714106490 |
| &nbsp;&nbsp;&nbsp;(cost $659,964,622)(wa) |  |  |
| **Common Stocks — 12.6%** | **Common Stocks — 12.6%** | **Common Stocks — 12.6%** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435773 |
| &nbsp;&nbsp;&nbsp;Karman Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520778 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712240 |
| &nbsp;&nbsp;&nbsp;Safran SA (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5075337 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9188898 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793412 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979689 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3678092 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| &nbsp;&nbsp;&nbsp;Kia Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828373 |
| **Banks — 2.1%** | **Banks — 2.1%** | **Banks — 2.1%** |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;101407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897727 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT (Indonesia) | &nbsp;&nbsp;&nbsp;4360600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996982 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061840 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042692 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059797 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;116340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613789 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994017 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918958 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539000 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923529 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. (India), ADR | &nbsp;&nbsp;&nbsp;&nbsp;115567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947769 |
| &nbsp;&nbsp;&nbsp;KBC Group NV (Belgium) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388566 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;281200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4536144 |
| &nbsp;&nbsp;&nbsp;National Bank of Greece SA (Greece) | &nbsp;&nbsp;&nbsp;&nbsp;127908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862525 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;282540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995680 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001587 |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC (Russia)\*^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC (Russia), ADR\*(a)^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828573 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312268 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290363 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42146900 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;Heineken NV (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685367 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836224 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. (China) | 250700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5606684 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (Brazil)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7534659 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| &nbsp;&nbsp;&nbsp;AAON, Inc.(a) | &nbsp;&nbsp;&nbsp;10816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010647 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461770 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.\* | 112381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699201 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.\* | &nbsp;&nbsp;&nbsp;93572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923556 |
| &nbsp;&nbsp;&nbsp;SAL TopCo LLC\*^ | 817799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251232 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;72181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978832 |
| &nbsp;&nbsp;&nbsp;Brookfield Corp. (Canada) | &nbsp;&nbsp;&nbsp;23486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611466 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;3826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290586 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;71800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076126 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096207 |
| &nbsp;&nbsp;&nbsp;Miami International Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;13757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553857 |
| &nbsp;&nbsp;&nbsp;Moelis & Co. (Class A Stock) | &nbsp;&nbsp;&nbsp;&nbsp;6875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490325 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152394 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;20506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15589040 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| &nbsp;&nbsp;&nbsp;Air Liquide SA (France) | &nbsp;&nbsp;&nbsp;22141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613224 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.\* | &nbsp;&nbsp;&nbsp;29790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852590 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006303 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;53355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342945 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;32703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732220 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp.(a) | &nbsp;&nbsp;&nbsp;&nbsp;7760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9569662 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;14292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356025 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;51234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825380 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc.(a) | &nbsp;&nbsp;&nbsp;11102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4091726 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;6018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219416 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp.(a) | &nbsp;&nbsp;&nbsp;67665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428408 |
| &nbsp;&nbsp;&nbsp;WSP Global, Inc. (Canada) | &nbsp;&nbsp;&nbsp;11034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596834 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;5590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302694 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365167 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.\* | &nbsp;&nbsp;&nbsp;16448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076417 |

---

A1

------

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **as of September 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$842860 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.\* | &nbsp;&nbsp;&nbsp;13186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431604 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG (Germany) | &nbsp;&nbsp;&nbsp;61300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088458 |
| &nbsp;&nbsp;&nbsp;Telstra Group Ltd. (Australia) | 911402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994121 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;22262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979528 |
| **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Legrand SA (France) | &nbsp;&nbsp;&nbsp;21452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564488 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954510 |
| &nbsp;&nbsp;&nbsp;Fabrinet (Thailand)\*(a) | &nbsp;&nbsp;&nbsp;&nbsp;2403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876182 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | &nbsp;&nbsp;&nbsp;11146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946964 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;24087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950714 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc. (Class A Stock) | &nbsp;&nbsp;&nbsp;29883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394476 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.\* | &nbsp;&nbsp;&nbsp;10991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605714 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;37183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3414710 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;86220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067997 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;13192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521216 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;7807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956826 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;2633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266257 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.\* | &nbsp;&nbsp;&nbsp;65059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325252 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. (Japan) | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041948 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;8728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5414211 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319042 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;46133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965564 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;12915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640463 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | &nbsp;&nbsp;&nbsp;10654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934749 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc.(a) | &nbsp;&nbsp;&nbsp;13054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169508 |
| **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** | **Hotels, Restaurants & Leisure — 0.4%** |
| &nbsp;&nbsp;&nbsp;Compass Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;74212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529572 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910436 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc. (Class A Stock)\*(a) | &nbsp;&nbsp;&nbsp;11861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231172 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;6237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$583845 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;3852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576144 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;13638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089676 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. (China) | &nbsp;&nbsp;&nbsp;41049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8682668 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. (Japan) | 207500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964941 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| &nbsp;&nbsp;&nbsp;Siemens AG (Germany) | &nbsp;&nbsp;&nbsp;16836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545350 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161124 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| &nbsp;&nbsp;&nbsp;Accelerant Holdings (Cayman Islands) (Class A Stock)\*(a) | &nbsp;&nbsp;&nbsp;21961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326999 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. (The)\*(a) | &nbsp;&nbsp;&nbsp;23370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659268 |
| &nbsp;&nbsp;&nbsp;Intact Financial Corp. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;9030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756882 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026578 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;5621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588864 |
| &nbsp;&nbsp;&nbsp;Neptune Insurance Holdings, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;8067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161340 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;15392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003866 |
| &nbsp;&nbsp;&nbsp;Sony Financial Group, Inc. (Japan)\* | 207500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8753908 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;84500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200211 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp.(a) | &nbsp;&nbsp;&nbsp;11801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926261 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;13267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765266 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Lonza Group AG (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;4322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889855 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392703 |
| **Machinery — 0.6%** | **Machinery — 0.6%** | **Machinery — 0.6%** |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB (Sweden) (Class A Stock) | 159936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712192 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.\* | &nbsp;&nbsp;&nbsp;95602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877626 |
| &nbsp;&nbsp;&nbsp;IHI Corp. (Japan) | 137200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555251 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;3444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812199 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;3114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215363 |
| &nbsp;&nbsp;&nbsp;Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;6477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493547 |
| &nbsp;&nbsp;&nbsp;Volvo AB (Sweden) (Class B Stock) | &nbsp;&nbsp;&nbsp;95090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400739 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO (Russia)\*^ | 143900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO (Russia), ADR\*^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

A2

------

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **as of September 30, 2025 (unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** |
| &nbsp;&nbsp;&nbsp;Magnitogorsk Iron & Steel Works PJSC (Russia)^ | 112615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Severstal PAO (Russia), GDR\*^ | &nbsp;&nbsp;&nbsp;11949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp;Engie SA (France) | 161330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468035 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061747 |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC (Russia)\*^ | 165440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Novatek PJSC (Russia)^ | &nbsp;&nbsp;&nbsp;&nbsp;5822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Rosneft Oil Co. PJSC (Russia)\*^ | &nbsp;&nbsp;&nbsp;30688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Shell PLC | 172700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6155207 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;40633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8231561 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;Kao Corp. (Japan) | &nbsp;&nbsp;&nbsp;55700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427464 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;28097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612667 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.\*(a) | &nbsp;&nbsp;&nbsp;55591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855546 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;7279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159326 |
| &nbsp;&nbsp;&nbsp;RELX PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;66550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189739 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.\* | &nbsp;&nbsp;&nbsp;43898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6288892 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| &nbsp;&nbsp;&nbsp;Colliers International Group, Inc. (Canada)(a) | &nbsp;&nbsp;&nbsp;&nbsp;5276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824164 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC\* | &nbsp;&nbsp;&nbsp;69514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106663 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co. Ltd. (Japan) | 254400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700252 |
| **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc. (Japan)\* | &nbsp;&nbsp;&nbsp;23074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673761 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;2878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806588 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG (Germany) | &nbsp;&nbsp;&nbsp;60967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391746 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;10990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368145 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;21819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877342 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;13990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468093 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4387220 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | &nbsp;&nbsp;&nbsp;20706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5782979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21755874 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.\*(a) | &nbsp;&nbsp;&nbsp;83240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758316 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;52550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946951 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.\* | &nbsp;&nbsp;&nbsp;16130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437284 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;5435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719214 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** | &nbsp;&nbsp;**Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$640565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502330 |
| **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;25574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039839 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp;Claire's Private Placement\*^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532942 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747404 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098237 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp;25510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373203 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;43800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4963590 |
| **Total Common Stocks<br>(cost $228,739,427)<br>** | **Total Common Stocks<br>(cost $228,739,427)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257521749 |
| **Preferred Stock — 0.0%** | **Preferred Stock — 0.0%** | **Preferred Stock — 0.0%** |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |
| &nbsp;&nbsp;&nbsp;Claire's Stores, Inc., CVT\*^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(cost $68,751) |  |  |
| **Unaffiliated Exchange-Traded Funds — 40.4%** | **Unaffiliated Exchange-Traded Funds — 40.4%** | **Unaffiliated Exchange-Traded Funds — 40.4%** |
| &nbsp;&nbsp;&nbsp;JPMorgan Active Growth ETF | 1380437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129415969 |
| &nbsp;&nbsp;&nbsp;JPMorgan Active Value ETF | 1836815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126666762 |
| &nbsp;&nbsp;&nbsp;JPMorgan Global Select Equity ETF | 7553238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511882939 |
| &nbsp;&nbsp;&nbsp;JPMorgan Ultra-Short Income ETF | 1198330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60791281 |
| **Total Unaffiliated Exchange-Traded Funds<br>(cost $769,817,733)<br>** | **Total Unaffiliated Exchange-Traded Funds<br>(cost $769,817,733)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828756951 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br> Amount<br> (000)#** |  |
| **Floating Rate and Other Loans — 0.0%** | **Floating Rate and Other Loans — 0.0%** | **Floating Rate and Other Loans — 0.0%** | **Floating Rate and Other Loans — 0.0%** |
| **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** |
| Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, |
| &nbsp;&nbsp;&nbsp;2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 7.350% | &nbsp;&nbsp;&nbsp;2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 7.350% | &nbsp;&nbsp;&nbsp;2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 7.350% | &nbsp;&nbsp;&nbsp;2023 First Lien FLFO PIK Term Loan, 3 Month SOFR + 7.350% |
| &nbsp;&nbsp;&nbsp;11.352%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/26^ | 210 | &nbsp;&nbsp;147076 |
| &nbsp;&nbsp;&nbsp;2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;&nbsp;2023 First Lien FLSO PIK Term Loan, 3 Month SOFR + 2.000% |
| &nbsp;&nbsp;&nbsp;11.352%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/26^ | 142 | &nbsp;&nbsp;&nbsp;31492 |
| &nbsp;&nbsp;&nbsp;Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% |
| &nbsp;&nbsp;&nbsp;16.909%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/26^ | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;6111 |
|  |  |  | &nbsp;&nbsp;184679 |
| **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** |
| Claire's Stores, Inc., | Claire's Stores, Inc., | Claire's Stores, Inc., | Claire's Stores, Inc., |
| &nbsp;&nbsp;&nbsp;Term B Loan, 6 Month SOFR + 6.600% | &nbsp;&nbsp;&nbsp;Term B Loan, 6 Month SOFR + 6.600% | &nbsp;&nbsp;&nbsp;Term B Loan, 6 Month SOFR + 6.600% | &nbsp;&nbsp;&nbsp;Term B Loan, 6 Month SOFR + 6.600% |
| &nbsp;&nbsp;&nbsp;10.636%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/18/26 | 558 | &nbsp;&nbsp;&nbsp;28921 |
| **Total Floating Rate and Other Loans<br>(cost $869,620)<br>** | **Total Floating Rate and Other Loans<br>(cost $869,620)<br>** | **Total Floating Rate and Other Loans<br>(cost $869,620)<br>** | 213600 |

---

A3

------

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **as of September 30, 2025 (unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **InterestRate** | **MaturityDate** | **Principal<br> Amount<br> (000)#** | **Value** |
| **U.S. Treasury Obligation(k) — 2.1%** | **U.S. Treasury Obligation(k) — 2.1%** | **U.S. Treasury Obligation(k) — 2.1%** | **U.S. Treasury Obligation(k) — 2.1%** |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;4.250% | &nbsp;&nbsp;&nbsp;&nbsp;01/31/26 | &nbsp;&nbsp;42562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42590264 |
| &nbsp;&nbsp;&nbsp;(cost $42,563,267) | &nbsp;&nbsp;&nbsp;(cost $42,563,267) |  |  |
| **Total Long-Term Investments<br>(cost $1,702,023,420)<br>** | **Total Long-Term Investments<br>(cost $1,702,023,420)<br>** | **Total Long-Term Investments<br>(cost $1,702,023,420)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;1843189054 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Shares** |  |
| **Short-Term Investments — 10.4%** | **Short-Term Investments — 10.4%** | **Short-Term Investments — 10.4%** |
| **Affiliated Mutual Funds** | **Affiliated Mutual Funds** | **Affiliated Mutual Funds** |
| &nbsp;&nbsp;&nbsp;PGIM Core Ultra Short Bond Fund(wa) | 199025731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199025731 |
| &nbsp;&nbsp;&nbsp;PGIM Institutional Money Market Fund (7-day effective yield 4.350%)<br>(cost $15,499,494; includes $15,445,416 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;15508799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15499494 |
| **Total Short-Term Investments<br>(cost $214,525,225)<br>** | **Total Short-Term Investments<br>(cost $214,525,225)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214525225 |
| **TOTAL INVESTMENTS—100.3%<br>(cost $1,916,548,645)<br>** | **TOTAL INVESTMENTS—100.3%<br>(cost $1,916,548,645)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;2057714279 |
| **Liabilities in excess of other assets(z) — (0.3)%<br>** | **Liabilities in excess of other assets(z) — (0.3)%<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7048998) |
| **Net Assets — 100.0%<br>** | **Net Assets — 100.0%<br>** | &nbsp;&nbsp;&nbsp;$2050665281 |

---

---

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

---

ADR American Depositary Receipt <br> ASX Australian Securities Exchange <br> BARC Barclays Bank PLC

---

| | |
|:---|:---|
| BTP | Buoni del Tesoro Poliennali |
| CITI | Citibank, N.A. |
| CVT | Convertible Security |
| DJ | Dow Jones |
| EAFE | Europe, Australasia, Far East |
| ETF | Exchange-Traded Fund |
| FTSE | Financial Times Stock Exchange |
| GDR | Global Depositary Receipt |
| ML | Merrill Lynch International |
| MSCI | Morgan Stanley Capital International |
| OTC | Over-the-counter |
| PIK | Payment-in-Kind |
| PJSC | Public Joint-Stock Company |
| REITs | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate |
| SPI | Share Price Index |
| STOXX | Stock Index of the Eurozone |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| # | Principal amount is shown in U.S. dollars unless otherwise stated. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $184,765 and 0.0% of net assets. |
| (a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $15,182,496; cash collateral of $15,445,416 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2025. |
| (k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (wa) | Represents investments in Funds affiliated with the Manager. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts outstanding at September 30, 2025:** | **Futures contracts outstanding at September 30, 2025:** | **Futures contracts outstanding at September 30, 2025:** | **Futures contracts outstanding at September 30, 2025:** | **Futures contracts outstanding at September 30, 2025:** |
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Positions:** | **Long Positions:** | **Long Positions:** | **Long Positions:** | **Long Positions:** |
| 343 | &nbsp;&nbsp;5 Year U.S. Treasury Notes | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;$37453991 | &nbsp;&nbsp;&nbsp;&nbsp;$71845 |
| 620 | &nbsp;&nbsp;10 Year Australian Treasury Bonds | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46502968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93714) |
| 170 | &nbsp;&nbsp;10 Year U.K. Gilt | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20769022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76345 |
| 601 | &nbsp;&nbsp;10 Year U.S. Treasury Notes | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67612500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332395 |
| 108 | &nbsp;&nbsp;Euro STOXX 50 Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7025844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183089 |
| 488 | &nbsp;&nbsp;Euro-BTP Italian Government Bond | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68660698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192387 |
| 129 | &nbsp;&nbsp;FTSE 100 Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16321269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100674 |
| 792 | &nbsp;&nbsp;Mini MSCI EAFE Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;110297880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422107 |

---

A4

------

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **as of September 30, 2025 (unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts outstanding at September 30, 2025 (continued):** | **Futures contracts outstanding at September 30, 2025 (continued):** | **Futures contracts outstanding at September 30, 2025 (continued):** | **Futures contracts outstanding at September 30, 2025 (continued):** | **Futures contracts outstanding at September 30, 2025 (continued):** |
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Current<br> Notional<br> Amount** | &nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Positions (cont'd):** | **Long Positions (cont'd):** | **Long Positions (cont'd):** | **Long Positions (cont'd):** | **Long Positions (cont'd):** |
| 98 | &nbsp;&nbsp;S&P 500 E-Mini Communication Services Sector Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;$15289225 | &nbsp;&nbsp;&nbsp;$199477 |
| 246 | &nbsp;&nbsp;S&P 500 E-Mini Financials Sector Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41174865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107743 |
| 1004 | &nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;338285250 | &nbsp;&nbsp;&nbsp;&nbsp;4527106 |
| 54 | &nbsp;&nbsp;S&P 500 E-Mini Technology Sector Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15482340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583091 |
| 176 | &nbsp;&nbsp;S&P 500 E-Mini Utilities Sector Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15605920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406205 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7108750 |
| **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** |
| 79 | &nbsp;&nbsp;10 Year Japanese Bonds | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72538865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554935 |
| 261 | &nbsp;&nbsp;30 Year U.S. Ultra Treasury Bonds | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31336313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510556) |
| 58 | &nbsp;&nbsp;ASX SPI 200 Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8513333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6783) |
| 416 | &nbsp;&nbsp;DJ US Real Estate Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15412800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155875 |
| 613 | &nbsp;&nbsp;Mini MSCI Emerging Markets Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41674805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(724603) |
| 774 | &nbsp;&nbsp;Russell 2000 E-Mini Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95027850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(551252) |
| 258 | &nbsp;&nbsp;S&P 500 E-Mini Consumer Staples Sector Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20567760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341059 |
| 219 | &nbsp;&nbsp;S&P 500 E-Mini Materials Sector Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20984580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636848 |
| 35 | &nbsp;&nbsp;S&P/TSX 60 Index | &nbsp;&nbsp;Dec. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8916864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166275) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270752) |
|  |  |  |  | &nbsp;&nbsp;$6837998 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br> Contracts** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Value at<br> Settlement<br> Date** | &nbsp;&nbsp;**Current<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
| Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, | Australian Dollar, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;BARC | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;17504 | &nbsp;&nbsp;$11642838 | &nbsp;&nbsp;$11586372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(56466) |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;35050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22966692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23200380 | &nbsp;&nbsp;&nbsp;&nbsp;233688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;16953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22960658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22803060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(157598) |
| Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, | Canadian Dollar, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;10413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7536477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7490796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45681) |
| Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;19458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22843424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22876551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;BARC | &nbsp;&nbsp;JPY | &nbsp;&nbsp;889103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6026853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, | New Zealand Dollar, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;12923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7498358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(201912) |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63653) |
| Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;NOK | &nbsp;&nbsp;352255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35574287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35302972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(271315) |
|  |  |  |  | &nbsp;&nbsp;$139730652 | &nbsp;&nbsp;$139263530 | &nbsp;&nbsp;&nbsp;&nbsp;329503 | &nbsp;&nbsp;&nbsp;&nbsp;(796625) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br> Contracts** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Value at<br> Settlement<br> Date** | &nbsp;&nbsp;**Current<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
| Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, | Japanese Yen, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;ML | &nbsp;&nbsp;JPY | &nbsp;&nbsp;3375808 | &nbsp;&nbsp;$22908869 | &nbsp;&nbsp;$22883184 | &nbsp;&nbsp;$25685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, | Norwegian Krone, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;308981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30820391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30966026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(145635) |

---

A5

------

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **as of September 30, 2025 (unaudited)** |

---

#### Forward foreign currency exchange contracts outstanding at September 30, 2025 (continued):<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br> Contracts** | &nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Value at<br> Settlement<br> Date** | &nbsp;&nbsp;**Current<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
| Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, | Swedish Krona, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;CITI | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;364055 | &nbsp;&nbsp;$39034714 | &nbsp;&nbsp;$38727347 | &nbsp;&nbsp;$307367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, | Swiss Franc, |
| &nbsp;&nbsp;&nbsp;Expiring 10/22/25 | &nbsp;&nbsp;BARC | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45150427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45172096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21669) |
|  |  |  |  | &nbsp;&nbsp;$137914401 | &nbsp;&nbsp;$137748653 | &nbsp;&nbsp;&nbsp;&nbsp;333052 | &nbsp;&nbsp;&nbsp;&nbsp;(167304) |
|  |  |  |  |  |  | &nbsp;&nbsp;$662555 | &nbsp;&nbsp;$(963929) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cross currency exchange contracts outstanding at September 30, 2025:** | **Cross currency exchange contracts outstanding at September 30, 2025:** | **Cross currency exchange contracts outstanding at September 30, 2025:** | **Cross currency exchange contracts outstanding at September 30, 2025:** | **Cross currency exchange contracts outstanding at September 30, 2025:** | **Cross currency exchange contracts outstanding at September 30, 2025:** | **Cross currency exchange contracts outstanding at September 30, 2025:** | **Cross currency exchange contracts outstanding at September 30, 2025:** | **Cross currency exchange contracts outstanding at September 30, 2025:** |
| **Settlement** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**Notional<br> Amount<br> (000)** | &nbsp;&nbsp;**In Exchange<br> For (000)** | &nbsp;&nbsp;**In Exchange<br> For (000)** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> Depreciation** | &nbsp;&nbsp;**Counterparty** |
| **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |
| 10/22/25 | &nbsp;&nbsp;Buy | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;554598 | &nbsp;&nbsp;$40056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;CITI |
| 10/22/25 | &nbsp;&nbsp;Buy | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;391538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;CITI |
| 10/22/25 | &nbsp;&nbsp;Buy | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;21008 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;12928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87399) | &nbsp;&nbsp;CITI |
| 10/22/25 | &nbsp;&nbsp;Buy | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6604 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150 | &nbsp;&nbsp;&nbsp;&nbsp;18084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;CITI |
| 10/22/25 | &nbsp;&nbsp;Buy | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30122) | &nbsp;&nbsp;CITI |
| 10/22/25 | &nbsp;&nbsp;Buy | &nbsp;&nbsp;NOK | &nbsp;&nbsp;106803 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;100267 | &nbsp;&nbsp;&nbsp;&nbsp;37629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;CITI |
|  |  |  |  |  |  | &nbsp;&nbsp;$96781 | &nbsp;&nbsp;$(117521) |  |

---

*Other information regarding the Portfolio is available in the Portfolio's most recent Report to Shareholders. This information is available on the Securities and Exchange Commission's website (www.sec.gov).*

A6

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Newark

  - **State:** NJ

  - **Foreign country:** US

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

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

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

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

- **b. EDGAR series identifier (if any):** S000019378

- **c. LEI of Series:** UMGRPRNKYNPFAZ9JPL69

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2070384819.17

**Total Liabilities:** $19067035.22

**Net Assets:** $2051317783.95

**Cash Not Reported:** $3170536.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000053817 | 0.64%                | 1.70%                | 1.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1891618.85              | $8182071.56                                |
| Month 2  | $2036803.80              | $27760398.64                               |
| Month 3  | $934577.82               | $27059968.78                               |

**Designated Index Information**

- **Index Name:** Blended Custom Benchmark

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                               | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Air Liquide SA                                     | Air Liquide SA                                            | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     22961 | NS      | $4784076.54   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                           | RELX PLC                                                  | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     69014 | NS      | $3307838.64   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Eagle Materials Inc                                | Eagle Materials Inc                                       | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      5590 | NS      | $1302693.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Cullen/Frost Bankers Inc                           | Cullen/Frost Bankers Inc                                  | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      8360 | NS      | $1059797.20   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc                               | Hayward Holdings Inc                                      | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    112381 | NS      | $1699200.72   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SAL TopCo LLC Equity Units                         | SAL TopCo LLC Equity Units                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    817799 | NS      | $81.78        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Engie SA                                           | Engie SA                                                  | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    167304 | NS      | $3596455.50   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Core & Main Inc                                    | Core & Main Inc                                           | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25510 | NS      | $1373203.30   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc                         | ServisFirst Bancshares Inc                                | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10289 | NS      | $828573.17    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UniCredit SpA                                      | UniCredit SpA                                             | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     45140 | NS      | $3434933.28   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Commerce Bancshares Inc/MO                         | Commerce Bancshares Inc/MO                                | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17448 | NS      | $1042692.48   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp                              | Envista Holdings Corp                                     | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |     65059 | NS      | $1325251.83   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Al Rajhi Bank                                      | Al Rajhi Bank                                             | CUSIP: 000000000<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |    101407 | NS      | $2897726.77   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| WSFS Financial Corp                                | WSFS Financial Corp                                       | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     17339 | NS      | $935092.27    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORAN FOODS LLC                                    | MORAN FOODS LLC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    142174 | PA      | $31491.57     | 0.00%             | 2026-12-31      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| MercadoLibre Inc                                   | MercadoLibre Inc                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       856 | NS      | $2000420.64   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| 3i Group PLC                                       | 3i Group PLC                                              | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |     74854 | NS      | $4126175.59   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | JPY/USD FORWARD                                           | CUSIP: 000000000<br>LEI: 8NAV47T0Y26Q87Y0QP81 | N/A              | DFE              | CORP              | US        |         1 | NC      | $25684.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MarketAxess Holdings Inc                           | MarketAxess Holdings Inc                                  | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |      6291 | NS      | $1096206.75   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Gazprom PJSC                                       | Gazprom PJSC                                              | CUSIP: 000000000<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |    165440 | NS      | $0.20         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DT Midstream Inc                                   | DT Midstream Inc                                          | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9391 | NS      | $1061746.46   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Hold                     | CCC Intelligent Solutions Holdings Inc                    | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83240 | NS      | $758316.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| TSMC                                               | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    101000 | NS      | $4387220.55   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Shake Shack Inc                                    | Shake Shack Inc                                           | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |      6237 | NS      | $583845.57    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.        | DJ US REAL ESTATE                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DE               | CORP              | US        |      -416 | NC      | $155875.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Legrand SA                                         | Legrand SA                                                | CUSIP: 000000000<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |     22246 | NS      | $3696419.46   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                    | United States Treasury Note/Bond                          | CUSIP: 91282CJV4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  42562000 | PA      | $42590263.83  | 2.08%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Karman Holdings Inc                                | Karman Holdings Inc                                       | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7213 | NS      | $520778.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PGIM Core Ultra Short Bond Fund                    | PGIM Core Ultra Short Bond Fund                           | CUSIP: 000000000<br>LEI: 1VRLPVAWKZCB406TIT84 | Long             | STIV             | RF                | US        | 198290534 | NS      | $198290533.76 | 9.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24             | SPI 200                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | AU        |       -58 | NC      | $-6783.42     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Woodward Inc                                       | Woodward Inc                                              | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |      1760 | NS      | $444769.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sberbank of Russia PJSC                            | Sberbank of Russia PJSC                                   | CUSIP: 80585Y308<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |     18600 | NS      | $1.86         | 0.00%             |  |  |  | No            |                  3 | On Loan: —       |
| Yum China Holdings Inc                             | Yum China Holdings Inc                                    | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |     42569 | NS      | $1827061.48   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                        | Gentex Corp                                               | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     34618 | NS      | $979689.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoya Corp                                          | Hoya Corp                                                 | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     22000 | NS      | $3041947.93   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Severstal PAO                                      | Severstal PAO                                             | CUSIP: 818150302<br>LEI: 213800OKDPTV6K4ONO53 | Long             | EC               | CORP              | RU        |     11949 | NS      | $1.19         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| KBC Group NV                                       | KBC Group NV                                              | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |     29323 | NS      | $3514037.29   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Driven Brands Holdings Inc                         | Driven Brands Holdings Inc                                | CUSIP: 26210V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51234 | NS      | $825379.74    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                   | S&P EMINI COM SER                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       113 | NC      | $230009.24    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                                 | LONG GILT                                                 | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |       170 | NC      | $76345.13     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                                          | nCino Inc                                                 | CUSIP: 63947X101<br>LEI: 549300WVRR2WR3L6MZ46 | Long             | EC               | CORP              | US        |     16130 | NS      | $437284.30    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GMK Norilskiy Nickel PAO                           | GMK Norilskiy Nickel PAO                                  | CUSIP: 000000000<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |    143900 | NS      | $0.17         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                   | XAK TECHNOLOGY                                            | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        66 | NC      | $712666.68    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Global Select Equity ETF                  | JPMorgan Global Select Equity ETF                         | CUSIP: 46654Q740<br>LEI: 5493000IA63JXH4YO068 | Long             | EC               | RF                | US        |   7591054 | NS      | $514445729.58 | 25.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/Th                     | Baldwin Insurance Group Inc/The                           | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23370 | NS      | $659267.70    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Monarch Casino & Resort Inc                        | Monarch Casino & Resort Inc                               | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      8602 | NS      | $910435.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Aerospace Co Ltd                            | Hanwha Aerospace Co Ltd                                   | CUSIP: 000000000<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |      3080 | NS      | $2435772.85   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Wintrust Financial Corp                            | Wintrust Financial Corp                                   | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |      9743 | NS      | $1290362.92   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MORAN FOODS LLC                                    | MORAN FOODS LLC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    210109 | PA      | $147076.52    | 0.01%             | 2026-12-31      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| EastGroup Properties Inc                           | EastGroup Properties Inc                                  | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      6860 | NS      | $1161123.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc                          | Casella Waste Systems Inc                                 | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     14292 | NS      | $1356024.96   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                       | Evercore Inc                                              | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      3826 | NS      | $1290586.32   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Accelerant Holdings                                | Accelerant Holdings                                       | CUSIP: 000000000<br>LEI: 213800VS4CX9ZONTD965 | Long             | EC               | CORP              | KY        |     21961 | NS      | $326999.29    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Modine Manufacturing Co                            | Modine Manufacturing Co                                   | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |      6366 | NS      | $904990.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Ryman Hospitality Properties I                     | Ryman Hospitality Properties Inc                          | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     13054 | NS      | $1169507.86   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Royal Bank of Canada                               | Royal Bank of Canada                                      | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | CA        |     28155 | NS      | $4149711.58   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc                     | Fortune Brands Innovations Inc                            | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |      8649 | NS      | $461770.11    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho                     | Knight-Swift Transportation Holdings Inc                  | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13192 | NS      | $521215.92    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                               | Quaker Chemical Corp                                      | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |      7760 | NS      | $1022380.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| First Horizon Corp                                 | First Horizon Corp                                        | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |     23839 | NS      | $538999.79    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                               | Tencent Holdings Ltd                                      | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     84500 | NS      | $7200211.39   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Clearwater Analytics Holdings                      | Clearwater Analytics Holdings Inc                         | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52550 | NS      | $946951.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                    | ASML Holding NV                                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      2985 | NS      | $2910933.40   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Utz Brands Inc                                     | Utz Brands Inc                                            | CUSIP: 918090101<br>LEI: 5299009BHBU2NH5HRN16 | Long             | EC               | CORP              | US        |     86220 | NS      | $1047573.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC                            | Cushman & Wakefield PLC                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69514 | NS      | $1106662.88   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.        | US 5YR NOTE (CBT)                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       343 | NC      | $71844.78     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp                                  | Primo Brands Corp                                         | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |     52075 | NS      | $1150857.50   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                                           | AAON Inc                                                  | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10816 | NS      | $1010647.04   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| MSA Safety Inc                                     | MSA Safety Inc                                            | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |     11102 | NS      | $1910321.14   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| MACOM Technology Solutions Hol                     | MACOM Technology Solutions Holdings Inc                   | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10990 | NS      | $1368145.10   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Ultra-Short Income ETF                    | JPMorgan Ultra-Short Income ETF                           | CUSIP: 46641Q837<br>LEI: 549300VN24B8TQAGGX74 | Long             | EC               | RF                | US        |   1198330 | NS      | $60791280.90  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp                                | Verra Mobility Corp                                       | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |     43898 | NS      | $1084280.60   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MONTREAL EXCHANGE INC.                             | S&P/TSX 60 IX                                             | CUSIP: 000000000<br>LEI: 549300DKBYNOI0B1NP44 | N/A              | DE               | CORP              | CA        |       -35 | NC      | $-166274.88   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                                 | FTSE 100 INDEX                                            | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               | CORP              | GB        |       129 | NC      | $100673.83    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CLAIRE'S STORES INC                                | Claire's Stores Inc                                       | CUSIP: 17958DAL1<br>LEI: 549300N5HNYXI6JY7625 | Long             | LON              | CORP              | US        |    558004 | PA      | $28921.34     | 0.00%             | 2026-12-18      | Floating      | 10.64%                | No            |                  2 | On Loan: No      |
| Rosneft Oil Co PJSC                                | Rosneft Oil Co PJSC                                       | CUSIP: 000000000<br>LEI: 253400JT3MQWNDKMJE44 | Long             | EC               | CORP              | RU        |     30688 | NS      | $0.04         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RLI Corp                                           | RLI Corp                                                  | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |     15392 | NS      | $1003866.24   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                                     | AptarGroup Inc                                            | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      6306 | NS      | $842859.96    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings I                     | Miami International Holdings Inc                          | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |     13757 | NS      | $553856.82    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                               | Medpace Holdings Inc                                      | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |       978 | NS      | $502848.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp                                        | ITOCHU Corp                                               | CUSIP: 000000000<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |     43800 | NS      | $2492149.75   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Saia Inc                                           | Saia Inc                                                  | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      2633 | NS      | $788214.88    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                                    | Brookfield Corp                                           | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     24356 | NS      | $1671160.77   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                              | Encompass Health Corp                                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     12915 | NS      | $1640463.30   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                     | NZD/USD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-201911.71   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Bright Horizons Family Solutio                     | Bright Horizons Family Solutions Inc                      | CUSIP: 109194100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13186 | NS      | $1431604.02   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AST J.P. Morgan Fixed Income Central Portfolio     | AST J.P. Morgan Fixed Income Central Portfolio            | CUSIP: 000000000<br>LEI: 549300GMPRFOKDNCEZ38 | Long             | EC               | CORP              | US        |  62042267 | NS      | $714106489.91 | 34.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc                      | Lincoln Electric Holdings Inc                             | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      3444 | NS      | $812198.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| CHICAGO MERCANTILE EXCHANGE INC.                   | XAU UTILITIES                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       176 | NC      | $406204.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Paren                     | Concentra Group Holdings Parent Inc                       | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46133 | NS      | $965563.69    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                                        | Moelis & Co                                               | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |      6875 | NS      | $490325.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                             | MSCI EMGMKT                                               | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |      -664 | NC      | $-784883.08   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                  | EURO STOXX 50                                             | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |       108 | NC      | $183089.11    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                                  | USD/CHF FORWARD                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-21668.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                  | NatWest Group PLC                                         | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |    293002 | NS      | $2069576.54   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                           | Infineon Technologies AG                                  | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     63225 | NS      | $2480327.60   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CLAIRE'S STORES INC CNV PFD                        | CLAIRE'S STORES INC CNV PFD                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       331 | NS      | $0.03         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank, National Association                     | EUR/CHF FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $18084.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Munich Re                                          | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |      5829 | NS      | $3721666.25   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Acushnet Holdings Corp                             | Acushnet Holdings Corp                                    | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |     11801 | NS      | $926260.49    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Vail Resorts Inc                                   | Vail Resorts Inc                                          | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |      3852 | NS      | $576143.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Sberbank of Russia PJSC                            | Sberbank of Russia PJSC                                   | CUSIP: 000000000<br>LEI: 549300WE6TAF5EEWQS81 | Long             | EC               | CORP              | RU        |     43116 | NS      | $0.05         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Janus International Group Inc                      | Janus International Group Inc                             | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93572 | NS      | $923555.64    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                   | XAB MATERIALS                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |      -219 | NC      | $636847.62    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                     | EUR/CAD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-87399.21    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Novanta Inc                                        | Novanta Inc                                               | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11146 | NS      | $1116271.90   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co                       | Portland General Electric Co                              | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     22262 | NS      | $979528.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                     | CAD/JPY FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1011.75      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CubeSmart                                          | CubeSmart                                                 | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25574 | NS      | $1039838.84   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                          | Nestle SA                                                 | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     38560 | NS      | $3541167.01   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Citibank, National Association                     | CHF/GBP FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-30121.72    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IHI Corp                                           | IHI Corp                                                  | CUSIP: 000000000<br>LEI: 549300ETQIESIUQ2OE26 | Long             | EC               | CORP              | JP        |    137200 | NS      | $2555250.54   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                                 | JAPAN 10Y BOND(OSE)                                       | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              | CORP              | JP        |       -79 | NC      | $554934.91    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                     | USD/AUD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $233688.26    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hillman Solutions Corp                             | Hillman Solutions Corp                                    | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     95602 | NS      | $877626.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                     | USD/GBP FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-157597.55   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC Bearings Inc                                   | RBC Bearings Inc                                          | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3114 | NS      | $1215363.06   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                      | HDFC Bank Ltd                                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    119846 | NS      | $4093939.36   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group PLC                                  | Compass Group PLC                                         | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     76960 | NS      | $2623240.11   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                | Deutsche Telekom AG                                       | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     63570 | NS      | $2165796.16   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Telstra Group Ltd                                  | Telstra Group Ltd                                         | CUSIP: 000000000<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |    911402 | NS      | $2905662.77   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Cactus Inc                                         | Cactus Inc                                                | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     24087 | NS      | $950713.89    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                                     | Five Below Inc                                            | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |      3445 | NS      | $532941.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.        | US ULTRA BOND CBT                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -261 | NC      | $-510555.72   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                                    | Sony Group Corp                                           | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    207500 | NS      | $5964940.67   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Digi International Inc                             | Digi International Inc                                    | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      6018 | NS      | $219416.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                                     | Lonza Group AG                                            | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |      4482 | NS      | $2996837.06   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                                               | Hong Kong Exchanges & Clearing Ltd                        | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     71800 | NS      | $4076125.94   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Axalta Coating Systems Ltd                         | Axalta Coating Systems Ltd                                | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | US        |     29790 | NS      | $852589.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                                        | Chemed Corp                                               | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      2946 | NS      | $1319042.04   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions Inc                            | Perimeter Solutions Inc                                   | CUSIP: 71385M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32703 | NS      | $732220.17    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                          | Alibaba Group Holding Ltd                                 | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |    250700 | NS      | $5606683.99   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinsale Capital Group Inc                          | Kinsale Capital Group Inc                                 | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      2414 | NS      | $1026577.64   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| BankUnited Inc                                     | BankUnited Inc                                            | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     27826 | NS      | $1061840.16   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                     | NZD/USD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-63652.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                             | DBS Group Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |    116340 | NS      | $4613789.25   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Active Value ETF                          | JPMorgan Active Value ETF                                 | CUSIP: 46641Q167<br>LEI: 549300WXH93S1D430S16 | Long             | EC               | RF                | US        |   1836815 | NS      | $126666762.40 | 6.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                     | NOK/USD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-145635.49   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ICU Medical Inc                                    | ICU Medical Inc                                           | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |      8728 | NS      | $1047010.88   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc                                  | Loar Holdings Inc                                         | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8903 | NS      | $712240.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                                        | Toro Co/The                                               | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |      6477 | NS      | $493547.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                                       | SM Energy Co                                              | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |     40633 | NS      | $1014606.01   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                                       | Balchem Corp                                              | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      6706 | NS      | $1006302.36   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                             | Power Integrations Inc                                    | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     21819 | NS      | $877341.99    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem In                     | First Interstate BancSystem Inc                           | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |     28978 | NS      | $923528.86    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                              | Element Solutions Inc                                     | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |     53355 | NS      | $1342945.35   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                                           | Kia Corp                                                  | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |     28103 | NS      | $2017146.14   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| WSP Global Inc                                     | WSP Global Inc                                            | CUSIP: 92938W202<br>LEI: 549300IQ87LU6X6ERQ78 | Long             | EC               | CORP              | CA        |     11443 | NS      | $2248803.98   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                        | Novartis AG                                               | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     29137 | NS      | $3746388.61   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Badger Meter Inc                                   | Badger Meter Inc                                          | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      5345 | NS      | $954510.10    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                           | Fabrinet                                                  | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | TH        |      2403 | NS      | $876181.86    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Heineken NV                                        | Heineken NV                                               | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     22319 | NS      | $1747778.81   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| First Hawaiian Inc                                 | First Hawaiian Inc                                        | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |     37010 | NS      | $918958.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                     | EUR/USD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $33127.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MMC Norilsk Nickel PJSC                            | MMC Norilsk Nickel PJSC                                   | CUSIP: 55315J102<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |         8 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                   | S&P500 EMINI                                              | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |      1052 | NC      | $4743435.70   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                                    | Morningstar Inc                                           | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      4967 | NS      | $1152393.67   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                                | StepStone Group Inc                                       | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20506 | NS      | $1339246.86   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                               | Taiwan Semiconductor Manufacturing Co Ltd                 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     21473 | NS      | $5997194.17   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                   | XAF FINANCIAL                                             | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       246 | NC      | $107743.08    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                   | E-MINI RUSS 2000                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |      -868 | NC      | $-618121.20   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                     | SEK/USD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $307367.01    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kao Corp                                           | Kao Corp                                                  | CUSIP: 000000000<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |     55700 | NS      | $2427464.32   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Michelin                                           | Cie Generale des Etablissements Michelin SCA              | CUSIP: 000000000<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |     51642 | NS      | $1859821.11   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| First Advantage Corp                               | First Advantage Corp                                      | CUSIP: 31846B108<br>LEI: 549300RNJ0PXU8FP7D06 | Long             | EC               | CORP              | US        |     54959 | NS      | $845819.01    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Citibank, National Association                     | AUD/JPY FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $40055.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PGIM Institutional Money Market Fund - D           | PGIM Institutional Money Market Fund - D                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  16743106 | NS      | $16733060.61  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                                  | JPY/USD FORWARD                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              | CORP              | US        |         1 | NC      | $62687.78     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                       | SK Hynix Inc                                              | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     13990 | NS      | $3468092.84   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Applied Industrial Technologie                     | Applied Industrial Technologies Inc                       | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      4207 | NS      | $1098237.35   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                     | CAD/USD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-45681.24    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group                     | Mitsubishi UFJ Financial Group Inc                        | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    281200 | NS      | $4536143.65   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Warby Parker Inc                                   | Warby Parker Inc                                          | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7433 | NS      | $205002.14    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnitogorsk Iron & Steel Work                     | Magnitogorsk Iron & Steel Works PJSC                      | CUSIP: 000000000<br>LEI: 253400XSJ4C01YMCXG44 | Long             | EC               | CORP              | RU        |    112615 | NS      | $0.14         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Performance Food Group Co                          | Performance Food Group Co                                 | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     16448 | NS      | $1711249.92   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Active Growth ETF                         | JPMorgan Active Growth ETF                                | CUSIP: 46654Q609<br>LEI: 5493001GSJ14WQX68P70 | Long             | EC               | RF                | US        |   1380437 | NS      | $129415968.75 | 6.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                         | Siemens AG                                                | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     17459 | NS      | $4713546.45   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| CLAIRE'S PRIVATE PLACEMENT                         | CLAIRE'S PRIVATE PLACEMENT                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       313 | NS      | $0.03         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Safran SA                                          | Safran SA                                                 | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     14832 | NS      | $5263417.86   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Greece SA                         | National Bank of Greece SA                                | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |    127908 | NS      | $1862524.87   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                     | Atlas Copco AB                                            | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    165858 | NS      | $2812617.32   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Freshpet Inc                                       | Freshpet Inc                                              | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |     10991 | NS      | $605714.01    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc                                 | Planet Fitness Inc                                        | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     11861 | NS      | $1231171.80   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| First Financial Bancorp                            | First Financial Bancorp                                   | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |     39367 | NS      | $994016.75    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowco Holdings Inc                                | Flowco Holdings Inc                                       | CUSIP: 342909108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29883 | NS      | $443762.55    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro MicroSystems Inc                           | Allegro MicroSystems Inc                                  | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23074 | NS      | $673760.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Intact Financial Corp                              | Intact Financial Corp                                     | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |      9364 | NS      | $1821865.55   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I                     | BJ's Wholesale Club Holdings Inc                          | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      3916 | NS      | $365167.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc                       | Simpson Manufacturing Co Inc                              | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |      6903 | NS      | $1155976.38   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp                             | WillScot Holdings Corp                                    | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     67665 | NS      | $1428408.15   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Bank Central Asia Tbk PT                           | Bank Central Asia Tbk PT                                  | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |   4360600 | NS      | $1996982.44   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HealthEquity Inc                                   | HealthEquity Inc                                          | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     10654 | NS      | $1009679.58   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc                                | Landstar System Inc                                       | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |      7703 | NS      | $944079.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Volvo AB                                           | Volvo AB                                                  | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |     98611 | NS      | $2835816.27   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Colliers International Group I                     | Colliers International Group Inc                          | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |      5276 | NS      | $824163.96    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| SPS Commerce Inc                                   | SPS Commerce Inc                                          | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      6151 | NS      | $640565.14    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.        | US 10YR NOTE (CBT)                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       601 | NC      | $332395.07    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                                         | Qualys Inc                                                | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      5435 | NS      | $719213.55    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                  | EURO-BTP                                                  | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |       488 | NC      | $192387.35    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                             | MSCI EAFE                                                 | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |       801 | NC      | $427872.03    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                   | XAP CONS STAPLES                                          | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |      -228 | NC      | $341539.44    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp                             | Paylocity Holding Corp                                    | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |      7279 | NS      | $1159326.33   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                          | Shell PLC                                                 | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    178688 | NS      | $6368625.96   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd                              | Mitsui Fudosan Co Ltd                                     | CUSIP: 000000000<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |    254400 | NS      | $2769425.58   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                  | USD/AUD FORWARD                                           | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-56466.46    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Novatek PJSC                                       | Novatek PJSC                                              | CUSIP: 000000000<br>LEI: 2138008R6GCRVBDFA581 | Long             | EC               | CORP              | RU        |      5822 | NS      | $0.58         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Citibank, National Association                     | NOK/USD FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-271314.96   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                       | Wyndham Hotels & Resorts Inc                              | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     13404 | NS      | $1070979.60   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                                  | Brunswick Corp/DE                                         | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     13267 | NS      | $839005.08    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MORAN FOODS                                        | MORAN FOODS                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      6111 | PA      | $6111.11      | 0.00%             | 2026-06-30      | Floating      | 16.91%                | No            |                  3 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24             | AUST 10Y BOND                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |       620 | NC      | $-93714.32    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Sony Financial Group Inc                           | Sony Financial Group Inc                                  | CUSIP: 000000000<br>LEI: 353800O7BDSU41WOZA60 | Long             | EC               | CORP              | JP        |    207500 | NS      | $230111.24    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citibank, National Association                     | NOK/SEK FORWARD                                           | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              | CORP              | US        |         1 | NC      | $37628.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Advanced Series Trust

**Signature:** Christian J. Kelly

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

**Title:** Chief Financial Officer