# EDGAR Filing Document

**Accession Number:** 0000814679
**File Stem:** 0001193125-26-098536
**Filing Date:** 2026-3
**Character Count:** 7409833
**Document Hash:** 69ac6f7e47cc74da9a34f7eeb87930b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-098536.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001193125-26-098536

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 125

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05186
- **FILM NUMBER:** 26735208

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

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

---

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

---

------

Item 1 – Reports to Stockholders

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

------

![](g57466g1tsrbanner.jpg)

Advanced Series Trust

AST International Equity Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST International Equity Portfolio | $116 | 1.00% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

International equities decisively outpaced their US counterparts in 2025, marking a notable reversal after several years of relative

underperformance. Developed markets, as measured by the MSCI EAFE Index, returned 31.22%, while emerging markets gained an

impressive 33.57%, as measured by the MSCI Emerging Markets Index. A weaker US dollar (USD) served as a meaningful macro tailwind,

amplifying local currency gains for non-US markets in USD terms. Policy easing across major economies supported cyclical sectors,

particularly banks, while structural reforms and an end to deflation helped boost equity performance in Japan. Emerging markets benefited

from renewed earnings strength and supportive policy backdrops.

■

The Portfolio outperformed its MSCI EAFE Index (GD) benchmark during the reporting period, driven by risk exposure, as overexposures to

price momentum by all subadvisors (Jennison Associates (Jennison), J.P. Morgan Asset Management (JPM), Putnam Investment Management

(Putnam), MFS Investment Management (MFS), and PGIM Quantitative Solutions (PQS)) added to relative returns. While PQS and MFS

specifically target the momentum factor as part of their investment process, Jennison, Putnam, and JPM's momentum exposure is a residual of

their stock selection. During the reporting period, international markets favored companies that have maintained momentum for multiple years

over those that exhibited more volatile price patterns. Additionally, Putnam, MFS, and PQS were overexposed to value factors such as

book-to-price and earnings yield, which further enhanced the Portfolio's relative returns. International companies with lower valuations

substantially outperformed those with higher valuations during the reporting period, helping relative performance for Putnam, MFS, PQS and

the Portfolio at large. On the other hand, Jennison and JPM did not participate as they were underexposed to value. Jennison and JPM focus

on companies with higher earnings growth, rather than undervalued securities.

■

Security selection within the information technology sector, specifically the semiconductor industry, enhanced the Portfolio's performance.

Subadvisors that benefited from being overweight in these stocks included Jennison, MFS, and JPM. These managers either look for growth

companies or stocks within emerging markets where some of these companies are domiciled. On the other hand, PQS and Putnam did not

participate, as these managers tend to focus on undervalued securities. Similar to US technology companies, international semiconductor

companies have higher earnings growth rates and trade at higher valuations, and therefore, most do not meet PQS or Putnam's

investment criteria.

![](g57466g1pru_largelogo.jpg)

------

■

Finally, regarding derivative exposure, PQS utilized liquid futures to gain derivatives sector exposure. During the reporting period, these

contracts had no significant impact on returns (positive or negative). Jennison, MFS, Putnam, and JPM did not use derivatives during the

reporting period.

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g1astintlequity.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 32.84% | 5.76% | 10.00% |
| MSCI EAFE Index (GD) | 31.89% | 9.47% | 8.72% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $1655842105<br>|
| Number of portfolio holdings | 525 |
| Total advisory fees paid for the year | $10668733<br>|
| Portfolio turnover rate for the year | 84% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 15.6% |
| Pharmaceuticals | 6.0% |
| Unaffiliated Exchange-Traded Funds - Equity | 5.8% |
| Insurance | 5.5% |
| Semiconductors & Semiconductor Equipment | 5.1% |
| Aerospace & Defense | 3.5% |
| Metals & Mining | 3.1% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.8% represents investments purchased with <br>collateral from securities on loan)<br>| 3.0% |
| Capital Markets | 2.9% |
| Oil, Gas & Consumable Fuels | 2.8% |
| Machinery | 2.7% |
| Trading Companies & Distributors | 2.3% |
| Automobiles | 2.1% |
| Textiles, Apparel & Luxury Goods | 2.0% |
| Electrical Equipment | 2.0% |
| Industrial Conglomerates | 2.0% |
| Diversified Telecommunication Services | 1.8% |
| IT Services | 1.6% |
| Food Products | 1.6% |
| Consumer Staples Distribution & Retail | 1.6% |
| Broadline Retail | 1.5% |
| Construction & Engineering | 1.5% |
| Electric Utilities | 1.4% |
| Multi-Utilities | 1.4% |
| Health Care Equipment & Supplies | 1.3% |
| Household Durables | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Hotels, Restaurants & Leisure | 1.1% |
| Software | 1.0% |
| Chemicals | 1.0% |
| Tobacco | 0.9% |
| Passenger Airlines | 0.9% |
| Specialty Retail | 0.9% |
| Entertainment | 0.9% |
| Beverages | 0.8% |
| Personal Care Products | 0.8% |
| Wireless Telecommunication Services | 0.7% |
| Interactive Media & Services | 0.7% |
| Real Estate Management & Development | 0.7% |
| Life Sciences Tools & Services | 0.7% |
| Financial Services | 0.7% |
| Biotechnology | 0.7% |
| Building Products | 0.6% |
| Health Care Providers & Services | 0.6% |
| Professional Services | 0.5% |
| Automobile Components | 0.5% |
| Gas Utilities | 0.5% |
| Construction Materials | 0.5% |
| Others\* | 4.4% |
|  | 101.4% |
| Liabilities in excess of other assets | (1.4)% |
|  | 100.0% |

---

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

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

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

------

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g1pru_largelogo.jpg)

AS188_AR

------

![](g57466g2tsrbanner.jpg)

Advanced Series Trust

AST Large-Cap Equity Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Large-Cap Equity Portfolio | $90 | 0.84% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ US equities delivered impressive returns during the reporting period, with the S&P 500 Index rising 17.88%, its third consecutive year of double-digit gains. However, the path higher was not linear throughout the reporting period. Tariffs and shifting trade policy weighed on risk sentiment early in the reporting period before markets rebounded sharply as uncertainty faded and the Federal Reserve pivoted toward rate cuts. Equity leadership remained concentrated in big technology names, though mounting scrutiny over artificial intelligence and growing bubble concerns contributed to a broadening of market leadership toward year-end.

■ Relative to the Portfolio's S&P 500 Index, industry allocations, including underweight allocations in the healthcare providers and services sectors, specialized real estate investment trusts (REITs), and the broadline retail sector were the largest drivers of performance during the reporting period. Meanwhile, an overweight allocation to the electrical equipment sector also contributed to positive performance. In terms of additive selection choices, positions in the healthcare equipment and supplies, specialty retail, and information technology services sectors all contributed to the Portfolio's relative returns.

■ Detracting most from the Portfolio's performance relative to the Portfolio's benchmark during the reporting period was underweight positioning in the semiconductors and semiconductor equipment sector. Additionally detracting from returns was selection in semiconductors, interactive media and services, as well as electronic equipment instruments and components sectors.

![](g57466g2pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g2astlargecapequity.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 14.88% | 13.25% | 12.47% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $1949172759<br>|
| Number of portfolio holdings | 303 |
| Total advisory fees paid for the year | $10030480<br>|
| Portfolio turnover rate for the year | 73% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 12.7% |
| Software | 9.8% |
| Interactive Media & Services | 7.5% |
| Technology Hardware, Storage & Peripherals | 7.0% |
| Financial Services | 3.9% |
| Unaffiliated Exchange-Traded Funds - Equity | 3.5% |
| Pharmaceuticals | 3.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.2% represents investments purchased with <br>collateral from securities on loan)<br>| 3.3% |
| Capital Markets | 3.3% |
| Broadline Retail | 3.0% |
| Banks | 2.9% |
| Biotechnology | 2.9% |
| Specialty Retail | 2.7% |
| Aerospace & Defense | 2.7% |
| Insurance | 2.3% |
| Health Care Equipment & Supplies | 2.2% |
| Consumer Staples Distribution & Retail | 2.0% |
| Hotels, Restaurants & Leisure | 1.8% |
| Oil, Gas & Consumable Fuels | 1.8% |
| Entertainment | 1.6% |
| Electric Utilities | 1.6% |
| Electrical Equipment | 1.5% |
| Automobiles | 1.4% |
| Consumer Finance | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Machinery | 1.1% |
| IT Services | 1.0% |
| Beverages | 0.9% |
| Health Care Providers & Services | 0.8% |
| Food Products | 0.8% |
| Communications Equipment | 0.8% |
| Construction Materials | 0.7% |
| Building Products | 0.7% |
| Trading Companies & Distributors | 0.7% |
| Energy Equipment & Services | 0.7% |
| Ground Transportation | 0.6% |
| Industrial REITs | 0.6% |
| Commercial Services & Supplies | 0.6% |
| Household Products | 0.5% |
| Chemicals | 0.5% |
| Professional Services | 0.5% |
| Electronic Equipment, Instruments & Components | 0.5% |
| Automobile Components | 0.5% |
| Others\* | 3.6% |
|  | 102.2% |
| Liabilities in excess of other assets | (2.2)% |
|  | 100.0% |

---

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

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g2pru_largelogo.jpg)

AS235_AR

------

![](g57466g3tsrbanner.jpg)

Advanced Series Trust

AST Large-Cap Growth Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Large-Cap Growth Portfolio | $93 | 0.86% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

US equities delivered impressive returns in 2025, with the S&P 500 Index rising 17.88%, its third consecutive year of double-digit gains.

However, the increase was not linear throughout the reporting period. Tariffs and shifting trade policy weighed on risk sentiment early in the

reporting period, before markets rebounded sharply as uncertainty faded and the Federal Reserve pivoted toward rate cuts. Equity leadership

remained concentrated in big tech, though mounting scrutiny over artificial intelligence and growing bubble concerns contributed to a

broadening of market leadership toward the end of the reporting period.

■ Relative to its benchmark, the Russell 1000 Growth Index (the Index), the Portfolio underperformed during the reporting period. Relative to the Index, the Portfolio's sector allocation decisions were positive. However, security selection detracted from results.

■

Stock selection in the health care and consumer discretionary sectors detracted from Portfolio performance. Stock selection in the industrials

and consumer staples sectors contributed to Portfolio performance. The Portfolio benefited from an underweight allocation to the consumer

staples sector. Additionally, the Portfolio's overweight allocation to the communications services, health care and industrials groups aided

relative results.

■

From a style perspective, the Portfolio was positioned with neutral factor exposures. A modest tilt toward value securities was rewarded, offset

by a slight overweight allocation to earnings quality and a small underweight allocation to momentum securities, which detracted from the

Portfolio's performance.

![](g57466g3pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g3astlargecapgrowth.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 17.06% | 11.35% | 16.27% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Growth Index | 18.56% | 15.32% | 18.13% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $8058913798<br>|
| Number of portfolio holdings | 157 |
| Total advisory fees paid for the year | $47525437<br>|
| Portfolio turnover rate for the year | 30% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 20.1% |
| Software | 15.4% |
| Interactive Media & Services | 10.1% |
| Technology Hardware, Storage & Peripherals | 8.1% |
| Broadline Retail | 6.1% |
| Unaffiliated Exchange-Traded Funds - Equity | 4.7% |
| Financial Services | 4.7% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.4% represents investments purchased with <br>collateral from securities on loan)<br>| 3.3% |
| Pharmaceuticals | 2.9% |
| Automobiles | 2.8% |
| Aerospace & Defense | 2.6% |
| Health Care Equipment & Supplies | 2.2% |
| Biotechnology | 2.2% |
| Entertainment | 2.1% |
| Hotels, Restaurants & Leisure | 2.0% |
| Capital Markets | 1.4% |
| Communications Equipment | 1.1% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electronic Equipment, Instruments & Components | 1.0% |
| IT Services | 0.8% |
| Electrical Equipment | 0.8% |
| Consumer Staples Distribution & Retail | 0.7% |
| Specialty Retail | 0.7% |
| Ground Transportation | 0.6% |
| Electric Utilities | 0.6% |
| Chemicals | 0.6% |
| Health Care Providers & Services | 0.5% |
| Consumer Finance | 0.5% |
| Building Products | 0.5% |
| Life Sciences Tools & Services | 0.5% |
| Others\* | 2.8% |
|  | 102.4% |
| Liabilities in excess of other assets | (2.4)% |
|  | 100.0% |

---

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

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g3pru_largelogo.jpg)

AS151_AR

------

![](g57466g4tsrbanner.jpg)

Advanced Series Trust

AST Large-Cap Value Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Large-Cap Value Portfolio | $86 | 0.80% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ US equities delivered impressive returns during the reporting period with the S&P 500 Index rising 17.88%, its third consecutive year of double-digit gains. However, the path higher was not linear throughout the reporting period. Tariffs and shifting trade policy weighed on risk sentiment early in the reporting period before markets rebounded sharply as uncertainty faded and the Federal Reserve pivoted toward rate cuts. Equity leadership remained concentrated in big tech, though mounting scrutiny over artificial intelligence and growing bubble concerns contributed to a broadening of market leadership toward the end of the reporting period.

■ Relative to the Portfolio's benchmark, the Russell 1000 Value Index, solid stock selection from financials and technology sectors were the primary contributors of outperformance, with additional support from consumer discretionary and healthcare sector allocations. An overweight allocation to information technology and an underweight allocation to the consumer staples sectors also contributed to performance during the reporting period.

■ Stock selection in the communication services and materials sectors were the largest detractors relative to the Russell 1000 Value Index, with additional detractors in industrials and energy sector allocations. Additionally, an underweight allocation to the communication services and industrials sectors, and overweight allocation to the energy sector weighed negatively on returns.

![](g57466g4pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g4astlargecapvalue.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 16.05% | 12.97% | 11.35% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 1000 Value Index | 15.91% | 11.33% | 10.53% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $3940109458<br>|
| Number of portfolio holdings | 406 |
| Total advisory fees paid for the year | $20567965<br>|
| Portfolio turnover rate for the year | 44% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(9.5% represents investments purchased with <br>collateral from securities on loan)<br>| 10.8% |
| Banks | 9.6% |
| Oil, Gas & Consumable Fuels | 5.9% |
| Health Care Providers & Services | 5.0% |
| Semiconductors & Semiconductor Equipment | 4.1% |
| Pharmaceuticals | 4.1% |
| Machinery | 4.0% |
| Capital Markets | 3.9% |
| Insurance | 3.5% |
| Chemicals | 3.2% |
| Interactive Media & Services | 3.1% |
| Unaffiliated Exchange-Traded Funds - Equity | 3.1% |
| Financial Services | 3.0% |
| Aerospace & Defense | 2.8% |
| Health Care Equipment & Supplies | 2.2% |
| Communications Equipment | 2.2% |
| Consumer Finance | 2.2% |
| Software | 1.9% |
| Life Sciences Tools & Services | 1.9% |
| Consumer Staples Distribution & Retail | 1.8% |
| Electric Utilities | 1.7% |
| Biotechnology | 1.6% |
| Broadline Retail | 1.6% |
| Construction Materials | 1.5% |
| Automobiles | 1.4% |
| Multi-Utilities | 1.4% |
| Media | 1.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Metals & Mining | 1.3% |
| Beverages | 1.1% |
| Ground Transportation | 1.1% |
| IT Services | 1.0% |
| Technology Hardware, Storage & Peripherals | 1.0% |
| Household Durables | 1.0% |
| Passenger Airlines | 0.9% |
| Tobacco | 0.9% |
| Household Products | 0.9% |
| Specialty Retail | 0.9% |
| Electronic Equipment, Instruments & Components | 0.8% |
| Air Freight & Logistics | 0.8% |
| Hotels, Restaurants & Leisure | 0.8% |
| Energy Equipment & Services | 0.7% |
| Building Products | 0.7% |
| Food Products | 0.6% |
| Entertainment | 0.6% |
| Specialized REITs | 0.6% |
| Trading Companies & Distributors | 0.6% |
| Wireless Telecommunication Services | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Electrical Equipment | 0.5% |
| Others\* | 2.8% |
|  | 109.5% |
| Liabilities in excess of other assets | (9.5)% |
|  | 100.0% |

---

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

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g4pru_largelogo.jpg)

AS169_AR

------

![](g57466g5tsrbanner.jpg)

Advanced Series Trust

AST Small-Cap Equity Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Small-Cap Equity Portfolio | $101 | 0.97% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ US equities delivered impressive returns during the reporting period, with the S&P 500 Index rising 17.88%, its third consecutive year of double-digit gains. However, the path higher was not linear. Tariffs and shifting trade policy weighed on risk sentiment early in the reporting period before markets rebounded sharply as uncertainty faded and the Federal Reserve pivoted toward rate cuts. Equity leadership remained concentrated in big tech, though mounting scrutiny over artificial intelligence and growing bubble concerns contributed to a broadening of market leadership toward the end of the reporting period.

■ Stock selection in the health care and materials sectors was the largest detractor relative to the Russell 2000 Index, with additional weakness in the industrials and consumer staples sectors. Additionally, an overweight allocation to the consumer discretionary and financials sectors weighed negatively on returns.

■ Stock selection in the energy and technology sectors contributed to performance. An overweight allocation to the industrials sector and an underweight to the real estate sector also contributed to performance during the reporting period.

![](g57466g5pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g5astsmallcapequity.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 7.41% | 1.81% | 10.39% |
| S&P 500 Index\* | 17.88% | 14.42% | 14.82% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |

---

\*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2009651152<br>|
| Number of portfolio holdings | 1905 |
| Total advisory fees paid for the year | $13859729<br>|
| Portfolio turnover rate for the year | 62% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(22.8% represents investments purchased with <br>collateral from securities on loan)<br>| 23.8% |
| Banks | 8.3% |
| Biotechnology | 6.6% |
| Software | 5.3% |
| Machinery | 4.7% |
| Semiconductors & Semiconductor Equipment | 4.6% |
| Oil, Gas & Consumable Fuels | 3.6% |
| Capital Markets | 3.4% |
| Electronic Equipment, Instruments & Components | 3.1% |
| Unaffiliated Exchange-Traded Funds - Equity | 3.1% |
| Specialty Retail | 3.1% |
| Aerospace & Defense | 3.0% |
| Insurance | 2.9% |
| Construction & Engineering | 2.9% |
| Hotels, Restaurants & Leisure | 2.9% |
| Professional Services | 2.8% |
| Financial Services | 2.6% |
| Health Care Providers & Services | 2.5% |
| Pharmaceuticals | 2.4% |
| Energy Equipment & Services | 2.0% |
| Electrical Equipment | 2.0% |
| Health Care Equipment & Supplies | 1.9% |
| Commercial Services & Supplies | 1.8% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Trading Companies & Distributors | 1.6% |
| Building Products | 1.6% |
| Diversified Consumer Services | 1.5% |
| Chemicals | 1.2% |
| Household Durables | 1.1% |
| Consumer Finance | 1.1% |
| Metals & Mining | 1.1% |
| Consumer Staples Distribution & Retail | 1.1% |
| Life Sciences Tools & Services | 1.0% |
| Automobile Components | 1.0% |
| Textiles, Apparel & Luxury Goods | 0.8% |
| Media | 0.7% |
| Broadline Retail | 0.7% |
| Food Products | 0.6% |
| Leisure Products | 0.6% |
| Gas Utilities | 0.5% |
| Ground Transportation | 0.5% |
| Real Estate Management & Development | 0.5% |
| Others\* | 6.0% |
|  | 122.5% |
| Liabilities in excess of other assets | (22.5)% |
|  | 100.0% |

---

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

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g5pru_largelogo.jpg)

AS176_AR

------

![](g57466g6tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2026

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2026 | $93 | 0.91% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ There were no material detractors during the reporting period.

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures contributed positively to the Portfolio's performance.

![](g57466g6pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g6astbond2026.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 5.19% | 0.02% | 2.35% |
| Bloomberg US Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg Fixed Maturity (2026) Zero Coupon Swaps Index | 4.83% | -0.25% | 2.07% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $31674864<br>|
| Number of portfolio holdings | 9 |
| Total advisory fees paid for the year | $47211<br>|
| Portfolio turnover rate for the year | 65% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income (AST Target Maturity Central Portfolio)\*\* | 95.6% |
| Affiliated Mutual Fund - Short-Term Investment | 2.5% |
|  | 98.1% |
| Other assets in excess of liabilities | 1.9% |
|  | 100.0% |

---

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g6pru_largelogo.jpg)

AS249_AR

------

![](g57466g7tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2027

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2027 | $94 | 0.91% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ The Portfolio's position in the AST Target Maturity Central Portfolio was the most significant contributor to performance relative to its primary strategy benchmark, the Bloomberg Fixed Maturity (2027) Zero Coupon Swaps Index, during the reporting period.

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures contributed positively to the Portfolio's performance.

![](g57466g7pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: January 4, 2016 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g7astbond2027.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Portfolio | 5.99% | -0.67% | 2.02% |
| Bloomberg US Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg Fixed Maturity (2027) Zero Coupon Swaps Index | 5.67% | -0.68% | 2.03% |

---

Portfolio Inception: 01/04/2016.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $35986151<br>|
| Number of portfolio holdings | 8 |
| Total advisory fees paid for the year | $95717<br>|
| Portfolio turnover rate for the year | 9% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income (AST Target Maturity Central Portfolio)\*\* | 95.3% |
| Affiliated Mutual Fund - Short-Term Investment | 2.5% |
|  | 97.8% |
| Other assets in excess of liabilities | 2.2% |
|  | 100.0% |

---

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g7pru_largelogo.jpg)

AS261_AR

------

![](g57466g8tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2028

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2028 | $94 | 0.91% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ The Portfolio's position in the AST Target Maturity Central Portfolio was the most significant contributor to performance relative to its primary strategy benchmark, the Bloomberg Fixed Maturity (2028) Zero Coupon Swaps Index, during the reporting period. Duration positioning also contributed positively to performance. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures contributed positively to the Portfolio's performance.

![](g57466g8pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: January 3, 2017 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g8astbond2028.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Portfolio | 7.02% | -0.99% | 2.23% |
| Bloomberg US Aggregate Bond Index | 7.30% | -0.36% | 1.94% |
| Bloomberg Fixed Maturity (2028) Zero Coupon Swaps Index | 6.35% | -1.10% | 1.96% |

---

Portfolio Inception: 01/03/2017.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $59889921<br>|
| Number of portfolio holdings | 9 |
| Total advisory fees paid for the year | $252668<br>|
| Portfolio turnover rate for the year | 1% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income (AST Target Maturity Central Portfolio)\*\* | 95.8% |
| Affiliated Mutual Fund - Short-Term Investment | 2.7% |
|  | 98.5% |
| Other assets in excess of liabilities | 1.5% |
|  | 100.0% |

---

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g8pru_largelogo.jpg)

AS262_AR

------

![](g57466g9tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2029

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2029 | $95 | 0.91% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ The Portfolio's position in the AST Target Maturity Central Portfolio was the most significant contributor to performance relative to its primary strategy benchmark, the Bloomberg Fixed Maturity (2029) Zero Coupon Swaps Index, during the reporting period. Duration positioning also positively contributed to performance. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures contributed positively to the Portfolio's performance.

![](g57466g9pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: January 2, 2018 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g9astbond2029.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Portfolio | 7.78% | -1.51% | 2.21% |
| Bloomberg US Aggregate Bond Index | 7.30% | -0.36% | 1.74% |
| Bloomberg Fixed Maturity (2029) Zero Coupon Swaps Index | 6.81% | -1.54% | 1.75% |

---

Portfolio Inception: 01/02/2018.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $4015828<br>|
| Number of portfolio holdings | 9 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 2% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income (AST Target Maturity Central Portfolio)\*\* | 95.1% |
| Affiliated Mutual Fund - Short-Term Investment | 1.7% |
|  | 96.8% |
| Other assets in excess of liabilities | 3.2% |
|  | 100.0% |

---

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g9pru_largelogo.jpg)

AS263_AR

------

![](g57466g10tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2030

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2030 | $95 | 0.91% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ The Portfolio's position in the AST Target Maturity Central Portfolio was the most significant contributor to performance relative to its primary strategy benchmark, the Bloomberg Fixed Maturity (2030) Zero Coupon Swaps Index, during the reporting period. Duration positioning also contributed to relative performance during the reporting period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures had a negligible impact on the Portfolio's performance.

![](g57466g10pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: January 2, 2019 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g10astbond2030.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Portfolio | 8.04% | -1.80% | 2.59% |
| Bloomberg US Aggregate Bond Index | 7.30% | -0.36% | 1.99% |
| Bloomberg Fixed Maturity (2030) Zero Coupon Swaps Index | 7.20% | -1.99% | 1.99% |

---

Portfolio Inception: 01/02/2019.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $49382139<br>|
| Number of portfolio holdings | 9 |
| Total advisory fees paid for the year | $171253<br>|
| Portfolio turnover rate for the year | 4% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income (AST Target Maturity Central Portfolio)\*\* | 95.3% |
| Affiliated Mutual Fund - Short-Term Investment | 3.3% |
|  | 98.6% |
| Other assets in excess of liabilities | 1.4% |
|  | 100.0% |

---

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g10pru_largelogo.jpg)

AS265_AR

------

![](g57466g11tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2031

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2031 | $95 | 0.91% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ The Portfolio's position in the AST Target Maturity Central Portfolio was the most significant contributor to performance relative to its primary strategy benchmark, the Bloomberg Fixed Maturity (2031) Zero Coupon Swaps Index, during the reporting period. Duration positioning also contributed to relative performance during the reporting period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures detracted from the Portfolio's performance.

![](g57466g11pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: January 2, 2020 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g11astbond2031.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Portfolio | 8.43% | -2.39% | 0.05% |
| Bloomberg US Aggregate Bond Index | 7.30% | -0.36% | 0.91% |
| Bloomberg Fixed Maturity (2031) Zero Coupon Swaps Index | 7.34% | -2.47% | -0.04% |

---

Portfolio Inception: 01/02/2020.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $65962538<br>|
| Number of portfolio holdings | 9 |
| Total advisory fees paid for the year | $296446<br>|
| Portfolio turnover rate for the year | 23% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income (AST Target Maturity Central Portfolio)\*\* | 95.7% |
| Affiliated Mutual Fund - Short-Term Investment | 3.0% |
|  | 98.7% |
| Other assets in excess of liabilities | 1.3% |
|  | 100.0% |

---

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g11pru_largelogo.jpg)

AS274_AR

------

![](g57466g12tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2032

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2032 | $95 | 0.91% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ There were no material detractors during the reporting period.

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of cash bonds. The use of futures detracted from the Portfolio's performance.

![](g57466g12pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: January 4, 2021 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g12astbond2032.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 8.73% | -3.00% |
| Bloomberg US Aggregate Bond Index | 7.30% | -0.36% |
| Bloomberg Fixed Maturity (2032) Zero Coupon Swaps Index | 7.41% | -2.95% |

---

Portfolio Inception: 01/04/2021.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $67351630<br>|
| Number of portfolio holdings | 8 |
| Total advisory fees paid for the year | $287404<br>|
| Portfolio turnover rate for the year | 14% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income (AST Target Maturity Central Portfolio)\*\* | 95.6% |
| Affiliated Mutual Fund - Short-Term Investment | 3.1% |
|  | 98.7% |
| Other assets in excess of liabilities | 1.3% |
|  | 100.0% |

---

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g12pru_largelogo.jpg)

AS275_AR

------

![](g57466g13tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2033

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

This annual shareholder report contains important information about the AST Bond Portfolio 2033 (the "Portfolio") for the period o

f January 1,

2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2033 | $95 | 0.91% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point interest rate cuts in September, October, and December.

■ There were no material detractors during the reporting period.

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures detracted from the Portfolio's performance.

![](g57466g13pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: January 3, 2022 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g13astbond2033.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 8.94% | -2.88% |
| Bloomberg US Aggregate Bond Index | 7.30% | -0.07% |
| Bloomberg Fixed Maturity (2033) Zero Coupon Swaps Index | 7.34% | -3.17% |

---

Portfolio Inception: 01/03/2022.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $4543648<br>|
| Number of portfolio holdings | 8 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 0% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income (AST Target Maturity Central Portfolio)\*\* | 93.5% |
| Affiliated Mutual Fund - Short-Term Investment | 2.3% |
|  | 95.8% |
| Other assets in excess of liabilities | 4.2% |
|  | 100.0% |

---

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g13pru_largelogo.jpg)

AS276_AR

------

![](g57466g14tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2034

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2034 | $95 | 0.91% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ The Portfolio's position in the AST Target Maturity Central Portfolio was the most significant contributor to performance relative to its primary strategy benchmark, the Bloomberg Fixed Maturity (2034) Zero Coupon Swaps Index, during the reporting period.

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures detracted from the Portfolio's performance.

![](g57466g14pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: January 3, 2023 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g14astbond2034.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 9.10% | 3.33% |
| Bloomberg US Aggregate Bond Index | 7.30% | 4.66% |
| Bloomberg Fixed Maturity (2034) Zero Coupon Swaps Index | 7.20% | 2.62% |

---

Portfolio Inception: 01/03/2023.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $10779318<br>|
| Number of portfolio holdings | 8 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 205% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income (AST Target Maturity Central Portfolio)\*\* | 95.7% |
| Affiliated Mutual Fund - Short-Term Investment | 1.8% |
|  | 97.5% |
| Other assets in excess of liabilities | 2.5% |
|  | 100.0% |

---

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g14pru_largelogo.jpg)

AS277_AR

------

![](g57466g15tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2035

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2035 | $95 | 0.91% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ The Portfolio's position in the AST Target Maturity Central Portfolio was the most significant contributor to performance relative to its primary strategy benchmark, the Bloomberg Fixed Maturity (2035) Zero Coupon Swaps Index, during the reporting period. Duration positioning also contributed to its relative performance during the reporting period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures detracted from the Portfolio's performance.

![](g57466g15pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: January 2, 2024 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g15astbond2035.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 9.21% | 3.30% |
| Bloomberg US Aggregate Bond Index | 7.30% | 4.23% |
| Bloomberg Fixed Maturity (2035) Zero Coupon Swaps Index | 6.92% | 1.73% |

---

Portfolio Inception: 01/02/2024.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $7547100<br>|
| Number of portfolio holdings | 8 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 153% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income (AST Target Maturity Central Portfolio)\*\* | 94.9% |
| Affiliated Mutual Fund - Short-Term Investment | 1.7% |
|  | 96.6% |
| Other assets in excess of liabilities | 3.4% |
|  | 100.0% |

---

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g15pru_largelogo.jpg)

AS278_AR

------

![](g57466g16tsrbanner.jpg)

Advanced Series Trust

AST Bond Portfolio 2036

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Bond Portfolio 2036 | $94 | 0.91% |

---

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

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

This report covers a period less than full fiscal year. Expenses for a full fiscal year would be higher than the figures shown.

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ The Portfolio's position in the AST Target Maturity Central Portfolio was the most significant contributor to performance relative to its primary strategy benchmark, the Bloomberg Fixed Maturity (2036) Zero Coupon Swaps Index, during the reporting period. The Portfolio's duration positioning also contributed to relative performance during the reporting period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures detracted from the Portfolio's performance.

![](g57466g16pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: January 2, 2025 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g16astbond2036_edit.jpg)

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

---

| | |
|:---|:---|
| Total Returns as of December 31, 2025 | Total Returns as of December 31, 2025 |
|  | Since Inception (%) |
| Portfolio | 7.90% |
| Bloomberg US Aggregate Bond Index | 7.30% |
| Bloomberg Fixed Maturity (2036) Zero Coupon Swaps Index | 6.35% |

---

Portfolio Inception: 01/02/2025.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest available month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $6104805<br>|
| Number of portfolio holdings | 8 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 3% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Funds - Fixed Income (AST Target Maturity Central Portfolio)\*\* | 92.6% |
| Affiliated Mutual Fund - Short-Term Investment | 2.8% |
|  | 95.4% |
| Other assets in excess of liabilities | 4.6% |
|  | 100.0% |

---

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g16pru_largelogo.jpg)

AS279_AR

------

![](g57466g17tsrbanner.jpg)

Advanced Series Trust

AST Core Fixed Income Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Core Fixed Income Portfolio | $70 | 0.68% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ Fixed income assets delivered broadly positive total returns during the reporting period as the Federal Reserve cut rates three times, front-end yields fell and carry plus select spread tightening lifted credit. The Bloomberg US Aggregate Index rose 7.30% during the reporting period, its best year since 2020. Investment grade corporate bonds outpaced US Treasuries as spreads stayed tight. The Bloomberg Global Aggregate Index rose 8.17%, reflecting synchronized disinflation progress and easier global policy stances. Global treasuries gained amid falling front-end policy rates and resilient growth that limited long-end rallies. US high yield bonds posted steady gains on healthy carry and corporate fundamentals (bond carry is equal to income from coupons minus cost of funding), while global high yield bonds performed well, returning 6.3% during the reporting period.

■ Sector allocation and security selection drove the Portfolio's performance relative to the Bloomberg US Aggregate Bond Index during the reporting period. Underweight allocations to US Treasuries and overweight allocations to structured finance sectors, such as collateralized loan obligations, commercial mortgage-backed securities, and asset-backed securities, were among the largest contributors to performance. Security selection in investment grade corporate bonds was similarly additive.

■ Mortgage-backed securities selection detracted from performance, although the overall impact on performance was negligible.

■ The Portfolio used derivatives such as swaps, forwards, and futures to help manage duration positioning and yield curve exposure during the reporting period. The Portfolio also used credit derivatives in the form of the Credit Default Swap Index to manage credit risk, and in aggregate, these positions contributed to performance.

![](g57466g17pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g17astcorefixedincome.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 7.15% | -1.10% | 2.30% |
| Bloomberg US Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $4156711158<br>|
| Number of portfolio holdings | 2938 |
| Total advisory fees paid for the year | $16902682<br>|
| Portfolio turnover rate for the year | 175% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 13.4 |
| AA | 46.1 |
| A | 16.8 |
| BBB | 16.6 |
| BB | 1.2 |
| B | 0.6 |
| CCC and Below | 0.1 |
| NR | 2.8 |
| Cash/Cash Equivalents | 2.4 |
| Total Investments | 100.0 |

---

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

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

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

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

change. Values may not sum to 100.0% due to rounding.

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective July 1, 2025, the Board of Trustees of Advanced Series Trust approved the termination of Western Asset Management Company,

LLC/Western Asset Management Company Limited as a subadviser to the Portfolio.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next

prospectus, which we expect to be available by May 1, 2026, at

www.prudential.com/variableinsuranceportfolios

or by request at

(800) 346-3778.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g17pru_largelogo.jpg)

AS203_AR

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Advanced Series Trust

AST Government Money Market Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Government Money Market Portfolio | $59 | 0.58% |

---

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

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

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $765834303<br>|
| Number of portfolio holdings | 88 |
| Total advisory fees paid for the year | $2413154<br>|

---

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Repurchase Agreements | 37.6% |
| U.S. Government Agency Obligations | 35.9% |
| U.S. Treasury Obligations | 29.1% |
|  | 102.6% |
| Liabilities in excess of other assets | (2.6)% |
|  | 100.0% |

---

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

![](g57466g18pru_largelogo.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g18pru_largelogo.jpg)

AS154_AR

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Advanced Series Trust

AST Investment Grade Bond Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Investment Grade Bond Portfolio | $72 | 0.69% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ Security selection and sector allocation were the main drivers of the Portfolio's performance versus the Bloomberg US 5-10 Year Gov't/Credit Index during the reporting period. The Portfolio's position in the AST PGIM Fixed Income Central Portfolio—along with its overweight allocation to, and security selection in, the collateralized loan obligations and non-agency collateralized mortgage-backed securities sectors—contributed to performance. Security selection in investment grade corporate bonds also contributed to performance.

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures detracted from the Portfolio's performance. The Portfolio also used credit derivatives in the form of credit default swaps and the Credit Default Swap Index to manage credit risk, which contributed to performance.

![](g57466g19pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g19astinvestgradebond.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 8.57% | -0.12% | 3.39% |
| Bloomberg US Aggregate Bond Index\* | 7.30% | -0.36% | 2.01% |
| Bloomberg US 5-10 Year Government/Credit Bond Index | 8.76% | -0.15% | 2.55% |

---

\*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $6590410475<br>|
| Number of portfolio holdings | 474 |
| Total advisory fees paid for the year | $37836350<br>|
| Portfolio turnover rate for the year | 105% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 25.8 |
| AA | 14.7 |
| A | 38.9 |
| BBB | 18.1 |
| BB | 0.7 |
| B | 0.3 |
| NR | 0.6 |
| Cash/Cash Equivalents | 0.9 |
| Total Investments | 100.0 |

---

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

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

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

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

change. Values may not sum to 100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g19pru_largelogo.jpg)

AS202_AR

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Advanced Series Trust

AST Multi-Sector Fixed Income Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Multi-Sector Fixed Income Portfolio | $74 | 0.72% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened, while credit spreads across a wide range of fixed income assets generally tightened. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25 basis point (bps) interest rate cuts in September, October, and December. US investment grade corporate bonds, as measured by the Bloomberg US Corporate Index, posted total and excess returns over US Treasuries of 7.77% and 1.19%, respectively, over the reporting period. Long-maturity US corporate bonds, as measured by the Bloomberg US Corporate Long Index, posted total and excess returns over US Treasuries of 7.44% and 1.04%, respectively, during the period.

■ Security selection in the US investment grade corporate bond sector, along with an overweight allocation to the non-agency collateralized mortgage-backed securities sector, were the largest contributors to the Portfolio's performance relative to the Portfolio's Custom Blended Index during the reporting period. Within credit selection, the banking, media and entertainment, and upstream energy sectors also contributed positively to the Portfolio's performance.

■ During the reporting period, the Portfolio used credit derivatives in the form of the Credit Default Swap Index to manage credit risk, which had a negative impact on performance. The Portfolio also used foreign exchange forwards to hedge the currency risk on non-US dollar holdings, which had a negligible impact on performance. In addition, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase or sale of bonds. The use of futures contributed positively to performance.

![](g57466g20pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g20astmultisectorfi.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 6.61% | -1.62% | 3.26% |
| Bloomberg US Aggregate Bond Index\* | 7.30% | -0.36% | 2.01% |
| Custom Blended Index\*\* | 7.51% | -1.36% | 3.43% |

---

\*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.

\*\*The Portfolio's Custom Blended Index is a model portfolio consisting of the Bloomberg US Long Corporate Index (65%) and Bloomberg US Intermediate Corporate Index (35%),

which includes a cap of 7.5% on investments in the financials sector.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $9195761830<br>|
| Number of portfolio holdings | 987 |
| Total advisory fees paid for the year | $44272492<br>|
| Portfolio turnover rate for the year | 21% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 8.2 |
| AA | 9.1 |
| A | 35.3 |
| BBB | 45.4 |
| BB | 0.8 |
| NR | (0.2) |
| Cash/Cash Equivalents | 1.4 |
| Total Investments | 100.0 |

---

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

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

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

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

change. Values may not sum to 100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g20pru_largelogo.jpg)

AS230_AR

------

![](g57466g21tsrbanner.jpg)

Advanced Series Trust

AST Quantitative Modeling Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Quantitative Modeling Portfolio | $87 | 0.81% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ The Portfolio's performance relative to its Custom Blended Index was driven by several key contributors during the reporting period. Tactical positioning, particularly an overweight allocation to equities and an underweight allocation to fixed income, contributed to performance as the Bloomberg U.S. Aggregate Index rate of return lagged global equities. Off-benchmark local currency exposures in Spain (IBEX-35) and Italy (FTSE-MIB) also contributed to performance. Sub-advisor selection was additive to overall performance, with the International Core sleeve sub-advised by PGIM Quantitative Solutions (PQS) benefiting from the value orientation embedded in quantitative strategies. The Core Bond sleeve sub-advised by PGIM Fixed Income further enhanced results through strategic overweight allocations to "plus" sectors, including the strong performing high yield bond segment. Within equities, modest outperformance across both domestic and international core allocations, relative to the Russell 3000 Index and MSCI Europe, Australasia, and Far East Index (EAFE), respectively, provided an additional tailwind.

■ The shift toward a more defensive posture was a primary headwind to the Portfolio's performance during the reporting period, as fixed income significantly underperformed equities amid their sharp rebound from April lows. Off-benchmark local currency exposure in Japan (TOPIX) also detracted from performance. The Portfolio's allocation to cash weighed on returns relative to the Portfolio's Custom Blended Index, while global bonds lagged US bonds, resulting in a negative contribution to performance from that segment. Within equities, the AST Small Cap Equity Portfolio underperformed its benchmark, the Russell 2000 Index, due to a rally in lower-quality small-cap stocks typically avoided by active small-cap managers. The Vanguard Dividend Appreciation ETF detracted from performance as investors favored higher growth names, and large cap growth strategies continued to face challenges, given the outsized influence of mega cap stocks in the benchmark.

■ Several of the Portfolio's sub-advisors used derivatives during the reporting period to efficiently gain certain market exposures and provide liquidity to shareholders. The use of derivatives did not have a material impact on the Portfolio's performance during the reporting period.

![](g57466g21pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g21astquantitmodel.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 14.76% | 7.62% | 8.65% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Custom Blended Index\* | 16.86% | 9.27% | 10.51% |

---

\*

The Portfolio's Custom Blended Index is a model portfolio consisting of the Russell 3000 Index (60%), MSCI EAFE Index (GD) (15%), and Bloomberg US Aggregate Bond

Index (25%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $500829461<br>|
| Number of portfolio holdings | 1078 |
| Total advisory fees paid for the year | $3034854<br>|
| Portfolio turnover rate for the year | 95% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.2% represents investments purchased with <br>collateral from securities on loan)<br>| 33.1% |
| Semiconductors & Semiconductor Equipment | 5.4% |
| Unaffiliated Funds - Fixed Income | 4.5% |
| U.S. Government Agency Obligations | 4.3% |
| Software | 3.9% |
| Banks | 3.8% |
| Interactive Media & Services | 3.0% |
| Technology Hardware, Storage & Peripherals | 2.7% |
| Automobiles | 2.5% |
| Collateralized Loan Obligations | 2.4% |
| Unaffiliated Exchange-Traded Funds - Equity | 2.3% |
| Pharmaceuticals | 1.8% |
| U.S. Treasury Obligations | 1.6% |
| Capital Markets | 1.6% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Broadline Retail | 1.5% |
| Financial Services | 1.5% |
| Aerospace & Defense | 1.4% |
| Oil, Gas & Consumable Fuels | 1.2% |
| Insurance | 1.1% |
| Machinery | 0.9% |
| Residential Mortgage-Backed Securities | 0.8% |
| Consumer Staples Distribution & Retail | 0.8% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Biotechnology | 0.8% |
| Health Care Equipment & Supplies | 0.8% |
| Health Care Providers & Services | 0.7% |
| Specialty Retail | 0.7% |
| Hotels, Restaurants & Leisure | 0.7% |
| Electric Utilities | 0.6% |
| Electrical Equipment | 0.6% |
| Entertainment | 0.6% |
| IT Services | 0.6% |
| Pipelines | 0.5% |
| Oil & Gas | 0.5% |
| Chemicals | 0.5% |
| Metals & Mining | 0.5% |
| Electric | 0.5% |
| Others\* | 9.0% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g21pru_largelogo.jpg)

AS217_AR

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![](g57466g22tsrbanner.jpg)

Advanced Series Trust

AST Balanced Asset Allocation Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Balanced Asset Allocation Portfolio | $81 | 0.76% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Relative to the Portfolio's Custom Blended Index, tactical asset allocation was a key positive driver during the reporting period. An underweight

allocation to fixed income and an overweight allocation to equities supported relative performance. Off-benchmark positions in gold, the S&P

500 Index, and the Health Care sector added meaningfully to performance, while exposures to local equity markets IBEX-35 (Spain) and FTSE

MIB (Italy) were also additive. Smaller contributions to performance came from off-benchmark allocations to emerging market debt and natural

resources. Exposure to the S&P 500 Index via the overlay sleeve of the Portfolio sub-advised by PGIM Quantitative Solutions (PQS) further

enhanced results, as it outperformed the Russell 1000 Index during the reporting period. Subadvisor allocations were generally positive,

particularly within fixed income. The Core Plus bond sleeve sub-advised by PGIM Fixed Income (PFI) delivered solid results versus its

benchmark, the Bloomberg US Aggregate Bond Index, driven by strategic overweight positioning to "plus" sectors such as the high yield bond

sector, which was a standout performer within the fixed income segment. Within equities, modest outperformance across core domestic and

international segments relative to their benchmarks contributed to performance. The International Core 1% Tracking Error sleeve sub-advised

by PQS also outperformed relative to its benchmark, the MSCI Europe, Australasia, and Far East Index (EAFE), benefiting from its inherent

value tilt within quantitative strategies.

■

The largest detractor from the Portfolio's performance was cash exposure. Off-benchmark positions in the TOPIX (Japan) equity market and

emerging market equities had a small negative impact. Minor detractors included off-benchmark exposures to commodities, high-yield bonds,

and real estate investment trusts (REITs), all of which underperformed the Portfolio's Custom Blended Index. Overall, US Treasury exposure

via the overlay sleeve also weighed on results. Among individual strategies, the Vanguard Dividend Appreciation ETF was the most significant

detractor from a manager selection standpoint, as investors continued to favor higher-growth stocks. The Putnam International Value Fund

underperformed relative to the robust returns of the MSCI EAFE Value Index. Global bonds lagged domestic bonds, resulting in a negative

contribution from that segment. Finally, the AST Small-Cap Equity Portfolio underperformed relative to its benchmark, the Russell 2000 Index,

due to a rally in low-quality small-cap stocks, which are typically avoided by small-cap managers.

■

Several of the Portfolio's sub-advisors used derivatives during the reporting period to efficiently gain certain market exposures and provide

liquidity to shareholders. Index futures (a form of derivative security) were used to provide this liquidity and were not designed to add value to

the Portfolio. The use of derivatives did not have a material impact on the Portfolio's performance during the reporting period.

![](g57466g22pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g22astbalancedaa.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 14.35% | 6.96% | 8.05% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Custom Blended Index\* | 14.94% | 7.34% | 8.85% |

---

\*The Portfolio's Custom Blended Index is a model portfolio consisting of the Russell 3000 Index (48%), MSCI EAFE Index (GD) (12%), and Bloomberg US Aggregate Bond

Index (40%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $23202337564<br>|
| Number of portfolio holdings | 3075 |
| Total advisory fees paid for the year | $122143696<br>|
| Portfolio turnover rate for the year | 61% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.3% represents investments purchased with <br>collateral from securities on loan)<br>| 36.5% |
| Unaffiliated Exchange-Traded Funds - Equity | 11.9% |
| Collateralized Loan Obligations | 4.9% |
| Banks | 3.9% |
| Semiconductors & Semiconductor Equipment | 3.8% |
| U.S. Treasury Obligations | 3.1% |
| Software | 2.5% |
| Interactive Media & Services | 2.0% |
| Sovereign Bonds | 1.8% |
| Technology Hardware, Storage & Peripherals | 1.8% |
| Pharmaceuticals | 1.6% |
| Capital Markets | 1.3% |
| Insurance | 1.2% |
| Aerospace & Defense | 1.2% |
| Unaffiliated Exchange-Traded Funds - Fixed Income | 1.1% |
| Oil, Gas & Consumable Fuels | 1.1% |
| Broadline Retail | 1.0% |
| Financial Services | 0.9% |
| Automobiles | 0.8% |
| Machinery | 0.7% |
| Biotechnology | 0.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Specialty Retail | 0.6% |
| Health Care Equipment & Supplies | 0.6% |
| Consumer Staples Distribution & Retail | 0.6% |
| Electric Utilities | 0.6% |
| Electrical Equipment | 0.6% |
| Hotels, Restaurants & Leisure | 0.6% |
| Entertainment | 0.5% |
| Health Care Providers & Services | 0.5% |
| Metals & Mining | 0.5% |
| Commercial Mortgage-Backed Securities | 0.5% |
| IT Services | 0.5% |
| U.S. Government Agency Obligations | 0.5% |
| Others\* | 10.7% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.1% |
| Liabilities in excess of other assets | (1.1)% |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g22pru_largelogo.jpg)

AS192_AR

------

![](g57466g23tsrbanner.jpg)

Advanced Series Trust

AST Multi-Asset Diversified Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Multi-Asset Diversified Portfolio | $84 | 0.78% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ Relative to the Portfolio's Custom Blended Index, tactical asset allocation was a meaningful driver of positive performance for the reporting period. An overweight allocation to equities and an underweight allocation to fixed income added value as global equities outperformed bonds. Off-benchmark exposures to the health care sector and gold also enhanced results. Additional contributions to performance came from off-benchmark positions in high yield bonds and emerging market debt. Early in the reporting period, select local currency futures exposures within MSCI Europe, Australasia, and Far East (EAFE) markets, particularly Spain's IBEX-35 and the UK's FTSE MIB, further supported performance. Manager selection contributed to positive performance, led by robust results within international equity and supported by solid contributions from fixed income. The International Core 1% Tracking Error sleeve sub-advised by PGIM Quantitative Solutions (PQS) was the single largest contributor, with additional notable gains from the Core Plus Bond sleeve sub-advised by PGIM Fixed Income (PFI). Meaningful contributions to performance also came from the Liquid Alternatives sleeve sub-advised by the PGIM Strategic Investment Research Group (SIRG) and the Quant Core 1% Tracking Error sleeve sub-advised by PQS. Smaller but positive contributions to performance were generated by the PGIM US Real Estate Fund, AST Large Cap Value Portfolio, and the Disciplined Equity sleeve sub-advised by PGIM Jennison Associates.

■ The largest detractor from the Portfolio's performance relative to the Portfolio's Custom Blended Index was cash exposure. Off-benchmark positions in Japan's TOPIX market and in emerging market equities had a modest negative impact as well. US Treasury exposure within the overlay sleeve sub-advised by PGIM Quantitative Solutions also detracted from performance. Among managers, the Putnam International Value Fund lagged the solid gains of the MSCI EAFE Value Index and was the single largest detractor for the reporting period. Global bonds underperformed US bonds, resulting in a negative contribution to performance. Within US equities, dividend growth strategies struggled as investors favored more speculative and growth-oriented stocks. Lastly, the AST Small Cap Equity Portfolio underperformed its benchmark, the Russell 2000 Index, due to a rally in lower quality small-cap stocks—an area typically avoided by active small-cap managers.

![](g57466g23pru_largelogo.jpg)

------

■

Several of the Portfolio's sub-advisors used derivatives to efficiently gain certain market exposures and provide liquidity to shareholders. In

general, bond sleeves used derivatives such as interest rate swaps, futures, options, and swaptions (i.e., options on interest rate swaps) to gain

interest rate and inflation exposures to various countries quickly and efficiently. Alternative strategy sleeves used derivatives to produce

uncorrelated sources of market exposure, such as using currency forwards or futures contracts to replicate the exposures of a universe of

hedge funds, or as half of an arbitrage position to hedge another position in a sleeve. During the reporting period, the use of derivatives did not

have a material impact on the Portfolio's performance.

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g23astmultiassetdiv.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 15.55% | 6.86% | 8.28% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Custom Blended Index\* | 16.00% | 7.98% | 8.75% |

---

\*The Portfolio's Custom Blended Index is a model portfolio consisting of the Russell 3000 Index (40%), MSCI EAFE Index (GD) (20%), Bloomberg US Aggregate Bond Index (25%),

Wilshire US REIT Index (3.33%), Bloomberg US Treasury Inflation-Protected Securities (TIPS) Index (3.33%), Bloomberg Commodity Index (3.33%), and ICE BofA US 3-Month

Treasury Bill Index (5%).

------

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $5309646531<br>|
| Number of portfolio holdings | 1800 |
| Total advisory fees paid for the year | $27991701<br>|
| Portfolio turnover rate for the year | 73% |

---

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(4.3% represents investments purchased with <br>collateral from securities on loan)<br>| 25.9% |
| U.S. Treasury Obligations | 11.9% |
| Unaffiliated Exchange-Traded Funds - Equity | 10.2% |
| Banks | 4.0% |
| Semiconductors & Semiconductor Equipment | 3.8% |
| Unaffiliated Funds - Alternative Investment | 3.5% |
| Unaffiliated Exchange-Traded Funds - Fixed Income | 2.8% |
| Software | 2.5% |
| Collateralized Loan Obligations | 2.4% |
| Pharmaceuticals | 1.9% |
| Interactive Media & Services | 1.9% |
| Technology Hardware, Storage & Peripherals | 1.7% |
| Options Purchased | 1.7% |
| Insurance | 1.4% |
| Aerospace & Defense | 1.3% |
| Capital Markets | 1.3% |
| Sovereign Bonds | 1.3% |
| Oil, Gas & Consumable Fuels | 1.1% |
| Broadline Retail | 1.1% |
| Financial Services | 1.0% |
| Automobiles | 0.9% |
| Machinery | 0.7% |
| Specialized REITs | 0.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electrical Equipment | 0.7% |
| Biotechnology | 0.7% |
| Metals & Mining | 0.7% |
| Health Care Equipment & Supplies | 0.7% |
| Electric Utilities | 0.6% |
| Consumer Staples Distribution & Retail | 0.6% |
| Unaffiliated Funds - Equity | 0.6% |
| Specialty Retail | 0.6% |
| Retail REITs | 0.6% |
| Health Care REITs | 0.6% |
| Hotels, Restaurants & Leisure | 0.6% |
| IT Services | 0.6% |
| Industrial REITs | 0.5% |
| Entertainment | 0.5% |
| Textiles, Apparel & Luxury Goods | 0.5% |
| U.S. Government Agency Obligations | 0.5% |
| Others\* | 9.6% |
| Options Written | (0.0)%\*\* |
|  | 104.2% |
| Liabilities in excess of other assets | (4.2)% |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective May 1, 2025, the Portfolio's name changed from AST Advanced Strategies Portfolio to AST Multi-Asset Diversified Portfolio.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next

prospectus, which we expect to be available by May 1, 2026, at

www.prudential.com/variableinsuranceportfolios

or by request at

(800) 346-3778.

------

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g23pru_largelogo.jpg)

AS196_AR

------

![](g57466g24tsrbanner.jpg)

Advanced Series Trust

AST PGIM Aggressive Multi-Asset Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST PGIM Aggressive Multi-Asset Portfolio | $96 | 0.89% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, allocations across major asset classes was a key driver of the Portfolio's performance relative to its benchmark. A

general underweight allocation to fixed income, combined with an overweight allocation to equities, contributed to positive performance.

Off-benchmark positions in local indices including IBEX-35 (Spain) and FTSE MIB (Italy) further enhanced performance, as did exposures to

commodities and gold. Additionally, a strategic allocation to emerging markets contributed to performance.

■

Sub-advisor selections were generally positive throughout the reporting period, particularly within fixed income and international equity. The

Core Plus Bond sleeve sub-advised by PGIM Fixed Income delivered meaningful outperformance relative to the Bloomberg US Aggregate

Bond Index (BAGG), driven by strategic overweight positioning to "plus" sectors, such as the high yield bond sector, which was a standout

performer. Within international equity, the EAFE All Cap sleeve sub-advised by PGIM Quantitative Solutions (PQS) significantly outperformed

the MSCI Europe, Australasia, Far East Index (EAFE). In domestic equities, the disciplined equity sleeve sub-advised by PGIM Jennison

Associates and the large cap low-tracking error sleeve sub-advised by PQS exceeded their benchmark, the Russell 1000 Index.

■

Detracting from the Portfolio's performance was exposure to real estate. After delivering strong gains in 2024, real estate gave back much of

that value in 2025 amid heightened interest rate volatility. Cash, which was a positive contributor during market turbulence earlier in the

reporting period, detracted from performance as markets stabilized. Underperformance within the domestic growth equity segment also

weighed on results. The Large Cap Growth sleeve sub-advised by PGIM Jennison Associates was the most significant detractor, as growth

strategies continued to struggle against the dominance of the "Magnificent 7" stocks within the Russell 1000 Growth Index.

■

Several of the Portfolio's sub-advisors used derivatives to gain specific exposures to various markets. The use of these derivative instruments

allowed the sub-advisors to manage risk and express tactical views. During the reporting period, equity futures were used to efficiently fulfill

exposure to the equity benchmarks, the Russell 3000 Index and MSCI EAFE Index. US Treasury futures of varying maturities were also used

to gain liquid exposure to fixed income during the reporting period. In addition, these derivatives were used to manage duration (duration

measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates), which helped offset the pullback and

volatility in bonds caused by rising interest rates.

![](g57466g24pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g24astpgimaggrmultia.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 16.00% | 8.22% | 8.26% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Custom Blended Index\* | 16.36% | 8.59% | 9.91% |

---

\*The Portfolio's Custom Blended Index is a model portfolio consisting of the Russell 3000 Index (55%), MSCI EAFE Index (GD) (15%), and Bloomberg US Aggregate Bond

Index (30%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $13731307939<br>|
| Number of portfolio holdings | 3359 |
| Total advisory fees paid for the year | $84209122<br>|
| Portfolio turnover rate for the year | 73% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.9% represents investments purchased with <br>collateral from securities on loan)<br>| 21.8% |
| Unaffiliated Exchange-Traded Funds - Equity | 10.0% |
| Semiconductors & Semiconductor Equipment | 6.2% |
| Banks | 4.2% |
| Software | 4.2% |
| Interactive Media & Services | 3.5% |
| Collateralized Loan Obligations | 3.2% |
| U.S. Treasury Obligations | 3.0% |
| Unaffiliated Exchange-Traded Funds - Fixed Income | 2.6% |
| Technology Hardware, Storage & Peripherals | 2.5% |
| Pharmaceuticals | 2.5% |
| Aerospace & Defense | 1.9% |
| Capital Markets | 1.9% |
| Broadline Retail | 1.8% |
| Financial Services | 1.7% |
| Insurance | 1.7% |
| Oil, Gas & Consumable Fuels | 1.6% |
| Automobiles | 1.3% |
| Sovereign Bonds | 1.2% |
| Biotechnology | 1.1% |
| Machinery | 1.0% |
| IT Services | 1.0% |
| Specialty Retail | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 1.0% |
| Health Care Equipment & Supplies | 1.0% |
| Entertainment | 0.9% |
| Electric Utilities | 0.9% |
| Metals & Mining | 0.9% |
| Health Care Providers & Services | 0.8% |
| Electrical Equipment | 0.8% |
| Hotels, Restaurants & Leisure | 0.7% |
| Communications Equipment | 0.6% |
| Electronic Equipment, Instruments & Components | 0.5% |
| Textiles, Apparel & Luxury Goods | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Chemicals | 0.5% |
| Multi-Utilities | 0.5% |
| Others\* | 10.5% |
| Options Purchased | 0.3% |
| Options Written | (0.0)%\*\* |
|  | 101.8% |
| Liabilities in excess of other assets | (1.8)% |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective May 1, 2025,

the Portfolio's name changed from AST Prudential Growth Allocation Portfolio to AST PGIM Aggressive Multi-Asset

Portfolio.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next

prospectus, which we expect to be available by May 1, 2026, at

www.prudential.com/variableinsuranceportfolios

or by request at

(800) 346-3778.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g24pru_largelogo.jpg)

AS195_AR

------

![](g57466g25tsrbanner.jpg)

Advanced Series Trust

AST Preservation Asset Allocation Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Preservation Asset Allocation Portfolio | $86 | 0.81% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Overall tactical asset allocation was a key positive driver of the Portfolio's performance relative to its custom blended index during the reporting

period, as a general underweight allocation to fixed income and an overweight allocation to equities supported relative performance.

Off-benchmark positions in gold, S&P 500 Index, and the health care sector added meaningful value, while exposures to local equity markets

including the IBEX-35 (Spain) and FTSE MIB (Italy) equity markets were also additive. Smaller contributions to performance came from

off-benchmark allocations to emerging market debt and natural resources. Exposure to the S&P 500 Index via the overlay sleeve of the

Portfolio sub-advised by PGIM Quantitative Solutions (PQS) further enhanced results, as it outperformed the Russell 1000 Index during the

period. Sub-advisor allocations were generally positive through the reporting period, particularly within fixed income. The Core Plus Bond

sleeve sub-advised by PQS delivered solid results, driven by strategic overweight positioning to "plus" sectors, such as the high yield bond

sector, which was a standout performer within fixed income. Within equities, modest outperformance across core domestic and international

segments relative to the Russell 3000 Index and MSCI Europe, Australasia, and Far East Index (EAFE), respectively, contributed positively. The

International Core 1% Tracking Error sleeve sub-advised by PQS also outperformed its benchmark, the MSCI EAFE Index, benefiting from its

inherent value tilt within quantitative strategies.

■

Cash exposure was the largest detractor from performance during the reporting period. Off-benchmark positions in the TOPIX (Japan) equity

market and emerging market equities had a small negative impact. Minor detractors included off-benchmark exposures to commodities,

high-yield bonds, and real estate investment trusts (REITs), which underperformed the Portfolio's Custom Blended Index during the reporting

period. Overall US Treasury exposure through the overlay sleeve also weighed on results. Among individual strategies, the Vanguard Dividend

Appreciation ETF was the most significant detractor from performance, as investors continued to favor higher-growth stocks. The Putnam

International Value Fund underperformed relative to the robust returns of the MSCI EAFE Value Index. Global bonds lagged domestic bonds,

resulting in a negative contribution to performance from the global bond segment. Finally, the AST Small Cap Equity Portfolio underperformed

its benchmark, the Russell 2000 Index, due to a rally in low-quality small-cap stocks, which are typically avoided by small-cap managers.

■

Several of the Portfolio's sub-advisors used derivatives during the reporting period to efficiently gain certain market exposures and provide

liquidity to shareholders. Index futures (a form of derivative security) were used to provide this liquidity and were not designed to add value to

the Portfolio. The use of derivatives did not have a material impact on the Portfolio's performance during the reporting period.

![](g57466g25pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g25astpreservationaa.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 11.33% | 3.76% | 5.45% |
| Bloomberg US Aggregate Bond Index\* | 7.30% | -0.36% | 2.01% |
| Custom Blended Index\*\* | 11.74% | 4.12% | 6.04% |

---

\*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.

\*\*The Portfolio's Custom Blended Index is a model portfolio consisting of the Russell 3000 Index (28%), MSCI EAFE Index (GD) (7%), and Bloomberg US Aggregate Bond

Index (65%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $3127722841<br>|
| Number of portfolio holdings | 2309 |
| Total advisory fees paid for the year | $17099565<br>|
| Portfolio turnover rate for the year | 50% |

---

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

------

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(0.6% represents investments purchased with <br>collateral from securities on loan)<br>| 46.4% |
| Unaffiliated Exchange-Traded Funds - Equity | 11.7% |
| Collateralized Loan Obligations | 8.5% |
| U.S. Treasury Obligations | 4.6% |
| Sovereign Bonds | 3.1% |
| Banks | 2.8% |
| Semiconductors & Semiconductor Equipment | 1.6% |
| Unaffiliated Exchange-Traded Funds - Fixed Income | 1.5% |
| Software | 1.1% |
| Pharmaceuticals | 0.8% |
| Interactive Media & Services | 0.8% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Technology Hardware, Storage & Peripherals | 0.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Electric | 0.7% |
| U.S. Government Agency Obligations | 0.7% |
| Insurance | 0.6% |
| Capital Markets | 0.6% |
| Aerospace & Defense | 0.5% |
| Others\* | 12.9% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 100.4% |
| Liabilities in excess of other assets | (0.4)% |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g25pru_largelogo.jpg)

AS193_AR

------

![](g57466g26tsrbanner.jpg)

Advanced Series Trust

AST Aggressive Asset Allocation Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Aggressive Asset Allocation Portfolio | $79 | 0.73% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ Relative to the Portfolio's Custom Blended Index, tactical asset allocation was a key positive driver during the reporting period. An underweight allocation to fixed income and an overweight allocation to equities supported relative performance. Off-benchmark positions in gold, the S&P 500 Index, and the Health Care sector added meaningfully to performance, while exposures to local equity markets IBEX-35 (Spain) and FTSE MIB (Italy) were also additive. Smaller contributions to performance came from off-benchmark allocations to emerging market debt and natural resources. Exposure to the S&P 500 Index via the overlay sleeve of the Portfolio sub-advised by PGIM Quantitative Solutions (PQS) further enhanced results, as it outperformed the Russell 1000 Index during the reporting period. Subadvisor allocations were generally positive, particularly within fixed income. The Core Plus bond sleeve sub-advised by PGIM Fixed Income (PFI) delivered solid results versus its benchmark, the Bloomberg US Aggregate Bond Index, driven by strategic overweight positioning to "plus" sectors such as the high yield bond sector, which was a standout performer within the fixed income segment. Within equities, modest outperformance across core domestic and international segments relative to their benchmarks contributed to performance. The International Core 1% Tracking Error sleeve sub-advised by PQS also outperformed relative to its benchmark, the MSCI Europe, Australasia, and Far East Index (EAFE), benefiting from its inherent value tilt within quantitative strategies.

■ The largest detractor from the Portfolio's performance was cash exposure. Off-benchmark positions in the TOPIX (Japan) equity market and emerging market equities had a small negative impact. Minor detractors included off-benchmark exposures to commodities, high-yield bonds, and real estate investment trusts (REITs), all of which underperformed the portfolio's Custom Blended Index. Overall US Treasury exposure via the overlay sleeve sub-advised by PQS also weighed on results. Among individual strategies, the Vanguard Dividend Appreciation ETF was the most significant detractor from a manager selection standpoint, as investors continued to favor higher-growth stocks. The Putnam International Value Fund underperformed relative to the robust returns of the MSCI EAFE Value Index. Global bonds lagged domestic bonds, resulting in a negative contribution from that segment. Finally, the AST Small-Cap Equity Portfolio underperformed relative to its benchmark, the Russell 2000 Index, due to a rally in low-quality small-cap stocks, which are typically avoided by small-cap managers.

![](g57466g26pru_largelogo.jpg)

------

■

Several of the Portfolio's sub-advisors used derivatives during the reporting period to efficiently gain certain market exposures and provide

liquidity to shareholders. Index futures (a form of derivative security) were used to provide this liquidity and were not designed to add value to

the Portfolio. The use of derivatives did not have a material impact on the Portfolio's performance during the reporting period.

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g26astaggressalloc.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 16.17% | 8.81% | 9.59% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Custom Blended Index\* | 16.86% | 9.27% | 10.51% |

---

\*The Portfolio's Custom Blended Index is a model portfolio consisting of the Russell 3000 Index (60%), MSCI EAFE Index (GD) (15%), and Bloomberg US Aggregate Bond

Index (25%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $11601291910<br>|
| Number of portfolio holdings | 2526 |
| Total advisory fees paid for the year | $58194025<br>|
| Portfolio turnover rate for the year | 65% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(1.7% represents investments purchased with <br>collateral from securities on loan)<br>| 33.0% |
| Unaffiliated Exchange-Traded Funds - Equity | 12.0% |
| Semiconductors & Semiconductor Equipment | 5.0% |
| Banks | 4.2% |
| Software | 3.5% |
| Interactive Media & Services | 2.7% |
| Collateralized Loan Obligations | 2.7% |
| Technology Hardware, Storage & Peripherals | 2.4% |
| Pharmaceuticals | 2.2% |
| U.S. Treasury Obligations | 1.9% |
| Capital Markets | 1.7% |
| Insurance | 1.5% |
| Aerospace & Defense | 1.5% |
| Oil, Gas & Consumable Fuels | 1.4% |
| Broadline Retail | 1.4% |
| Financial Services | 1.2% |
| Sovereign Bonds | 1.0% |
| Automobiles | 1.0% |
| Machinery | 0.9% |
| Unaffiliated Exchange-Traded Funds - Fixed Income | 0.9% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Biotechnology | 0.9% |
| Specialty Retail | 0.8% |
| Health Care Equipment & Supplies | 0.8% |
| Consumer Staples Distribution & Retail | 0.8% |
| Electric Utilities | 0.8% |
| Electrical Equipment | 0.8% |
| Hotels, Restaurants & Leisure | 0.7% |
| Health Care Providers & Services | 0.7% |
| Entertainment | 0.6% |
| IT Services | 0.6% |
| Metals & Mining | 0.6% |
| Chemicals | 0.5% |
| Others\* | 10.9% |
| Options Purchased | 0.0%\*\* |
| Options Written | (0.0)%\*\* |
|  | 101.6% |
| Liabilities in excess of other assets | (1.6)% |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective May 1, 2025, the Portfolio's name changed from AST Capital Growth Asset Allocation Portfolio to AST Aggressive Asset Allocation

Portfolio.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next

prospectus, which we expect to be available by May 1, 2026, at www.prudential.com/variableinsuranceportfolios or by request at (800) 346-3778.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g26pru_largelogo.jpg)

AS190_AR

------

![](g57466g27tsrbanner.jpg)

Advanced Series Trust

AST J.P. Morgan Aggressive Multi-Asset Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST J.P. Morgan Aggressive Multi-Asset Portfolio | $87 | 0.81% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ Risk assets (equities and fixed income) delivered positive returns during the reporting period, with 2025 marking the first year since the COVID-19 pandemic in which all major asset classes posted gains. The first half of the reporting period was shaped by heightened trade tensions as the US raised tariffs, but markets rebounded in the second half, fueled by fiscal and monetary stimulus and a broad risk-on rally. Fears of tariff-driven inflation spikes and growing nervousness around the labor market set the stage for the Federal Reserve to cut rates by 75 basis points (bps) in the second half of 2025. In equities, US markets were driven by the ongoing investor enthusiasm over artificial intelligence (AI), with communication services and information technology sectors outperforming, relative to other sectors. However, only two of the "Magnificent Seven" tech companies surpassed the S&P 500's 17.88% return. Growth stocks led in the US, but value outperformed in most other developed markets, resulting in similar global returns for both styles. Emerging market equities posted robust gains, led by China and supported by advances in other emerging markets' domestic AI industries. Fixed income markets also performed well, with US Treasuries and high yield bonds posting modest gains. Emerging market debt led the sector during the reporting period, boosted by strong fundamentals and currency tailwinds. Despite persistent medium-term inflation concerns, central banks continued to normalize interest rates, and the reporting period underscored the importance of diversification as investors benefited from broad-based market strength.

■ The Portfolio underperformed its Custom Blended Index, composed of 85% MSCI World Index and 15% Bloomberg US Aggregate Bond Index, by 4.03% over the reporting period. Tactical asset allocation decisions had a positive impact on performance overall, due to an overweight position in US financials and an underweight position in Japanese bonds, while developed non-US equities detracted from performance. Security selection also had a negative impact on performance in aggregate. JP Morgan Global Select Equity ETF, JP Morgan Global Select Equity SMA, and JP Morgan Small Cap Core SMA were the biggest detractors from performance, while JP Morgan Fixed Income Central Fund and JP Morgan Ultra-Short Income ETF were the largest contributors to performance.

■ During the reporting period, the Portfolio used forwards and futures to help manage positioning and exposure. The two largest derivative positions during the reporting period were in US Large Cap Equity Futures and US Government Bond Futures, both of which contributed positively to performance.

![](g57466g27pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g27astjpmaggmultia.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 14.03% | 7.43% | 9.06% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Custom Blended Index\* | 18.99% | 10.27% | 10.71% |

---

\*The Portfolio's Custom Blended Index is a model portfolio consisting of the MSCI World Index (ND) (85%) and Bloomberg US Aggregate Bond Index (15%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2494765743<br>|
| Number of portfolio holdings | 283 |
| Total advisory fees paid for the year | $13449944<br>|
| Portfolio turnover rate for the year | 72% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(7.1% represents investments purchased with <br>collateral from securities on loan)<br>| 30.0% |
| Unaffiliated Exchange-Traded Funds - Equity | 28.0% |
| Unaffiliated Exchange-Traded Funds - Fixed Income | 10.9% |
| Banks | 4.3% |
| Semiconductors & Semiconductor Equipment | 4.1% |
| Capital Markets | 2.2% |
| U.S. Treasury Obligations | 1.9% |
| Interactive Media & Services | 1.7% |
| Hotels, Restaurants & Leisure | 1.5% |
| Software | 1.2% |
| Broadline Retail | 1.2% |
| Machinery | 1.2% |
| Aerospace & Defense | 1.2% |
| Pharmaceuticals | 1.1% |
| Oil, Gas & Consumable Fuels | 1.1% |
| Technology Hardware, Storage & Peripherals | 1.0% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Chemicals | 0.9% |
| Insurance | 0.9% |
| Industrial Conglomerates | 0.7% |
| Building Products | 0.6% |
| Electric Utilities | 0.6% |
| Household Durables | 0.6% |
| Financial Services | 0.5% |
| Health Care Providers & Services | 0.5% |
| Multi-Utilities | 0.5% |
| Automobiles | 0.5% |
| Entertainment | 0.5% |
| Others\* | 7.7% |
|  | 107.1% |
| Liabilities in excess of other assets | (7.1)% |
|  | 100.0% |

---

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

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g27pru_largelogo.jpg)

AS237_AR

------

![](g57466g28tsrbanner.jpg)

Advanced Series Trust

AST J.P. Morgan Conservative Multi-Asset Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

the period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST J.P. Morgan Conservative Multi-Asset Portfolio | $83 | 0.79% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ Risk assets (equities and fixed income) delivered positive returns during the reporting period, with 2025 marking the first year since the COVID-19 pandemic in which all major asset classes posted gains. The first half of the reporting period was shaped by heightened trade tensions as the US raised tariffs, but markets rebounded in the second half, fueled by fiscal and monetary stimulus and a broad risk-on rally. Fears of tariff-driven inflation spikes and growing nervousness around the labor market set the stage for the Federal Reserve to cut rates by 75 basis points (bps) in the second half of 2025. US equity markets were driven by the ongoing investor enthusiasm over artificial intelligence (AI), with communication services and information technology sectors outperforming, relative to other sectors. However, only two of the "Magnificent Seven" tech companies surpassed the S&P 500's 17.88% return. Growth stocks led in the US, but value outperformed in most other developed markets, resulting in similar global returns for both styles. Emerging market equities posted robust gains, led by China and supported by advances in other emerging markets' domestic AI industries. Fixed income markets also performed well, with US Treasuries and high yield bonds posting modest gains. Emerging market debt led the sector during the reporting period, boosted by strong fundamentals and currency tailwinds. Despite persistent medium-term inflation concerns, central banks continued to normalize interest rates, and the reporting period underscored the importance of diversification as investors benefited from broad-based market strength.

■ The Portfolio underperformed its Custom Blended Index, composed of 40% MSCI World Index and 60% Bloomberg US Aggregate Bond Index, by 1.48% over the reporting period. Tactical asset allocation decisions had a positive impact on overall performance, driven by an overweight position in US financials and an underweight position in Japanese bonds, while developed non-US equities detracted from performance. Security selection also negatively impacted performance in aggregate, with JP Morgan Global Select Equity ETF and JP Morgan Small Cap Core SMA being the largest detractors, partially offset by positive contributions from JP Morgan Fixed Income Central Fund and JP Morgan Ultra-Short Income ETF.

■ During the reporting period, the Portfolio used forwards and futures to manage positioning and exposure. The two largest derivative positions during the reporting period were in US Large Cap Equity Futures and US Government Bond Futures, both of which contributed positively to performance.

![](g57466g28pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g28astjpmconsmultia.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 10.37% | 3.31% | 5.19% |
| Bloomberg US Aggregate Bond Index\* | 7.30% | -0.36% | 2.01% |
| Custom Blended Index\*\* | 12.94% | 4.82% | 6.41% |

---

\*The Portfolio compares its performance against this broad-based index in response to regulatory requirements.

\*\*The Portfolio's Custom Blended Index is a model portfolio consisting of the MSCI World Index (GD) (40%) and Bloomberg US Aggregate Bond Index (60%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $3936542713<br>|
| Number of portfolio holdings | 208 |
| Total advisory fees paid for the year | $20834754<br>|
| Portfolio turnover rate for the year | 21% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(0.6% represents investments purchased with <br>collateral from securities on loan)<br>| 61.8% |
| Unaffiliated Exchange-Traded Funds - Equity | 22.3% |
| Unaffiliated Exchange-Traded Funds - Fixed Income | 7.4% |
| U.S. Treasury Obligations | 1.3% |
| Banks | 1.3% |
| Semiconductors & Semiconductor Equipment | 0.8% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Capital Markets | 0.5% |
| Others\* | 5.2% |
|  | 100.6% |
| Liabilities in excess of other assets | (0.6)% |
|  | 100.0% |

---

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

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g28pru_largelogo.jpg)

AS157_AR

------

![](g57466g29tsrbanner.jpg)

Advanced Series Trust

AST J.P. Morgan Moderate Multi-Asset Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST J.P. Morgan Moderate Multi-Asset Portfolio | $83 | 0.78% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ Risk assets (equities and fixed income) delivered positive returns during the reporting period, with 2025 marking the first year since the COVID-19 pandemic in which all major asset classes posted gains. The first half of the reporting period was shaped by heightened trade tensions as the US raised tariffs, but markets rebounded in the second half, fueled by fiscal and monetary stimulus and a broad risk-on rally. Fears of tariff-driven inflation spikes and growing nervousness around the labor market set the stage for the Federal Reserve to cut rates by 75 basis points (bps) in the second half of 2025. In equities, US markets were driven by the ongoing investor enthusiasm over artificial intelligence (AI), with communication services and information technology sectors outperforming, relative to other sectors. However, only two of the "Magnificent Seven" tech companies surpassed the S&P 500's 17.88% return. Growth stocks led in the US, but value outperformed in most other developed markets, resulting in similar global returns for both styles. Emerging market equities posted robust gains, led by China and supported by advances in other emerging markets' domestic AI industries. Fixed income markets also performed well, with US Treasuries and high yield bonds posting modest gains. Emerging market debt led the sector during the reporting period, boosted by strong fundamentals and currency tailwinds. Despite persistent medium-term inflation concerns, central banks continued to normalize interest rates, and the reporting period underscored the importance of diversification as investors benefited from broad-based market strength.

■ The Portfolio underperformed its Custom Blended Index, composed of 65% MSCI World Index and 35% Bloomberg US Aggregate Bond Index, by 2.78% during the reporting period. Tactical asset allocation positively impacted performance, primarily due to an overweight position in US financials and an underweight position in Japanese bonds, while developed non-US equities detracted from performance. Security selection also negatively affected overall performance, with investments in JP Morgan Global Select Equity ETF and JP Morgan Small Cap Core SMA being the largest detractors, while JP Morgan Fixed Income Central Fund and JP Morgan Ultra-Short Income ETF contributed positively to performance.

■ During the reporting period, the Portfolio used forwards and futures to manage positioning and exposure. The two largest derivative positions during the reporting period were US Large Cap Equity Futures and US Government Bond Futures, both of which contributed positively to performance.

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HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g29astjpmmodmultia.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 12.53% | 5.61% | 7.30% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Custom Blended Index\* | 16.21% | 7.76% | 8.73% |

---

\*The Portfolio's Custom Blended Index is a model portfolio consisting of the MSCI World Index (ND) (65%) and Bloomberg US Aggregate Bond Index (35%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $1988944716<br>|
| Number of portfolio holdings | 205 |
| Total advisory fees paid for the year | $10292664<br>|
| Portfolio turnover rate for the year | 35% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(6.2% represents investments purchased with <br>collateral from securities on loan)<br>| 47.9% |
| Unaffiliated Exchange-Traded Funds - Equity | 36.5% |
| Unaffiliated Exchange-Traded Funds - Fixed Income | 7.6% |
| Banks | 2.1% |
| U.S. Treasury Obligations | 1.6% |
| Semiconductors & Semiconductor Equipment | 1.2% |
| Capital Markets | 0.7% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Machinery | 0.6% |
| Insurance | 0.6% |
| Others\* | 7.4% |
|  | 106.2% |
| Liabilities in excess of other assets | (6.2)% |
|  | 100.0% |

---

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

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

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

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

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AS199_AR

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Advanced Series Trust

AST Multi-Asset Diversified Plus Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

This report describes changes to the Portfolio that occurred during the reporting period.

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Multi-Asset Diversified Plus Portfolio | $107 | 1.00% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Relative to the Portfolio's Custom Blended Index, tactical asset allocation added to performance, with an overweight allocation to equities and

an underweight allocation to fixed income benefiting performance during the reporting period. Off-benchmark exposures—including positions in

gold, emerging market debt, and select Europe, Australasia, and Far East (EAFE) local currency futures such as Spain's IBEX-35 and the UK's

FTSE MIB—further supported returns, as did allocations to the S&P 500 Index and US Health Care sector. Securities selection was also a

positive contributor to overall performance. International equity and liquid alternatives were the strongest areas of selection, supplemented by

solid results within fixed income. The International Core 1% Tracking Error sleeve sub-advised by PGIM Quantitative Solutions (PQS) was the

single largest contributor to performance, with additional strength from the Liquid Alternatives sleeve sub-advised by the PGIM Strategic

Investment Research Group (SIRG) and the Market Participation Strategy sleeve sub-advised by PQS. Within fixed income, the Core Plus bond

sleeve sub-advised by PGIM Fixed Income delivered notable gains, while smaller, but positive, contributions came from the PGIM US Real

Estate Fund and the Quant Core 1% Tracking Error sleeve sub-advised by PQS, as well as the PSF Jennison Blend Fund.

■

The largest detractor from the Portfolio's performance was an overweight allocation to Treasury Inflation-Protected Securities, while

off-benchmark exposure to local TOPIX (Japan) equities also detracted from results. US Treasury exposure implemented via the overlay sleeve

of the Portfolio sub-advised by PQS further reduced relative performance, and elevated cash holdings acted as an additional drag on Portfolio

performance. The Putnam International Value Fund lagged the solid returns of the MSCI EAFE Value Index and was the single largest

detractor from Portfolio performance. Global bonds underperformed their domestic counterparts, resulting in that segment detracting from

Portfolio returns. Within US equities, dividend growth strategies also struggled as investors favored more speculative and growth-oriented areas

of the market.

■

Several of the Portfolio's sub-advisors used derivatives to efficiently gain certain market exposures and provide liquidity to shareholders. In

general, bond sleeves used derivatives such as interest rate swaps, futures, options, and swaptions (i.e., options on interest rate swaps) to gain

interest rate and inflation exposures to various countries quickly and efficiently. Alternative strategy sleeves used derivatives to produce

uncorrelated sources of market exposure, such as using currency forwards or futures contracts to replicate the exposures of a universe of

hedge funds, or as half of an arbitrage position to hedge another position in a sleeve. During the reporting period, the use of derivatives did not

have a material impact on the Portfolio's performance.

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HOW HAS THE PORTFOLIO PERFORMED OVER THE PAST 10 YEARS?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: December 31, 2015 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g30astmultiassdivplus.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Portfolio | 13.55% | 5.58% | 5.73% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Custom Blended Index\* | 13.75% | 6.73% | 6.82% |

---

\*The Portfolio's Custom Blended Index is a model portfolio consisting of the Russell 3000 Index (20%), MSCI EAFE Index (GD) (20%), Bloomberg US Aggregate Bond Index (20%),

ICE BofA US 3-Month Treasury Bill Index (15%), Wilshire US REIT Index (9%), Bloomberg US Treasury Inflation-Protected Securities (TIPS) Index (8%), and Bloomberg Commodity

Index (8%).

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $2279913217<br>|
| Number of portfolio holdings | 1318 |
| Total advisory fees paid for the year | $16207874<br>|
| Portfolio turnover rate for the year | 77% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Short-Term Investment <br>(5.7% represents investments purchased with <br>collateral from securities on loan)<br>| 24.7% |
| U.S. Treasury Obligations | 15.0% |
| Unaffiliated Exchange-Traded Funds - Equity | 12.3% |
| Unaffiliated Funds - Alternative Investment | 10.8% |
| Unaffiliated Exchange-Traded Funds - Fixed Income | 4.6% |
| Banks | 2.6% |
| Unaffiliated Funds - Fixed Income | 2.6% |
| Semiconductors & Semiconductor Equipment | 2.2% |
| Collateralized Loan Obligations | 1.9% |
| Specialized REITs | 1.5% |
| Pharmaceuticals | 1.5% |
| Software | 1.4% |
| Retail REITs | 1.3% |
| Health Care REITs | 1.3% |
| Insurance | 1.1% |
| Industrial REITs | 1.0% |
| Interactive Media & Services | 1.0% |
| Technology Hardware, Storage & Peripherals | 0.9% |
| Aerospace & Defense | 0.9% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Capital Markets | 0.9% |
| Oil, Gas & Consumable Fuels | 0.8% |
| Residential REITs | 0.7% |
| Broadline Retail | 0.6% |
| Financial Services | 0.6% |
| Automobiles | 0.6% |
| Electrical Equipment | 0.6% |
| Metals & Mining | 0.6% |
| Machinery | 0.6% |
| Health Care Equipment & Supplies | 0.5% |
| Electric Utilities | 0.5% |
| Others\* | 9.6% |
| Options Purchased | 0.4% |
| Options Written | (0.0)%\*\* |
|  | 105.6% |
| Liabilities in excess of other assets | (5.6)% |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

WERE THERE ANY SIGNIFICANT CHANGES TO THE PORTFOLIO THIS YEAR?

The following is a summary of certain changes to the Portfolio since January 1, 2025.

■

Effective May 1, 2025,

the Portfolio's name changed from AST Academic Strategies Asset Allocation Portfolio to AST Multi-Asset Diversified

Plus Portfolio.

■

Effective July 1, 2025, the Board of Trustees of Advanced Series Trust (the "Board") approved the termination of Systematica Investments

Limited as a subadviser to the Portfolio.

■

Effective September 18, 2025, the Board approved the termination of Morgan Stanley Investment Management Inc. as a subadviser to the

Portfolio.

For more complete information, you should review the Portfolio's current prospectus including any applicable supplements, and the Portfolio's next

prospectus, which we expect to be available by May 1, 2026, at

www.prudential.com/variableinsuranceportfolios

or by request at

(800) 346-3778.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

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AS191_AR

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Advanced Series Trust

AST J.P. Morgan Fixed Income Central Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

period of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST J.P. Morgan Fixed Income Central Portfolio | $2 | 0.02% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ Macro conditions during the reporting period were shaped by shifting trade dynamics and robust policy support: the US raised tariffs to historic levels in the first half of 2025 before fiscal and monetary stimulus fueled a broad risk-on rally. Medium-term inflation concerns persisted, but fears of a tariff-driven price spike were alleviated, allowing central banks to continue normalizing interest rates throughout the reporting period. The Federal Reserve delivered three rate cuts in late 2025, supporting financial conditions and boosting fixed income returns. US Treasuries and high yield bonds both posted modest gains, driven by higher all-in yields and tighter spreads. Emerging market debt outperformed expectations due to strong fundamentals and currency tailwinds. Global credit benefited from dollar weakness and spread tightening, while European and Japanese government bonds lagged amid fiscal expansion and rising yields. Overall, supportive policy and resilient fundamentals helped fixed income markets deliver positive returns across most sectors.

■ The Portfolio outperformed the Bloomberg U.S. Aggregate Index during the reporting period, with the US Securitized and US Investment Grade Credit sleeves contributing, and the Treasury and Agencies sleeves detracting, from the Portfolio's overall performance.

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HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: November 29, 2022 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g31astjpmficentral.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 8.07% | 5.07% |
| Bloomberg US Aggregate Bond Index | 7.30% | 4.38% |

---

Portfolio Inception: 11/29/2022.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $3603494116<br>|
| Number of portfolio holdings | 1295 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 43% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 4.6 |
| AA | 59.7 |
| A | 13.5 |
| BBB | 20.5 |
| BB | 1.4 |
| B | 0.2 |
| NR | 0.1 |
| Total Investments | 100.0 |

---

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

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

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

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

change. Values may not sum to 100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g31pru_largelogo.jpg)

JPMFICP_AR

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Advanced Series Trust

AST PGIM Fixed Income Central Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

of January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

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

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ Security selection in emerging markets detracted from the Portfolio's performance. Duration positioning and credit selection in the healthcare and pharmaceuticals industry also detracted from performance. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates).

■ During the reporting period, the Portfolio used futures and swaps to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures and swaps, in the aggregate, detracted from performance during the reporting period. The Portfolio also used credit derivatives in the form of credit default swaps and the Credit Default Swap Index to manage credit risk, which had a negative impact on the Portfolio's performance.

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HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: June 27, 2022 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g32astpgimficentral.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 8.24% | 5.20% |
| Bloomberg US Aggregate Bond Index | 7.30% | 3.09% |

---

Portfolio Inception: 06/27/2022.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $9882812942<br>|
| Number of portfolio holdings | 2940 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 123% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 19.3 |
| AA | 33.0 |
| A | 17.2 |
| BBB | 22.6 |
| BB | 2.2 |
| B | 0.8 |
| CCC and Below | 0.4 |
| NR | 2.9 |
| Cash/Cash Equivalents | 1.6 |
| Total Investments | 100.0 |

---

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

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

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

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

change. Values may not sum to 100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g32pru_largelogo.jpg)

PGIMFICP_AR

------

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Advanced Series Trust

AST Target Maturity Central Portfolio

ANNUAL SHAREHOLDER REPORT – DECEMBER 31, 2025

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

January 1, 2025 to December 31, 2025.

You can find additional information about the Portfolio at

www.prudential.com/variableinsuranceportfolios

. You can also request this

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

WHAT WERE THE PORTFOLIO COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| AST Target Maturity Central Portfolio | $5 | 0.05% |

---

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

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

WHAT AFFECTED THE PORTFOLIO'S PERFORMANCE DURING THE REPORTING PERIOD?

■ During the reporting period, US Treasury yields declined and the yield curve steepened while credit spreads across a broad range of fixed income assets generally tightened as demand for yield remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with 25-basis point (bps) interest rate cuts in September, October, and December.

■ Security selection in the mortgage-backed securities sector detracted from performance during the period. Security selection in media and entertainment and healthcare and pharmaceuticals also detracted from performance.

■ During the reporting period, the Portfolio used futures to manage interest rate risk, which we believe is a more efficient way of managing interest rate risk than through the purchase and sale of bonds. The use of futures detracted from performance. The Portfolio also used credit derivatives in the form of credit default swaps and the Credit Default Swap Index to manage credit risk, which had a negligible impact on performance.

![](g57466g33pru_largelogo.jpg)

------

HOW HAS THE PORTFOLIO PERFORMED SINCE INCEPTION?

The Portfolio's past performance is not a good predictor of the Portfolio's future performance.

The returns do not reflect the deduction

of applicable taxes, if any, that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares.

The line graph reflects a hypothetical $10,000 investment in the Portfolio and assumes that all recurring fees (including management fees) were

deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have

been lower. The returns shown in the chart and table do not include Contract charges. If Contract charges were included, the returns would have

been lower than those shown. Consult your Contract prospectus for information about Contract charges.

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

Cumulative Performance: April 25, 2022 to December 31, 2025<br>Initial Investment of $10,000<br>

![](g57466g33asttargetmatcentrl.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 | Average Annual Total Returns as of December 31, 2025 |
|  | One Year (%) | Since Inception (%) |
| Portfolio | 7.69% | 3.12% |
| Bloomberg US Aggregate Bond Index | 7.30% | 2.69% |

---

Portfolio Inception: 04/25/2022.

Since Inception returns are provided because the Portfolio has less than 10 fiscal years of returns. Since Inception returns for the Indexes are

measured from the closest month-end to the Portfolio's inception date.

WHAT ARE SOME KEY PORTFOLIO STATISTICS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Portfolio's net assets | $327764099<br>|
| Number of portfolio holdings | 511 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 126% |

---

------

WHAT ARE SOME CHARACTERISTICS OF THE PORTFOLIO'S HOLDINGS AS OF 12/31/2025?

---

| | |
|:---|:---|
| Credit Quality | % of Total <br>Investments<br>|
| AAA | 26.6 |
| AA | 35.9 |
| A | 14.9 |
| BBB | 18.1 |
| BB | 0.9 |
| B | 0.2 |
| NR | 0.5 |
| Cash/Cash Equivalents | 2.9 |
| Total Investments | 100.0 |

---

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

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

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

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

change. Values may not sum to 100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

www.prudential.com/variableinsuranceportfolios

, including the Portfolio's prospectus, financial

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

![](g57466g33pru_largelogo.jpg)

TMCP_AR

------

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

Item 2 – Code of Ethics – See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant's Board has determined that Mr. Stephen Chipman, member of the Board's Audit Committee is an "audit committee financial expert," and that he is "independent," for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended December 31, 2025 and December 31, 2024, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $2,120,834 and $2,372,356, respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended December 31, 2025 and December 31, 2024, fees of $118,000 and $38,000 were billed to the Registrant for the services rendered by PwC in connection with N-14 filings and merger support services.

(c) Tax Fees

For the fiscal years ended December 31, 2025 and December 31, 2024: none.

(d) All Other Fees

For the fiscal years ended December 31, 2025 and December 31, 2024: none.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) Audit Committee Pre-Approval Policies and Procedures

------

#### THE PGIM MUTUAL FUNDS

#### AUDIT COMMITTEE POLICY

#### on
*Pre-Approval of Services Provided by the Independent* 

*Accountants* 

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund's independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm's engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant's independence. The Committee's evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

#### Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund's independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor's independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under "Audit Services", "Audit-related Services", and "Tax Services" are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

#### Audit Services
The following categories of audit services are considered to be consistent with the role of the Fund's independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

#### Audit-related Services
The following categories of audit-related services are considered to be consistent with the role of the Fund's independent accountants:

• Accounting consultations

• Fund merger support services

------

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

#### Tax Services
The following categories of tax services are considered to be consistent with the role of the Fund's independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related project

------

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

#### Other Non-Audit Services
Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

#### Proscribed Services
The Fund's independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

#### Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex
Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those <u>related directly to the operations and financial reporting of the Funds</u>. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund's independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

------

(e) (2) <u>Percentage of services described in each of paragraphs (b)</u> <u>through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X</u> –

---

| | | |
|:---|:---|:---|
|  | <u>Fiscal Year Ended</u><br> <u>December 31, 2025</u> | <u>Fiscal Year Ended</u><br> <u>December 31, 2024</u> |
| 4(b) | 0% | 0% |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater</u> <u>than 50%.</u>

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

(g) <u>Non-Audit Fees</u>

The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended December 31, 2025 and December 31, 2024 was $0 and $0, respectively.

(h) <u>Principal Accountant's Independence</u>

Not applicable as the Registrant's principal accountant has not provided non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

(i) Not applicable.

(j) Not applicable.

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

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

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

------

## Advanced Series Trust

### FINANCIAL STATEMENTS AND OTHER INFORMATION

### December 31, 2025

---

| | |
|:---|:---|
| ![LOGO](g57466g16e38.jpg)  | **AST International Equity Portfolio**<br> **AST Large-Cap Equity Portfolio (formerly, AST**<br> **Large-Cap Core Portfolio)**<br> **AST Large-Cap Growth Portfolio**<br> **AST Large-Cap Value Portfolio**<br> **AST Small-Cap Equity Portfolio** |

---

![LOGO](g57466g01g01.jpg)

------

Advanced Series Trust **Table of Contents** Financial Statements and Other Information December 31, 2025 <br> <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>        

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

---

| | | |
|:---|:---|:---|
| Section A | [Schedule of Investments, Financial Statements, and<br>Financial Highlights](#edgar57466_1) |  |
|  | [Glossary](#edgar57466_2) | A1 |
|  | [AST International Equity Portfolio](#edgar57466_3) | A2 |
|  | [AST Large-Cap Equity Portfolio.](#edgar57466_4) | A16 |
|  | [AST Large-Cap Growth Portfolio](#edgar57466_5) | A27 |
|  | [AST Large-Cap Value Portfolio](#edgar57466_6) | A35 |
|  | [AST Small-Cap Equity Portfolio](#edgar57466_7) | A47 |
| Section B | [Notes to Financial Statements](#edgar57466_8) |  |
| Section C | [Report of Independent Registered Public Accounting Firm](#edgar57466_9) |  |

---

∎ **[OTHER INFORMATION - FORM N-CSR ITEMS 8-11](#edgar57466_10)** 

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

------

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

The following abbreviations are used in the Portfolios' descriptions:

---

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

---

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

ADR — American Depositary Receipt

CITI — Citibank, N.A.

CVA — Certificate Van Aandelen (Bearer)

EAFE — Europe, Australasia, Far East

ETF — Exchange-Traded Fund

GS — Goldman Sachs & Co. LLC

GSI — Goldman Sachs International

LP — Limited Partnership

MLP — Master Limited Partnership

MSC — Morgan Stanley & Co. LLC

MSCI — Morgan Stanley Capital International

MSI — Morgan Stanley & Co. International PLC

OTC — Over-the-counter

PJSC — Public Joint-Stock Company

PRFC — Preference Shares

REITs — Real Estate Investment Trust

S&P — Standard & Poor's

SOFR — Secured Overnight Financing Rate

SPDR — Standard & Poor's Depositary Receipts

UTS — Unit Trust Security

WBC — Westpac Banking Corp.

XAMS — Amsterdam Stock Exchange

XLON — London Stock Exchange

XNGS — NASDAQ Global Select Exchange

**SEE NOTES TO FINANCIAL STATEMENTS.** 

A1

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 98.3%** | **LONG-TERM INVESTMENTS — 98.3%** |  |
|  **COMMON STOCKS — 92.0%** | **COMMON STOCKS — 92.0%** | **COMMON STOCKS — 92.0%** |
|  **Australia — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 165593 | $4003643 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Group, UTS | 190935 | 1140877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 47467 | 1837656 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 221937 | 6697866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 111319 | 1699877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Hall Group, REIT | 61522 | 1000680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 16541 | 1765571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 50033 | 1133927 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 15157 | 1744290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. | 392155 | 3281844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 220346 | 3222008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC\* | 766065 | 4187818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harvey Norman Holdings Ltd. | 54201 | 250278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. (The) | 121629 | 417913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Private Ltd. | 714043 | 2278770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group, REIT | 1273206 | 1735484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | 20375 | 358552 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanaGold Corp. | 34566 | 979649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pantoro Gold Ltd.\* | 93650 | 302398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perseus Mining Ltd. | 62624 | 235427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. | 901325 | 6226972 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 586187 | 7760791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 36006 | 3512589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 140458 | 11314039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group, REIT | 755657 | 2112355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | 154740 | 2329918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland, REIT | 348564 | 1328974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd | 16753 | 196665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. | 2245821 | 7286708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd., REIT | 981462 | 1670942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 72072 | 1123791 |
|  |  | 83138272 |
|  **Austria — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 39037 | 4680906 |
|  **Belgium — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV | 20265 | 1300629 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 31021 | 4040051 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 9106 | 2537174 |
|  |  | 7877854 |
|  **Brazil — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambev SA | 875300 | 2203267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA, ADR | 56484 | 3635875 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 388 | 781533 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Class A Stock)\* | 160414 | 2685330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rede D'Or Sao Luiz SA, 144A | 56930 | 421653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale SA | 156700 | 2046044 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. (Class A Stock) | 28651 | 469017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 85796 | 3510945 |
|  |  | 15753664 |
|  **Canada — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 5616 | 952373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 3408 | 442589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 59044 | 2710978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 368763 | 6238517 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Canada (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. | 5921 | $546912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colliers International Group, Inc. | 5909 | 868516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 339 | 815398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollarama, Inc. | 19410 | 2901000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finning International, Inc. | 34394 | 1863598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 86653 | 2440716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. | 43204 | 1568823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Class A Stock)\* | 32775 | 5275792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 5225 | 492446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcontinental, Inc. (Class A Stock) | 36649 | 606656 |
|  |  | 27724314 |
|  **China — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. | 78200 | 1435827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anhui Conch Cement Co. Ltd. (Class H Stock) | 195000 | 553673 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 559000 | 2836920 |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (Class H Stock) | 151023 | 1845616 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank Corp. (Class H Stock) | 1871000 | 1851936 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd. (Class H Stock) | 146000 | 993223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chow Tai Fook Jewellery Group Ltd. | 240400 | 384076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inner Mongolia Yili Industrial Group Co. Ltd. (Class A Stock) | 139200 | 571102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lenovo Group Ltd. | 580000 | 689733 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc., ADR(a) | 11596 | 1595842 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc., ADR\*(a) | 5647 | 640313 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetroChina Co. Ltd. (Class H Stock) | 1360000 | 1465943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV\* | 75729 | 4689062 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | 283000 | 1012686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. | 102847 | 7892843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group, ADR | 25435 | 445876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vipshop Holdings Ltd., ADR | 29722 | 525782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (Class B Stock), 144A\* | 152955 | 771938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | 262500 | 709142 |
|  |  | 30911533 |
|  **Denmark — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 9563 | 477541 |
| &nbsp;&nbsp;&nbsp;&nbsp; ISS A/S | 21177 | 721494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Class B Stock) | 78909 | 4002144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B | 38838 | 2484876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 10669 | 1179843 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Class B Stock) | 11360 | 399121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 36057 | 975242 |
|  |  | 10240261 |
|  **Finland — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Konecranes OYJ | 2315 | 253505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 315183 | 2032008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 445359 | 8379101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Class B Stock) | 18123 | 1352115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ (Class A Stock) | 78262 | 946877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 107426 | 3803376 |
|  |  | 16766982 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A2

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **France — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 23868 | $4486085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 56795 | 13189161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA\* | 189731 | 5597428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA, 144A | 27284 | 2255017 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 271686 | 13035778 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 192994 | 18258592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA | 24370 | 1266884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 36766 | 6104929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 85067 | 1419392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Christian Dior SE | 989 | 688339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA | 60067 | 6108328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 59975 | 1987943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA, REIT | 16419 | 1089902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA | 128514 | 2645831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA | 13094 | 1181067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE | 11827 | 261447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA | 20871 | 2990385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 464059 | 12190529 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 24135 | 7631437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA, REIT | 1960 | 186146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA | 1231 | 3056389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA. | 5394 | 1884868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA, REIT | 33410 | 1321877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA | 41609 | 6185709 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 5484 | 2354369 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 7541 | 5683921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 15144 | 1572670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 55852 | 19454205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 66857 | 5382257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA | 9251 | 473985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE | 18214 | 1318145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 11029 | 2975247 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 87230 | 5687223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield, REIT | 11346 | 1233842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 46065 | 6480567 |
|  |  | 167639894 |
|  **Germany — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE | 17647 | 8159572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG | 115821 | 5023824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 18454 | 2001066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG | 9857 | 782281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG | 107332 | 4136483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG | 61437 | 3349896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 468364 | 15245743 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 387854 | 7343985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG | 92218 | 4404845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | 43910 | 2515683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Friedrich Vorwerk Group SE | 5348 | 506667 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG | 37954 | 2565017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 3087 | 234940 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG | 5295 | 2072896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG | 96299 | 4201618 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG | 64278 | 1317147 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE | 14607 | 1065375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 54125 | 3752058 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG | 1032 | 427793 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Germany (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 15890 | $10456993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 2150 | 3922449 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG | 38908 | 2061612 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 36462 | 8859119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE, 144A | 17353 | 1742934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG | 52461 | 14693098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG\* | 59591 | 8359937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG | 13714 | 1821754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE | 76269 | 2194974 |
|  |  | 123219759 |
|  **Greece — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hellenic Telecommunications Organization SA | 45597 | 902498 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece SA | 101637 | 1550214 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPAP SA | 21972 | 492217 |
|  |  | 2944929 |
|  **Hong Kong — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 1050024 | 10807995 |
| &nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | 156000 | 1395405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd., ADR\* | 2800 | 459788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 50100 | 2621300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC | 354435 | 5452301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 102500 | 1179071 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd., 144A | 4011029 | 4468343 |
|  |  | 26384203 |
|  **Hungary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt | 16803 | 507953 |
|  **India — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd.\* | 595253 | 1844679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. | 81471 | 1467202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | 25468 | 1051805 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.\*(a) | 5630 | 462336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. | 3142 | 584349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. | 53515 | 1912047 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPL Ltd. | 122994 | 1089154 |
|  |  | 8411572 |
|  **Indonesia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT | 3349600 | 1344386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk PT | 2596700 | 543321 |
|  |  | 1887707 |
|  **Ireland — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 21600 | 3105216 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC | 731699 | 7822118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC | 17150 | 327999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC | 1015443 | 2470370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group PLC | 23439 | 2019714 |
|  |  | 15745417 |
|  **Israel — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM | 84759 | 1917000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM | 64898 | 1430203 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A3

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Israel (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd.\*(a) | 10566 | $1960627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. | 1730 | 993238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd.\* | 14473 | 1635985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd.\* | 625 | 208933 |
|  |  | 8145986 |
|  **Italy — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA | 66458 | 1509030 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA | 193620 | 2616286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA | 25133 | 2882696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA | 1166755 | 12131143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 94767 | 1796415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 1340 | 497963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 282033 | 1948878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italgas SpA | 165803 | 1849300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA | 2306 | 131904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA | 25809 | 1649717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC | 67490 | 2326893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC, ADR(a) | 25461 | 1838030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA | 194275 | 1290933 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 132269 | 10955405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA | 85626 | 2054309 |
|  |  | 45478902 |
|  **Japan — 17.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 40498 | 5120888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 24700 | 462786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 137500 | 2906750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anycolor, Inc. | 18300 | 564529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd.(a) | 208000 | 2180215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 449200 | 3992826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. | 155000 | 3721003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 260000 | 3460474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 41100 | 633208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 65600 | 1129238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 88000 | 2769860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 57800 | 1100626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 15600 | 518214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 67000 | 587174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsu Soken, Inc. | 15600 | 272680 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTS Corp. | 18000 | 141506 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 234000 | 1655575 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 9600 | 373591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. | 14000 | 1552536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 5000 | 137415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 405300 | 12710845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 426300 | 4183995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 60294 | 9144767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. | 123200 | 932781 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. | 141400 | 2485896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iida Group Holdings Co. Ltd. | 8800 | 141433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp.(a) | 90500 | 1810049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 254400 | 3970453 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 605500 | 7651590 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 43700 | 557127 |
| &nbsp;&nbsp;&nbsp;&nbsp; JGC Holdings Corp. | 122800 | 1489650 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. | 93500 | 1168850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. | 56400 | 2103016 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Japan (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) | 68800 | $1080483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. | 139600 | 5571653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | 63600 | 885326 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 264900 | 4584811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp.\* | 32000 | 2129761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd.(a) | 72300 | 1082260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 7600 | 241167 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. | 600000 | 1596569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 11500 | 348553 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | 144800 | 2507007 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. | 122100 | 2456845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 368600 | 8430872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | 146500 | 4271479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 107200 | 2617014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 1202027 | 19077459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 108300 | 3216222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 294500 | 3346778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | 26700 | 802720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 33100 | 1207970 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 156500 | 3674154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 76900 | 1589366 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 224000 | 7579154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 76500 | 1868627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 89858 | 6066724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK | 104100 | 3371964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Boseki Co. Ltd. | 18500 | 1202581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 19500 | 464289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 256800 | 2139265 |
| &nbsp;&nbsp;&nbsp;&nbsp; NSK Ltd. | 25200 | 157238 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTN Corp. | 272500 | 640296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 119800 | 2507164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 24600 | 772162 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 124200 | 3632513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 46100 | 1601831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. | 68200 | 1405302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 195400 | 1163979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 136500 | 1769591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 42576 | 2392413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp.\* | 230500 | 3157124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 293000 | 2788692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sankyo Co. Ltd. | 88800 | 1441303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sankyu, Inc. | 21000 | 1134994 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 112900 | 2432996 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | 4900 | 477281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 43800 | 736596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simplex Holdings, Inc. | 45000 | 302253 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 1600 | 553601 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 131664 | 3693615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sojitz Corp. | 49700 | 1545663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 158900 | 5393418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Financial Group, Inc.\* | 314750 | 333558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 575350 | 14758296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 32500 | 699765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sugi Holdings Co. Ltd. | 31200 | 733476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 146800 | 5081116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 113600 | 4575500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 326900 | 10513567 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A4

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Japan (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Pharma Co. Ltd.\* | 78600 | $1160805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | 35000 | 878708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 250300 | 3743354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. | 23200 | 2198685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tekscend Photomask Corp.\* | 28300 | 547427 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 18900 | 634957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 69793 | 2579975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 19300 | 4298638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 13500 | 535200 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. | 8400 | 249704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 416900 | 8953802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 96500 | 3253903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. | 11800 | 490081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. | 71500 | 1313694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Corp. | 66900 | 466576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd.(a) | 123400 | 2589177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285332608 |
|  **Luxembourg — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA | 16680 | 765938 |
|  **Macau — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 239000 | 1178466 |
|  **Mexico — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC | 70331 | 3136092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV (Class O Stock) | 138509 | 1283290 |
|  |  | 4419382 |
|  **Netherlands — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, 144A, CVA | 61648 | 2153913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV, 144A\* | 1005 | 1620638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE\* | 10311 | 8697780 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 31370 | 33801808 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV | 71663 | 5098880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV, 144A | 7645 | 1148416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV | 19280 | 1590734 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 537172 | 15098956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 171491 | 7032313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke BAM Groep NV | 70554 | 769432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 1014122 | 4738704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The)\* | 15139 | 242247 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 63210 | 4876312 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBM Offshore NV | 4972 | 143055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 12687 | 1314075 |
|  |  | 88327263 |
|  **New Zealand — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. | 106694 | 2318134 |
|  **Norway — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 45856 | 1081368 |
|  **Peru — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. | 7851 | 2253237 |
|  **Portugal — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA | 14850 | 255722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | 27275 | 649046 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Portugal (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonae SGPS SA | 75801 | $143573 |
|  |  | 1048341 |
|  **Singapore — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 401384 | 17582487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 133600 | 2052527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR\* | 26046 | 3322688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 240300 | 3163293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. | 466100 | 3045542 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV | 100764 | 2633479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31800016 |
|  **South Africa — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 36057 | 1491408 |
| &nbsp;&nbsp;&nbsp;&nbsp; AVI Ltd. | 92681 | 590450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | 9192 | 400793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. | 4341 | 362289 |
|  |  | 2844940 |
|  **South Korea — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DB Insurance Co. Ltd. | 6664 | 605119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doosan Bobcat, Inc.\* | 20772 | 830877 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. | 15516 | 1335690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 35399 | 2966964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. Ltd. | 1654 | 569851 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. | 9768 | 4423714 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Square Co. Ltd.\* | 6272 | 1597217 |
|  |  | 12329432 |
|  **Spain — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicios SA | 24910 | 2472700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA | 8684 | 642712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 321537 | 7542364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | 932410 | 10974923 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 828618 | 10130787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA. | 7568 | 272302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA | 273915 | 5931190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 112283 | 7406712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA | 38340 | 1167390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA | 34800 | 649313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaria Energia y Medio Ambiente SA\*  | 49250 | 1046795 |
|  |  | 48237188 |
|  **Sweden — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Class A Stock) | 301571 | 5368741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Class B Stock) | 53543 | 855977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB\* | 72519 | 4017282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Class B Stock) | 11020 | 221707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Class B Stock) | 10235 | 294270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Class A Stock) | 3575 | 160154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Class B Stock) | 94371 | 3362967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Class B Stock) | 11211 | 650465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 157448 | 5085742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Class B Stock) | 12690 | 201811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Class A Stock) | 77850 | 2701010 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A5

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Sweden (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB\* | 10250 | $367843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Class B Stock) | 12319 | 206424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Class B Stock)(a) | 476325 | 4635614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 315726 | 1349403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Class B Stock) | 192699 | 6132576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35611986 |
|  **Switzerland — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. | 141501 | 10431107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG\* | 12083 | 712654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Class A Stock) | 58287 | 12569652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG | 42987 | 8753566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA | 22046 | 2238067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG | 11412 | 7694198 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Class A Stock)\* | 12012 | 558318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG | 2666 | 3271133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG | 27086 | 1966611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 656 | 232120 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 226744 | 10469814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 1199 | 907286 |
|  |  | 59804526 |
|  **Taiwan — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | 160000 | 1172852 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 38000 | 1725397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd., ADR. | 70167 | 21323050 |
|  |  | 24221299 |
|  **Thailand — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL | 173200 | 1068252 |
|  **United Arab Emirates — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC | 291731 | 1113404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC | 82303 | 623528 |
|  |  | 1736932 |
|  **United Kingdom — 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 119327 | 5232350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC | 5472 | 234081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC | 24341 | 1659550 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 97166 | 17981477 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&M European Value Retail SA | 102300 | 231904 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 119368 | 2747261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC | 3104477 | 19872157 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 113754 | 6448789 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd | 280000 | 1903569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC | 46417 | 4210022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 280116 | 8875490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convatec Group PLC, 144A | 132104 | 431308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currys PLC | 199816 | 338456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC | 63069 | 1359005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC | 93750 | 4449832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC | 21429 | 446729 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC | 1233036 | 19402982 |
| &nbsp;&nbsp;&nbsp;&nbsp; IG Group Holdings PLC | 45663 | 808399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC | 200766 | 8430200 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **United Kingdom (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC | 17531 | $2463611 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA | 711730 | 3951818 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC | 1456256 | 1650647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC | 896811 | 3775173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 1538086 | 2034447 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 44437 | 5345261 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC | 214964 | 3297222 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC | 1696906 | 14885738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC | 49225 | 9062331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Ltd | 40300 | 504153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC | 98350 | 973649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC | 37353 | 3022580 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 64917 | 2644105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC | 482853 | 7467666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safestore Holdings PLC, REIT | 60908 | 603151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) | 56789 | 825967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC, REIT | 263294 | 2550827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC | 110253 | 1833613 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE PLC | 76034 | 2229158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC | 297895 | 7268769 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC | 25097 | 1118322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC | 2056821 | 12231563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (XLON) | 10650 | 695841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (XAMS) | 67288 | 4402632 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC | 55870 | 897632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC | 2929442 | 3904974 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC | 359876 | 1616647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206321058 |
|  **United States — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd | 258942 | 2013612 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class A Stock) | 88 | 201850 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class B Stock) | 354 | 812271 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 215924 | 1259261 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 53353 | 6629724 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 4571 | 2038940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc | 12464 | 2763411 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 123991 | 3039914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 2920 | 284263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 4900 | 723044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 133798 | 13280672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 169557 | 23364275 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 12575 | 571873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 47051 | 19430665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 83643 | 8092897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 3036 | 830575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 608393 | 22420651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signify NV, 144A | 20925 | 514577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 6371 | 3699703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 135798 | 1487084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 75728 | 1461237 |
|  |  | 114920499 |
|  **TOTAL COMMON STOCKS**<br> (cost $1,213,962,248) | **TOTAL COMMON STOCKS**<br> (cost $1,213,962,248) | 1523080973 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A6

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **PREFERRED STOCKS — 0.5%** | **PREFERRED STOCKS — 0.5%** |  |  |
|  **Brazil — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerdau SA (PRFC) | 132692 | $| 489721 |
|  **Germany — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (PRFC)  | 1602 |  | 170710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (PRFC) | 35872 |  | 2926611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE (PRFC)  | 7375 |  | 344084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (PRFC) | 9610 |  | 2767339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (PRFC) | 8375 |  | 1022075 |
|  |  |  | 7230819 |
|  **South Korea — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (PRFC) | 7825 |  | 485704 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $7,777,108) | **TOTAL PREFERRED STOCKS**<br> (cost $7,777,108) |  | 8206244 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 5.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 5.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 5.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 5.8%** |
|  **United States** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 525039 |  | 46969989 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 187486 |  | 18004280 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE Growth ETF | 123403 |  | 14058070 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE Value ETF | 249930 |  | 17847501 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $77,857,506) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $77,857,506) |  | 96879840 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,299,596,862) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,299,596,862) |  | 1628167057 |
|  **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** | **SHORT-TERM INVESTMENTS — 3.1%** |
|  **AFFILIATED MUTUAL FUNDS — 3.0%** | **AFFILIATED MUTUAL FUNDS — 3.0%** | **AFFILIATED MUTUAL FUNDS — 3.0%** | **AFFILIATED MUTUAL FUNDS — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 20221773 |  | 20221773 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $29,074,324; includes $28,992,743 of cash collateral for securities on loan)(b)(wb) | 29091780 |  | 29074324 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $49,296,097) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $49,296,097) |  | 49296097 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | |
|  **U.S. GOVERNMENT AGENCY OBLIGATION(n) — 0.1%** | **U.S. GOVERNMENT AGENCY OBLIGATION(n) — 0.1%** | **U.S. GOVERNMENT AGENCY OBLIGATION(n) — 0.1%** | **U.S. GOVERNMENT AGENCY OBLIGATION(n) — 0.1%** |
|  **Federal Home Loan Bank** | **Federal Home Loan Bank** | **Federal Home Loan Bank** | **Federal Home Loan Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.501% | 01/02/26 | 1220 | 1219742 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,219,881) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,219,881) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,219,881) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,219,881) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS(n) — 0.0%** | **U.S. TREASURY OBLIGATIONS(n) — 0.0%** | **U.S. TREASURY OBLIGATIONS(n) — 0.0%** | **U.S. TREASURY OBLIGATIONS(n) — 0.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.834% | 01/20/26(h) | 501 | $500115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | 03/05/26(k) | 450 | 447264 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $947,148) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $947,148) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $947,148) | 947379 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $51,463,126) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $51,463,126) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $51,463,126) | 51463218 |
|  **TOTAL INVESTMENTS—101.4%**<br> (cost $1,351,059,988) | **TOTAL INVESTMENTS—101.4%**<br> (cost $1,351,059,988) | **TOTAL INVESTMENTS—101.4%**<br> (cost $1,351,059,988) | 1679630275 |
|  **Liabilities in excess of other assets(z) — (1.4)%** | **Liabilities in excess of other assets(z) — (1.4)%** | **Liabilities in excess of other assets(z) — (1.4)%** | (23788170) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $1655842105 |

---

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

\* Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $28,092,520; cash collateral of $28,992,743 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A7

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Position:** | **Long Position:** |  |  |  |
| 71 | Mini MSCI EAFE Index | Mar. 2026 | $10302455 | $62511 |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts** | **Counterparty** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | AUD | 1792 | $1163140 | $1196068 | $32928 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 1047 | 693329 | 698847 | 5518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 515 | 334813 | 343850 | 9037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | AUD | 1409 | 919363 | 940183 | 20820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | AUD | 472 | 306398 | 315085 | 8687 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | GBP | 2306 | 3078234 | 3107203 | 28969 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | CAD | 125 | 89678 | 91202 | 1524 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 123 | 87700 | 89599 | 1899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 122 | 86535 | 88651 | 2116 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | CITI | CNH | 5175 | 732933 | 743712 | 10779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | CNH | 4702 | 666034 | 675761 | 9727 |  |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | DKK | 326 | 51563 | 51492 |  | (71) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | EUR | 4217 | 4972635 | 4974029 | 1394 |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | CITI | HKD | 35720 | 4603302 | 4596351 |  | (6951) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | HKD | 5594 | 720903 | 719837 |  | (1066) |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | ILS | 8981 | 2736305 | 2820010 | 83705 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | CITI | JPY | 154118 | 986102 | 987640 | 1538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 214925 | 1394796 | 1377311 |  | (17485) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | MSI | JPY | 1410285 | 9164985 | 9037563 |  | (127422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | MSI | JPY | 140271 | 896161 | 898901 | 2740 |  |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | WBC | NZD | 913 | 525436 | 525683 | 247 |  |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | NOK | 19470 | 1919073 | 1930968 | 11895 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | SGD | 1305 | 1011579 | 1017843 | 6264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | SGD | 4822 | 3725293 | 3761737 | 36444 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | KRW | 2028868 | 1401930 | 1407050 | 5120 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | SEK | 6329 | 688022 | 690202 | 2180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | SEK | 18370 | 1997187 | 2003413 | 6226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | SEK | 54947 | 5946376 | 5992509 | 46133 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | CHF | 2124 | 2703938 | 2703060 |  | (878) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CHF | 13734 | 17429984 | 17480987 | 51003 |  |
|  |  |  |  | $71033727 | $71266747 | 386893 | (153873) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A8

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 2336 | $1522359 | $1559341 | $— | $(36982) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 257 | 167465 | 171258 |  | (3793) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | WBC | AUD | 2490 | 1626238 | 1661787 |  | (35549) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | GBP | 1097 | 1473437 | 1478401 |  | (4964) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | GBP | 3962 | 5321600 | 5339495 |  | (17895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | GBP | 15424 | 20592551 | 20786971 |  | (194420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | GBP | 749 | 1001983 | 1009679 |  | (7696) |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 1399 | 1001288 | 1019924 |  | (18636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | CAD | 5153 | 3687597 | 3756661 |  | (69064) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | CNH | 9300 | 1321647 | 1336576 |  | (14929) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CZK | 32 | 1530 | 1539 |  | (9) |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | DKK | 6689 | 1056926 | 1057180 |  | (254) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | EUR | 1817 | 2146184 | 2143268 | 2916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 1112 | 1313260 | 1311414 | 1846 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | EUR | 893 | 1053889 | 1053588 | 301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | EUR | 5339 | 6294684 | 6296411 |  | (1727) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 16084 | 105042 | 103070 | 1972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | WBC | JPY | 358649 | 2330633 | 2298342 | 32291 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | KRW | 2031817 | 1404498 | 1409095 |  | (4597) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | CHF | 892 | 1131563 | 1134962 |  | (3399) |
|  |  |  |  | $54554374 | $54928962 | 39326 | (413914) |
|  |  |  |  |  |  | $426219 | $(567787) |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MSC | $– | $447264 |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A9

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $979649 | $82158623 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 4680906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 7877854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 7571755 | 8181909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 27724314 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 3207813 | 27703720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 10240261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 16766982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 167639894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 123219759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 2944929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 459788 | 25924415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 507953 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 462336 | 7949236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 1887707 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 3105216 | 12640201 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel | 1960627 | 6185359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | 1838030 | 43640872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 4701686 | 280630922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 765938 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 1178466 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1283290 | 3136092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 242247 | 88085016 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 2318134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 1081368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Peru | 2253237 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 1048341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 3322688 | 28477328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 590450 | 2254490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 12329432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 48237188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 35611986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 558318 | 59246208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 21323050 | 2898249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 1068252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 1736932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 5832497 | 200488561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 6461687 | 108458812 |  |
|  Preferred Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil |  | 489721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 7230819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 485704 |  |
|  Unaffiliated Exchange-Traded Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 96879840 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 49296097 |  |  |
|  U.S. Government Agency Obligation |  | 1219742 |  |
|  U.S. Treasury Obligations |  | 947379 |  |
|  **Total** | $**240054615** | $**1439575660** | $**—** |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A10

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $62511 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 426219 |  |
|  **Total** | $**62511** | $**426219** | $**—** |
|  **Liabilities** |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts | $**—** | $**(567787)** | $**—** |

---

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

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Banks | 15.7 |
|  Pharmaceuticals | 6.1 |
|  Unaffiliated Exchange-Traded Funds | 5.8 |
|  Insurance | 5.5 |
|  Semiconductors & Semiconductor Equipment | 5.1 |
|  Aerospace & Defense | 3.5 |
|  Metals & Mining | 3.1 |
|  Affiliated Mutual Funds (1.8% represents investments purchased with collateral from securities on loan) | 3 |
|  Capital Markets | 2.9 |
|  Oil, Gas & Consumable Fuels | 2.8 |
|  Machinery | 2.7 |
|  Trading Companies & Distributors | 2.3 |
|  Automobiles | 2.1 |
|  Textiles, Apparel & Luxury Goods | 2 |
|  Electrical Equipment | 2 |
|  Industrial Conglomerates | 2 |
|  Diversified Telecommunication Services | 1.8 |
|  IT Services | 1.6 |
|  Food Products | 1.6 |
|  Consumer Staples Distribution & Retail | 1.6 |
|  Broadline Retail | 1.5 |
|  Construction & Engineering | 1.5 |
|  Electric Utilities | 1.4 |
|  Multi-Utilities | 1.4 |
|  Health Care Equipment & Supplies | 1.3 |
|  Household Durables | 1.2 |
|  Hotels, Restaurants & Leisure | 1.1 |
|  Software | 1 |
|  Chemicals | 1 |
|  Tobacco | 0.9 |
|  Passenger Airlines | 0.9 |
|  Specialty Retail | 0.9 |
|  Entertainment | 0.9 |
|  Beverages | 0.8 |
|  Personal Care Products | 0.8 |
|  Wireless Telecommunication Services | 0.7 |

---

---

| | |
|:---|:---|
|  Interactive Media & Services | 0.7% |
|  Real Estate Management & Development | 0.7 |
|  Life Sciences Tools & Services | 0.7 |
|  Financial Services | 0.7 |
|  Biotechnology | 0.7 |
|  Building Products | 0.6 |
|  Health Care Providers & Services | 0.6 |
|  Professional Services | 0.5 |
|  Automobile Components | 0.5 |
|  Gas Utilities | 0.5 |
|  Construction Materials | 0.4 |
|  Electronic Equipment, Instruments & Components | 0.4 |
|  Technology Hardware, Storage & Peripherals | 0.4 |
|  Marine Transportation | 0.4 |
|  Communications Equipment | 0.4 |
|  Household Products | 0.4 |
|  Retail REITs | 0.4 |
|  Diversified REITs | 0.3 |
|  Air Freight & Logistics | 0.3 |
|  Commercial Services & Supplies | 0.2 |
|  Media | 0.2 |
|  Independent Power & Renewable Electricity Producers | 0.2 |
|  Energy Equipment & Services | 0.2 |
|  Industrial REITs | 0.2 |
|  Leisure Products | 0.1 |
|  U.S. Government Agency Obligation | 0.1 |
|  Water Utilities | 0.1 |
|  U.S. Treasury Obligations | 0.0 |
|  Containers & Packaging | 0.0 \* |
|  Specialized REITs | 0.0 \* |
|  Office REITs | 0.0 \* |
|  | 101.4 |
|  Liabilities in excess of other assets | (1.4) |
|  | 100.0% |

---

\* Less than 0.05% 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A11

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br>**Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Equity contracts | Due from/to broker-variation<br>margin futures | $62511 \* |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Foreign exchange contracts | Unrealized appreciation on OTC<br>forward foreign currency<br>exchange contracts | 426219 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 567787 |
|  |  | $488730 |  | $567787 |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** |
|  Equity contracts. | $1060374 | $— |
|  Foreign exchange contracts |  | 1034341 |
|  **Total** | $1060374 | $1034341 |

---

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** |
|  Equity contracts | $258458 | $— |
|  Foreign exchange contracts |  | (141568) |
|  **Total** | $258458 | $(141568) |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $9938776 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 51891397 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 39682780 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A12

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INTERNATIONAL EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Offsetting of financial instrument/transaction assets and liabilities:**<br>**Description** | <br>**Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | <br>**Collateral<br>Pledged/(Received)(2)** | <br>**Net<br>Amount** |
|  Securities on Loan | $28092520 | $(28092520) | $— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br> Assets(1)**  | **Gross Amounts of<br>Recognized<br> Liabilities(1)**  | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  CITI | $51865 | $(11915) | $39950 | $— | $39950 |
|  GSI | 44605 | (116332) | (71727) |  | (71727) |
|  MSI | 268242 | (398865) | (130623) | 130623 |  |
|  WBC | 61507 | (40675) | 20832 |  | 20832 |
|  | $426219 | $(567787) | $(141568) | $130623 | $(10945) |

---

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A13

------

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

---

| |
|:---|
|  **STATEMENT OF ASSETS AND LIABILITIES** |
|  as of December 31, 2025 |

---

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $28,092,520: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,301,763,891) | $1630334178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $49,296,097) | 49296097.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $2,810,307) | 2812954.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 8231377.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 1065024.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 729868.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 426219.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 54923.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 20549.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 18123.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 152970.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1693142282.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 28992743.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 3530459.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1856352.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 984255.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable. | 964497.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 567787.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 275592.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 68322.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 57510.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1321.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian. | 861.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 37300177.0 |
|  **NET ASSETS** | $1655842105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $1655842105.0 |
|  Net asset value and redemption price per share, $1,655,842,105 / 46,401,130 outstanding shares of beneficial interest | $35.69 |

---

---

| |
|:---|
|  **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** | **NET INVESTMENT INCOME (LOSS)** |
|  **INCOME** | **INCOME** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $4,067,969 foreign withholding tax, of which $471,901 is reimbursable by an affiliate) | $44016835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 753410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 277772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $92,627) | 137046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 45185063 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 10829625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 3852439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 476701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 108358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 49128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 34601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 16579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 170270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 15548068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense<br> reimbursement | (160892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15387176 |
|  **NET INVESTMENT INCOME (LOSS)** | 29797887 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $3,887) (net of foreign capital gains taxes $(1113286)) | 195931066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1060374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | 1034341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (198230) |
|  | 197827551 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (net of change in foreign capital gains taxes $874,562) | 203208480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 258458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (141568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 867713 |
|  | 204193083 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 402020634 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $431818521 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $29797887 | $26450713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 197827551 | 64475438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 204193083 | (22207048) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 431818521 | 68719103 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [2,578,619 and 2,930,715 shares, respectively] | 81614595 | 79375140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [7,466,229 and 0 shares, respectively] | 199348312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [9,667,107 and 6,740,248 shares, respectively] | (293001056) | (181507686) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (12038149) | (102132546) |
|  **TOTAL INCREASE (DECREASE)** | 419780372 | (33413443) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1236061733 | 1269475176 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1655842105 | $1236061733 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A14

------

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $26.86 | $25.47 | $21.63 | $30.33 | $26.96 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.61 | 0.56 | 0.62 | 0.10 | 0.03 |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions. | 8.22 | 0.83 | 3.22 | (8.80) | 3.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations. | 8.83 | 1.39 | 3.84 | (8.70) | 3.37 |
|  Net Asset Value, end of year | $35.69 | $26.86 | $25.47 | $21.63 | $30.33 |
|  **Total Return<sup>(b)</sup>** | 32.84% | 5.46% | 17.75% | (28.68)% | 12.50% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $1656 | $1236 | $1269 | $456 | $770 |
|  Average net assets (in millions) | $1541 | $1293 | $1063 | $548 | $1393 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.00% | 1.01% | 0.99% | 1.06% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.01% | 1.03% | 1.05% | 1.15% | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.93% | 2.05% | 2.60% | 0.42% | 0.11% |
|  Portfolio turnover rate<sup>(d)</sup> | 84% | 57% | 109% | 64% | 27% |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A15

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **LONG-TERM INVESTMENTS — 98.9%** | **LONG-TERM INVESTMENTS — 98.9%** |  |  |
|  **COMMON STOCKS — 95.4%** |  |  |  |
|  **Aerospace & Defense — 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 16700 | $| 1916492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 18241 |  | 3960486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 1500 |  | 826905 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 19600 |  | 6598536 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 30410 |  | 9367192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 36560 |  | 7495531 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 3850 |  | 1130244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 5797 |  | 2803835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 20751 |  | 11832428 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 33204 |  | 6089614 |
|  |  |  | 52021263 |
|  **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 11030 |  | 1094066 |
|  **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 65000 |  | 4945850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 78600 |  | 1867536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp. | 22800 |  | 2168280 |
|  |  |  | 8981666 |
|  **Automobiles — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 153000 |  | 2007360 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 68184 |  | 5544723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 45586 |  | 20500936 |
|  |  |  | 28053019 |
|  **Banks — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 142502 |  | 7837610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 54900 |  | 6406281 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 41584 |  | 13399197 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 87454 |  | 4666545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 251820 |  | 23469624 |
|  |  |  | 55779257 |
|  **Beverages — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 100268 |  | 7009736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 79800 |  | 6118266 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 33962 |  | 4874226 |
|  |  |  | 18002228 |
|  **Biotechnology — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 108452 |  | 24780197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 26721 |  | 8746051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 18320 |  | 3224137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 75229 |  | 9233607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 6440 |  | 4970843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 10306 |  | 4672328 |
|  |  |  | 55627163 |
|  **Broadline Retail — 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 238582 |  | 55069497 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 22574 |  | 1966196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 55700 |  | 1228185 |
|  |  |  | 58263878 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Building Products — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 66 | $| 21111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 68192 |  | 3603265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc.(a) | 1730 |  | 840053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 2800 |  | 313348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 22383 |  | 8711464 |
|  |  |  | 13489241 |
|  **Capital Markets — 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 13354 |  | 6548000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 50597 |  | 5873806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 75193 |  | 11590249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 69800 |  | 6973718 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 5326 |  | 1454424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 20507 |  | 3321314 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 3810 |  | 1360817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 4074 |  | 2081203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 85892 |  | 15248407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 13500 |  | 1843965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 35700 |  | 5733063 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 2590 |  | 1353508 |
|  |  |  | 63382474 |
|  **Chemicals — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 10583 |  | 2778249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 7772 |  | 3313903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 12222 |  | 3960295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc.\* | 5401 |  | 262380 |
|  |  |  | 10314827 |
|  **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 7794 |  | 1465817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 29760 |  | 664541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 20329 |  | 1220147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 11550 |  | 1152459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 29500 |  | 6481445 |
|  |  |  | 10984409 |
|  **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 34300 |  | 4494329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 15000 |  | 3508050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc | 36706 |  | 2827463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 3646 |  | 1397585 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 45160 |  | 1222029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 90600 |  | 1614492 |
|  |  |  | 15063948 |
|  **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 15300 |  | 1626696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 1550 |  | 1446599 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 115 |  | 70356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp. | 26000 |  | 1742520 |
|  |  |  | 4886171 |
|  **Construction Materials — 0.7%** | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co.(a) | 49257 |  | 14049082 |
|  **Consumer Finance — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 61435 |  | 22727878 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A16

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Consumer Finance (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NerdWallet, Inc. (Class A Stock)\* | 41400 | $| 560970 |
|  |  |  | 23288848 |
|  **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\*(a)  | 14361 |  | 1292921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 10393 |  | 8962300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 9200 |  | 1221484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 3900 |  | 479739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The)(a) | 60568 |  | 3784289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp.(a) | 28802 |  | 2122419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 11890 |  | 1162247 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 3800 |  | 286216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 183160 |  | 20405856 |
|  |  |  | 39717471 |
|  **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 4180 |  | 760258 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co.(a) | 36102 |  | 1422058 |
|  |  |  | 2182316 |
|  **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Laureate Education, Inc.\* | 43300 |  | 1457911 |
|  **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 177226 |  | 7218415 |
|  **Electric Utilities — 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 3900 |  | 234078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp.(a) | 84373 |  | 7798596 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 40200 |  | 1799754 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 152839 |  | 12269915 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 21073 |  | 3355665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 64329 |  | 5609489 |
|  |  |  | 31067497 |
|  **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 49184 |  | 15665596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co.(a) | 27575 |  | 3659754 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 5700 |  | 3725349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 11700 |  | 4552119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 24300 |  | 808947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. (Class A Stock) | 10910 |  | 1767529 |
|  |  |  | 30179294 |
|  **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 56867 |  | 7685006 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 3620 |  | 493044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 5824 |  | 1327989 |
|  |  |  | 9506039 |
|  **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 293772 |  | 13378377 |
|  **Entertainment — 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\*(a) | 6710 |  | 956175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 107410 |  | 10070762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 181328 |  | 20629686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Music Group Corp. (Class A Stock) | 902 |  | 27664 |
|  |  |  | 31684287 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services — 3.9%** | **Financial Services — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class A Stock)\* | 9 | $| 6793200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 6156 |  | 3094313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 3508 |  | 1055662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 6467 |  | 308153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 46850 |  | 3113651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 44800 |  | 3009216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 36000 |  | 2786400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 63154 |  | 36053356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 56554 |  | 19834053 |
|  |  |  | 76048004 |
|  **Food Products — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 118800 |  | 2056428 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 71400 |  | 3320100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 257590 |  | 275621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The)(a) | 7300 |  | 1328454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 20000 |  | 485000 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc.(a) | 44468 |  | 3028716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 98522 |  | 5303439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. | 13500 |  | 301455 |
|  |  |  | 16099213 |
|  **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 125430 |  | 4546838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 23100 |  | 1887501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 22240 |  | 5144557 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc.\* | 975 |  | 132512 |
|  |  |  | 11711408 |
|  **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 29350 |  | 2798523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 9060 |  | 601312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 101957 |  | 8691834 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 5761 |  | 3897489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 6300 |  | 3568068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 93687 |  | 8999573 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 7490 |  | 1898865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 35285 |  | 12401619 |
|  |  |  | 42857283 |
|  **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 24000 |  | 4932000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 3829 |  | 1293245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 20100 |  | 827115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 8700 |  | 2394501 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 56600 |  | 4491776 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 2621 |  | 297772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 4000 |  | 1003520 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 3200 |  | 1056352 |
|  |  |  | 16296281 |
|  **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 36300 |  | 223971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 960 |  | 5141117 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A17

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 110636 | $| 4093532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc.(a) | 6360 |  | 1170367 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 15054 |  | 3409430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 5601 |  | 1586819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 27409 |  | 1784052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 11631 |  | 3608402 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 39961 |  | 12213280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.(a) | 6620 |  | 1846450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd.\* | 3100 |  | 221371 |
|  |  |  | 35298791 |
|  **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 120 |  | 875132 |
|  **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 2649 |  | 267099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 15040 |  | 1188461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp.(a) | 13190 |  | 1330739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 52946 |  | 7587691 |
|  |  |  | 10373990 |
|  **Independent Power & Renewable Electricity Producers — 0.2%** | **Independent Power & Renewable Electricity Producers — 0.2%** | **Independent Power & Renewable Electricity Producers — 0.2%** | **Independent Power & Renewable Electricity Producers — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co.\* | 51000 |  | 971040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 17441 |  | 2813757 |
|  |  |  | 3784797 |
|  **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 13670 |  | 2188567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 17240 |  | 3363352 |
|  |  |  | 5551919 |
|  **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 91320 |  | 11657911 |
|  **Insurance — 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 20170 |  | 4198386 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 59500 |  | 5090225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock) | 4480 |  | 1580902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co.(a) | 43560 |  | 11272892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 49900 |  | 1460074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 11500 |  | 2133480 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 14000 |  | 1105160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 26527 |  | 6040729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 40998 |  | 11891880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC(a) | 770 |  | 253022 |
|  |  |  | 45026750 |
|  **Interactive Media & Services — 7.6%** | **Interactive Media & Services — 7.6%** | **Interactive Media & Services — 7.6%** | **Interactive Media & Services — 7.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 206884 |  | 64754692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 61461 |  | 19286462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumble, Inc. (Class A Stock)\* | 222200 |  | 793254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 95928 |  | 63321113 |
|  |  |  | 148155521 |
|  **IT Services — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 10300 |  | 2763490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 85500 |  | 7096500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastly, Inc. (Class A Stock)\* | 112100 |  | 1141178 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **IT Services (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\*(a) | 3440 | $| 867843 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc. (Class A Stock)\* | 5520 |  | 684922 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 20032 |  | 5933679 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 2200 |  | 923318 |
|  |  |  | 19410930 |
|  **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 9195 |  | 5328043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 2640 |  | 1002751 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 5700 |  | 1568298 |
|  |  |  | 7899092 |
|  **Machinery — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 15216 |  | 8716790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 1600 |  | 295088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 14195 |  | 6608766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 1100 |  | 214764 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 4300 |  | 840177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 7147 |  | 1760306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 1600 |  | 1406336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 4600 |  | 232714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 19900 |  | 1026243 |
|  |  |  | 21101184 |
|  **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 14000 |  | 1542520 |
|  **Media — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\*(a) | 3191 |  | 666121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 243600 |  | 7281204 |
|  |  |  | 7947325 |
|  **Metals & Mining — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 5000 |  | 346100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Critical Metals Corp. (Austria)\*(a) | 45000 |  | 312300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 4800 |  | 782928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. (Mexico)(a) | 2065 |  | 296266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 6800 |  | 599556 |
|  |  |  | 2337150 |
|  **Multi-Utilities — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 47560 |  | 3325871 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 13400 |  | 559584 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc.(a) | 12977 |  | 1368554 |
|  |  |  | 5254009 |
|  **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 10893 |  | 2117490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 54617 |  | 8324177 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 19000 |  | 1778590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 1300 |  | 195429 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp | 27616 |  | 1480218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 127556 |  | 15350089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 86880 |  | 2388331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 11184 |  | 2063448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 1470 |  | 422213 |
|  |  |  | 34119985 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A18

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Passenger Airlines — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 16736 | $| 1871420 |
|  **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 24800 |  | 422840 |
|  **Pharmaceuticals — 3.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 67422 |  | 3636743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 40079 |  | 43072100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 50877 |  | 10528995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidia Corp.\* | 7200 |  | 248328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 50937 |  | 5361628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC(a) | 51900 |  | 722448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 156720 |  | 3902328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 7778 |  | 978628 |
|  |  |  | 68451198 |
|  **Professional Services — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 18782 |  | 4831294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 6640 |  | 560150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 5152 |  | 1149772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\* | 258100 |  | 862054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 16500 |  | 686070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc.(a) | 8403 |  | 942649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 5351 |  | 1196965 |
|  |  |  | 10228954 |
|  **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 5700 |  | 916503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 5700 |  | 1917879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Inc. (Class A Stock) | 32900 |  | 570486 |
|  |  |  | 3404868 |
|  **Retail REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 31530 |  | 202423 |
|  **Semiconductors & Semiconductor Equipment — 12.8%** | **Semiconductors & Semiconductor Equipment — 12.8%** | **Semiconductors & Semiconductor Equipment — 12.8%** | **Semiconductors & Semiconductor Equipment — 12.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 11800 |  | 2527088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 9100 |  | 2467920 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV (Netherlands)(a) | 3710 |  | 2238725 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 5728 |  | 6128158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 145567 |  | 50380739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 71000 |  | 2619900 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 2970 |  | 3608788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 66777 |  | 11430887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 13900 |  | 3967199 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 803470 |  | 149847155 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 58973 |  | 12800679 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 8811 |  | 1507121 |
|  |  |  | 249524359 |
|  **Software — 9.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 9549 |  | 3342054 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 4210 |  | 2836782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 13340 |  | 3948773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 2500 |  | 781450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV\* | 9100 |  | 686504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 12870 |  | 1022007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc.(a) | 35088 |  | 954043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 13078 |  | 8663129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 2780 |  | 481802 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 260353 | $| 125911918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 98735 |  | 19244439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 18200 |  | 3235050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\*(a) | 15841 |  | 2917912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 8215 |  | 3656743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 15860 |  | 4201473 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 48658 |  | 7453919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc.\* | 30790 |  | 2656869 |
|  |  |  | 191994867 |
|  **Specialized REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 13332 |  | 2340699 |
|  **Specialty Retail — 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 9600 |  | 253152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc.(a) | 11867 |  | 794258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 3066 |  | 885614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\*(a) | 4052 |  | 1710025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc. (Class A Stock)\* | 6940 |  | 229367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 3150 |  | 623606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 17961 |  | 6180380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 84505 |  | 20379226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 15621 |  | 2813967 |
| &nbsp;&nbsp;&nbsp;&nbsp; ThredUp, Inc. (Class A Stock)\* | 26800 |  | 171252 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 90338 |  | 13876820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co.(a) | 24522 |  | 1226345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 3586 |  | 2169566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc.(a) | 6630 |  | 1184052 |
|  |  |  | 52497630 |
|  **Technology Hardware, Storage & Peripherals — 7.0%** | **Technology Hardware, Storage & Peripherals — 7.0%** | **Technology Hardware, Storage & Peripherals — 7.0%** | **Technology Hardware, Storage & Peripherals — 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 470009 |  | 127776647 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 10080 |  | 1079467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 2500 |  | 593450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 38100 |  | 6563487 |
|  |  |  | 136013051 |
|  **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 7130 |  | 739167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 3107 |  | 645666 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 159 |  | 10130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 456 |  | 58263 |
|  |  |  | 1453226 |
|  **Tobacco — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 25600 |  | 1350400 |
|  **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 16188 |  | 3603935 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 2860 |  | 562991 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 7888 |  | 6383916 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 2106 |  | 2125059 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 2900 |  | 709456 |
|  |  |  | 13385357 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A19

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 11459 | $| 2326635 |
|  **TOTAL COMMON STOCKS**<br> (cost $1,617,901,348) | **TOTAL COMMON STOCKS**<br> (cost $1,617,901,348) |  | 1858490269 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.5%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.5%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.5%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 100368 |  | 68746058 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 299 |  | 203894 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $59,366,113) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $59,366,113) |  | 68949952 |
|  **TOTAL LONG-TERM INVESTMENTS—98.9%**<br> (cost $1,677,267,461) | **TOTAL LONG-TERM INVESTMENTS—98.9%**<br> (cost $1,677,267,461) |  | 1927440221 |
|  **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** |
|  **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 20469836 |  | 20469836 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $43,044,010; includes $42,857,983 of cash collateral for securities on loan)(b)(wb) | 43069852 |  | 43044010 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $63,513,846) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $63,513,846) |  | 63513846 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount<br>(000)#** | |
|  **U.S. TREASURY OBLIGATION(k)(n) — 0.0%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.0%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.0%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | 03/05/26 | 1100 | 1093312 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,093,037) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,093,037) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,093,037) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,093,037) |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $64,606,883) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $64,606,883) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $64,606,883) | 64607158 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 102.2%**<br> (cost $1,741,874,344) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 102.2%**<br> (cost $1,741,874,344) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 102.2%**<br> (cost $1,741,874,344) | 1992047379 |
|  **Liabilities in excess of other assets(z) — (2.2)%** | **Liabilities in excess of other assets(z) — (2.2)%** | **Liabilities in excess of other assets(z) — (2.2)%** | (42874620) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $1949172759 |

---

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

\* Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $41,594,600; cash collateral of $42,857,983 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

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

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Position:** | **Long Position:** |  |  |  |
| 40 | S&P 500 E-Mini Index | Mar. 2026 | $13785000 | $23549 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A20

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  GS | $— | $1093312 |

---

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

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

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

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

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $52021263 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 1094066 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 8981666 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 28053019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 55779257 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 18002228 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 55627163 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 58263878 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 13489241 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 63382474 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 10314827 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 10984409 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 15063948 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 4886171 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 14049082 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 23288848 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 39717471 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 2182316 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 1457911 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 7218415 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 31067497 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 30179294 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 9506039 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 13378377 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 31684287 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 76048004 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 16099213 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 11711408 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 42857283 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 16296281 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 35298791 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 875132 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 10373990 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 3784797 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 5551919 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 11657911 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 45026750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 148155521 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 19410930 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A21

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | $7899092 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 21101184 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 1542520 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media. | 7947325 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 2337150 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 5254009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 34119985 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 1871420 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 422840 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 68451198 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 10228954 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 3404868 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 202423 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 249524359 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 191994867 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 2340699 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 52497630 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 136013051 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 1453226 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 1350400 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 13385357 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 2326635 |  |  |
|  Unaffiliated Exchange-Traded Funds | 68949952 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 63513846 |  |  |
|  U.S. Treasury Obligation. |  | 1093312 |  |
|  **Total** | $**1990954067** | $**1093312** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**23549** | $**—** | **$—** |

---

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

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 12.8 |
|  Software | 9.8 |
|  Interactive Media & Services | 7.6 |
|  Technology Hardware, Storage & Peripherals | 7.0 |
|  Financial Services | 3.9 |
|  Unaffiliated Exchange-Traded Funds | 3.5 |
|  Pharmaceuticals | 3.5 |
|  Affiliated Mutual Funds (2.2% represents investments purchased with collateral from securities on loan) | 3.3 |
|  Capital Markets | 3.3 |
|  Broadline Retail | 3.0 |
|  Banks | 2.9 |
|  Biotechnology | 2.9 |
|  Specialty Retail | 2.7 |
|  Aerospace & Defense | 2.7 |

---

---

| | |
|:---|:---|
|  Insurance | 2.3 |
|  Health Care Equipment & Supplies | 2.2 |
|  Consumer Staples Distribution & Retail | 2 |
|  Hotels, Restaurants & Leisure | 1.8 |
|  Oil, Gas & Consumable Fuels | 1.7 |
|  Entertainment | 1.6 |
|  Electric Utilities | 1.6 |
|  Electrical Equipment | 1.5 |
|  Automobiles | 1.4 |
|  Consumer Finance | 1.2 |
|  Machinery | 1.1 |
|  IT Services | 1 |
|  Beverages | 0.9 |
|  Health Care Providers & Services | 0.8 |
|  Food Products | 0.8 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A22

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Communications Equipment | 0.8 |
|  Construction Materials | 0.7 |
|  Building Products | 0.7 |
|  Trading Companies & Distributors | 0.7 |
|  Energy Equipment & Services | 0.7 |
|  Ground Transportation | 0.6 |
|  Industrial REITs | 0.6 |
|  Commercial Services & Supplies | 0.6 |
|  Household Products | 0.5 |
|  Chemicals | 0.5 |
|  Professional Services | 0.5 |
|  Electronic Equipment, Instruments & Components | 0.5 |
|  Automobile Components | 0.5 |
|  Media | 0.4 |
|  Life Sciences Tools & Services | 0.4 |
|  Diversified Telecommunication Services | 0.4 |
|  Industrial Conglomerates | 0.3 |
|  Multi-Utilities | 0.3 |
|  Construction & Engineering | 0.3 |
|  Independent Power & Renewable Electricity Producers | 0.2 |
|  Real Estate Management & Development | 0.2 |

---

---

| | |
|:---|:---|
|  Specialized REITs | 0.1% |
|  Metals & Mining | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Containers & Packaging | 0.1 |
|  Passenger Airlines | 0.1 |
|  Marine Transportation | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Textiles, Apparel & Luxury Goods | 0.1 |
|  Tobacco | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  U.S. Treasury Obligation | 0.0 \* |
|  Household Durables | 0.0 \* |
|  Personal Care Products | 0.0 \* |
|  Retail REITs | 0.0 \* |
|  | 102.2 |
|  Liabilities in excess of other assets | (2.2) |
|  | 100.0% |
|  \* Less than 0.05% |  |

---

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br>**Assets and<br> Liabilities Location** | **Fair<br>Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** |
|  Equity contracts | Due from/to broker-variation<br>margin futures | $23,549\* |  | $— |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Equity contracts | $1865679 |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Equity contracts | $24629 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A23

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $9797385 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

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

---

| | | | |
|:---|:---|:---|:---|
| **Offsetting of financial instrument/transaction assets and liabilities:**<br>**Description** | <br>**Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | <br>**Collateral<br>Pledged/(Received)(1)** | <br>**Net<br>Amount** |
|  Securities on Loan | $41594600 | $(41594600) | $— |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A24

------

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

---

| | |
|:---|:---|
|  **STATEMENT OF ASSETS AND LIABILITIES** |  |
|  as of December 31, 2025 |  |
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $41,594,600: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,678,360,498) | $1928533533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $63,513,846) | 63513846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 3820149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 2095618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 810276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 98777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 22609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1998894808 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 42857983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 2039719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 1805213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1593260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 926728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 312525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 103500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 81102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 49722049 |
|  **NET ASSETS** | $1949172759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $1949172759 |
|  Net asset value and redemption price per share, $1,949,172,759 / 43,538,902 outstanding shares of beneficial interest | $44.77 |

---

---

| | |
|:---|:---|
|  **STATEMENT OF OPERATIONS** |  |
|  Year Ended December 31, 2025 |  |
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $22192041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 914644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $69,244) | 70229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 67258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 23244172 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 10042195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 4508710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 222909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 69467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 64568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 40661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 20299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $6,701) | 11968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 101300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 15082077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (11715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15070362 |
|  **NET INVESTMENT INCOME (LOSS)** | 8173810 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $2,033) | 118226501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1865679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 37866 |
|  | 120130046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 74395066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 24629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 125571 |
|  | 74545266 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 194675312 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $202849122 |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | | |
|  |<br>**Year Ended<br>December 31, 2025** |<br>**Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8173810 | $2097404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 120130046 | 54817791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 74545266 | 36513827 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 202849122 | 93429022 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [2,273,019 and 824,174 shares, respectively] | 88364267 | 29692227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [38,074,184 and 0 shares, respectively] | 1539719990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [8,303,040 and 2,185,956 shares, respectively] | (329686238) | (78801075) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | 1298398019 | (49108848) |
|  **TOTAL INCREASE (DECREASE)** | 1501247141 | 44320174 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 447925618 | 403605444 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year. | $1949172759 | $447925618 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A25

------

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

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $38.97 | $31.39 | $25.50 | $30.72 | $24.03 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.18 | 0.17 | 0.21 | 0.23 | 0.16 |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.62 | 7.41 | 5.68 | (5.45) | 6.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.80 | 7.58 | 5.89 | (5.22) | 6.69 |
|  Net Asset Value, end of year | $44.77 | $38.97 | $31.39 | $25.50 | $30.72 |
|  **Total Return<sup>(b)</sup>** | 14.88% | 24.15% | 23.10% | (16.99)% | 27.84% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $1949 | $448 | $404 | $358 | $749 |
|  Average net assets (in millions) | $1803 | $441 | $374 | $473 | $1854 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.84% | 0.86% | 0.83% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.84% | 0.90% | 0.90% | 0.89% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.45% | 0.48% | 0.76% | 0.86% | 0.62% |
|  Portfolio turnover rate<sup>(d)</sup> | 73% | 73% | 66% | 58% | 48% |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A26

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 99.0%** | **LONG-TERM INVESTMENTS — 99.0%** |  |
|  **COMMON STOCKS — 94.2%** | **COMMON STOCKS — 94.2%** | **COMMON STOCKS — 94.2%** |
|  **Aerospace & Defense — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France), ADR | 227360 | $13168691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 8130 | 4617271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 117599 | 25533095 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 285860 | 88053456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 157579 | 32306847 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 129546 | 23758736 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc.(a) | 14779 | 19653853 |
|  |  | 207091949 |
|  **Automobiles — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 508456 | 228662832 |
|  **Banks — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 178753 | 9831415 |
|  **Beverages — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 156873 | 12027453 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 53666 | 7702144 |
|  |  | 19729597 |
|  **Biotechnology — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 389697 | 89041868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 15268 | 6071320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 10472 | 8806428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 46534 | 10660474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 45677 | 6478369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 13737 | 10603178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 95165 | 43144005 |
|  |  | 174805642 |
|  **Broadline Retail — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 2045852 | 472223559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coupang, Inc. (South Korea)\* | 273977 | 6463117 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 7711 | 15531959 |
|  |  | 494218635 |
|  **Building Products — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 96640 | 37612288 |
|  **Capital Markets — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp. (Class A Stock) | 14783 | 2389376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 176581 | 17642208 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 25734 | 7027441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 32056 | 28177224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. (Class A Stock) | 108660 | 6987925 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 21254 | 2709460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 61002 | 10829685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 189900 | 18444987 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 23736 | 12404196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc. (Class A Stock) | 81680 | 8783867 |
|  |  | 115396369 |
|  **Chemicals — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 44508 | 18977766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 82410 | 26703312 |
|  |  | 45681078 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 60500 | $| 10609280 |
|  **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 515303 |  | 67520152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 25100 |  | 5870137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 30283 |  | 11608080 |
|  |  |  | 84998369 |
|  **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 17136 |  | 7232420 |
|  **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co.(a) | 66080 |  | 18847338 |
|  **Consumer Finance — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 33974 |  | 12568681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 115796 |  | 28064319 |
|  |  |  | 40633000 |
|  **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 35828 |  | 30895918 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 138800 |  | 10454416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 145312 |  | 16189210 |
|  |  |  | 57539544 |
|  **Electric Utilities — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp.(a) | 91103 |  | 32183957 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 90713 |  | 7282439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 74599 |  | 6505033 |
|  |  |  | 45971429 |
|  **Electrical Equipment — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 58342 |  | 18582510 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 66529 |  | 43481359 |
|  |  |  | 62063869 |
|  **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp.<br>(Class A Stock) | 523423 |  | 70735384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (Thailand)\*(a) | 14516 |  | 6608845 |
|  |  |  | 77344229 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 112284 |  | 5113413 |
|  **Entertainment — 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\*(a) | 72200 |  | 10288500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 1191278 |  | 111694225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 41600 |  | 24157536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 194580 |  | 22137367 |
|  |  |  | 168277628 |
|  **Financial Services — 4.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Netherlands), ADR\* | 436900 |  | 6977293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.\* | 411363 |  | 26775618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 66744 |  | 4435806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc.<br>(Class A Stock) | 308450 |  | 176087936 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 82590 |  | 4821604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc. (Class A Stock) | 154199 |  | 2985293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc. (Class A Stock)\* | 151054 |  | 5363928 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A27

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 434303 | $| 152314405 |
|  |  |  | 379761883 |
|  **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Canada)(a) | 161700 |  | 11905971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 446880 |  | 36514565 |
|  |  |  | 48420536 |
|  **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 272971 |  | 26027785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 108134 |  | 9218423 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\*(a) | 14760 |  | 9985583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 167052 |  | 94611571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 100171 |  | 35207101 |
|  |  |  | 175050463 |
|  **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 36153 |  | 9950390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 17253 |  | 4419011 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 16335 |  | 13399437 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 45327 |  | 14962896 |
|  |  |  | 42731734 |
|  **Health Care REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 92780 |  | 7179316 |
|  **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc. (Class A Stock)\* | 130006 |  | 17644414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 3545 |  | 18984645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 821902 |  | 30410374 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 110377 |  | 24998183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 158232 |  | 45452142 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 29820 |  | 9113887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 167700 |  | 14122017 |
|  |  |  | 160725662 |
|  **Insurance — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co.(a) | 38794 |  | 10039499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 79258 |  | 14703944 |
|  |  |  | 24743443 |
|  **Interactive Media & Services — 10.1%** | **Interactive Media & Services — 10.1%** | **Interactive Media & Services — 10.1%** | **Interactive Media & Services — 10.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 1223306 |  | 382894778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 291927 |  | 91606693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 519522 |  | 342931277 |
|  |  |  | 817432748 |
|  **IT Services — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc. (Class A Stock)\* | 56829 |  | 7051342 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 20762 |  | 8713604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 128399 |  | 20668387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc.\*(a) | 124909 |  | 27400038 |
|  |  |  | 63833371 |
|  **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 28704 |  | 6570919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 19615 |  | 13224824 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 30195 | $| 17496493 |
|  |  |  | 37292236 |
|  **Machinery — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 28200 |  | 16154934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc.(a) | 67780 |  | 5369532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 5300 |  | 4658488 |
|  |  |  | 26182954 |
|  **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 58623 |  | 6156001 |
|  **Passenger Airlines — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 97850 |  | 6790790 |
|  **Pharmaceuticals — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 177227 |  | 190462312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 70043 |  | 14263056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 89145 |  | 18448558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 24810 |  | 2611501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 45719 |  | 5752365 |
|  |  |  | 231537792 |
|  **Professional Services — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc.(a) | 14299 |  | 3102597 |
|  **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 143900 |  | 23137681 |
|  **Semiconductors & Semiconductor Equipment — 20.1%** | **Semiconductors & Semiconductor Equipment — 20.1%** | **Semiconductors & Semiconductor Equipment — 20.1%** | **Semiconductors & Semiconductor Equipment — 20.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 352051 |  | 75395242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 67204 |  | 18225725 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 16560 |  | 17716882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 1059724 |  | 366770476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc.(a) | 122204 |  | 10295687 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 16744 |  | 20345300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 247371 |  | 42344968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor<br>Corp.\*(a) | 117464 |  | 8643001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 67511 |  | 5737085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 30718 |  | 8767224 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 5210716 |  | 971798534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 208848 |  | 63466819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 29568 |  | 5129752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tower Semiconductor Ltd. (Israel)\* | 44275 |  | 5198770 |
|  |  |  | 1619835465 |
|  **Software — 15.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 74346 |  | 50095822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 38663 |  | 11444635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 184542 |  | 57684138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 56189 |  | 26339156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 148251 |  | 20160653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 5374 |  | 9085392 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc.\* | 41574 |  | 16683646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 119709 |  | 79297636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 1478975 |  | 715261890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc.<br>(Class A Stock)\*(a) | 121786 |  | 6295118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 372430 |  | 72590331 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A28

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 224043 | $| 39823643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\*(a) | 123407 |  | 22731569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 36598 |  | 9695176 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 549284 |  | 84144816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 34112 |  | 16023089 |
|  |  |  | 1237356710 |
|  **Specialized REITs — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 89000 |  | 15625730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 14564 |  | 11158354 |
|  |  |  | 26784084 |
|  **Specialty Retail — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 83370 |  | 5499475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 109795 |  | 26478162 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 91760 |  | 8369430 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 92824 |  | 14258695 |
|  |  |  | 54605762 |
|  **Technology Hardware, Storage & Peripherals — 8.1%** | **Technology Hardware, Storage & Peripherals — 8.1%** | **Technology Hardware, Storage & Peripherals — 8.1%** | **Technology Hardware, Storage & Peripherals — 8.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 2278416 |  | 619410174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC(a) | 70435 |  | 19397095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.(a) | 86428 |  | 14888951 |
|  |  |  | 653696220 |
|  **Tobacco — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International,<br>Inc.(a) | 105917 |  | 16989087 |
|  **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 16388 |  | 16536311 |
|  **TOTAL COMMON STOCKS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $4,771,513,474) |  |  | 7591543170 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 4.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 4.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 4.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 4.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco QQQ Trust, Series 1 | 107780 |  | 66210332 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Portfolio S&P 500 Growth ETF | 1073418 |  | 114533700 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Technology Select Sector SPDR ETF(a) | 401607 |  | 57819360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Russell 1000 Growth ETF | 1172129 |  | 142706706 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $294,000,736) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $294,000,736) |  | 381270098 |
|  **TOTAL LONG-TERM INVESTMENTS — 99.0%**<br> **(cost $5,065,514,210)** | **TOTAL LONG-TERM INVESTMENTS — 99.0%**<br> **(cost $5,065,514,210)** |  | **7972813268** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 3.4%** | **SHORT-TERM INVESTMENTS — 3.4%** | **SHORT-TERM INVESTMENTS — 3.4%** |
|  **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** | **AFFILIATED MUTUAL FUNDS — 3.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 72192432 | $72192432 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $195,540,392; includes $194,721,447 of cash collateral for securities on<br>loan)(b)(wb) | 195657787 | 195540392 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $267,732,824) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $267,732,824) | 267732824 |
|  **UNAFFILIATED FUND — 0.1%** | **UNAFFILIATED FUND — 0.1%** | **UNAFFILIATED FUND — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investments Money Market Funds - Treasury Only Portfolio (7-day effective yield 3.660%) (Institutional Shares)<br> (cost $7,907,424) | 7907424 | 7907424 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $275,640,248) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $275,640,248) | 275640248 |
|  **TOTAL INVESTMENTS — 102.4%**<br> (cost $5,341,154,458) | **TOTAL INVESTMENTS — 102.4%**<br> (cost $5,341,154,458) | 8248453516 |
|  **Liabilities in excess of other assets(z) — (2.4)%** | **Liabilities in excess of other assets(z) — (2.4)%** | (189539718) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $8058913798 |

---

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

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $188,661,766; cash collateral of $194,721,447 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 88 | S&P 500 E-Mini Index | Mar. 2026 | $30327000 | $(116634) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A29

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  GS<br>| $1511000 | $— |

---

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

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

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

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

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $207091949 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 228662832 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 9831415 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 19729597 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 174805642 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 494218635 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 37612288 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 115396369 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 45681078 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 10609280 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 84998369 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 7232420 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 18847338 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 40633000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 57539544 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 45971429 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 62063869 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 77344229 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 5113413 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 168277628 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 379761883 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 48420536 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 175050463 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 42731734 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 7179316 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 160725662 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 24743443 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 817432748 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 63833371 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 24067412 | 13224824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 26182954 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 6156001 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 6790790 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 217274736 | 14263056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 3102597 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 23137681 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1619835465 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 1237356710 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 26784084 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A30

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | $49106287 | $5499475 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 653696220 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 16989087 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 16536311 |  |  |
|  Unaffiliated Exchange-Traded Funds | 381270098 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 267732824 |  |  |
|  Unaffiliated Fund | 7907424 |  |  |
|  **Total** | $**8215466161** | $**32987355** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(116634)** | $**—** | **$—** |

---

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

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 20.1 |
|  Software | 15.3 |
|  Interactive Media & Services | 10.1 |
|  Technology Hardware, Storage & Peripherals | 8.1 |
|  Broadline Retail | 6.1 |
|  Unaffiliated Exchange-Traded Funds | 4.8 |
|  Financial Services | 4.7 |
|  Affiliated Mutual Funds (2.4% represents investments |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purchased with collateral from securities on loan) | 3.3 |
|  Pharmaceuticals | 2.9 |
|  Automobiles | 2.8 |
|  Aerospace & Defense | 2.6 |
|  Health Care Equipment & Supplies | 2.2 |
|  Biotechnology | 2.2 |
|  Entertainment | 2.1 |
|  Hotels, Restaurants & Leisure | 2 |
|  Capital Markets | 1.4 |
|  Communications Equipment | 1.1 |
|  Electronic Equipment, Instruments & Components | 1 |
|  IT Services | 0.8 |
|  Electrical Equipment | 0.8 |
|  Consumer Staples Distribution & Retail | 0.7 |
|  Specialty Retail | 0.7 |
|  Ground Transportation | 0.6 |
|  Electric Utilities | 0.6 |
|  Chemicals | 0.6 |
|  Health Care Providers & Services | 0.5 |

---

---

| | |
|:---|:---|
|  Consumer Finance | 0.5% |
|  Building Products | 0.5 |
|  Life Sciences Tools & Services | 0.5 |
|  Specialized REITs | 0.3 |
|  Machinery | 0.3 |
|  Insurance | 0.3 |
|  Real Estate Management & Development | 0.3 |
|  Beverages | 0.2 |
|  Construction Materials | 0.2 |
|  Tobacco | 0.2 |
|  Trading Companies & Distributors | 0.2 |
|  Commercial Services & Supplies | 0.1 |
|  Banks | 0.1 |
|  Unaffiliated Fund | 0.1 |
|  Construction & Engineering | 0.1 |
|  Health Care REITs | 0.1 |
|  Passenger Airlines | 0.1 |
|  Oil, Gas & Consumable Fuels | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Professional Services | 0.0 \* |
|  | 102.4 |
|  Liabilities in excess of other assets | (2.4) |
|  | 100.0% |
|  \* Less than 0.05% |  |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A31

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Statement of**<br>**Assets and<br> Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Equity contracts |  | $— | Due from/to broker-variation margin futures | $116,634\* |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

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

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Equity contracts | $1080073 |

---

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

---

| | |
|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Equity contracts | $(100991) |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $19600083 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

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

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
|  Securities on Loan | $188661766 | $(188661766) | $— |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A32

------

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

---

| |
|:---|
|  **STATEMENT OF ASSETS AND LIABILITIES** |
|  as of December 31, 2025 |

---

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $188,661,766: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $5,073,421,634) | $7980720692.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $267,732,824) | 267732824.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 6460428.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 2227298.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 1511000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 1384420.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 1277340.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 98496.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 8261412498.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 194721447.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 4112614.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1876409.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 987174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 335365.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 283649.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 176245.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 5319.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 202498700.0 |
|  **NET ASSETS** | $8058913798.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $8058913798.0 |
|  Net asset value and redemption price per share, $8,058,913,798 / 72,961,968 outstanding shares of beneficial interest | $110.45 |

---

---

| |
|:---|
|  **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $372,584 foreign withholding tax, of which $9,883 is reimbursable by an affiliate) | $42850052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 2028112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $289,807) | 294595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 4900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 45177659 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 47525437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 19885120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 513837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 146501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 110849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 60046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 14646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 176139 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 68442916 |
|  **NET INVESTMENT INCOME (LOSS)** | (23265257) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(6547)) | 836802663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1080073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 4612 |
|  | 837887348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 389188861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (100991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies. | 3630 |
|  | 389091500 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 1226978848 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1203713591 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(23265257) | $(19770478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 837887348 | 1077831166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 389091500 | 558624776 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1203713591 | 1616685464 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,643,773 and 7,648,971 shares, respectively] | 151074375 | 630042383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [0 and 19,204,772 shares, respectively] |  | 1870352791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [18,354,688 and 14,816,138 shares, respectively] | (1756740424) | (1283642383) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (1605666049) | 1216752791 |
|  **TOTAL INCREASE (DECREASE)** | (401952458) | 2833438255 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 8460866256 | 5627428001 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $8058913798 | $8460866256 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A35

------

---

| | |
|:---|:---|
|  | <br> **AST LARGE-CAP GROWTH PORTFOLIO** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $94.35 | $72.49 | $50.47 | $75.56 | $64.52 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | (0.29) | (0.25) | (0.11) | (0.13) | (0.38) |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 16.39 | 22.11 | 22.13 | (24.96) | 11.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 16.10 | 21.86 | 22.02 | (25.09) | 11.04 |
|  Net Asset Value, end of year | $110.45 | $94.35 | $72.49 | $50.47 | $75.56 |
|  **Total Return<sup>(b)</sup>** | 17.06% | 30.16% | 43.63% | (33.21)% | 17.11% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $8059 | $8461 | $5627 | $4137 | $2783 |
|  Average net assets (in millions) | $7954 | $6644 | $4925 | $3503 | $3128 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.86% | 0.87% | 0.87% | 0.87% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.86% | 0.92% | 0.93% | 0.93% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.29)% | (0.30)% | (0.17)% | (0.22)% | (0.54)% |
|  Portfolio turnover rate<sup>(d)</sup> | 30% | 46% | 29% | 64% | 16% |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A34

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 98.7%** | **LONG-TERM INVESTMENTS — 98.7%** | **LONG-TERM INVESTMENTS — 98.7%** |
|  **COMMON STOCKS — 95.6%** | **COMMON STOCKS — 95.6%** | **COMMON STOCKS — 95.6%** |
|  **Aerospace & Defense — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 88419 | $19197533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 1965 | 1083245 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 11600 | 3905256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 11394 | 3874758 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 6724 | 1973965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 34833 | 19862125 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 322462 | 59139531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 12022 | 1047958 |
|  |  | 110084371 |
|  **Air Freight & Logistics — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 109009 | 31488340 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 7417 | 735692 |
|  |  | 32224032 |
|  **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 35272 | 2683847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 79531 | 1850686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada)(a) | 119860 | 6388538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobileye Global, Inc. (Israel) (Class A Stock)\* | 3700 | 38628 |
|  |  | 10961699 |
|  **Automobiles — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co.(a) | 678075 | 8896344 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 590460 | 48016207 |
|  |  | 56912551 |
|  **Banks — 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 1513688 | 83252840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 569767 | 66486111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 93759 | 5476463 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 4219 | 474173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp(a) | 192807 | 9025296 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. (Class A Stock)(a) | 4474 | 9602009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares,<br>Inc.(a) | 302622 | 5250492 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 314282 | 101267946 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 34600 | 714144 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 5800 | 1168584 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 160964 | 33598016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 221510 | 6002921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 128279 | 6312610 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp. | 341473 | 18220999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 333168 | 31051258 |
|  |  | 377903862 |
|  **Beverages — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 398600 | 27866126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. (Class A Stock)(a) | 35276 | 4866677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 49578 | 1388680 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 72770 | 10443950 |
|  |  | 44565433 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Biotechnology — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 52100 | $11904329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 29926 | 5266677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 4495 | 443971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.\* | 13994 | 1107065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 7400 | 218226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 10284 | 1458580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 42343 | 32683291 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 3022 | 1472470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 21876 | 9917703 |
|  |  | 64472312 |
|  **Broadline Retail — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 270880 | 62524521 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 3618 | 315128 |
|  |  | 62839649 |
|  **Building Products — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\*(a) | 12173 | 1252480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 33336 | 1761474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 182168 | 21814618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 9300 | 1040763 |
|  |  | 25869335 |
|  **Capital Markets — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 24009 | 2787205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 14004 | 14989041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 532050 | 53157115 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 61460 | 16783497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 29494 | 25925226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 28529 | 4620557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 7100 | 439987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 57726 | 10248097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 18948 | 2588107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 25576 | 4107250 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 126691 | 16344406 |
|  |  | 151990488 |
|  **Chemicals — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals,<br>Inc.(a) | 114108 | 28186958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 40605 | 5743171 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc.(a) | 15106 | 1168298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. (The)(a) | 166005 | 1957199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 293121 | 19647901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc.(a) | 33217 | 776613 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc.(a) | 138108 | 5551942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 67700 | 4321291 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 8741 | 589056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 48492 | 20676504 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock)(a) | 18600 | 805380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp.(a) | 175787 | 3661643 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc.(a) | 137200 | 14057512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 52436 | 16990837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc.\* | 17325 | 841649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 3200 | 236608 |
|  |  | 125212562 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A35

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 4522 | $| 1060319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 2333 |  | 91337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 12658 |  | 2682610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 97795 |  | 9757985 |
|  |  |  | 13592251 |
|  **Communications Equipment — 2.2%** | **Communications Equipment — 2.2%** | **Communications Equipment — 2.2%** | **Communications Equipment — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 596227 |  | 45927366 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\*(a) | 56300 |  | 14371138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 42552 |  | 16311033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden), ADR(a) | 921142 |  | 8889020 |
|  |  |  | 85498557 |
|  **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 801 |  | 338070 |
|  **Construction Materials — 1.5%** | **Construction Materials — 1.5%** | **Construction Materials — 1.5%** | **Construction Materials — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd.\*(a) | 91477 |  | 4947076 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC(a) | 194191 |  | 24235037 |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC\*(a) | 186033 |  | 3860185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials,<br>Inc.(a) | 39774 |  | 24765679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 9132 |  | 2604629 |
|  |  |  | 60412606 |
|  **Consumer Finance — 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 77452 |  | 28653367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 214775 |  | 52052869 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc.\* | 36300 |  | 950334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial(a) | 37327 |  | 3114192 |
|  |  |  | 84770762 |
|  **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\*(a) | 133059 |  | 11979302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 3794 |  | 2096982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 11700 |  | 1553409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 11500 |  | 1414615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 65928 |  | 4119182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\*(a) | 43395 |  | 3902078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 113487 |  | 11093354 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 23845 |  | 1796005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 295440 |  | 32914970 |
|  |  |  | 70869897 |
|  **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC(a) | 82305 |  | 686424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 115965 |  | 6142666 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co.(a) | 19192 |  | 755973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 9135 |  | 1883911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc.(a) | 58365 |  | 2356195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC(a) | 35739 |  | 1382027 |
|  |  |  | 13207196 |
|  **Distributors — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 7700 |  | 946792 |
|  **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 508752 |  | 12637400 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Diversified Telecommunication Services (cont'd.)** | **Diversified Telecommunication Services (cont'd.)** | **Diversified Telecommunication Services (cont'd.)** | **Diversified Telecommunication Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 207950 | $| 8469803 |
|  |  |  | 21107203 |
|  **Electric Utilities — 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 405447 |  | 32549285 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 72600 |  | 11560824 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 86202 |  | 1385266 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp.(a) | 421438 |  | 14758759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 94256 |  | 8219123 |
|  |  |  | 68473257 |
|  **Electrical Equipment — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 15653 |  | 3213717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 7895 |  | 2514637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co.(a) | 97401 |  | 12927061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 310 |  | 137674 |
|  |  |  | 18793089 |
|  **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 22154 |  | 3017375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 5200 |  | 959764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 117963 |  | 10328840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd.\* | 33675 |  | 2034643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 6455 |  | 1311591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp. | 4047 |  | 206033 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 42286 |  | 6352626 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity PLC (Switzerland) | 35972 |  | 8183990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 1601 |  | 817679 |
|  |  |  | 33212541 |
|  **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 227818 |  | 10374832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co.(a) | 49200 |  | 1390392 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc. | 344784 |  | 5388974 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 194443 |  | 7462722 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 44607 |  | 1987688 |
|  |  |  | 26604608 |
|  **Entertainment — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 3991 |  | 815481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One (Class A Stock)\* | 800 |  | 71504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One (Class C Stock)\* | 7433 |  | 732225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\*(a) | 8983 |  | 1280078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 159937 |  | 18196032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 44100 |  | 1270962 |
|  |  |  | 22366282 |
|  **Financial Services — 3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc.(a) | 101600 |  | 14707616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 108784 |  | 54680278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.\* | 18000 |  | 1171620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc.(a) | 162494 |  | 4902444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 13875 |  | 4175404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\*(a) | 29889 |  | 2274852 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A36

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 139419 | $| 9265787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 100415 |  | 6744875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 8900 |  | 688860 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 36753 |  | 2145640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 49000 |  | 17184790 |
|  |  |  | 117942166 |
|  **Food Products — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 9100 |  | 523159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell's Company<br>(The)(a) | 23970 |  | 668044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 67331 |  | 1165500 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 56686 |  | 2635899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 23138 |  | 548371 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 24000 |  | 2347440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The)(a) | 229974 |  | 5576869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (Netherlands)\*(a) | 9406 |  | 149085 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. (Non-Voting Shares)(a) | 17171 |  | 1169517 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. (Voting Shares) | 1200 |  | 81612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock)(a) | 153970 |  | 8288205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc.<br>(Class A Stock) | 10400 |  | 609648 |
|  |  |  | 23763349 |
|  **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 112775 |  | 4088094 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 5600 |  | 1088304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 23663 |  | 6831981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 27902 |  | 5340164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\*(a) | 8855 |  | 2891334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 2180 |  | 178128 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc.\*(a) | 156031 |  | 21206173 |
|  |  |  | 41624178 |
|  **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 37669 |  | 4719549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 2600 |  | 405990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc.(a) | 17415 |  | 332801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 200664 |  | 38942862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 20593 |  | 1963543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The)\* | 6720 |  | 550771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 20115 |  | 1714804 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc.(a) | 189480 |  | 15541150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 16900 |  | 1258881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 131674 |  | 12648604 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 4030 |  | 970706 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 6682 |  | 1694021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 4004 |  | 1407286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc.(a) | 40772 |  | 3666218 |
|  |  |  | 85817186 |
|  **Health Care Providers & Services — 5.0%** | **Health Care Providers & Services — 5.0%** | **Health Care Providers & Services — 5.0%** | **Health Care Providers & Services — 5.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 15374 |  | 3159357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 9200 |  | 378580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 21404 |  | 5891023 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 366198 |  | 29061473 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 49075 | $| 17203241 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 6406 |  | 2990705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 29754 |  | 2248807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 75808 |  | 19416703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc.(a) | 24808 |  | 6223831 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 58143 |  | 47694122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 3000 |  | 520620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 28552 |  | 4954629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 4839 |  | 961606 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 172663 |  | 56997783 |
|  |  |  | 197702480 |
|  **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 34706 |  | 1059921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc.(a) | 39517 |  | 7271918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment PLC (United Kingdom)\*(a) | 3146 |  | 676516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 52300 |  | 15023175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp. (Class A Stock) | 1122 |  | 179879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 75023 |  | 6317687 |
|  |  |  | 30529096 |
|  **Household Durables — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc.(a) | 20647 |  | 2973787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 7775 |  | 1577159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class A Stock) | 71936 |  | 7395021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class B Stock) | 1000 |  | 95120 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 18 |  | 131270 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 216183 |  | 25349618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 7612 |  | 1029295 |
|  |  |  | 38551270 |
|  **Household Products — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 239991 |  | 34393110 |
|  **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 18023 |  | 2885482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 67800 |  | 13227102 |
|  |  |  | 16112584 |
|  **Industrial REITs — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 97800 |  | 12485148 |
|  **Insurance — 3.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 18373 |  | 2025991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 100800 |  | 20981520 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 324320 |  | 27745576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 24999 |  | 2397904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 12679 |  | 3957369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 5205 |  | 850081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 1400 |  | 475090 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 1097 |  | 33842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 18297 |  | 998833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 46360 |  | 6388408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 7421 |  | 781506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 890 |  | 1913189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 108622 |  | 20151553 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 53993 |  | 4262207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 7900 |  | 696859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 56131 |  | 12782151 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A37

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Insurance (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 1463 | $| 297662 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 3790 |  | 1065596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 100942 |  | 29279237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 11897 |  | 922018 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp.(a) | 20386 |  | 1429466 |
|  |  |  | 139436058 |
|  **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 265611 |  | 83136243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 67584 |  | 21207859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 22052 |  | 14556305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc. (Class A Stock)\* | 115622 |  | 2993453 |
|  |  |  | 121893860 |
|  **IT Services — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 106247 |  | 28506070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 8100 |  | 706725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 39436 |  | 3174992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 49732 |  | 4127756 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 784 |  | 160626 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc. (Class A Stock)\* | 16597 |  | 2059356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc.\*(a) | 17911 |  | 1548764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. (Class A Stock)\* | 5300 |  | 753872 |
|  |  |  | 41038161 |
|  **Leisure Products — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 78915 |  | 1565674 |
|  **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 2736 |  | 372287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 24600 |  | 281916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 11241 |  | 2573290 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC\*(a) | 38202 |  | 6961168 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\*(a) | 9800 |  | 2209018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc.(a) | 4085 |  | 395224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 106817 |  | 61895111 |
|  |  |  | 74688014 |
|  **Machinery — 4.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp.(a) | 11022 |  | 1149815 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 542763 |  | 5004275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 25291 |  | 12909791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 55903 |  | 26026760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 9871 |  | 1927214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 100932 |  | 7002662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 12142 |  | 670360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 399211 |  | 8571060 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 5170 |  | 919950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 39238 |  | 9664319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc.(a) | 174281 |  | 13806541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 2703 |  | 649882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 221685 |  | 19364185 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 83189 |  | 9110027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 32005 |  | 28131115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 12000 |  | 1249680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc.(a) | 5282 |  | 1820177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 54681 |  | 4061705 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Machinery (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 11649 | $| 2486479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 10119 |  | 1378005 |
|  |  |  | 155904002 |
|  **Media — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\*(a) | 30256 |  | 6315940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 1106284 |  | 33066829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class A Stock) | 15181 |  | 1109276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class B Stock) | 17427 |  | 1131535 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class A Stock) | 18644 |  | 486981 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class B Stock) | 8805 |  | 260892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 106510 |  | 8600682 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom), ADR(a) | 118180 |  | 2654323 |
|  |  |  | 53626458 |
|  **Metals & Mining — 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 132200 |  | 7025108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\*(a) | 158119 |  | 2099820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 497706 |  | 25278488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 61353 |  | 6126097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 13400 |  | 2185674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 4325 |  | 1249363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc.(a) | 10110 |  | 1713139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd. (Canada) (Class B Stock) | 96658 |  | 4628952 |
|  |  |  | 50306641 |
|  **Multi-Utilities — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.(a) | 251129 |  | 14713648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra(a) | 206300 |  | 18214227 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc.(a) | 225827 |  | 23815716 |
|  |  |  | 56743591 |
|  **Office REITs — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust(a) | 224600 |  | 7474688 |
|  **Oil, Gas & Consumable Fuels — 5.9%** | **Oil, Gas & Consumable Fuels — 5.9%** | **Oil, Gas & Consumable Fuels — 5.9%** | **Oil, Gas & Consumable Fuels — 5.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp.(a) | 394302 |  | 9644627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 1095 |  | 212857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 192533 |  | 29343954 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 392729 |  | 36763362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 40700 |  | 1071224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 9131 |  | 334469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc.(a) | 19841 |  | 2982698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Partners LP, MLP | 606893 |  | 19456990 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 85431 |  | 8971109 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 151335 |  | 8111556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 814 |  | 89833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 488041 |  | 58730854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 75447 |  | 2074038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 18300 |  | 2976129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp.(a) | 44774 |  | 1399187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp.(a) | 52600 |  | 2162912 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc.(a) | 32200 |  | 2366700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 91611 |  | 3590235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 14548 |  | 1877274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 115629 |  | 4077079 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A38

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 381220 | $14121937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 67973 | 4994656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 89841 | 14625216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 58813 | 3535249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233514145 |
|  **Passenger Airlines — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 36601 | 1841030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 69200 | 4802480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co.(a) | 636649 | 26312703 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 35100 | 3924882 |
|  |  | 36881095 |
|  **Personal Care Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 197795 | 3411964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR(a) | 41806 | 2734112 |
|  |  | 6146076 |
|  **Pharmaceuticals — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 327130 | 30073061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 154708 | 8344950 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC, ADR(a) | 63121 | 3095454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC, ADR(a) | 1529504 | 15463285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 262949 | 54417296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 77344 | 8141229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark), ADR | 210900 | 10730592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 205321 | 5112493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, ADR(a) | 206240 | 10635797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC (Class A Stock) | 14882 | 575041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 155395 | 15035278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 31225 | 388751 |
|  |  | 162013227 |
|  **Professional Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc.\* | 273 | 7917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 6307 | 532059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 2435 | 528346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 4500 | 596070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 14073 | 2538769 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 19700 | 1722174 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion(a) | 19061 | 1634481 |
|  |  | 7559816 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 15323 | 2463785 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 7400 | 497576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class A Stock)\* | 2000 | 136460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class C Stock)\* | 36139 | 2465403 |
|  |  | 5563224 |
|  **Residential REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.(a) | 31845 | 5773817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 20278 | 563526 |
|  |  | 6337343 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Semiconductors & Semiconductor Equipment — 4.1%** | **Semiconductors & Semiconductor Equipment — 4.1%** | **Semiconductors & Semiconductor Equipment — 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 26722 | $5722784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 9200 | 2495040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 564 | 144942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 70586 | 24429815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc.(a) | 10181 | 857749 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\*(a) | 7428 | 1940416 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\*(a) | 6100 | 213012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 529710 | 19546299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 146490 | 12448720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 329864 | 21018934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 72942 | 20818376 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 34642 | 7519393 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\*(a) | 86516 | 4684841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 69054 | 5638259 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc.(a) | 75704 | 12949169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 5900 | 374119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 70120 | 21308767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp. | 10260 | 1198163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163308798 |
|  **Software — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 88300 | 42703646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 10402 | 4630242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 52133 | 13810553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 8216 | 643724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc. (Class A Stock)\*(a) | 65500 | 14068090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc.\* | 8889 | 767032 |
|  |  | 76623287 |
|  **Specialized REITs — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 85259 | 14968923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 8547 | 6548369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc. | 5617 | 167780 |
|  |  | 21685072 |
|  **Specialty Retail — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 44741 | 15395378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 17299 | 4171827 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 160295 | 14620507 |
|  |  | 34187712 |
|  **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 358719 | 8616430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 8466 | 2009659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 52100 | 14347819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 81551 | 14048791 |
|  |  | 39022699 |
|  **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 76901 | 4697882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 16247 | 3376289 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 27388 | 1744890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 6499 | 830377 |
|  |  | 10649438 |
|  **Tobacco — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 223730 | 35886292 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A39

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 46052 | $6620435 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 18599 | 15052543 |
|  |  | 21672978 |
|  **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 106307 | 21584573 |
|  **TOTAL COMMON STOCKS**<br> (cost $3,374,348,864) | **TOTAL COMMON STOCKS**<br> (cost $3,374,348,864) | 3767462894 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 402918 | 84749772 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street SPDR Portfolio S&P 500 Value ETF | 625644 | 35542836 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $100,604,957) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $100,604,957) | 120292608 |
|  **TOTAL LONG-TERM INVESTMENTS—98.7%**<br> (cost $3,474,953,821) | **TOTAL LONG-TERM INVESTMENTS—98.7%**<br> (cost $3,474,953,821) | 3887755502 |
|  **SHORT-TERM INVESTMENTS — 10.8%** | **SHORT-TERM INVESTMENTS — 10.8%** |  |
|  **AFFILIATED MUTUAL FUNDS — 10.8%** | **AFFILIATED MUTUAL FUNDS — 10.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 52726748 | 52726748 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $373,211,359; includes $371,939,951 of cash collateral for securities on loan)(b)(wb) | 373439748 | 373215684 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $425,938,107) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $425,938,107) | 425942432 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal<br>Amount<br>(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATION(n) — 0.0%** | **U.S. TREASURY OBLIGATION(n) — 0.0%** | **U.S. TREASURY OBLIGATION(n) — 0.0%** |  |
|  U.S. Treasury Bills 3.632% | 04/23/26 | 450 | $445099 |
|  (cost $444,985) | (cost $444,985) |  |  |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $426,383,092) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $426,383,092) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $426,383,092) | 426387531 |
|  **TOTAL INVESTMENTS—109.5%**<br> (cost $3,901,336,913) | **TOTAL INVESTMENTS—109.5%**<br> (cost $3,901,336,913) | **TOTAL INVESTMENTS—109.5%**<br> (cost $3,901,336,913) | 4314143033 |
|  **Liabilities in excess of other assets(z) — (9.5)%** | **Liabilities in excess of other assets(z) — (9.5)%** | **Liabilities in excess of other assets(z) — (9.5)%** | (374033575) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940109458 |

---

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

\* Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $361,053,962; cash collateral of $371,939,951 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

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

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |
|  Euro, Expiring 03/17/26 | MSI | EUR | 1657 | $1954247 | $1954795 | $548 | $— |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |
|  British Pound,<br>Expiring 03/17/26 | CITI | GBP | 19060 | $25599930 | $25686180 | $— | $(86250) |
|  Expiring 03/17/26 | GSI | GBP | 131 | 175820 | 176411 |  | (591) |
|  Expiring 03/17/26 | MSI | GBP | 2601 | 3471988 | 3504768 |  | (32780) |
|  Danish Krone,<br>Expiring 03/17/26 | MSI | DKK | 78015 | 12327116 | 12330084 |  | (2968) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A40

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |  |
|  Euro,<br>Expiring 03/17/26 | GSI | EUR | 12324 | $14556287 | $14535823 | $20464 | $— |
|  |  |  |  | $56131141 | $56233266 | 20464 | (122589) |
|  |  |  |  |  |  | $21012 | $(122589) |

---

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

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

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

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

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $110084371 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 32224032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 10961699 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 56912551 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 377903862 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages. | 44565433 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology. | 64472312 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 62839649 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products. | 25869335 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 151990488 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 125212562 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 13592251 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 85498557 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 338070 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 60412606 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 84770762 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 70869897 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 13207196 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributors | 946792 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 21107203 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities. | 68473257 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 18793089 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 33212541 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 26604608 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 22366282 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 117942166 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 23763349 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 41624178 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 85817186 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services. | 197702480 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 30529096 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 38551270 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 34393110 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A41

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | $16112584 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 12485148 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 139436058 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 121893860 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 41038161 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 1565674 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 74688014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 155904002 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media. | 53626458 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 50306641 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 56743591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 7474688 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 219392208 | 14121937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines. | 36881095 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 6146076 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 146977949 | 15035278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 7559816 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development. | 5563224 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 6337343 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 163308798 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 76623287 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 21685072 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 34187712 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals. | 39022699 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 10649438 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco. | 35886292 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 21672978 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 21584573 |  |  |
|  Unaffiliated Exchange-Traded Funds | 120292608 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 425942432 |  |  |
|  U.S. Treasury Obligation. |  | 445099 |  |
|  **Total** | $**4284540719** | $**29602314** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts | $**—** | $**21012** | $**—** |
|  **Liabilities** |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts | $**—** | $**(122589)** | $**—** |

---

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

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (9.4% represents investments purchased with collateral from securities on loan) | 10.8 |
|  Banks | 9.6 |
|  Oil, Gas & Consumable Fuels | 5.9 |
|  Health Care Providers & Services | 5.0 |
|  Semiconductors & Semiconductor Equipment | 4.1 |
|  Pharmaceuticals | 4.1 |

---

---

| | |
|:---|:---|
|  Machinery | 4.0 |
|  Capital Markets | 3.9 |
|  Insurance | 3.5 |
|  Chemicals | 3.2 |
|  Interactive Media & Services | 3.1 |
|  Unaffiliated Exchange-Traded Funds | 3.1 |
|  Financial Services | 3.0 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A42

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Aerospace & Defense | 2.8 |
|  Health Care Equipment & Supplies | 2.2 |
|  Communications Equipment | 2.2 |
|  Consumer Finance | 2.2 |
|  Software | 1.9 |
|  Life Sciences Tools & Services | 1.9 |
|  Consumer Staples Distribution & Retail | 1.8 |
|  Electric Utilities | 1.7 |
|  Biotechnology | 1.6 |
|  Broadline Retail | 1.6 |
|  Construction Materials | 1.5 |
|  Automobiles | 1.4 |
|  Multi-Utilities | 1.4 |
|  Media | 1.4 |
|  Metals & Mining | 1.3 |
|  Beverages | 1.1 |
|  Ground Transportation | 1.1 |
|  IT Services | 1 |
|  Technology Hardware, Storage & Peripherals | 1 |
|  Household Durables | 1 |
|  Passenger Airlines | 0.9 |
|  Tobacco | 0.9 |
|  Household Products | 0.9 |
|  Specialty Retail | 0.9 |
|  Electronic Equipment, Instruments & Components | 0.8 |
|  Air Freight & Logistics | 0.8 |
|  Hotels, Restaurants & Leisure | 0.8 |
|  Energy Equipment & Services | 0.7 |
|  Building Products | 0.7 |

---

---

| | |
|:---|:---|
|  Food Products | 0.6% |
|  Entertainment | 0.6 |
|  Specialized REITs | 0.6 |
|  Trading Companies & Distributors | 0.6 |
|  Wireless Telecommunication Services | 0.5 |
|  Diversified Telecommunication Services | 0.5 |
|  Electrical Equipment | 0.5 |
|  Industrial Conglomerates | 0.4 |
|  Commercial Services & Supplies | 0.3 |
|  Containers & Packaging | 0.3 |
|  Industrial REITs | 0.3 |
|  Automobile Components | 0.3 |
|  Textiles, Apparel & Luxury Goods | 0.3 |
|  Professional Services | 0.2 |
|  Office REITs | 0.2 |
|  Residential REITs | 0.2 |
|  Personal Care Products | 0.2 |
|  Real Estate Management & Development | 0.1 |
|  Leisure Products | 0.0 \* |
|  Distributors | 0.0 \* |
|  U.S. Treasury Obligation | 0.0 \* |
|  Construction & Engineering | 0.0 \* |
|  | 109.5 |
|  Liabilities in excess of other assets | (9.5) |
|  | 100.0% |

---

\* Less than 0.05% 

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value**  | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | $21012 | Unrealized depreciation on OTC<br> forward foreign currency<br> exchange contracts | $122589 |

---

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** |
|  Equity contracts | $(139198) | $— |
|  Foreign exchange contracts |  | (3019730) |
|  **Total** | $(139198) | $(3019730) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A43

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST LARGE-CAP VALUE PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

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

---

| | | |
|:---|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** |
|  Equity contracts | $75452 | $— |
|  Foreign exchange contracts |  | (891262) |
|  **Total** | $75452 | $(891262) |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $474860 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 2306899 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 52093111 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

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

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net<br>Amount** |
| Securities on Loan | $361053962 | $(361053962) | $— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  CITI | $— | $(86250) | $(86250) | $– | $(86250) |
|  GSI | 20464 | (591) | 19873 | – | 19873 |
|  MSI | 548 | (35748) | (35200) | – | (35200) |
|  | $21012 | $(122589) | $(101577) | $– | $(101577) |

---

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A44

------

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

---

| | |
|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** | **STATEMENT OF ASSETS AND LIABILITIES** |
| as of December 31, 2025 |  |
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $361,053,962: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,475,398,806) . | $3888200601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $425,938,107) | 425942432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 4533685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 3294378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 21012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 58367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4322053036 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 371939951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 3520405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 2609895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable. | 1784762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1401493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 397456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 163777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 122589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian. | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 381943578 |
|  **NET ASSETS** | $3940109458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $3940109458 |
|  Net asset value and redemption price per share, $3,940,109,458 / 64,562,919 outstanding shares of beneficial interest | $61.03 |

---

---

| | |
|:---|:---|
|  **STATEMENT OF OPERATIONS** |  |
|  Year Ended December 31, 2025 |  |
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $371,436 foreign withholding tax, of which $42,039 is reimbursable by an affiliate) | $76021960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 2295773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $456,536) | 481672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 38447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 78837852 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 20954218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 9656322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 349234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 74127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 73254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee. | 60046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 19581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 9073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 138073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 31333928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense<br> reimbursement | (386253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 30947675 |
|  **NET INVESTMENT INCOME (LOSS)** | 47890177 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(24122)) | 149038803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions. | (139198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (3019730) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 18665 |
|  | 145898540 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $4,325) | 372208261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 75452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts. | (891262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 58067 |
|  | 371450518 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 517349058 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $565239235 |

---

---

| | | |
|:---|:---|:---|
| STATEMENTS OF CHANGES IN NET ASSETS |  |  |
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $47890177 | $54982346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 145898540 | 451759285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 371450518 | (226083905) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 565239235 | 280657726 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [2,150,889 and 12,134,811 shares, respectively] | 119086898 | 634884865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [0 and 11,472,553 shares, respectively] |  | 623074380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [14,338,195 and 11,041,741 shares, respectively] | (780209684) | (573335753) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (661122786) | 684623492 |
|  **TOTAL INCREASE (DECREASE)** | (95883551) | 965281218 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4035993009 | 3070711791 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year. | $3940109458 | $4035993009 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A45

------

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

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $52.59 | $47.84 | $43.59 | $42.86 | $33.18 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.69 | 0.86 | 0.86 | 0.76 | 0.42 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 7.75 | 3.89 | 3.39 | (0.03) | 9.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 8.44 | 4.75 | 4.25 | 0.73 | 9.68 |
|  Net Asset Value, end of year. | $61.03 | $52.59 | $47.84 | $43.59 | $42.86 |
|  **Total Return<sup>(b)</sup>** | 16.05% | 9.93% | 9.75% | 1.70% | 29.21% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $3940 | $4036 | $3071 | $2775 | $1218 |
|  Average net assets (in millions) | $3863 | $3319 | $2803 | $2841 | $1748 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.80% | 0.81% | 0.80% | 0.80% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.81% | 0.83% | 0.83% | 0.82% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.24% | 1.66% | 1.94% | 1.76% | 1.06% |
|  Portfolio turnover rate<sup>(d)</sup> | 44% | 99% | 35% | 79% | 24% |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A46

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 98.7%** | **LONG-TERM INVESTMENTS — 98.7%** | **LONG-TERM INVESTMENTS — 98.7%** |
|  **COMMON STOCKS — 95.7%** |  |  |
|  **Aerospace & Defense — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAR Corp.\* | 5193 | $429928 |
| &nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc.\*(a) | 14023 | 3392023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astronics Corp.\* | 4379 | 237517 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 9640 | 1106286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\*(a) | 3771 | 2141664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Byrna Technologies, Inc.\* | 2050 | 34420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadre Holdings, Inc. | 5170 | 211143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 17015 | 5357003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 8558 | 4717769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc.\* | 2194 | 208715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA (Brazil), ADR | 117395 | 7556716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp.(a) | 71605 | 5291609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 2790 | 948795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovative Solutions & Support, Inc.\* | 3370 | 63828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.\*(a) | 130462 | 9545905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc.\* | 106433 | 8079329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo DRS, Inc. | 12709 | 433250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\*(a) | 77723 | 5285164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 7786 | 568456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc. (Class A Stock) | 3855 | 938885 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Presto Industries, Inc. | 4580 | 488961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 2420 | 51643 |
| &nbsp;&nbsp;&nbsp;&nbsp; V2X, Inc.\* | 3878 | 211545 |
| &nbsp;&nbsp;&nbsp;&nbsp; VSE Corp.(a) | 16103 | 2782115 |
|  |  | 60082669 |
|  **Air Freight & Logistics — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 13457 | 708377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Inc. (Class A Stock) | 8800 | 374968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiant Logistics, Inc.\* | 7056 | 44664 |
|  |  | 1128009 |
|  **Automobile Components — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient PLC\* | 63494 | 1217180 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holdings, Inc.\* | 16939 | 108579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autoliv, Inc. (Sweden) | 7417 | 880398 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 24864 | 1120372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper-Standard Holdings, Inc.\* | 3035 | 99639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 17773 | 422286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 4218 | 519615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Factory Holding Corp.\* | 5456 | 93352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion, Inc. (Switzerland) | 25717 | 448247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 70676 | 1644631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc.\* | 3414 | 124167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)\* | 134470 | 1177957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holley, Inc.\* | 8010 | 33081 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 21597 | 2620580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp.(a) | 35197 | 4033576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc.\* | 3660 | 45164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 4711 | 510814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 15517 | 972761 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuantumScape Corp.\* | 7428 | 77400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 3328 | 122637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoneridge, Inc.\* | 1820 | 10538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strattec Security Corp.\* | 675 | 51395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp. | 31692 | 3013909 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Automobile Components (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 3470 | $173188 |
|  |  | 19521466 |
|  **Automobiles — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc.(a) | 65864 | 1349554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc.\*(a) | 12951 | 136892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc.(a) | 35794 | 3674970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 36287 | 1470349 |
|  |  | 6631765 |
|  **Banks — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Source Corp. | 19359 | 1209744 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACNB Corp. | 1060 | 51251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 4196 | 134398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amerant Bancorp, Inc. | 57570 | 1123191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 9449 | 701777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ames National Corp. | 1750 | 40180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Financial Corp. | 14760 | 463464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 48557 | 1250828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 18421 | 650261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 32281 | 2781331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 88358 | 1704426 |
| &nbsp;&nbsp;&nbsp;&nbsp; BancFirst Corp.(a) | 4638 | 491721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bancorp, Inc. (The)\* | 6407 | 432601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank First Corp. | 530 | 64565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 5633 | 385128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 28916 | 752105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 6084 | 303105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK(a) | 15509 | 713724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank7 Corp. | 8350 | 342183 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankFinancial Corp. | 3820 | 45840 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 45562 | 2030698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 1016 | 46553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 5122 | 320945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 2311 | 71757 |
| &nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp. | 14500 | 426300 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCB Bancorp, Inc. | 3500 | 28245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beacon Financial Corp. | 62787 | 1655693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Foundry Bancorp\* | 3390 | 42138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc. | 4050 | 17294 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOK Financial Corp.(a) | 7533 | 892359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgewater Bancshares, Inc.\* | 26022 | 456166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services Corp. | 11212 | 698620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 4480 | 117107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Byline Bancorp, Inc. | 75532 | 2201758 |
| &nbsp;&nbsp;&nbsp;&nbsp; C&F Financial Corp. | 500 | 36295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank(a) | 82053 | 3515151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden National Corp. | 19655 | 852634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Bancorp, Inc. | 13810 | 389028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | 2655 | 113023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 235517 | 1603871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter Bankshares, Inc.\* | 18068 | 355217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 31369 | 1517946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 39617 | 1234466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemung Financial Corp. | 636 | 35489 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, Inc. | 320 | 9446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens & Northern Corp. | 2649 | 53430 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A47

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Community Bancorp, Inc. | 920 | $16394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Services, Inc. | 222 | 12658 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Holding Co. | 2110 | 251512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 19728 | 438356 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNB Financial Corp. | 17472 | 457242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coastal Financial Corp.\* | 2220 | 254390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 22256 | 396602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 163196 | 4561328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Financial, Inc.\* | 12680 | 197047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc.(a) | 13428 | 1167296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc.(a) | 16109 | 843145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Financial System, Inc. | 7305 | 419599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 14684 | 829646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community West Bancshares | 3170 | 71325 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 61781 | 1619898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc.(a) | 6176 | 782067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\*(a) | 49075 | 3588364 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | 19346 | 359836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 54352 | 1635452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp Montana, Inc. | 660 | 13134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 71380 | 1528960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 29973 | 552402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 22863 | 1234602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Bancshares, Inc. (Class A Stock) | 2689 | 120064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esquire Financial Holdings, Inc. | 1257 | 128302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers & Merchants Bancorp, Inc. | 1450 | 35844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 29277 | 389970 |
| &nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 6751 | 376706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity D&D Bancorp, Inc. | 260 | 11318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | 41180 | 1283581 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bancorp | 5971 | 303267 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bancorp, Inc. (The) | 2390 | 63192 |
| &nbsp;&nbsp;&nbsp;&nbsp; First BanCorp. (Puerto Rico) | 22974 | 476251 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bank. | 4070 | 66992 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Busey Corp. | 70017 | 1665704 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Business Financial Services, Inc. | 1255 | 68146 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 15178 | 255901 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Community Bankshares, Inc. | 2811 | 94815 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Community Corp. | 420 | 12453 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 14161 | 354308 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc.(a) | 17374 | 518961 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Corp. | 15320 | 925634 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Foundation, Inc.\* | 190082 | 1170905 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 66323 | 1677972 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 36833 | 880309 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Internet Bancorp | 17725 | 369921 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock)(a) | 45987 | 1591150 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Merchants Corp. | 42301 | 1585441 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mid Bancshares, Inc. | 20471 | 798369 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Savings Financial Group, Inc. | 470 | 14974 |
| &nbsp;&nbsp;&nbsp;&nbsp; First United Corp. | 1494 | 55935 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Western Financial, Inc.\* | 14480 | 388209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Firstsun Capital Bancorp\* | 19400 | 730119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Star Bancorp | 11310 | 404672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flagstar Bank NA | 144428 | 1818349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 59203 | 898110 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB Corp. | 66080 | 1129968 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 1660 | $68342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 24755 | 478514 |
| &nbsp;&nbsp;&nbsp;&nbsp; FVCBankcorp, Inc. | 1550 | 21560 |
| &nbsp;&nbsp;&nbsp;&nbsp; German American Bancorp, Inc. | 5012 | 196370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc.(a) | 16635 | 732772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 13722 | 844726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greene County Bancorp, Inc. | 1140 | 25342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 64242 | 4090931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 43800 | 1183914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawthorn Bancshares, Inc. | 1170 | 40810 |
| &nbsp;&nbsp;&nbsp;&nbsp; HBT Financial, Inc. | 4210 | 108828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 268443 | 3224000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 36233 | 856910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 38500 | 1306690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hingham Institution for Savings (The)(a) | 4381 | 1244029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Bancorp, Inc. | 13416 | 775445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 94371 | 2621626 |
| &nbsp;&nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 2650 | 113791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 148130 | 1623505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 71752 | 1216914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc.(a) | 78975 | 1370216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. (XNGS) | 21927 | 1602425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. (XLON) | 3165 | 102957 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp.(a) | 8903 | 591515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investar Holding Corp. | 1380 | 36874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kearny Financial Corp. | 125720 | 931585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeland Financial Corp. | 3665 | 209125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landmark Bancorp, Inc. | 850 | 22261 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCNB Corp. | 2150 | 35238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc. | 44074 | 1513942 |
| &nbsp;&nbsp;&nbsp;&nbsp; MainStreet Bancshares, Inc. | 730 | 14863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mechanics Bancorp (Class A Stock) | 28708 | 419998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 22916 | 1102260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Corp. | 960 | 16877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 4010 | 106425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. | 1603 | 122405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid Penn Bancorp, Inc. | 13730 | 425905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlefield Banc Corp. | 390 | 13471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | 42591 | 901651 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 3250 | 125125 |
| &nbsp;&nbsp;&nbsp;&nbsp; MVB Financial Corp. | 2060 | 53210 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank Holdings Corp. (Class A Stock) | 5432 | 206470 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bankshares, Inc. | 780 | 26153 |
| &nbsp;&nbsp;&nbsp;&nbsp; NB Bancorp, Inc. | 72011 | 1427258 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 7376 | 306252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc.(a) | 20289 | 2461056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northeast Bank(a) | 35823 | 3723084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 1460 | 33011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 75954 | 868154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc. | 3044 | 81001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 22023 | 264276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwood Financial Corp. | 1130 | 31696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oak Valley Bancorp | 770 | 23146 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 80116 | 1438082 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp (Puerto Rico) | 6537 | 267886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Valley Banc Corp. | 690 | 27586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old National Bancorp(a) | 44255 | 987329 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A48

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 80552 | $1570764 |
| &nbsp;&nbsp;&nbsp;&nbsp; OP Bancorp | 1500 | 21180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Bancorp, Inc. | 560 | 15988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Bancorp, Inc. | 31670 | 1191109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | 2560 | 90675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park National Corp. | 2303 | 350471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parke Bancorp, Inc. | 2230 | 55839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 3440 | 244240 |
| &nbsp;&nbsp;&nbsp;&nbsp; PCB Bancorp. | 2570 | 55640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 25523 | 710816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp of North Carolina, Inc. | 1190 | 43078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | 5485 | 164715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peoples Financial Services Corp. | 970 | 47249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 23782 | 2269041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Bancorp, Inc.\* | 910 | 12267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plumas Bancorp | 470 | 21004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ponce Financial Group, Inc.\* | 3270 | 53464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc. (Puerto Rico) | 8363 | 1041361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 53354 | 5038218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primis Financial Corp. | 4180 | 58144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Princeton Bancorp, Inc. | 520 | 18039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 10360 | 715980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Holdings, Inc. | 1870 | 29752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 92168 | 1820318 |
| &nbsp;&nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | 16486 | 1373284 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBB Bancorp. | 21476 | 443265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red River Bancshares, Inc. | 900 | 64287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 11806 | 415807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Bancorp, Inc. (Class A Stock) . | 2459 | 169646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Richmond Mutual BanCorp, Inc. | 790 | 11092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riverview Bancorp, Inc. | 5290 | 26556 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 5508 | 216740 |
| &nbsp;&nbsp;&nbsp;&nbsp; SB Financial Group, Inc. | 810 | 18039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 5897 | 185284 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 7281 | 522703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 46482 | 821802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sierra Bancorp. | 12124 | 396212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp. (Class A Stock) | 85997 | 1621043 |
| &nbsp;&nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 2441 | 90293 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | 1946 | 75505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc.\* | 1435 | 73931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 7550 | 446356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 4390 | 133412 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOUTHSTATE BANK Corp. | 12675 | 1192844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 6936 | 214600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 4363 | 283377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 22882 | 1145244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 6015 | 544598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Third Coast Bancshares, Inc.\*(a) | 1090 | 41431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timberland Bancorp, Inc. | 2040 | 73032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 14159 | 1026811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towne Bank | 29819 | 995060 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 36812 | 1743784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Financial, Inc.\* | 2945 | 184445 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank Corp. | 29671 | 1226302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 8802 | 342838 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp.(a) | 10085 | 1160178 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Bankshares, Inc. | 560 | $13289 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 18667 | 716813 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 37730 | 1177931 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Security Bancshares | 1520 | 15306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 1676 | 86683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corp. | 38642 | 1265139 |
| &nbsp;&nbsp;&nbsp;&nbsp; USCB Financial Holdings, Inc. | 910 | 16762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp | 173052 | 2021247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia National Bankshares Corp. | 310 | 12354 |
| &nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. | 43455 | 1391864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 36898 | 1090336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 12099 | 761511 |
| &nbsp;&nbsp;&nbsp;&nbsp; WesBanco, Inc. | 12742 | 423544 |
| &nbsp;&nbsp;&nbsp;&nbsp; West BanCorp, Inc. | 2945 | 65350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 3739 | 178836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 11004 | 925106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western New England Bancorp, Inc. | 5228 | 65977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 32249 | 4509055 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 40488 | 2236557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 15794 | 924581 |
|  |  | 167743700 |
|  **Beverages — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. (The) (Class A Stock)\* | 1109 | 216399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 19199 | 2943207 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 2160 | 52488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. (Class B Stock)(a) | 10043 | 468807 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp.\* | 9571 | 305219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vita Coco Co., Inc. (The)\* | 7047 | 373562 |
|  |  | 4359682 |
|  **Biotechnology — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4D Molecular Therapeutics, Inc.\* | 3640 | 27300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 89Bio, Inc.\*^. | 2423 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abivax SA (France), ADR\*(a) | 24300 | 3276976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Absci Corp.\*(a) | 11370 | 39681 |
| &nbsp;&nbsp;&nbsp;&nbsp; AC Immune SA (Switzerland)\* | 4330 | 13596 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 13197 | 352492 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 32444 | 591779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 4662 | 126900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akebia Therapeutics, Inc.\* | 11637 | 18736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akero Therapeutics, Inc.\*^ | 604 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldeyra Therapeutics, Inc.\* | 9920 | 51386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alector, Inc.\* | 14330 | 22355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC\* | 67705 | 1894386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc.\* | 18772 | 25718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altimmune, Inc.\* | 3790 | 13682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc.\* | 2680 | 25755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annexon, Inc.\* | 9110 | 45732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Therapeutics, Inc.\*(a) | 59468 | 4488645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, Inc.\* | 3614 | 22154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc.\* | 11406 | 271805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 87005 | 2526625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 68142 | 4523947 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARS Pharmaceuticals, Inc.\* | 2051 | 23894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astria Therapeutics, Inc.\* | 1080 | 14137 |
| &nbsp;&nbsp;&nbsp;&nbsp; aTyr Pharma, Inc.\* | 4540 | 3555 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A49

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Biotechnology (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aura Biosciences, Inc.\* | 4010 | $21854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc.\* | 11014 | 305308 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 11856 | 704602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biomea Fusion, Inc.\* | 2530 | 3137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Diamond Therapeutics, Inc.\* | 4590 | 11154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 74613 | 5707148 |
| &nbsp;&nbsp;&nbsp;&nbsp; C4 Therapeutics, Inc.\* | 6970 | 13313 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareDx, Inc.\* | 5917 | 111476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caribou Biosciences, Inc.\* | 13050 | 20749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 91030 | 2124640 |
| &nbsp;&nbsp;&nbsp;&nbsp; CG oncology, Inc.\*(a) | 89300 | 3707736 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG (Switzerland)\* | 10827 | 567768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullinan Therapeutics, Inc.\* | 5658 | 58560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Day One Biopharmaceuticals, Inc.\* | 7690 | 71671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denali Therapeutics, Inc.\* | 17324 | 286019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Design Therapeutics, Inc.\* | 4390 | 41178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dianthus Therapeutics, Inc.\* | 334 | 13764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disc Medicine, Inc.\* | 39310 | 3121607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\* | 16232 | 249648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 7370 | 91093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc.\* | 158 | 2492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entrada Therapeutics, Inc.\* | 1940 | 19943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erasca, Inc.\* | 18000 | 66960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 14446 | 1467136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 25296 | 1108724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc.\* | 14900 | 14641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 62821 | 4227853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ideaya Biosciences, Inc.\* | 2478 | 85664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Immunome, Inc.\* | 82547 | 1773110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intellia Therapeutics, Inc.\* | 10969 | 98611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iovance Biotherapeutics, Inc.\*(a) | 24950 | 68113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc.\* | 6290 | 21197 |
| &nbsp;&nbsp;&nbsp;&nbsp; iTeos Therapeutics, Inc. (Luxembourg)\*^ | 5592 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janux Therapeutics, Inc.\* | 1254 | 17305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jasper Therapeutics, Inc.\* | 780 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc.\* | 494 | 10058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kiniksa Pharmaceuticals International PLC\* | 5681 | 234341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc.\* | 6310 | 176428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\*(a) | 23850 | 5879979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kura Oncology, Inc.\* | 8300 | 86237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc.\*(a) | 89992 | 7002277 |
| &nbsp;&nbsp;&nbsp;&nbsp; MacroGenics, Inc.\* | 10990 | 17694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\*(a) | 6466 | 3765410 |
| &nbsp;&nbsp;&nbsp;&nbsp; MannKind Corp.\* | 37003 | 209807 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediciNova, Inc.\* | 4930 | 6458 |
| &nbsp;&nbsp;&nbsp;&nbsp; MiMedx Group, Inc.\* | 21280 | 144066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineralys Therapeutics, Inc.\* | 79285 | 2877253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc.\*(a) | 83900 | 6627261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 2974 | 87703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc.\* | 3360 | 52685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myriad Genetics, Inc.\* | 8891 | 54680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 20295 | 4649382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 389 | 55172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newamsterdam Pharma Co. NV (Netherlands)\* | 171400 | 6012712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nkarta, Inc.\* | 7360 | 13616 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Biotechnology (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc.\* | 6260 | $118752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvalent, Inc. (Class A Stock)\* | 19199 | 1931227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olema Pharmaceuticals, Inc.\* | 4084 | 102100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc.\* | 16810 | 87076 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIC Pharmaceuticals, Inc.\* | 7130 | 58323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc.\*(a) | 17846 | 5259930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\*(a) | 41841 | 3654393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prothena Corp. PLC (Ireland)\* | 5056 | 48285 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 46452 | 3528494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc.\* | 7140 | 42483 |
| &nbsp;&nbsp;&nbsp;&nbsp; REGENXBIO, Inc.\* | 7187 | 103493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc.\* | 16217 | 137196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Replimune Group, Inc.\* | 10260 | 99727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\*(a) | 45178 | 4835853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc.\* | 640 | 27411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Pharmaceuticals, Inc.\* | 8070 | 28326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 57412 | 1245840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 4756 | 102349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp.\*(a) | 70538 | 3107199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sera Prognostics, Inc. (Class A Stock)\* . | 2450 | 7227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solid Biosciences, Inc.\* | 2540 | 14326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc.\*(a) | 85472 | 2800063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc.\* | 6839 | 217070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaya Therapeutics, Inc.\* | 4770 | 3394 |
| &nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 697 | 20778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc.\* | 52242 | 1996167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twist Bioscience Corp.\* | 5348 | 169639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyra Biosciences, Inc.\* | 1770 | 46533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 8257 | 72827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vaxcyte, Inc.\* | 540 | 24916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vera Therapeutics, Inc.\*(a) | 52500 | 2658600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 46418 | 1954198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.\*(a) | 138312 | 4980615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verve Therapeutics, Inc.\*^ | 5320 | 10534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc.\* | 2683 | 94388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc.\* | 12130 | 73144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc.\* | 6620 | 26017 |
| &nbsp;&nbsp;&nbsp;&nbsp; XBiotech, Inc.\* | 2660 | 6357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc.\* | 8221 | 125863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenon Pharmaceuticals, Inc. (Canada)\*(a) | 207712 | 9309652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zymeworks, Inc.\* | 8080 | 212746 |
|  |  | 131915360 |
|  **Broadline Retail — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1stdibs.com, Inc.\* | 3650 | 21864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dillard's, Inc. (Class A Stock)(a) | 1304 | 790667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 11273 | 624975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global-e Online Ltd. (Israel)\* | 113500 | 4461685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupon, Inc.\* | 2560 | 45082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp. | 12187 | 248737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 33044 | 728620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\*(a) . | 59150 | 6483431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Savers Value Village, Inc.\* | 6850 | 63979 |
|  |  | 13469040 |
|  **Building Products — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 7914 | 529288 |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc.(a) | 8749 | 667111 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A50

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Building Products (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 6013 | $870863 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 17429 | 939423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 27471 | 1000219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 9602 | 1834942 |
| &nbsp;&nbsp;&nbsp;&nbsp; AZZ, Inc.(a) | 24270 | 2601259 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc.(a) | 2062 | 605259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 34952 | 1748299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.\* | 30552 | 1510491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | 43653 | 3215043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 23142 | 357544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 2869 | 90861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.\* | 394965 | 2583071 |
| &nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN Holding, Inc.\* | 10687 | 26290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 175352 | 1935886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\*(a) | 36927 | 4930124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 3292 | 368408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 3540 | 54445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 41567 | 1459833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 5309 | 857244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tecnoglass, Inc. | 5811 | 292410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.\* | 11100 | 389388 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 18165 | 1653923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 15695 | 729661 |
|  |  | 31251285 |
|  **Capital Markets — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 4736 | 222592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 3859 | 1112473 |
| &nbsp;&nbsp;&nbsp;&nbsp; AlTi Global, Inc.\* | 3280 | 15219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Inc. (Class A Stock) | 9626 | 392163 |
| &nbsp;&nbsp;&nbsp;&nbsp; BGC Group, Inc. (Class A Stock) | 386876 | 3454803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Corp.(a) | 143275 | 1780908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers, Inc. | 6557 | 411648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Hill Investment Group, Inc. | 346 | 58647 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 20123 | 308687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc.\* | 4029 | 188114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 2419 | 823065 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 1855 | 538302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federated Hermes, Inc. | 35592 | 1853275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 3583 | 85598 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCM Grosvenor, Inc. (Class A Stock) | 3500 | 39620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc. | 117860 | 1599360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane, Inc. (Class A Stock)(a) | 71164 | 9558037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 1035 | 180287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 72242 | 1897797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 35460 | 1686832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 4197 | 260088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lazard, Inc. | 11139 | 540910 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 3512 | 636550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. (Class A Stock) | 6137 | 421857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 2167 | 470911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Lending Corp.\* | 11629 | 18025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oppenheimer Holdings, Inc. (Class A Stock) | 290 | 20964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perella Weinberg Partners | 1012 | 17508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos | 29584 | 10049981 |
| &nbsp;&nbsp;&nbsp;&nbsp; PJT Partners, Inc. (Class A Stock)(a) | 30471 | 5094751 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 9295 | 762376 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Silvercrest Asset Management Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inc. (Class A Stock) | 1350 | $20507 |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. (Class A Stock) . | 74000 | 4748580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 6739 | 843858 |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.\*(a) | 68942 | 6558452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc. (Class A Stock)(a) | 160022 | 10095788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock)(a) | 12133 | 404272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 8281 | 1351045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westwood Holdings Group, Inc. | 1930 | 33215 |
| &nbsp;&nbsp;&nbsp;&nbsp; WisdomTree, Inc.(a) | 19595 | 238863 |
|  |  | 68795928 |
|  **Chemicals — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 17595 | 304394 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp.\* | 65185 | 249007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arq, Inc.\* | 3590 | 11739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 5323 | 312300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Aerogels, Inc.\* | 8917 | 25235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 12494 | 390313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 69258 | 2237726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 4447 | 681992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioceres Crop Solutions Corp. (Argentina)\* | 4390 | 5751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp. | 11969 | 793305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 6252 | 264335 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 1972 | 152514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. (The) | 17943 | 211548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 9164 | 584938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecovyst, Inc.\* | 174080 | 1693798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 106299 | 2656412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flotek Industries, Inc.\* | 1340 | 23088 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp.(a) | 12380 | 171711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawkins, Inc. | 2855 | 405581 |
| &nbsp;&nbsp;&nbsp;&nbsp; HB Fuller Co. | 30033 | 1785762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 133311 | 1333110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp.\* | 16962 | 1003811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 16201 | 1240025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intrepid Potash, Inc.\* | 2074 | 57512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 1937 | 52454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kronos Worldwide, Inc. | 7437 | 32872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 7175 | 87176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methanex Corp. (Canada)(a) | 67604 | 2685231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 4482 | 273178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 24861 | 598902 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 1113 | 764920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Technologies International Corp. | 1940 | 15190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp.(a) | 67058 | 1396818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion SA (Germany) | 7154 | 37773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 7842 | 215890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp.(a) | 2117 | 290685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier Advanced Materials, Inc.\* | 9526 | 56108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) | 4219 | 246179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 5787 | 543689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 2903 | 137486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinseo PLC. | 2300 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tronox Holdings PLC | 17139 | 71470 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A51

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Chemicals (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 3132 | $231580 |
|  |  | 24334651 |
|  **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 76519 | 3236754 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 16093 | 60027 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACV Auctions, Inc. (Class A Stock)\* | 16210 | 130004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brady Corp. (Class A Stock) | 6038 | 473198 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightView Holdings, Inc.\* | 13630 | 172692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brink's Co. (The) | 53799 | 6279957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc.<br>(Class A Stock)\*(a) | 128849 | 12619471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cimpress PLC (Ireland)\* | 2408 | 160349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civeo Corp. | 1713 | 39176 |
| &nbsp;&nbsp;&nbsp;&nbsp; CompX International, Inc. | 700 | 16289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 6029 | 134628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ennis, Inc. | 21368 | 384838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enviri Corp.\* | 11133 | 199503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc.\* | 78853 | 1507669 |
| &nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 57249 | 2406748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 8199 | 228916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services, Inc.\* | 4002 | 121301 |
| &nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 46738 | 854371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc.\* | 3700 | 91871 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc.(a) | 4830 | 773476 |
| &nbsp;&nbsp;&nbsp;&nbsp; NL Industries, Inc. | 5070 | 27733 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 15353 | 457212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perma-Fix Environmental Services, Inc.\* | 1710 | 21529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 9888 | 104516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 5510 | 34548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Resource Holding Corp.\* | 1690 | 3143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 18446 | 618679 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 26820 | 5173578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestis Corp. | 14727 | 98229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virco Mfg. Corp. | 2160 | 13802 |
|  |  | 36444207 |
|  **Communications Equipment — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc.\* | 2291 | 19909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc.\* | 3650 | 127239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviat Networks, Inc.\* | 29069 | 621495 |
| &nbsp;&nbsp;&nbsp;&nbsp; BK Technologies Corp.\* | 500 | 37295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc.\* | 8285 | 438525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearfield, Inc.\* | 1460 | 42559 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc.\* | 16478 | 298746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 5269 | 228095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 15797 | 156232 |
| &nbsp;&nbsp;&nbsp;&nbsp; KVH Industries, Inc.\* | 4460 | 31086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\*(a) | 13320 | 4909619 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 4531 | 111145 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 10492 | 283914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ribbon Communications, Inc.\* | 25230 | 72662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 352 | 12130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 30169 | 537612 |
|  |  | 7928263 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Construction & Engineering — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameresco, Inc. (Class A Stock)\* | 3808 | $111536 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.\*(a) | 15388 | 588745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 6320 | 671943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argan, Inc. | 2021 | 633220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bowman Consulting Group Ltd.\* | 1320 | 43586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Infrastructure Group, Inc. (Class A Stock)\*(a) | 125995 | 3046559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concrete Pumping Holdings, Inc. | 6220 | 41736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc. (Class A Stock)\*(a) | 85553 | 9286778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 11781 | 3980800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everus Construction Group, Inc.\*(a) | 26349 | 2254421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.\* | 44526 | 1764565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc.(a) | 47402 | 5467821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 10664 | 139912 |
| &nbsp;&nbsp;&nbsp;&nbsp; IES Holdings, Inc.\*(a) | 7414 | 2884194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legence Corp. (Class A Stock)\* | 130756 | 5627738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limbach Holdings, Inc.\* | 1746 | 135926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matrix Service Co.\* | 4116 | 48157 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 24910 | 5442835 |
| &nbsp;&nbsp;&nbsp;&nbsp; NWPX Infrastructure, Inc.\* | 1415 | 88423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Group Holdings, Inc.\* | 5915 | 58795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp.(a) | 50647 | 6287319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\*(a) | 25937 | 7942688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp. | 17607 | 1180021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 2466 | 992121 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 16794 | 316231 |
|  |  | 59036070 |
|  **Construction Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 3309 | 683904 |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC\*(a) | 156100 | 3239075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp.\* | 6951 | 489003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith-Midland Corp.\* | 720 | 26165 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Lime & Minerals, Inc. | 3503 | 419449 |
|  |  | 4857596 |
|  **Consumer Finance — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp.\* | 2451 | 164094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 29222 | 2163305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Portfolio Services, Inc.\* | 3610 | 33681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp.\*(a) | 1338 | 593350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave, Inc.\*(a) | 7864 | 1741168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\* | 3289 | 178757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 3637 | 571736 |
| &nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc. (Class A Stock)\* | 7674 | 149029 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 48808 | 7779019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp. (Class A Stock)\* | 8550 | 109526 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingClub Corp.\* | 145716 | 2759861 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingTree, Inc.\* | 1788 | 94925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Corp.(a) | 114455 | 1487915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet, Inc. (Class A Stock) | 3922 | 521469 |
| &nbsp;&nbsp;&nbsp;&nbsp; NerdWallet, Inc. (Class A Stock)\* | 6392 | 86612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Market Capital Corp.\* | 1790 | 8968 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Holdings, Inc.(a) | 14120 | 953806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oportun Financial Corp.\* | 4870 | 25762 |
| &nbsp;&nbsp;&nbsp;&nbsp; OppFi, Inc. | 2074 | 21694 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc.\* | 5372 | 95031 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 5748 | 169509 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A52

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Consumer Finance (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Management Corp. | 1462 | $| 56653 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp.(a) | 75791 |  | 2050904 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 857 |  | 120314 |
|  |  |  | 21937088 |
|  **Consumer Staples Distribution & Retail — 1.1%** | **Consumer Staples Distribution & Retail — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertson's Cos., Inc.<br>(Class A Stock)(a) | 43085 |  | 739769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Andersons, Inc. (The) | 4514 |  | 240009 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\*(a) . | 89566 |  | 8063627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc. (The)\*(a) | 120841 |  | 7532020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 10985 |  | 110948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc. (Class A Stock) | 2034 |  | 139431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maplebear, Inc.\* | 12046 |  | 541829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, Inc. | 3470 |  | 86924 |
| &nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 27531 |  | 3377228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 4450 |  | 354531 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 8480 |  | 285522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Super Market, Inc. (Class A Stock) | 1362 |  | 48208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weis Markets, Inc. | 3608 |  | 231237 |
|  |  |  | 21751283 |
|  **Containers & Packaging — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 4443 |  | 541868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging SA | 30320 |  | 124312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 5719 |  | 588885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 28433 |  | 428201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc. (Class A Stock) | 3454 |  | 233836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc. (Class B Stock) | 1830 |  | 136683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myers Industries, Inc. | 66907 |  | 1252499 |
| &nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 22431 |  | 331082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ranpak Holdings Corp.\* | 8940 |  | 48365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 17478 |  | 724114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc.(a) | 13648 |  | 550970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co.(a) | 24422 |  | 1065776 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp. | 33040 |  | 1171268 |
|  |  |  | 7197859 |
|  **Distributors — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold.com, Inc. | 2349 |  | 79983 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 16989 |  | 513068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 1952 |  | 446520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyco Group, Inc. | 2090 |  | 63933 |
|  |  |  | 1103504 |
|  **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** | **Diversified Consumer Services — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 90125 |  | 727309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 33479 |  | 3464072 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 2859 |  | 108070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* . | 36250 |  | 3675750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc. | 2297 |  | 97163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc.\* | 2752 |  | 20255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\*(a) | 13616 |  | 201789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 856 |  | 150228 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Wax Center, Inc. (Class A Stock)\* | 6870 |  | 24732 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Diversified Consumer Services (cont'd.)** | **Diversified Consumer Services (cont'd.)** | **Diversified Consumer Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc.\*(a) | 90057 | $5195388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co. (Class B Stock) | 520 | 571272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 27555 | 4582672 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 16594 | 723167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laureate Education, Inc.\* | 217441 | 7321238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Educational Services Corp.\* | 4021 | 97107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp. (Class A Stock) | 4272 | 111585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\* | 31174 | 173327 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneSpaWorld Holdings Ltd. (Bahamas) | 14461 | 299921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 9478 | 277990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International(a) | 7269 | 566764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 3304 | 264981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stride, Inc.\* | 6381 | 414318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Udemy, Inc.\* | 3800 | 22230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc.\* | 8138 | 212646 |
|  |  | 29303974 |
|  **Diversified REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 48600 | 919998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 52527 | 1557951 |
|  |  | 2477949 |
|  **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anterix, Inc.\* | 1837 | 40102 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATN International, Inc. | 1716 | 39125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc. (Class A Stock)\* | 4570 | 70606 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (Class A Stock)\* | 182 | 6710 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (Class C Stock)\* | 713 | 26531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalstar, Inc.\* | 1975 | 120554 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDT Corp. (Class B Stock) | 3534 | 180976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 14755 | 256442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global Ltd. (Belgium) (Class A Stock)\* | 19440 | 216562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global Ltd. (Belgium) (Class C Stock)\* | 19113 | 211008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. (Puerto Rico) (Class A Stock)\* | 5367 | 39662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. (Puerto Rico) (Class C Stock)\*(a) | 21566 | 160882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.\* | 110651 | 859758 |
|  |  | 2228918 |
|  **Electric Utilities — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genie Energy Ltd. (Class B Stock) | 3489 | 48078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc.\* | 18570 | 228411 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc.(a) | 6492 | 821627 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 4764 | 373593 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 55517 | 2370576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 13143 | 1062086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp.(a) | 9017 | 799808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 42740 | 2051093 |
| &nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc.(a) | 13265 | 781043 |
|  |  | 8536315 |
|  **Electrical Equipment — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuity, Inc. | 3629 | 1306585 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A53

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Electrical Equipment (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allient, Inc. | 2306 | $| 123948 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Superconductor Corp.\* | 4289 |  | 123437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 18772 |  | 1187329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp. (Class A Stock)\* | 91465 |  | 7947394 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnerSys(a) | 33562 |  | 4925224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eos Energy Enterprises, Inc.\*(a) | 422948 |  | 4846984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Espey Mfg. & Electronics Corp. | 510 |  | 24036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluence Energy, Inc.\* | 2700 |  | 53406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 4516 |  | 615847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyliion Holdings Corp.\* | 8830 |  | 16247 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSI Industries, Inc. | 4189 |  | 76742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Power, Inc.\*(a) | 4530 |  | 10328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nextpower, Inc. (Class A Stock)\* | 52368 |  | 4561777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plug Power, Inc.\*(a) | 8075 |  | 15908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc.(a) | 1753 |  | 558821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preformed Line Products Co. | 759 |  | 156893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp.(a) | 43605 |  | 6118654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 156372 |  | 5205624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 28173 |  | 518383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 41394 |  | 1538201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultralife Corp.\* | 4900 |  | 28028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp.\* | 4386 |  | 480706 |
|  |  |  | 40440502 |
|  **Electronic Equipment, Instruments & Components — 3.1%** | **Electronic Equipment, Instruments & Components — 3.1%** | **Electronic Equipment, Instruments & Components — 3.1%** | **Electronic Equipment, Instruments & Components — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc.(a) | 5132 |  | 1074487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airgain, Inc.\* | 2760 |  | 11206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 33298 |  | 3668774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 88866 |  | 4272677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc.(a) | 3841 |  | 669909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc. (Class A Stock) | 190 |  | 28842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc. (Class B Stock) | 1535 |  | 260382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc.(a) | 28265 |  | 3294286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 47746 |  | 2041619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc. (Canada)\* | 6335 |  | 1872689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Climb Global Solutions, Inc. | 719 |  | 73906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coda Octopus Group, Inc.\* | 2180 |  | 20274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 16525 |  | 594569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 16828 |  | 3105944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Co.(a) | 26157 |  | 1231210 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Corp. | 4331 |  | 185670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daktronics, Inc.\* | 6557 |  | 129632 |
| &nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc. | 19128 |  | 1677526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (Thailand)\*(a) | 10263 |  | 4672539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frequency Electronics, Inc.\* | 1778 |  | 95727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Identiv, Inc.\* | 3640 |  | 13978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingram Micro Holding Corp.(a) | 33600 |  | 717024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.\* | 4347 |  | 354150 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corp.\* | 5338 |  | 382201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itron, Inc.\* | 6019 |  | 558924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimball Electronics, Inc.\* | 36871 |  | 1025751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knowles Corp.\* | 12787 |  | 274025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 7638 |  | 1931803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc. | 131720 |  | 874621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc.\*(a) | 359898 |  | 8428811 |
| &nbsp;&nbsp;&nbsp;&nbsp; M-Tron Industries, Inc.\* | 200 |  | 10644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Napco Security Technologies, Inc. | 4098 |  | 170887 |
| &nbsp;&nbsp;&nbsp;&nbsp; nLight, Inc.\* | 8320 |  | 312083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 4674 |  | 556159 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; OSI Systems, Inc.\*(a) | 24123 | $| 6152812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ouster, Inc.\* | 1448 |  | 31335 |
| &nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 9143 |  | 528100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plexus Corp.\* | 8612 |  | 1265964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powerfleet, Inc.\* | 14180 |  | 75438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Richardson Electronics Ltd. | 1900 |  | 20672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Corp.\* | 2489 |  | 227918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 15900 |  | 2386113 |
| &nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 27458 |  | 1072509 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 2138 |  | 321192 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 15522 |  | 1071018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 74390 |  | 1077911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc.\* | 2061 |  | 79348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp.(a) | 81319 |  | 3023440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 302 |  | 73332 |
|  |  |  | 62000031 |
|  **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Archrock, Inc.(a) | 107981 |  | 2809666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc. | 5560 |  | 52375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 35954 |  | 1316636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc. (Class A Stock) | 79033 |  | 3610227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 62988 |  | 1009698 |
| &nbsp;&nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 3810 |  | 25489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Services of America Corp. | 1160 |  | 9477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings NV\*(a) | 125846 |  | 1680044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc.\* | 1680 |  | 62076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geospace Technologies Corp.\* | 2199 |  | 37185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Island Fabrication, Inc.\* | 3293 |  | 39417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 112456 |  | 705099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 11089 |  | 318033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc.\*(a) | 66590 |  | 1456323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 5743 |  | 214788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Energy, Inc. | 71038 |  | 1311362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mammoth Energy Services, Inc.\* | 5570 |  | 10305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd.\* | 1165 |  | 63260 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Energy Services Reunited Corp.\* | 44500 |  | 696870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | 1756 |  | 59089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noble Corp. PLC(a) | 42085 |  | 1188480 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc. | 147748 |  | 2309301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 14245 |  | 342307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 167365 |  | 1133061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 23610 |  | 144257 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProFrac Holding Corp. (Class A Stock)\* . | 173560 |  | 675148 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 74783 |  | 711186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ranger Energy Services, Inc. (Class A Stock) | 2720 |  | 38026 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc. | 201473 |  | 1096013 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEACOR Marine Holdings, Inc.\*(a) | 4611 |  | 27758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seadrill Ltd. (Norway)\* | 6596 |  | 228222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Water Solutions, Inc.(a) | 71636 |  | 753611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc. | 52432 |  | 2410299 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 52661 |  | 2346574 |
| &nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 18765 |  | 175828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 47349 |  | 2391598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean Ltd.\* | 107544 |  | 444157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd.\*(a) | 22965 |  | 1157436 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A54

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Energy Equipment & Services (cont'd.)** | **Energy Equipment & Services (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Weatherford International PLC | 99541 | $7790079 |
|  |  | 40850760 |
|  **Entertainment — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. (Class A Stock)\* | 1353 | 57489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. (Class C Stock)\* | 6252 | 246641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 15197 | 353178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eventbrite, Inc. (Class A Stock)\* | 12310 | 54780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaia, Inc.\* | 2680 | 9728 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp.\* | 7251 | 267997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Entertainment Corp.\* | 5464 | 294455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus Corp. (The) | 3142 | 48733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playstudios, Inc.\* | 6110 | 3981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reservoir Media, Inc.\* | 3490 | 26419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sphere Entertainment Co.\* | 3955 | 376041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivid Seats, Inc. (Class A Stock)\*(a) | 883 | 6367 |
|  |  | 1745809 |
|  **Financial Services — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acacia Research Corp.\* | 10610 | 39681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alerus Financial Corp. | 3800 | 85576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantaloupe, Inc.\* | 7120 | 75614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cass Information Systems, Inc. | 9494 | 394191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 42749 | 1694570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 95921 | 6235824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\*(a) | 41149 | 3131850 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | 56427 | 1641461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp. (Class C Stock)(a) | 27447 | 4818870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp.\* | 13501 | 191174 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Money Express, Inc.\* | 48176 | 739983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 1514 | 276275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc. (Class A Stock) | 8412 | 897140 |
| &nbsp;&nbsp;&nbsp;&nbsp; loanDepot, Inc. (Class A Stock)\* | 6480 | 13414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marqeta, Inc. (Class A Stock)\* | 58392 | 277362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merchants Bancorp(a) | 47360 | 1613082 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 54682 | 1597808 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.\* | 6626 | 252517 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Inc.\* | 45303 | 1847909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onity Group, Inc.\* | 1388 | 63557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc. (Class A Stock)\* | 255421 | 8068749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc.\* | 42965 | 241463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paysafe Ltd.\* | 6830 | 55255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paysign, Inc.\* | 6810 | 35072 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 30652 | 4041160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Priority Technology Holdings, Inc.\* | 1760 | 9592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 38772 | 1395404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc.\* | 21497 | 296659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings Corp.\* | 10498 | 38318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Security National Financial Corp. (Class A Stock)\* | 2331 | 21002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sezzle, Inc.\* | 1238 | 78582 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFS Financial Corp. | 19160 | 256361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Velocity Financial, Inc.\* | 1290 | 26780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc.(a) | 88766 | 6612179 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Financial Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 4731 | $284570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 3932 | 65075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The)(a) | 39409 | 366898 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\*(a) | 23541 | 3507138 |
|  |  | 51288115 |
|  **Food Products — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alico, Inc. | 1412 | 51369 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc.(a) | 7210 | 31003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calavo Growers, Inc. | 2537 | 55180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 6599 | 525082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell's Company (The)(a) | 31957 | 890642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 25338 | 438601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 17324 | 623664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dole PLC | 7170 | 107478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 26557 | 288940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 7111 | 253365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 5452 | 332190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 12250 | 13107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 30345 | 3345840 |
| &nbsp;&nbsp;&nbsp;&nbsp; J & J Snack Foods Corp. | 2511 | 226919 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 3776 | 369331 |
| &nbsp;&nbsp;&nbsp;&nbsp; John B. Sanfilippo & Son, Inc. | 16811 | 1186857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.(a) | 11204 | 469336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifeway Foods, Inc.\* | 545 | 13205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limoneira Co. | 3208 | 40501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mama's Creations, Inc.\* | 5420 | 73116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marzetti Company (The) | 3546 | 583033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc.\* | 7520 | 87232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 8186 | 319172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.\*(a) | 7252 | 718311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaboard Corp. | 108 | 480040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seneca Foods Corp. (Class A Stock)\* | 249 | 27547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods Co. (The)\* | 13285 | 266763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc.(a) | 5778 | 211648 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 5689 | 134203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 10700 | 111066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Farms, Inc.\* | 6346 | 202691 |
|  |  | 12477432 |
|  **Gas Utilities — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 3060 | 381766 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 75474 | 1473253 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co.(a) | 10523 | 842471 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp.(a) | 43618 | 2011662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 33618 | 1571305 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 16509 | 1275320 |
| &nbsp;&nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 1820 | 38766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 8538 | 683211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 22686 | 1876132 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 21623 | 809349 |
|  |  | 10963235 |
|  **Ground Transportation — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcBest Corp. | 2591 | 192226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\*(a) | 1781 | 228538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc. | 3352 | 73878 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc.(a) | 8453 | 38968 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A55

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Ground Transportation (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 124162 | $1121183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 15736 | 822678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 14951 | 2148459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyft, Inc. (Class A Stock)\*(a) | 39021 | 755837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 43146 | 491001 |
| &nbsp;&nbsp;&nbsp;&nbsp; PAMT Corp.\* | 4660 | 56293 |
| &nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc.\* | 11427 | 144437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 4156 | 795417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\*(a) | 7821 | 2553713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc. (Class B Stock)(a) | 37256 | 988402 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co.\* | 988 | 49805 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. (Non-Voting Shares) | 1589 | 74270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc. | 3910 | 59393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 9176 | 275372 |
|  |  | 10869870 |
|  **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accuray, Inc.\* | 15880 | 13095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acme United Corp. | 640 | 25798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 3998 | 624288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc.\* | 86732 | 1824841 |
| &nbsp;&nbsp;&nbsp;&nbsp; AngioDynamics, Inc.\* | 6895 | 88532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 5818 | 265359 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc.\* | 6794 | 268771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 5133 | 57644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axogen, Inc.\* | 76849 | 2515268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 16308 | 311646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioventus, Inc. (Class A Stock)\* | 7360 | 54758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceribell, Inc.\* | 165000 | 3618450 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp. | 4447 | 180548 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVRx, Inc.\* | 1050 | 7455 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 21030 | 240373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electromed, Inc.\* | 1330 | 38730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 7140 | 84823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.\* | 7440 | 198202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 58472 | 1269427 |
| &nbsp;&nbsp;&nbsp;&nbsp; FONAR Corp.\* | 1660 | 30810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glaukos Corp.\* | 3995 | 451075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc. (Class A Stock)\* | 5514 | 481427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 35921 | 2879068 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 2473 | 352823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inmode Ltd.\* | 90000 | 1322100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 4940 | 33197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.\*(a) | 15987 | 1474481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 4618 | 362190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 7979 | 99099 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRadimed Corp. | 1596 | 155259 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\*(a) | 28017 | 4971336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kewaunee Scientific Corp.\* | 340 | 12719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 30200 | 2009810 |
| &nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 3210 | 260331 |
| &nbsp;&nbsp;&nbsp;&nbsp; LENSAR, Inc.\* | 1409 | 16387 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 32487 | 1998925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp.\* | 803 | 104438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.\* | 7741 | 682292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp.\* | 19160 | 133928 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 48248 | $2185634 |
| &nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc.\* | 6831 | 16531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical, Inc.\* | 5030 | 76255 |
| &nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics Corp.\* | 3459 | 61432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc.\* | 2338 | 726908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro-Dex, Inc.\* | 550 | 21164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pulmonx Corp.\* | 5610 | 12398 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 5762 | 164563 |
| &nbsp;&nbsp;&nbsp;&nbsp; RxSight, Inc.\* | 4820 | 50224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanara Medtech, Inc.\* | 580 | 13543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensus Healthcare, Inc.\* | 1770 | 7045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoulder Innovations, Inc.\*(a) | 59800 | 855140 |
| &nbsp;&nbsp;&nbsp;&nbsp; SI-BONE, Inc.\* | 4970 | 98008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sight Sciences, Inc.\* | 4080 | 32354 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co.\* | 5913 | 136531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 2723 | 78967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 3436 | 419329 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\*(a) | 24639 | 2997334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treace Medical Concepts, Inc.\* | 3630 | 8894 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Technologies, Inc.\* | 996 | 221142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 12497 | 699332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 5575 | 64949 |
|  |  | 38467380 |
|  **Health Care Providers & Services — 2.5%** | **Health Care Providers & Services — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.\*(a) | 62088 | 881029 |
| &nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 15040 | 149798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\*(a) | 95844 | 10292687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardent Health, Inc.\* | 48500 | 428255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astrana Health, Inc.\* | 48615 | 1206138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aveanna Healthcare Holdings, Inc.\* | 5914 | 48317 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.\* | 9538 | 357198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookdale Senior Living, Inc.\* | 28841 | 311194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.\* | 4003 | 155717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 1366 | 584457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clover Health Investments Corp.\* | 4053 | 9525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Health Systems, Inc.\* | 12028 | 37527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 50551 | 994844 |
| &nbsp;&nbsp;&nbsp;&nbsp; CorVel Corp.\* | 6761 | 457517 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\*(a) | 5934 | 674162 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocGo, Inc.\* | 3530 | 3099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 5911 | 627394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enhabit, Inc.\* | 7300 | 67306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ensign Group, Inc. (The) | 7348 | 1280022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc.\* | 4162 | 109336 |
| &nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corp.\* | 15423 | 2005915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardant Health, Inc.\* | 78882 | 8057007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, Inc. (Class A Stock)\* | 319025 | 9599462 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\*(a) | 10467 | 958882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 14359 | 1085253 |
| &nbsp;&nbsp;&nbsp;&nbsp; InfuSystem Holdings, Inc.\* | 3040 | 27269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Corp. (The)\* | 429 | 3741 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc.\* | 33203 | 233749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 1581 | 274367 |
| &nbsp;&nbsp;&nbsp;&nbsp; National HealthCare Corp. | 2152 | 295018 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Research Corp. | 37960 | 712509 |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 14265 | 167756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc.\*(a) | 109775 | 3497431 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A56

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor, Inc.\* | 8688 | $24326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 89877 | 1922469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennant Group, Inc. (The)\* | 4697 | 132221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Privia Health Group, Inc.\* | 14774 | 350292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 10061 | 258366 |
| &nbsp;&nbsp;&nbsp;&nbsp; RadNet, Inc.\*(a) | 10243 | 730838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 66175 | 982699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strata Critical Medical, Inc.\* | 8840 | 42520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgery Partners, Inc.\* | 16359 | 252747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talkspace, Inc.\* | 22130 | 80332 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy, Inc. | 2282 | 178201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. (Class B Stock) | 798 | 173980 |
|  |  | 50722872 |
|  **Health Care REITs — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc.(a) | 28620 | 965639 |
|  **Health Care Technology — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc.\* | 20876 | 183918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Definitive Healthcare Corp.\* | 12020 | 34498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc. (Class A Stock)\* | 8519 | 377221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolent Health, Inc. (Class A Stock)\* | 11707 | 46828 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoodRx Holdings, Inc. (Class A Stock)\*. | 12470 | 33794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Catalyst, Inc.\* | 9980 | 23852 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc. | 4474 | 103215 |
| &nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp.\* | 3400 | 41684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc.\* | 1120 | 18950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schrodinger, Inc.\* | 5180 | 92619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus, Inc.\* | 2748 | 50096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 21402 | 149814 |
| &nbsp;&nbsp;&nbsp;&nbsp; TruBridge, Inc.\* | 2330 | 51423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 10107 | 331004 |
|  |  | 1538916 |
|  **Hotel & Resort REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 86600 | 775936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc.(a) | 123800 | 1294948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust(a) | 112800 | 1276896 |
|  |  | 3347780 |
|  **Hotels, Restaurants & Leisure — 2.9%** | **Hotels, Restaurants & Leisure — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accel Entertainment, Inc.\* | 104410 | 1191318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 22091 | 814274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biglari Holdings, Inc. (Class A Stock)\* | 20 | 34801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biglari Holdings, Inc. (Class B Stock)\* | 288 | 95740 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\* | 3419 | 134709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 104575 | 645228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 32219 | 2746348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brightstar Lottery PLC | 82900 | 1283292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 6164 | 884657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 17882 | 418260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cava Group, Inc.\* | 7006 | 411182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. (The)(a) | 7377 | 372391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc.(a) | 5521 | 525930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc.(a) | 3907 | 444538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc.(a) | 2711 | 68859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.\*(a). | 29501 | 478211 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Denny's Corp.\* | 156339 | $972429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dine Brands Global, Inc.(a) | 2320 | 74565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Bros, Inc. (Class A Stock)\* | 41183 | 2521223 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 77136 | 806843 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Watch Restaurant Group, Inc.\* | 8040 | 121243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Full House Resorts, Inc.\* | 4770 | 12450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genius Sports Ltd. (United Kingdom)\*(a) | 540000 | 5950800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Business Travel Group, Inc.\* | 11300 | 86445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 2450 | 66615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 39449 | 1765343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspired Entertainment, Inc.\* | 4080 | 38189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krispy Kreme, Inc. | 17429 | 70065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kura Sushi USA, Inc. (Class A Stock)\* | 1535 | 80327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 20636 | 548505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, Inc.\* | 7400 | 106708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucky Strike Entertainment Corp.(a) | 4210 | 35659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 24431 | 1409424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 3800 | 363660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nathan's Famous, Inc. | 509 | 47627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\*(a) | 32626 | 728212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 4189 | 161235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 12812 | 188977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc. (Class A Stock)\* | 10053 | 1090449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portillo's, Inc. (Class A Stock)\* | 8870 | 40270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions & Hospitality, Inc.\*(a) | 197350 | 6646748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc. (Class A Stock) . | 5531 | 342645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Street Interactive, Inc.\*(a) | 111347 | 2163472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp.\* | 37089 | 50441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\* | 5092 | 413318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweetgreen, Inc. (Class A Stock)\*(a) | 11839 | 80032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Hospitality Corp.\* | 3640 | 29156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 3455 | 573530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co.(a) | 79200 | 5585976 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.\* | 33722 | 1224109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc.(a) | 3809 | 505835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. (The) | 21956 | 182893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc.(a) | 19247 | 4590217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 86863 | 6563368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 6681 | 803925 |
|  |  | 57592666 |
|  **Household Durables — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | 2380 | 39889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc.\* | 2413 | 48912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\*(a) | 5568 | 3289240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc. | 9108 | 540560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion Homes, Inc.\* | 7454 | 629863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cricut, Inc. (Class A Stock) | 2990 | 14801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. (Class A Stock)\* | 4400 | 75240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 3854 | 88025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flexsteel Industries, Inc. | 638 | 25195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\*(a) | 26876 | 1684050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Beach Brands Holding Co. (Class A Stock) | 2460 | 40467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy Ltd.\* | 42932 | 912305 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A57

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Household Durables (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hooker Furnishings Corp. | 2690 | $| 30370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc.(a) | 19423 |  | 5038132 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home | 5596 |  | 315670 |
| &nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 5902 |  | 219968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Housing Corp.\* | 18670 |  | 364438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 99734 |  | 1097074 |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc.\* | 3263 |  | 140178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifetime Brands, Inc. | 4000 |  | 15800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lovesac Co. (The)\* | 1958 |  | 28881 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 3000 |  | 383850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\*(a) | 7090 |  | 774937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 48911 |  | 181949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonos, Inc.\* | 16174 |  | 284015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.\* | 52269 |  | 3077076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 2324 |  | 314251 |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\*(a) | 2075 |  | 865669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Traeger, Inc.\* | 5360 |  | 5789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 42455 |  | 1336059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Electronics, Inc.\* | 2730 |  | 9855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp.(a) | 5935 |  | 428151 |
|  |  |  | 22300659 |
|  **Household Products — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\*(a) | 20716 |  | 666019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co. (Class A Stock)\* | 7479 |  | 218312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 1081 |  | 108997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.(a) | 37866 |  | 753155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil-Dri Corp. of America | 1592 |  | 77913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 75547 |  | 1731537 |
| &nbsp;&nbsp;&nbsp;&nbsp; WD-40 Co. | 1781 |  | 350679 |
|  |  |  | 3906612 |
|  **Independent Power & Renewable Electricity Producers — 0.2%** | **Independent Power & Renewable Electricity Producers — 0.2%** | **Independent Power & Renewable Electricity Producers — 0.2%** | **Independent Power & Renewable Electricity Producers — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 56759 |  | 813924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class A Stock) | 4330 |  | 136049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class C Stock) | 10169 |  | 338221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co.\* | 5750 |  | 109480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montauk Renewables, Inc.\* | 17490 |  | 29208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc.(a) | 22443 |  | 2479278 |
|  |  |  | 3906160 |
|  **Industrial REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 34774 |  | 1991507 |
|  **Insurance — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Coastal Insurance Corp. | 3610 |  | 45594 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 1423 |  | 194496 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 2841 |  | 109123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd. (Bermuda) (Class A Stock)\* | 27100 |  | 1005410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 2394 |  | 576595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 71726 |  | 6446016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 46931 |  | 5025841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. (The)\* | 8309 |  | 199665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 7961 |  | 515793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens, Inc.\* | 2590 |  | 12510 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 44332 |  | 1882780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crawford & Co. (Class A Stock) | 5840 |  | 65700 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Insurance (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Donegal Group, Inc. (Class A Stock) | 5030 | $100499 |
| &nbsp;&nbsp;&nbsp;&nbsp; eHealth, Inc.\* | 5050 | 23230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 51628 | 2228781 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 36320 | 1120472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings Ltd. (United Kingdom) | 5450 | 106657 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 67788 | 4164895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.\* | 55261 | 499007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 6042 | 845034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc. (Class A Stock) | 3011 | 221760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenlight Capital Re Ltd. (Class A Stock)\* | 5895 | 85949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hagerty, Inc. (Class A Stock)\* | 3950 | 53088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd. (Bermuda) (Class B Stock)\* | 596 | 16628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. (The) | 9852 | 1800650 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCI Group, Inc. | 15916 | 3050938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 5170 | 151274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hippo Holdings, Inc.\* | 1480 | 44518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 22119 | 1021456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investors Title Co. | 286 | 71397 |
| &nbsp;&nbsp;&nbsp;&nbsp; James River Group Holdings, Inc. | 7070 | 44965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 35940 | 1457008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingstone Cos., Inc. | 2670 | 44936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc.(a) | 1500 | 586680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 41197 | 1834502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 7254 | 682311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune Insurance Holdings, Inc. (Class A Stock)\*(a) | 123740 | 3608258 |
| &nbsp;&nbsp;&nbsp;&nbsp; NI Holdings, Inc.\* | 1170 | 15561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Octave Specialty Group, Inc.\* | 4835 | 37616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp.(a) | 23537 | 1074229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar Health, Inc. (Class A Stock)\* | 24441 | 351217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.\* | 3569 | 480959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc.(a) | 3386 | 874807 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProAssurance Corp.\* | 8765 | 211762 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp.(a) | 11973 | 766033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Root, Inc. (Class A Stock)\* | 731 | 52800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safety Insurance Group, Inc. | 61757 | 4811488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 20259 | 1695071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selectquote, Inc.\* | 10340 | 14579 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiriusPoint Ltd. (Sweden)\* | 16503 | 361251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 3940 | 201373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 17064 | 1198917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tiptree, Inc. | 5878 | 107391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trupanion, Inc.\* | 5166 | 193053 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 15240 | 553974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 3902 | 131888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 380 | 29450 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group Ltd.(a) | 2910 | 6047067 |
|  |  | 59154902 |
|  **Interactive Media & Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumble, Inc. (Class A Stock)\* | 13600 | 48552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargurus, Inc.\* | 103333 | 3962820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 6367 | 77677 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A58

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Interactive Media & Services (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EverQuote, Inc. (Class A Stock)\* | 4093 | $| 110511 |
| &nbsp;&nbsp;&nbsp;&nbsp; fuboTV, Inc. (Class A Stock)\* | 6313 |  | 15909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Images Holdings, Inc.\*(a) | 12550 |  | 16817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 26971 |  | 870894 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaAlpha, Inc. (Class A Stock)\* | 1121 |  | 14517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nextdoor Holdings, Inc.\* | 25550 |  | 53655 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuinStreet, Inc.\* | 6788 |  | 97544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shutterstock, Inc. | 5110 |  | 97601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelzoo\* | 1790 |  | 12745 |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 15843 |  | 230674 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueCar, Inc.\* | 21390 |  | 48341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc.\* | 8543 |  | 259622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 6067 |  | 213255 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 38513 |  | 391677 |
|  |  |  | 6522811 |
|  **IT Services — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 5803 |  | 506312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 8061 |  | 648991 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 31539 |  | 1519234 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSP, Inc. | 1550 |  | 19375 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 10965 |  | 527636 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 22980 |  | 336657 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 11876 |  | 2433155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA\* | 4233 |  | 276711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grid Dynamics Holdings, Inc.\* | 10362 |  | 93569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hackett Group, Inc. (The) | 4236 |  | 83153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 8140 |  | 47049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 28483 |  | 756508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unisys Corp.\* | 8012 |  | 22113 |
|  |  |  | 7270463 |
|  **Leisure Products — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 8206 |  | 655003 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Outdoor Brands, Inc.\* | 2348 |  | 18150 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRP, Inc. | 33321 |  | 2357794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 29307 |  | 2175752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarus Corp. | 4520 |  | 15142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Escalade, Inc. | 3210 |  | 43303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Funko, Inc. (Class A Stock)\* | 8620 |  | 29308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 12119 |  | 993758 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc.(a) | 35180 |  | 593838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc. (Class A Stock) . | 1390 |  | 59005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latham Group, Inc.\* | 11430 |  | 72580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malibu Boats, Inc. (Class A Stock)\* | 2719 |  | 76703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine Products Corp. | 5730 |  | 50195 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings, Inc.\*(a) | 2550 |  | 48221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\*(a) | 71599 |  | 1420524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 20588 |  | 1302191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Wesson Brands, Inc. | 4216 |  | 41612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sturm Ruger & Co., Inc. | 1260 |  | 41139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp.\* | 18607 |  | 217144 |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 31255 |  | 1380533 |
|  |  |  | 11591895 |
|  **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp.\* | 16430 |  | 266823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 35725 |  | 409408 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.\* | 5646 | $187786 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioLife Solutions, Inc.\* | 6581 | 159129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. (Class A Stock)\* | 1851 | 560834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 12313 | 724128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bruker Corp. | 10129 | 477177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 4529 | 903445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Codexis, Inc.\* | 8880 | 14474 |
| &nbsp;&nbsp;&nbsp;&nbsp; CryoPort, Inc.\* | 7750 | 74400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytek Biosciences, Inc.\* | 13295 | 67140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ginkgo Bioworks Holdings, Inc.\* | 1800 | 14958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc. (Class A Stock)\* | 12390 | 40267 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxCyte, Inc.\* | 12450 | 19298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesa Laboratories, Inc. | 701 | 55028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Niagen Bioscience, Inc.\* | 3978 | 25300 |
| &nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.\* | 13228 | 24472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Personalis, Inc.\* | 5380 | 42825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanterix Corp.\* | 3992 | 25389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.\*(a) | 49793 | 8159081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 3317 | 320920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seer, Inc.\* | 5000 | 9150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 32395 | 571448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stevanato Group SpA (Italy)(a) | 343900 | 6919268 |
|  |  | 20072148 |
|  **Machinery — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3D Systems Corp.\* | 12210 | 21612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aebi Schmidt Holding AG (Switzerland) . | 5524 | 69879 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp.(a) | 7176 | 748600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 1813 | 304348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany International Corp. (Class A Stock) | 15881 | 805167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliance Laundry Holdings, Inc.\*(a) | 80130 | 1630645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 9974 | 976455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 2936 | 127187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 39215 | 2035651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Bird Corp.\* | 22078 | 1037666 |
| &nbsp;&nbsp;&nbsp;&nbsp; CECO Environmental Corp.\* | 4591 | 274771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 4801 | 990110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 90757 | 1565558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 25446 | 4693006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 9417 | 834911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 24784 | 809198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Co. (The) | 1520 | 29929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery, Inc.\* | 7339 | 99003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 7738 | 295901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc. | 2877 | 616052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp.(a) | 100969 | 11280257 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 16716 | 3266139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 27693 | 3007183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 72512 | 5030883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 6155 | 587987 |
| &nbsp;&nbsp;&nbsp;&nbsp; FreightCar America, Inc.\* | 1140 | 12620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 56142 | 1205369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gencor Industries, Inc.\* | 3440 | 44582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gorman-Rupp Co. (The) | 3789 | 180925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Corp.\* | 1495 | 96024 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A59

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Machinery (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenbrier Cos., Inc. (The) | 25901 | $1210613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 4780 | 255682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 41818 | 1326467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 21729 | 188173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hurco Cos., Inc.\* | 1450 | 22402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyster-Yale, Inc. | 1889 | 56122 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 47643 | 8266537 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp.(a) | 69740 | 10507726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kadant, Inc.(a) | 1446 | 412139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 25766 | 732012 |
| &nbsp;&nbsp;&nbsp;&nbsp; L.B. Foster Co. (Class A Stock)\*(a) | 13624 | 367167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 427 | 102326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 1639 | 193189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxfer Holdings PLC (United Kingdom) . | 3660 | 49520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manitowoc Co., Inc. (The)\* | 3307 | 39651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mayville Engineering Co., Inc.\* | 2270 | 42494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (The)\* | 5647 | 839539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc.(a) | 16807 | 628078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 12976 | 1489645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. (Class A Stock) | 21150 | 503793 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN, Inc.\* | 8590 | 10995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Flex, Inc. | 1307 | 38478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 7565 | 950391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park-Ohio Holdings Corp. | 2910 | 60935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perma-Pipe International Holdings, Inc.\* | 2080 | 63149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 3545 | 179341 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 20390 | 9143488 |
| &nbsp;&nbsp;&nbsp;&nbsp; REV Group, Inc. | 13589 | 826347 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 30851 | 6172051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp. | 1668 | 362423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 1979 | 147000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennant Co. | 15318 | 1128937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 9055 | 483356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken Co. (The) | 26520 | 2231128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc.\* | 7535 | 58999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 7744 | 609608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 11892 | 314424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twin Disc, Inc. | 2870 | 47872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. | 72394 | 626208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc. (Class A Stock) | 3466 | 956685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 6842 | 352842 |
|  |  | 94675550 |
|  **Marine Transportation — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Costamare Bulkers Holdings Ltd. (Monaco)\* | 3460 | 53319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costamare, Inc. (Monaco) | 15645 | 247035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genco Shipping & Trading Ltd. | 5724 | 105493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 6855 | 755284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc.(a) | 31821 | 3931484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pangaea Logistics Solutions Ltd. | 6150 | 42312 |
|  |  | 5134927 |
|  **Media — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantage Solutions, Inc.\* | 24590 | 21639 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc. (Class A Stock)\* | 4850 | 46172 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Media (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Omaha Corp. (Class A Stock)\* | 5310 | $65685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. | 560 | 63196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardlytics, Inc.\* | 7160 | 8234 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings, Inc.\* | 135472 | 1549800 |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp. (Class A Stock)\* | 674 | 73264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerald Holding, Inc. | 80978 | 361972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entravision Communications Corp. (Class A Stock) | 15860 | 46470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gambling.com Group Ltd. (Malta)\* | 4420 | 24133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc. | 13058 | 63201 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc. (Class A Stock) | 6589 | 201821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp. (Class A Stock)\* | 1523 | 73530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp. (Class C Stock)\* | 8521 | 414121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnite, Inc.\*(a) | 308298 | 5003676 |
| &nbsp;&nbsp;&nbsp;&nbsp; National CineMedia, Inc. | 222717 | 866369 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Times Co. (The) (Class A Stock) | 18959 | 1316134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 3672 | 745599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optimum Communications, Inc. (Class A Stock)\* | 21261 | 35081 |
| &nbsp;&nbsp;&nbsp;&nbsp; PubMatic, Inc. (Class A Stock)\* | 4448 | 39454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saga Communications, Inc. (Class A Stock) | 970 | 11068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 3590 | 106372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinclair, Inc. | 6580 | 100674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stagwell, Inc.\* | 502900 | 2459181 |
| &nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 53628 | 1040919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thryv Holdings, Inc.\* | 5250 | 31762 |
| &nbsp;&nbsp;&nbsp;&nbsp; USA TODAY Co., Inc.\* | 20063 | 103324 |
|  |  | 14872851 |
|  **Metals & Mining — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 22849 | 1214196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 1369 | 273636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascent Industries Co.\* | 2140 | 34647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caledonia Mining Corp. PLC (South Africa) | 1900 | 49723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co.\* | 13355 | 523249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 58461 | 776362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\*(a) | 59407 | 1059227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 49627 | 3435181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc.\* | 4616 | 90658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellium SE\* | 48100 | 906685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dakota Gold Corp.\* | 8380 | 47598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Friedman Industries, Inc. | 1970 | 40365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co. | 85811 | 1646713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. (Canada) | 114510 | 2273023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Strategic Resources, Inc.\* | 930 | 37479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Electric, Inc.\* | 4218 | 67404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 14780 | 1697631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 2876 | 357544 |
| &nbsp;&nbsp;&nbsp;&nbsp; McEwen, Inc. (Canada)\* | 5250 | 97177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metallus, Inc.\* | 4961 | 85131 |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp.\*(a) | 47744 | 2412027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexa Resources SA (Brazil) | 7220 | 63897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 1298 | 55535 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A60

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Metals & Mining (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp. (Canada) | 68897 | $| 3569554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ramaco Resources, Inc. (Class A Stock)\* | 6170 |  | 111060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ramaco Resources, Inc. (Class B Stock) | 154 |  | 1809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc.(a) | 957 |  | 212732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryerson Holding Corp.(a) | 5206 |  | 130983 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 12854 |  | 92549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tredegar Corp.\* | 5702 |  | 40940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 3305 |  | 291402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 2555 |  | 88454 |
|  |  |  | 21784571 |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance, Inc. | 65100 |  | 630168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Commercial Real Estate Corp.(a) . | 135000 |  | 645300 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpire Capital, Inc. | 142100 |  | 795760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc.\* | 184200 |  | 563652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Point Mortgage Trust, Inc. | 105579 |  | 253390 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust(a) | 114942 |  | 1442522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | 250000 |  | 1382500 |
|  |  |  | 5713292 |
|  **Multi-Utilities — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 45782 |  | 1764438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 29598 |  | 2054693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 30301 |  | 1955627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 15498 |  | 750723 |
|  |  |  | 6525481 |
|  **Office REITs — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust(a) | 167300 |  | 488516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 74530 |  | 1921383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc.(a) | 94100 |  | 1034159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc.<br>(Class A Stock)(a) | 84600 |  | 551592 |
|  |  |  | 3995650 |
|  **Oil, Gas & Consumable Fuels — 3.7%** | **Oil, Gas & Consumable Fuels — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplify Energy Corp.\* | 8000 |  | 36560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp.(a) | 58489 |  | 1040519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 19375 |  | 667663 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp.(a) | 31655 |  | 774281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardmore Shipping Corp. (Ireland) | 4699 |  | 49762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baytex Energy Corp. (Canada) | 404089 |  | 1305208 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 22552 |  | 1008300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. (Canada)(a) | 35786 |  | 3274061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrus Energy Corp. (Class A Stock)\*(a) | 9982 |  | 2423230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | 735 |  | 68135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 8225 |  | 222815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp.\* | 32133 |  | 67479 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 17511 |  | 643879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc.\*(a) | 32184 |  | 746025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 2520 |  | 223045 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Co. (Class A Stock)(a) | 259339 | $2175854 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc.\*(a) | 50773 | 1291665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | 41100 | 1219026 |
| &nbsp;&nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 22722 | 277436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 6349 | 154535 |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 8905 | 1065750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Energy Corp. (Canada)\* | 6920 | 17162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epsilon Energy Ltd. | 3100 | 14384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Petroleum Corp. | 7920 | 28037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Excelerate Energy, Inc. (Class A Stock) . | 239290 | 6712085 |
| &nbsp;&nbsp;&nbsp;&nbsp; FutureFuel Corp. | 8200 | 26158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Ridge Resources, Inc. | 10500 | 49350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Plains, Inc.\* | 7680 | 75264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp.\* | 10254 | 2132729 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 18074 | 832850 |
| &nbsp;&nbsp;&nbsp;&nbsp; HighPeak Energy, Inc. | 2890 | 13699 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc.(a) | 15248 | 740290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. | 6695 | 241355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kosmos Energy Ltd. (Ghana)\*(a) | 889682 | 807297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. (Class A Stock) | 21977 | 481077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co.(a) | 96286 | 4086378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp.(a) | 63556 | 1986125 |
| &nbsp;&nbsp;&nbsp;&nbsp; NACCO Industries, Inc. (Class A Stock). | 1231 | 60368 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextDecade Corp.\*(a) | 208400 | 1098268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | 29377 | 101057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc.(a) | 71035 | 1525121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 18843 | 738457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 43928 | 1543630 |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc. (Class A Stock)(a) | 56351 | 1528239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 15134 | 449480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 47773 | 670255 |
| &nbsp;&nbsp;&nbsp;&nbsp; PrimeEnergy Resources Corp.\* | 170 | 29070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 85624 | 3019102 |
| &nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 47672 | 1540759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riley Exploration Permian, Inc. | 1210 | 31944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. (Monaco) | 5599 | 284597 |
| &nbsp;&nbsp;&nbsp;&nbsp; SFL Corp. Ltd. (Norway)(a) | 22729 | 177514 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 71900 | 1344530 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Bow Corp. (Canada)(a) | 87748 | 2410438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 164980 | 1818080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teekay Corp. Ltd. (Bermuda) | 12438 | 112315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teekay Tankers Ltd. (Canada) (Class A Stock) | 4151 | 221746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uranium Energy Corp.\* | 757795 | 8851046 |
| &nbsp;&nbsp;&nbsp;&nbsp; VAALCO Energy, Inc. | 333590 | 1214268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy, Inc. (Class A Stock) | 88361 | 3413385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vitesse Energy, Inc.(a) | 3530 | 67988 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp.(a) | 174480 | 4088066 |
|  |  | 73319191 |
|  **Paper & Forest Products — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp.\* | 3230 | 56202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 9498 | 767058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercer International, Inc. (Germany) | 10501 | 20792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 19539 | 940803 |
|  |  | 1784855 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A61

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Passenger Airlines — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 15661 | $787748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co.\* | 2417 | 206098 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 50077 | 767681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings SA (Panama) (Class A Stock) | 3715 | 448066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc.\* | 15420 | 72628 |
| &nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\* | 48855 | 222290 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 5628 | 565108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 41980 | 604092 |
|  |  | 3673711 |
|  **Personal Care Products — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc.\* | 15644 | 418164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc. (Class A Stock)\* | 83383 | 256820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 37473 | 638915 |
| &nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 3906 | 297012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herbalife Ltd.\* | 12140 | 156485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honest Co., Inc. (The)\* | 14860 | 38339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interparfums, Inc. | 4453 | 377748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifevantage Corp. | 2457 | 15135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nature's Sunshine Products, Inc.\* | 2707 | 58417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olaplex Holdings, Inc.\* | 18070 | 24214 |
| &nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 2477 | 48623 |
|  |  | 2329872 |
|  **Pharmaceuticals — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc.\* | 6720 | 20227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alumis, Inc.\* | 2108 | 20574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 40828 | 514433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\*(a) | 47389 | 1269077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc.\* | 2560 | 30925 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 9883 | 780164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arvinas, Inc.\* | 8501 | 100822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc.\* | 6270 | 22384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 12455 | 2274781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biote Corp. (Class A Stock)\* | 4170 | 10842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 4747 | 219786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.\*(a) | 13663 | 475472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\*(a) | 152364 | 7092544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewise Therapeutics, Inc.\* | 140156 | 3477971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\*(a) | 58673 | 1327770 |
| &nbsp;&nbsp;&nbsp;&nbsp; EyePoint, Inc.\* | 1530 | 27953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc.\* | 7529 | 85153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 51782 | 1937683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc.\* | 976 | 47824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indivior PLC (United Kingdom)\* | 65020 | 2332918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc.\* | 9292 | 185747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 16513 | 2807210 |
| &nbsp;&nbsp;&nbsp;&nbsp; LENZ Therapeutics, Inc.\* | 530 | 8480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 2612 | 493851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mind Medicine MindMed, Inc.\*(a) | 139147 | 1863178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 28099 | 201470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 6312 | 163355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 17264 | 240315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corp. (Class A Stock) | 3059 | 114284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pliant Therapeutics, Inc.\* | 7400 | 9028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 6955 | 429054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Septerna, Inc.\*(a) | 113105 | 3153367 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Pharmaceuticals (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SIGA Technologies, Inc.(a) | 100394 | $613407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structure Therapeutics, Inc., ADR\* | 37191 | 2586634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 7714 | 383386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\*(a) | 113068 | 9258008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terns Pharmaceuticals, Inc.\* | 9180 | 370872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc.\* | 5080 | 95047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Third Harmonic Bio, Inc.\*^ | 2350 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 42758 | 532337 |
| &nbsp;&nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd.\* | 205291 | 3489947 |
|  |  | 49068351 |
|  **Professional Services — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc. (Class A Stock) | 61857 | 120621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc.\* | 28100 | 814900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrett Business Services, Inc. | 3609 | 130682 |
| &nbsp;&nbsp;&nbsp;&nbsp; BGSF, Inc. | 1870 | 8658 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackSky Technology, Inc.\* | 1150 | 21562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 4982 | 420282 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc. (Class A Stock)\* | 1628 | 867415 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc.\* | 2970 | 149836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 81478 | 272137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp.(a) | 43497 | 1808605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc.\* | 21674 | 41614 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRA International, Inc. | 936 | 187851 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 4104 | 314736 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 20901 | 887038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 6330 | 439682 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp.\*(a) | 197414 | 2868425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forrester Research, Inc.\* | 33180 | 269422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Covey Co.\* | 16806 | 282005 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting, Inc.\* | 4297 | 734057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 18189 | 850881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc.\* | 24556 | 4245978 |
| &nbsp;&nbsp;&nbsp;&nbsp; IBEX Holdings Ltd.\* | 2160 | 82469 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 2130 | 181689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innodata, Inc.\* | 4470 | 227746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 19278 | 746444 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 71735 | 2883747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kelly Services, Inc. (Class A Stock) | 2711 | 23857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kforce, Inc. | 48041 | 1485428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 44141 | 2914189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legalzoom.com, Inc.\* | 251127 | 2493691 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 31422 | 934176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastech Digital, Inc.\* | 1560 | 10889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 52029 | 4491143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mistras Group, Inc.\* | 5322 | 67323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parsons Corp.\* | 83880 | 5183784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 3878 | 591395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Labs PBC\*(a) | 319484 | 6300224 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCM Technologies, Inc.\* | 1540 | 31485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resources Connection, Inc. | 90730 | 457279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half, Inc. | 49123 | 1334181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp.(a) | 15667 | 1577040 |
| &nbsp;&nbsp;&nbsp;&nbsp; TaskUS, Inc. (Philippines) (Class A Stock)\* | 2900 | 34191 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIC Solutions, Inc.\* | 11308 | 114324 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriNet Group, Inc. | 5795 | 342658 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A62

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Professional Services (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 137768 | $| 626844 |
| &nbsp;&nbsp;&nbsp;&nbsp; UL Solutions, Inc. (Class A Stock)(a) | 30101 |  | 2373765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc.\*(a) | 189860 |  | 3763025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 19172 |  | 429645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willdan Group, Inc.\* | 2210 |  | 229089 |
|  |  |  | 55668107 |
|  **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMREP Corp.\* | 520 |  | 9776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 14040 |  | 198806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass, Inc. (Class A Stock)\* | 266516 |  | 2817074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 116065 |  | 1879092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc.\* | 256470 |  | 607834 |
| &nbsp;&nbsp;&nbsp;&nbsp; eXp World Holdings, Inc. | 11020 |  | 99731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Point Holdings LLC (Class A Stock)\* | 9610 |  | 53720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc.\* | 7001 |  | 172435 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRP Holdings, Inc.\* | 2778 |  | 63311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 6945 |  | 554003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 47 |  | 15814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 18255 |  | 176526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 28141 |  | 767968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maui Land & Pineapple Co., Inc.\* | 1784 |  | 30221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Inc. (Class A Stock)(a) | 19526 |  | 338581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc.\* | 27424 |  | 159882 |
| &nbsp;&nbsp;&nbsp;&nbsp; RE/MAX Holdings, Inc. (Class A Stock)\* | 3610 |  | 27400 |
| &nbsp;&nbsp;&nbsp;&nbsp; RMR Group, Inc. (The) (Class A Stock) . | 43000 |  | 640700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seritage Growth Properties (Class A Stock)\*(a) | 148600 |  | 482950 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Joe Co. (The) | 8093 |  | 480481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stratus Properties, Inc.\* | 1810 |  | 43766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tejon Ranch Co.\* | 3633 |  | 57292 |
|  |  |  | 9677363 |
|  **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aehr Test Systems\* | 4442 |  | 89684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 19641 |  | 518130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd.\* | 4197 |  | 83143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambarella, Inc.\* | 25469 |  | 1804224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 30132 |  | 1189611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amtech Systems, Inc.\* | 2960 |  | 37148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\*(a) | 34583 |  | 2778398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camtek Ltd. (Israel)\*(a) | 16293 |  | 1732679 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEVA, Inc.\* | 3921 |  | 84380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 21083 |  | 2498335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohu, Inc.\* | 5870 |  | 136595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* . | 72264 |  | 10398067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 18593 |  | 917379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 8216 |  | 263323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 574 |  | 48359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everspin Technologies, Inc.\* | 2880 |  | 26726 |
| &nbsp;&nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 10218 |  | 569960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichor Holdings Ltd.\* | 5191 |  | 95670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impinj, Inc.\*(a) | 30264 |  | 5266239 |
| &nbsp;&nbsp;&nbsp;&nbsp; indie Semiconductor, Inc. (China) (Class A Stock)\*(a) | 19190 |  | 67741 |
| &nbsp;&nbsp;&nbsp;&nbsp; inTEST Corp.\* | 2310 |  | 17256 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. (Singapore) | 7208 | $328396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\*(a) | 119524 | 8794576 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\*(a) | 78223 | 13398035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnachip Semiconductor Corp. (South Korea)\* | 8820 | 22491 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc.\* | 8974 | 156417 |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc. | 5685 | 908463 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVE Corp. | 829 | 49185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 65287 | 10306206 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 5049 | 144048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penguin Solutions, Inc.\* | 8261 | 161585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 131972 | 4223104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 7684 | 273089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 25477 | 2153061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 53121 | 4881289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp.\* | 36640 | 2700002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 3796 | 496137 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.\*(a) | 36457 | 12876248 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWater Technology, Inc.\* | 3170 | 57567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 9588 | 607975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 5609 | 415178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 5566 | 140987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp.(a) | 4463 | 521189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 6233 | 178139 |
|  |  | 92416414 |
|  **Software — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8x8, Inc.\* | 18460 | 36366 |
| &nbsp;&nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 84458 | 1494062 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\* | 33856 | 1618655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 297157 | 5125958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilysys, Inc.\* | 2607 | 309816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc.\* | 7004 | 357344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc.\*(a) | 1793 | 41364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplitude, Inc. (Class A Stock)\* | 524310 | 6071510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appfolio, Inc. (Class A Stock)\* | 2242 | 521601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurora Innovation, Inc.\* | 40646 | 156081 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc.\* | 18853 | 261868 |
| &nbsp;&nbsp;&nbsp;&nbsp; BILL Holdings, Inc.\*(a) | 11985 | 653662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackbaud, Inc.\* | 6093 | 385809 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc.\* | 7380 | 408040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Box, Inc. (Class A Stock)\* | 19369 | 579327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Braze, Inc. (Class A Stock)\* | 195820 | 6714668 |
| &nbsp;&nbsp;&nbsp;&nbsp; C3.ai, Inc. (Class A Stock)\* | 4891 | 65931 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.\*(a) | 64011 | 508887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerence, Inc.\* | 3157 | 33748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipher Mining, Inc.\*(a) | 91133 | 1345123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleanspark, Inc.\* | 4635 | 46906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc. (Class A Stock) | 10792 | 378583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. (Class A Stock)\*(a) | 267000 | 6440040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc.\* | 5323 | 667291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 2655 | 57932 |
| &nbsp;&nbsp;&nbsp;&nbsp; CS Disco, Inc.\* | 8880 | 68909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daily Journal Corp.\* | 190 | 92591 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A63

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc. (Class A Stock) | 5916 | $379925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc. (Class A Stock)\*(a) | 23092 | 641958 |
| &nbsp;&nbsp;&nbsp;&nbsp; eGain Corp.\* | 6990 | 71927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expensify, Inc. (Class A Stock)\* | 2700 | 4077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc.\* | 6339 | 127097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshworks, Inc. (Class A Stock)\* | 23892 | 292677 |
| &nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc. (Class A Stock)\* | 3805 | 95848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc.\* | 123605 | 5663581 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc.(a) | 28070 | 8936927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jamf Holding Corp.\* | 2916 | 37937 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFrog Ltd.\* | 176700 | 11036682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klaviyo, Inc. (Class A Stock)\* | 745 | 24190 |
| &nbsp;&nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 99552 | 2923842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 1957 | 339168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitek Systems, Inc.\* | 6532 | 68913 |
| &nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc.\* | 20102 | 150363 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\* | 12245 | 313962 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp.\*(a) | 166491 | 1698208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netskope, Inc. (Class A Stock)\*(a) | 210601 | 3693942 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON24, Inc.\* | 6710 | 53412 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneSpan, Inc. | 5915 | 75949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onestream, Inc.\* | 213450 | 3923211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooma, Inc.\* | 4400 | 51612 |
| &nbsp;&nbsp;&nbsp;&nbsp; PAR Technology Corp.\* | 4747 | 172221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegasystems, Inc.(a) | 17198 | 1027065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porch Group, Inc.\* | 1083 | 9888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progress Software Corp.\* | 6101 | 262099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.\* | 82666 | 5965179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\*(a) | 4728 | 628351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rapid7, Inc.\* | 4002 | 60830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Violet, Inc. | 1630 | 92828 |
| &nbsp;&nbsp;&nbsp;&nbsp; ReposiTrak, Inc. | 1260 | 15586 |
| &nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc. (Class A Stock)\* | 8648 | 249754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riot Platforms, Inc.\* | 18641 | 236181 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEMrush Holdings, Inc. (Class A Stock)\* | 8296 | 98639 |
| &nbsp;&nbsp;&nbsp;&nbsp; SentinelOne, Inc. (Class A Stock)\* | 26951 | 404265 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc. (Class A Stock)\* | 62100 | 6613650 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoundThinking, Inc.\* | 1288 | 10343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprinklr, Inc. (Class A Stock)\* | 17870 | 139029 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 4228 | 376842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telos Corp.\* | 9790 | 49929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 11387 | 346620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terawulf, Inc.\*(a) | 84965 | 976248 |
| &nbsp;&nbsp;&nbsp;&nbsp; UiPath, Inc. (Class A Stock)\* | 45880 | 751973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc. (Class A Stock)\* | 168632 | 3367581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viant Technology, Inc. (Class A Stock)\* . | 1990 | 23960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc.\* | 114900 | 9910125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xperi, Inc.\* | 6610 | 38735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc.\* | 15742 | 126881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp. (Class A Stock)\* | 10844 | 220675 |
|  |  | 107222957 |
|  **Specialized REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust(a) | 156190 | 4406120 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Specialty Retail — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-800-Flowers.com, Inc. (Class A Stock)\*(a) | 5370 | $21104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. (Class A Stock)\* | 6176 | 777373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 67623 | 3378445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc.(a) | 6320 | 248376 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 21318 | 562156 |
| &nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc.\* | 1290 | 32585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arhaus, Inc.\* | 7370 | 82618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arko Corp. | 17560 | 79722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\*(a) | 6719 | 1562369 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 4765 | 983877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 45776 | 919182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\*(a) | 40520 | 7150564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckle, Inc. (The) | 6902 | 368705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build-A-Bear Workshop, Inc. | 2091 | 128116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caleres, Inc. | 4109 | 50007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Inc. (Class A Stock) | 8956 | 87142 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 7969 | 307922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\*(a) | 5323 | 2246412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cato Corp. (The) (Class A Stock)\*(a) | 4750 | 14677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citi Trends, Inc.\* | 1280 | 53197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Inc. (Class A Stock) | 6990 | 51936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duluth Holdings, Inc. (Class B Stock)\* | 4710 | 9797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envela Corp.\* | 1390 | 18598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 3402 | 640801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. (Class A Stock)\* | 7640 | 465200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 43931 | 1124634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 1869 | 46295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 13460 | 5293818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guess?, Inc. | 6461 | 108222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haverty Furniture Cos., Inc. | 45989 | 1074303 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Jill, Inc. | 2190 | 30047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lands' End, Inc.\* | 4080 | 59242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 2278 | 757048 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarineMax, Inc.\* | 33018 | 800026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monro, Inc. | 3133 | 62785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 6912 | 2789130 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\*(a) | 143760 | 3711883 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneWater Marine, Inc. (Class A Stock)\*. | 41000 | 443620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 1147 | 181559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc.\* | 20700 | 58167 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetMed Express, Inc.\* | 42110 | 134752 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealReal, Inc. (The)\* | 102334 | 1614831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc.\* | 5407 | 163237 |
| &nbsp;&nbsp;&nbsp;&nbsp; RH\* | 1953 | 349880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 14926 | 212845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 3207 | 54134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 11347 | 940439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sleep Number Corp.\* | 2922 | 24720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. (Class A Stock)(a) | 16031 | 991678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sportsman's Warehouse Holdings, Inc.\* | 8080 | 11797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stitch Fix, Inc. (Class A Stock)\* | 14569 | 76487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tilly's, Inc. (Class A Stock)\*(a) | 3670 | 7303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 7513 | 131928 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A64

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Specialty Retail (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\*(a) | 41360 | $| 3112754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc.\*(a) | 256314 |  | 7448485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 44538 |  | 2412623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc. (Class A Stock)\* | 284799 |  | 6205770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Inc. (Class A Stock)\* | 6091 |  | 611597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winmark Corp. | 475 |  | 192346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 1978 |  | 51527 |
|  |  |  | 61530793 |
|  **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AstroNova, Inc.\* | 2310 |  | 19981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corsair Gaming, Inc.\* | 11890 |  | 70627 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI Card Group, Inc.\* | 1370 |  | 20112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 2760 |  | 187376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Kodak Co.\* | 7420 |  | 62773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turtle Beach Corp.\* | 2400 |  | 33672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | 11926 |  | 28265 |
|  |  |  | 422806 |
|  **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Birkenstock Holding PLC (Germany)\* | 10643 |  | 435299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capri Holdings Ltd.\* | 7694 |  | 187734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 29988 |  | 972511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 19894 |  | 1095960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc.\*(a) | 6537 |  | 559044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Culp, Inc.\* | 3200 |  | 11392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 2331 |  | 241655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Figs, Inc. (Class A Stock)\* | 21990 |  | 249806 |
| &nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. | 30807 |  | 892171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. (Canada) | 216 |  | 13491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc.(a) | 40933 |  | 2500597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeland Industries, Inc.(a) | 1620 |  | 14321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Levi Strauss & Co. (Class A Stock) | 11110 |  | 230421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Movado Group, Inc. | 2670 |  | 55055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc.(a) | 26796 |  | 916423 |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH Corp.(a) | 15779 |  | 1057509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 1118 |  | 32791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd.(a) | 133167 |  | 5545074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Superior Group of Cos., Inc. | 3400 |  | 32912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. (Class A Stock)\*(a) . | 19955 |  | 99176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. (Class C Stock)\* | 21627 |  | 103810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unifi, Inc.\* | 4140 |  | 14490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vera Bradley, Inc.\* | 6450 |  | 15609 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 39823 |  | 720000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 7440 |  | 135036 |
|  |  |  | 16132287 |
|  **Tobacco — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 38808 |  | 4206787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 3506 |  | 184942 |
|  |  |  | 4391729 |
|  **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** | **Trading Companies & Distributors — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp. | 16082 |  | 1032947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc. | 5890 |  | 27094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 29466 |  | 7565985 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.\* | 1136 |  | 69785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 5258 |  | 386989 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 9828 | $| 510761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custom Truck One Source, Inc.\* | 13280 |  | 76493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution Solutions Group, Inc.\* | 4397 |  | 120434 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 107833 |  | 1428787 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises, Inc.\* | 2565 |  | 281611 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVI Industries, Inc. | 1480 |  | 36467 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 22424 |  | 4414165 |
| &nbsp;&nbsp;&nbsp;&nbsp; GATX Corp.(a) | 5004 |  | 848679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Industrial Co. | 27156 |  | 793498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 9415 |  | 1396998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Technologies, Inc.\* | 4419 |  | 30270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karat Packaging, Inc. | 1920 |  | 43334 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 7355 |  | 771760 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc. (Class A Stock) | 20922 |  | 1759540 |
| &nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 12265 |  | 146199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. (Class A Stock)(a) | 33366 |  | 1799762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. (Class B Stock)  | 2738 |  | 154040 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc.\*(a) | 18743 |  | 2334628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan Machinery, Inc.\* | 66078 |  | 993813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcat, Inc.\* | 1277 |  | 72444 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc.(a) | 4330 |  | 1059291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Lease Finance Corp. | 960 |  | 130214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xometry, Inc. (Class A Stock)\* | 55173 |  | 3281138 |
|  |  |  | 31567126 |
|  **Water Utilities — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 4982 |  | 361095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp. (Class A Stock) | 11562 |  | 365475 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 7526 |  | 326102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Water Co., Ltd. | 2029 |  | 71603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 16739 |  | 642108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Water Resources, Inc. | 1480 |  | 12506 |
| &nbsp;&nbsp;&nbsp;&nbsp; H2O America | 30685 |  | 1503258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Co. | 2150 |  | 108403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Cycle Corp.\* | 3942 |  | 43323 |
| &nbsp;&nbsp;&nbsp;&nbsp; York Water Co. (The) | 1791 |  | 57025 |
|  |  |  | 3490898 |
|  **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Array Digital Infrastructure, Inc. | 2601 |  | 139466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 13660 |  | 63656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 7601 |  | 87867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc. | 15140 |  | 620740 |
|  |  |  | 911729 |
|  **TOTAL COMMON STOCKS**<br> (cost $1,791,316,385) |  |  | 1922741376 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 2000 ETF | 146910 |  | 36163365 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 2000 Growth ETF | 18260 |  | 5898163 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 2000 Value ETF | 33272 |  | 6029219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Small-Cap Growth ETF | 21389 |  | 6461831 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A65

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Small-Cap Value ETF | 32961 | $6980810 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $52,877,285) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $52,877,285) | 61533388 |
|  | **Units** |  |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |
| &nbsp;&nbsp;&nbsp;&nbsp; Optinose, Inc., expiring 11/23/27^ | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |
|  **TOTAL LONG-TERM INVESTMENTS—98.7%**<br>(cost $1,844,193,670) | **TOTAL LONG-TERM INVESTMENTS—98.7%**<br>(cost $1,844,193,670) | 1984274764 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS—23.8%** | **SHORT-TERM INVESTMENTS—23.8%** |  |
|  **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 20493923 | 20493923 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $457,235,271; includes $455,698,811 of cash collateral for securities on loan)(b)(wb) | 457513830 | 457239322 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $477,729,194) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $477,729,194) | 477733245 |
|  **TOTAL INVESTMENTS-122.5%**<br> (cost $2,321,922,864) | **TOTAL INVESTMENTS-122.5%**<br> (cost $2,321,922,864) | 2462008009 |
|  **Liabilities in excess of other assets — (22.5)%** | **Liabilities in excess of other assets — (22.5)%** | (452356857) |
|  **NET ASSETS — 100.0%** |  | $2009651152 |

---

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

\* Non-income producing security.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $12,398 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $440,664,403; cash collateral of $455,698,811 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

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

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

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

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $60082669 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 1128009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 19521466 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 6631765 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 167743700 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 4359682 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 131903033 |  | 12327 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A66

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | $13469040 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 31251285 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 68795928 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 24334651 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 36444207 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 7928263 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 59036070 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 4857596 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 21937088 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 21751283 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 7197859 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributors | 1103504 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 29303974 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 2477949 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 2228918 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 8536315 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 40440502 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 62000031 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 40850760 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 1745809 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 51288115 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 12477432 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 10963235 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 10869870 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 38467380 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 50722872 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 965639 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 1538916 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 3347780 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 57592666 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 22300659 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 3906612 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 3906160 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 1991507 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 59154902 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 6522811 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 7270463 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 11591895 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 20072148 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 94675550 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 5134927 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 14872851 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 21784571 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 5713292 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 6525481 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 3995650 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 73319191 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 1784855 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 3673711 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 2329872 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 49068280 |  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 55668107 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 9677363 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 92416414 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 107222957 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 4406120 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 61530793 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 422806 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A67

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |  |
|  **Assets (continued)** |  |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |  |
|  Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | $16132287 | $— | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 4391729 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 31567126 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 3490898 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 911729 |  |  |  |
|  Unaffiliated Exchange-Traded Funds | 61533388 |  |  |  |
|  Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  |  |  | \*\* |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 477733245 |  |  |  |
|  **Total** | $**2461995611** | **$—** | **$12398** |  |

---

\*\* Includes Level 3 investments with an aggregate value of $0.

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (22.7% represents investments purchased with collateral from securities on loan) | 23.8 |
|  Banks | 8.3 |
|  Biotechnology | 6.6 |
|  Software | 5.3 |
|  Machinery | 4.7 |
|  Semiconductors & Semiconductor Equipment | 4.6 |
|  Oil, Gas & Consumable Fuels | 3.7 |
|  Capital Markets | 3.4 |
|  Electronic Equipment, Instruments & Components | 3.1 |
|  Specialty Retail | 3.1 |
|  Unaffiliated Exchange-Traded Funds | 3 |
|  Aerospace & Defense | 3 |
|  Insurance | 2.9 |
|  Construction & Engineering | 2.9 |
|  Hotels, Restaurants & Leisure | 2.9 |
|  Professional Services | 2.8 |
|  Financial Services | 2.6 |
|  Health Care Providers & Services | 2.5 |
|  Pharmaceuticals | 2.4 |
|  Energy Equipment & Services | 2 |
|  Electrical Equipment | 2 |
|  Health Care Equipment & Supplies | 1.9 |
|  Commercial Services & Supplies | 1.8 |
|  Trading Companies & Distributors | 1.6 |
|  Building Products | 1.6 |
|  Diversified Consumer Services | 1.5 |
|  Chemicals | 1.2 |
|  Household Durables | 1.1 |
|  Consumer Finance | 1.1 |
|  Metals & Mining | 1.1 |
|  Consumer Staples Distribution & Retail | 1.1 |
|  Life Sciences Tools & Services | 1 |
|  Automobile Components | 1 |
|  Textiles, Apparel & Luxury Goods | 0.8 |
|  Media | 0.7 |

---

---

| | |
|:---|:---|
|  Broadline Retail | 0.7% |
|  Food Products | 0.6 |
|  Leisure Products | 0.6 |
|  Gas Utilities | 0.5 |
|  Ground Transportation | 0.5 |
|  Real Estate Management & Development | 0.5 |
|  Electric Utilities | 0.4 |
|  Communications Equipment | 0.4 |
|  IT Services | 0.4 |
|  Containers & Packaging | 0.4 |
|  Automobiles | 0.3 |
|  Multi-Utilities | 0.3 |
|  Interactive Media & Services | 0.3 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.3 |
|  Marine Transportation | 0.3 |
|  Construction Materials | 0.2 |
|  Specialized REITs | 0.2 |
|  Tobacco | 0.2 |
|  Beverages | 0.2 |
|  Office REITs | 0.2 |
|  Household Products | 0.2 |
|  Independent Power & Renewable Electricity Producers | 0.2 |
|  Passenger Airlines | 0.2 |
|  Water Utilities | 0.2 |
|  Hotel & Resort REITs | 0.2 |
|  Diversified REITs | 0.1 |
|  Personal Care Products | 0.1 |
|  Diversified Telecommunication Services | 0.1 |
|  Industrial REITs | 0.1 |
|  Paper & Forest Products | 0.1 |
|  Entertainment | 0.1 |
|  Health Care Technology | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  Distributors | 0.1 |
|  Health Care REITs | 0.0 \* |
|  Wireless Telecommunication Services | 0.0 \* |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A68

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST SMALL-CAP EQUITY PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Technology Hardware, Storage & Peripherals | 0.0 |
|  | 122.5 |
|  Liabilities in excess of other assets | (22.5) |
|  | 100.0% |

---

\* Less than 0.05%

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

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
|  Securities on Loan | $440664403 | $(440664403) | $— |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A69

------

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

**STATEMENT OF ASSETS AND LIABILITIES**

as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $440,664,403: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,844,193,670) . | $1984274764.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $477,729,194) | 477733245.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 11936.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 5684780.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 1197944.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 79350.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 76403.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 22470.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2469080892.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 455698811.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1806376.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable. | 1204006.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 307775.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 275645.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 84324.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 50654.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1671.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 459429740.0 |
|  **NET ASSETS** | $2009651152.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $2009651152.0 |
|  Net asset value and redemption price per share, $2,009,651,152 / 23,341,059 outstanding shares of beneficial interest | $86.1 |

---

**STATEMENT OF OPERATIONS**

Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $59,555 foreign withholding tax, of which $219 is reimbursable by an affiliate) | $22987593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1459793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $763,498) | 889741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 25337127 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 14059869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 5003512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 281764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 54383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee. | 50642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 41376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 16802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 9945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 87912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 19606205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (200140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 19406065 |
|  **NET INVESTMENT INCOME (LOSS)** | 5931062 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(2169)) | 89345295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (123) |
|  | 89345172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $6,227) | 43518576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 1164 |
|  | 43519740 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 132864912 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $138795974 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $5931062 | $(4569306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 89345172 | 282426914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 43519740 | (180659433) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 138795974 | 97198175 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,046,728 and 1,913,456 shares, respectively] | 78912780 | 154505819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [0 and 13,572,297 shares, respectively] |  | 1144280376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [5,012,642 and 4,511,996 shares, respectively] | (396885576) | (347081602) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (317972796) | 951704593 |
|  **TOTAL INCREASE (DECREASE)** | (179176822) | 1048902768 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2188827974 | 1139925206 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2009651152 | $2188827974 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A70

------

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

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $80.16 | $69.79 | $59.60 | $82.29 | $78.72 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.24 | (0.29) | (0.21) | (0.23) | (0.54) |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 5.70 | 10.66 | 10.40 | (22.46) | 4.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.94 | 10.37 | 10.19 | (22.69) | 3.57 |
|  Net Asset Value, end of year | $86.10 | $80.16 | $69.79 | $59.60 | $82.29 |
|  **Total Return<sup>(b)</sup>** | 7.41% | 14.86% | 17.10% | (27.57)% | 4.54% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $2010 | $2189 | $1140 | $1054 | $934 |
|  Average net assets (in millions) | $2001 | $1179 | $1091 | $821 | $1004 |
|  Ratios to average net assets<sup>(c</sup><sup>)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.97% | 0.99% | 0.98% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.98% | 1.00% | 1.00% | 1.01% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.30% | (0.39)% | (0.33)% | (0.36)% | (0.65)% |
|  Portfolio turnover rate<sup>(d)</sup> | 62% | 173% | 92% | 88% | 44% |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A71

------

#### NOTES TO FINANCIAL STATEMENTS OF

#### ADVANCED SERIES TRUST
1. Organization

Advanced Series Trust (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust operates as a series company and as of December 31, 2025 consisted of 33 separate portfolios. The information presented in these financial statements pertains only to the 5 portfolios listed below (each, a "Portfolio" and collectively, the "Portfolios") together with their investment objective(s). Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

Shares of each Portfolio may be purchased only by separate accounts of participating insurance companies for investing assets which are attributable to variable annuity contracts and variable life insurance policies (the "Participating Insurance Companies"). These separate accounts place orders to purchase and redeem shares of the Portfolios primarily based upon the amount of premium payments to be invested, and the amount of surrender and transfer requests to be effected on a specific day under the variable annuity contracts and variable life insurance policies.

The Portfolios have the following investment objectives:

---

| | |
|:---|:---|
| **Portfolio** | **Investment Objective** |
|  AST International Equity Portfolio<br> ("International Equity") | Long-term growth of capital. |
|  AST Large-Cap Equity Portfolio<br> ("Large-Cap Equity") formerly known as<br> AST Large-Cap Core Portfolio | Long-term capital appreciation. |
|  AST Large-Cap Growth Portfolio<br> ("Large-Cap Growth") | Long-term growth of capital. |
|  AST Large-Cap Value Portfolio<br> ("Large-Cap Value") | Current income and long-term growth of income, as well as capital appreciation. |
|  AST Small-Cap Equity Portfolio<br> ("Small-Cap Equity") | Long-term capital growth. |

---

2. Accounting Policies

The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Trust in the preparation of the Portfolios' financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Trust and the Portfolios consistently follow such policies in the preparation of their financial statements.

The Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Portfolios' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Portfolios, as listed in the Portfolios' Statement of Additional Information, act as each Portfolio's chief operating decision maker ("CODM"). The CODM has determined that each Portfolio has a single operating segment as the CODM monitors the operating results of each Portfolio as a whole and the Portfolios' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Portfolios' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Portfolio, which is consistent with the results presented in the Portfolio's Schedule of Investments, Statement of Changes in Net Assets and

B1

------

Financial Highlights.

*Securities Valuation:* Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Portfolios' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust's Board of Trustees (the "Board") has approved the Portfolios' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments") and/orAST Investment Services, Inc., the co-managers of the Portfolio, as applicable (collectively, the "Investment Manager" or "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit each Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios' foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches,

B2

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including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, of the applicable Portfolios in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios' maximum risk of loss from

B3

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counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Portfolios each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Master Netting Arrangements:* The Trust, on behalf of each Portfolio is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between each Portfolio and the counterparty permits each Portfolio to offset amounts payable by each Portfolio to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Portfolio to cover each Portfolios' exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Trust, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio's custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio's net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio's counterparties to elect early termination could impact the Portfolio's future derivative activity.

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

B4

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Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants:* Certain Portfolios held warrants acquired either through a direct purchase or pursuant to corporate actions. Warrants entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants are held as long positions by the Portfolios until exercised, sold or expired. Warrants are valued at fair value in accordance with the Board approved fair valuation procedures.

*Securities Lending:* Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolios. Upon termination of the loan, the borrower will return to the Portfolios securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolios have the right to repurchase the securities in the open market using the collateral.

The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolios also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolios become aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

*Taxes:* For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes that is not a "publicly traded partnership" as defined in Section 7704 of the Internal Revenue Code of 1986, as amended (the "Code") for US federal income tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Participating Insurance Companies. Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio's understanding of the applicable country's tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. ("Prudential") as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

*Distributions:* Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. Distributions are recorded on the ex-date.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

B5

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3. Agreements

The Trust, on behalf of the Portfolios, has entered into investment management agreements with the Investment Manager which provide that the Investment Manager will furnish each Portfolio with investment advice, investment management and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolios. The Investment Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Investment Manager out of the management fee that it receives from the Portfolios.

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| | |
|:---|:---|
| **Portfolio** | **Subadviser(s)** |
| &nbsp;&nbsp; International Equity | Jennison Associates LLC ("Jennison") (a wholly-owned subsidiary of PGIM, Inc.); J.P. Morgan; Massachusetts Financial Services Company ("MFS"); PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions") (a wholly-owned subsidiary of PGIM, Inc.); Effective January 11, 2025, Putnam Investment Management, LLC ("Putnam"); Prior to January 11, 2025, LSV Asset Management |
| &nbsp;&nbsp; Large-Cap Equity | J.P. Morgan; PGIM Quantitative Solutions; Effective January 25, 2025, ClearBridge Investments, LLC ("ClearBridge"); Dimensional Fund Advisors LP ("Dimensional"); Prior to January 25, 2025, MFS |
| &nbsp;&nbsp; Large-Cap Growth | ClearBridge; Jennison; J.P. Morgan; Putnam; T. Rowe Price Associates, Inc. |
| &nbsp;&nbsp; Large-Cap Value | ClearBridge; Dimensional; Hotchkis and Wiley Capital Management, LLC ("Hotchkis and Wiley"); J.P. Morgan; Putnam |
| &nbsp;&nbsp; Small-Cap Equity | Boston Partners Global Investors, Inc.; Dimensional; Driehaus Capital Management LLC; Hotchkis and Wiley; TimesSquare Capital Management LLC |

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*Management Fees and Expense Limitations:* The Investment Manager receives a management fee, accrued daily and payable monthly, based on the annual rates specified below, using the value of each Portfolio's average daily net assets at the respective annual rate specified below. The Investment Manager pays each subadviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable by the Portfolios to the Investment Manager under the agreements are reflected in the Statement of Operations.

The Investment Manager has contractually agreed to waive a portion of its management fee and/or reimburse certain Portfolios so that management fees plus other annual ordinary operating expenses, excluding taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales, do not exceed the percentage stated below of the Portfolio's average daily net assets unless otherwise noted. Fees and/or expenses waived and/or reimbursed by the Investment Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Investment Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable.

Each voluntary waiver/reimbursement, if any, may be modified or terminated by the Investment Manager at any time without notice.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Management Fee** | **Effective<br>Management Fee,<br>before any waivers<br>and/or expense<br>reimbursements** | **Effective<br>Management Fee,<br>after any waivers<br>and/or expense<br>reimbursements** |
| &nbsp;&nbsp; International Equity<sup>(1)</sup> | 0.7025% first $3.25 billion;<br> 0.6925% on next $2.75 billion;<br> 0.6625% on next $4 billion;<br> 0.6425% in excess of $10 billion | 0.70% | 0.69% |
| &nbsp;&nbsp; Large-Cap Equity<sup>(2)</sup> | 0.5625% first $750 million;<br> 0.5525% on next $2.5 billion;<br> 0.5425% on next $2.75 billion;<br> 0.5125% on next $4 billion;<br> 0.4925% in excess of $10 billion | 0.56% | 0.56% |
| &nbsp;&nbsp; Large-Cap Growth | 0.5975% first $10 billion;<br> 0.5925% in excess of $10 billion | 0.60% | 0.60% |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Large-Cap Value | 0.5425% first $6 billion; | 0.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% |
|  | 0.5125% on next $4 billion; |  |  |
|  | 0.4925% in excess of $10 billion |  |  |
| &nbsp;&nbsp; Small-Cap Equity | 0.7025% first $6 billion; | 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
|  | 0.6625% on next $4 billion: |  |  |
|  | 0.6425% in excess of $10 billion |  |  |

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| | |
|:---|:---|
| **Portfolio** | **Fee Waivers and/or**<br> **Expense Limitations** |
| &nbsp;&nbsp; International Equity | contractually limit expenses to 1.03%<br> through January 10, 2025;<br> effective December 11, 2024,<br> voluntarily waive 0.03%<br> through January 10, 2025;<br> effective January 11, 2025,<br> contractually waive 0.01%<br> through June 30, 2026 |
| &nbsp;&nbsp; Large-Cap Equity | contractually waive 0.015%<br> through January 24, 2025;<br> contractually limit expenses to 0.86%<br> through January 24, 2025 |
| &nbsp;&nbsp; Large-Cap Value | contractually waive 0.01%<br> through June 30, 2026 |
| &nbsp;&nbsp; Small-Cap Equity | contractually waive 0.01%<br> through June 30, 2026 |

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(1) Prior to January 11, 2025, the contractual management fee rate was as follows: 0.7325% first $300 million; 0.7225% on next $200 million; 0.7125% on next $250 million; 0.7025% on next $2.5 billion; 0.6925% on next $2.75 billion; 0.6625% on next $4 billion; 0.6425% in excess of $10 billion.

(2) Prior to January 25, 2025, the contractual management fee rate was as follows: 0.5825% first $300 million; 0.5725% on next $200 million; 0.5625% on next $250 million; 0.5525% on next $2.5 billion; 0.5425% on next $2.75 billion; 0.5125% on next $4 billion; 0.4925% in excess of $10 billion.

The Trust, on behalf of the Portfolios, has entered into an agreement with Prudential Annuities Distributors, Inc. ("PAD"), which serves as the distributor for the shares of each Portfolio. The Trust, on behalf of the Portfolios, has adopted a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan") for the shares of each Portfolio. Under the 12b-1 Plan, the shares of each covered Portfolio are charged an annual fee, primarily to compensate PAD and its affiliates for providing various administrative and distribution services to each covered Portfolio. The annual shareholder services and distribution fee (the "12b-1 fee") for each covered Portfolio's shares is 0.25% of the average daily net assets of the Portfolios.

The Trust, on behalf of certain Portfolios, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paid solely to those Portfolios generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the year ended December 31, 2025, brokerage commissions recaptured under these agreements was as follows:

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| | |
|:---|:---|
| **Portfolio** | **Amount** |
|  International Equity | $1645 |
|  Large-Cap Equity | 28696 |
|  Large-Cap Growth | 20674 |
|  Large-Cap Value | 13920 |
|  Small-Cap Equity | 50365 |

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AST Investment Services, Inc., Jennison, PAD, PGIM, Inc., PGIM Investments and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

#### a.) Related Parties
B7

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Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

Certain officers and a Trustee of the Trust are officers, employees or directors of the Investment Manager. The Trust pays no compensation directly to its officers, employees or any Trustee who receives compensation from the Investment Manager, a subadviser or their respective affiliates. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Portfolios bear all other costs and expenses.

The Portfolios may invest their overnight sweep cash in the PGIM Core Government Money Market Fund, a series of the Prudential Government Money Market Fund, Inc., registered under the 1940 Act and managed by PGIM Investments. The Portfolios may invest their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the PGIM Core Government Money Market Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the PGIM Core Government Money Market Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income from securities lending, net", respectively.

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers.

For the year ended December 31, 2025, the Portfolios' purchase and sales transactions under Rule 17a-7 and realized gain (loss) as a result of Rule 17a-7 sales transactions were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** | **Realized <br>Gain (Loss)** |
|  Large-Cap Equity | $53999 | $– | $— |

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#### b.) Foreign Withholding Tax Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies ("RICs"). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, "excess withholding tax").

Prudential instituted a process in consultation with the Trust's independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios' partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as "Payable to affiliate" on the Statement of Assets and Liabilities and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as "Receivable from affiliate" on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as "Tax reclaim receivable" on the Statement of Assets and Liabilities. To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

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| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
|  International Equity | $471901 |
|  Large-Cap Growth | 9883 |

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B8

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| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
|  Large-Cap Value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42039 |
|  Small-Cap Equity | 219 |

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The following amounts have been paid by Prudential for excess withholding taxes related to timing differences as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

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| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
|  International Equity | $835518 |
|  Large-Cap Equity | 8580 |
|  Large-Cap Growth | 3499 |
|  Large-Cap Value | 91452 |

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5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the year ended December 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
|  International Equity | $1245269553 | $1411107878 |
|  Large-Cap Equity | 1210950957 | 1334639190 |
|  Large-Cap Growth | 2382500157 | 4038931725 |
|  Large-Cap Value | 1681980724 | 2265146461 |
|  Small-Cap Equity | 1230606075 | 1515489129 |

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A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended December 31, 2025, is presented as follows:

#### International Equity

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |
| $10561262 | $308654464 | $298993953 | $— | $— | $20221773 | 20221773 | $753410 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |
| 14452120 | 397695908 | 383077591 |  | 3887 | 29074324 | 29091780 | 92627<sup>(1)</sup> |  |
| $25013382 | $706350372 | $682071544 | $— | $3887 | $49296097 |  | $846037 | $— |
| Large-Cap Equity | Large-Cap Equity | Large-Cap Equity | Large-Cap Equity | Large-Cap Equity |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |
| $2203505 | $432148623 | $413882292 | $— | $— | $20469836 | 20469836 | $914644 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |
| 4023661 | 1015600318 | 976582002 |  | 2033 | 43044010 | 43069852 | 69244<sup>(1)</sup> |  |
| $6227166 | $1447748941 | $1390464294 | $— | $2033 | $63513846 |  | $983888 | $— |

---

B9

------

#### Large-Cap Growth

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of**<br> **Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |
| $47446106 | $1090885717 | $1066139391 | $— | $— | $72192432 | 72192432 | $2028112 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |
| 281726950 | 4382137719 | 4468317730 |  | (6547) | 195540392 | 195657787 | 289807<sup>(1)</sup> |  |
| $329173056 | $5473023436 | $5534457121 | $— | $(6547) | $267732824 |  | $2317919 | $— |
| **Large-Cap Value** | **Large-Cap Value** | **Large-Cap Value** | **Large-Cap Value** | **Large-Cap Value** |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |
| $74740457 | $755892933 | $777906642 | $— | $— | $52726748 | 52726748 | $2295773 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |
| 235667178 | 3874099233 | 3736530930 | 4325 | (24122) | 373215684 | 373439748 | 456536<sup>(1)</sup> |  |
| $310407635 | $4629992166 | $4514437572 | $4325 | $(24122) | $425942432 |  | $2752309 | $— |
| **Small-Cap Equity** | **Small-Cap Equity** | **Small-Cap Equity** | **Small-Cap Equity** | **Small-Cap Equity** |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |
| $57793382 | $572599023 | $609898482 | $— | $— | $20493923 | 20493923 | $1459793 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |
| 154007447 | 1966420235 | 1663192418 | 6227 | (2169) | 457239322 | 457513830 | 763498<sup>(1)</sup> |  |
| $211800829 | $2539019258 | $2273090900 | $6227 | $(2169) | $477733245 |  | $2223291 | $— |

---

(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

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

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

6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership's income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio's adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Investment Manager has analyzed the Portfolios' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2025 are subject to such review.

B10

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7. Borrowings

The Trust, on behalf of the Portfolios, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
|  **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 | $1200000000 |
|  **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
|  **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br> the effective federal funds<br> rate, (2) the daily SOFR<br> rate plus 0.10% or (3) zero percent | 1.00% plus the higher of (1)<br> the effective federal funds<br> rate, (2) the daily SOFR<br> rate plus 0.10% or (3) zero percent |

---

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Investment Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Portfolios indicated below utilized the SCA during the year ended December 31, 2025. The average balance outstanding is for the number of days the Portfolios utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Average<br>Balance<br>Outstanding** | **Weighted<br>Average<br>Interest Rates** | **Number<br>of Days<br>Outstanding** | **Maximum<br>Balance<br>Outstanding** | **Balance<br>Outstanding at<br>December 31, 2025** |
| &nbsp;&nbsp; International Equity | $2289345 | 5.46% | 29 | $14524000 | $— |
| &nbsp;&nbsp; Large-Cap Equity | 752833 | 5.44 | 24 | 7157000 |  |
| &nbsp;&nbsp; Large-Cap Growth | 723500 | 5.36 | 26 | 4260000 |  |
| &nbsp;&nbsp; Large-Cap Value | 2245417 | 5.31 | 12 | 16334000 |  |
| &nbsp;&nbsp; Small-Cap Equity | 1053143 | 5.42 | 21 | 3766000 |  |

---

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust's Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios with a par value of $0.001 per share. As of December 31, 2025, all Portfolios offer only a single share class to investors.

As of December 31, 2025, the following number of shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Number of Shares** | **Percentage of**<br> **Outstanding Shares** |
|  International Equity | 32933835 | 71.0% |
|  Large-Cap Equity | 32582650 | 74.8 |
|  Large-Cap Growth | 56431967 | 77.3 |
|  Large-Cap Value | 48163759 | 74.6 |
|  Small-Cap Equity | 17675040 | 75.7 |

---

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

B11

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---

| | | |
|:---|:---|:---|
| **Portfolio** | **Number of**<br> **Shareholders** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of** <br> **Outstanding Shares**  |
|  **Affiliated:** |  |  |
|  International Equity | 2 | 69.6% |
|  Large-Cap Equity | 3 | 74.8 |
|  Large-Cap Growth | 3 | 69.2 |
|  Large-Cap Value | 3 | 64.0 |
|  Small-Cap Equity | 3 | 65.6 |
|  **Unaffiliated:** |  |  |
|  International Equity | 1 | 29.0 |
|  Large-Cap Equity | 1 | 25.2 |
|  Large-Cap Growth | 1 | 22.4 |
|  Large-Cap Value | 1 | 25.3 |
|  Small-Cap Equity | 1 | 24.3 |

---

9. Risks of Investing in the Portfolios

Each Portfolio's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Risks** | **International<br>Equity** | **Large-<br>Cap<br>Equity** | **Large-<br>Cap<br>Growth** | **Large-<br>Cap<br>Value** | **Small- <br>Cap <br>Equity** |
|  Asset Transfer Program | X | X | X | X | X |
|  Blend Style |  | X |  |  | X |
|  Currency | X |  |  |  | X |
|  Derivatives | X | X |  |  | X |
|  Emerging Markets | X |  |  |  |  |
|  Equity Securities | X | X | X | X | X |
|  Exchange-Traded Funds (ETF) | X | X | X | X | X |
|  Expense | X | X | X | X | X |
|  Focus | X | X | X | X |  |
|  Foreign Investment | X |  | X | X | X |
|  Growth |  | X | X |  |  |
|  Investment Style | X | X | X | X | X |
|  Large Company |  | X | X | X |  |
|  Liquidity and Valuation | X | X | X | X | X |
|  Market and Management | X | X | X | X | X |
|  Mid-Sized Company |  | X |  | X |  |
|  Participation Notes (P-Notes) | X |  |  |  |  |
|  Portfolio Turnover | X |  |  |  |  |
|  Quantitative Model |  | X |  |  |  |
|  Real Estate | X |  |  |  |  |
|  Redemption | X | X | X | X | X |
|  Regulatory | X | X | X | X | X |
|  Small Sized Company |  |  |  |  | X |
|  Technology Sector |  |  | X |  |  |
|  Valuation |  |  |  | X |  |
|  Value Style |  | X |  | X |  |

---

*Asset Transfer Program Risk:* Predetermined, nondiscretionary mathematical formulas used by the participating insurance companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas

B12

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may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

*Blend Style Risk:* A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other mutual funds.

*Currency Risk:* Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments, including the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

*Emerging Markets Risk:* The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political, and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the manager or a Portfolio's subadviser(s) to evaluate local companies or their potential impact on a Portfolio's performance. Characteristics of emerging market economies can include heavy economic dependence on international aid, agriculture or exports (particularly commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that depart from norms for developed countries, and generally less liquid markets. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility, and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions including, but not limited to, Asia, Latin America, the Middle East, Southern Europe, Eastern Europe, Africa and the region comprising the former Soviet Union. A Portfolio may invest in some

B13

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emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased liquidity, custody of assets, different settlement and clearance procedures, and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Equity Securities Risk:* The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

*Exchange-Traded Funds (ETF) Risk:* An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

*Expense Risk:* The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

*Focus Risk:* The Portfolio focuses or may focus its investments in particular countries, regions, industries, sectors, markets, or types of investments and may accumulate large positions in such areas. As a result, the Portfolio invests in the securities of a small number of issuers and has greater exposure to adverse developments affecting those issuers and a resulting decline in the market price of those issuers' securities as compared to a portfolio that invests in the securities of a larger number of issuers.

*Foreign Investment Risk:* Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

*Growth Risk:* Because the Portfolio normally invests primarily in stocks of growth companies, it is subject to the risk of underperforming the overall stock market during periods in which stocks of such companies are out of favor and generate lower returns than the market as a whole.

*Investment Style Risk:* Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.

*Large Company Risk:* Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

*Liquidity and Valuation Risk:* The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

B14

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*Market and Management Risk:* Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its services providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

*Mid-Sized Company Risk:* The shares of mid-sized companies tend to trade less frequently than those of larger, more established companies, which can have an adverse effect on the pricing and volatility of these securities and on the Portfolio's ability to sell the securities.

*Participation Notes (P-Notes) Risk:* The Portfolio may gain exposure to securities traded in foreign markets through P-notes. In addition to risks similar to those associated with a direct investment in the underlying security, such as foreign investment risk, the holder of a P-note is not entitled to the same rights as an underlying security's direct owner and P-notes are considered general unsecured contractual obligations and are subject to counterparty credit risks.

*Portfolio Turnover Risk:* A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

*Quantitative Model Risk:* The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

*Real Estate Risk:* Investments in real estate investment trusts (REITs) and real estate-linked derivative instruments are subject to risks similar to those associated with direct ownership of real estate. Poor performance by the manager of the REIT and adverse changes to or inability to qualify for favorable tax laws will adversely affect the Portfolio. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Higher interest rates have a negative impact on real estate markets by increasing financing costs associated with purchasing new real estate or refinancing debt obligations. Additionally, occupancy rates for commercial real estate can reduce the value of existing real estate investments and rental income.

*Redemption Risk:* A Portfolio that serves as an underlying fund for a fund of funds is subject to certain risks. When a fund of funds reallocates or rebalances its investments, an underlying fund may experience relatively large redemptions or investments. These transactions may cause the Portfolio serving as the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times that it would not otherwise do so, and may as a result increase transaction costs or adversely affect Portfolio performance.

*Regulatory Risk:* The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

B15

------

*Small Sized Company Risk:* Securities of small sized companies tend to be less liquid than those of larger, more established companies, which can have an adverse effect on the price of these securities and on the Portfolio's ability to sell these securities. The market price of such investments also may rise more in response to buying demand and fall more in response to selling pressure and be more volatile than investments in larger companies. Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

*Technology Sector Risk:* The value of Portfolio shares may be particularly impacted by events that adversely affect the information technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, and competition, and may fluctuate more than that of a portfolio that does not concentrate in companies in the technology sector.

*Valuation Risk:* Due to the nature of the Portfolio's investments and the market environment, a portion of the Portfolio's assets may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. The Portfolio's assets may be valued using prices provided by a pricing service or, alternatively, a broker-dealer or other market intermediary (sometimes just one broker-dealer or other market intermediary) when other reliable pricing sources may not be available. No assurance can be given that such prices accurately reflect the price the Portfolio would receive upon sale of a security.

*Value Style Risk:* Value style investing attempts to identify companies that are believed to be undervalued. Value stocks typically have prices that are low relative to factors such as the company's earnings, cash flow or dividends. Since the Portfolio may invest significantly in value stocks or use a value investment style, there is the risk that value stocks or the value style may be out of favor for a period of time, that the market will not recognize a security's intrinsic value for a long time or at all or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Value investing style may perform better or worse than equity portfolios that focus on growth stocks or that have a broader investment style.

10. Reorganization

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST Mid-Cap Growth Portfolio ("Mid-Cap Growth") (the "Merged Portfolio") for shares of Large-Cap Growth (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on November 26, 2024 and the reorganization took place at the close of business on December 13, 2024.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  Mid-Cap Growth | $1798082711 | $1748996209 |

---

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 13, 2024:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | | **Shares** |
|  Mid-Cap Growth |  | 107260990 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  Large-Cap Growth | 19204772 | $1870352791 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Appreciation<br>on Investments** | **Net Assets** |
|  Mid-Cap Growth | $49086502 | $1870352791 |

---

B16

------

---

| | |
|:---|:---|
| **Acquiring Portfolio** | **Net Assets** |
|  Large-Cap Growth | $6990342921 |

---

Assuming the acquisition had been completed on January 1, 2024, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2024 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>loss (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  Large-Cap Growth | $(23577136) | $1807605559 | $1784028423 |

---

(a) Net investment loss as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net investment loss from the Merged Portfolio pre-merger as follows: Mid-Cap Growth $(3,806,658).

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: Mid-Cap Growth $171,149,617.

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since December 13, 2024.

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST Mid-Cap Value Portfolio ("Mid-Cap Value") (the "Merged Portfolio") for shares of Large-Cap Value (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on November 26, 2024 and the reorganization took place at the close of business on December 13, 2024.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  Mid-Cap Value | $602015309 | $601223545 |

---

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 13, 2024:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** |  | **Shares** |
|  Mid-Cap Value |  | 11202807 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  Large-Cap Value | 11472553 | $623074380 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Appreciation<br>on Investments** | **Net Assets** |
|  Mid-Cap Value | $791764 | $623074380 |
| **Acquiring Portfolio** |  | **Net Assets** |
|  Large-Cap Value |  | $3576451162 |

---

Assuming the acquisition had been completed on January 1, 2024, the Acquiring Portfolio's unaudited pro forma results of

B17

------

operations for the year ended December 31, 2024 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  Large-Cap Value | $60499283 | $313493601 | $373992884 |

---

a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: Mid-Cap Value $5,516,937.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: Mid-Cap Value $87,818,221.

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since December 13, 2024.

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST Small-Cap Value Portfolio ("Small-Cap Value") (the "Merged Portfolio") for shares of Small-Cap Equity (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on November 26, 2024 and the reorganization took place at the close of business on December 13, 2024.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  Small-Cap Value | $1180276623 | $1044426587 |

---

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 13, 2024:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** |  | **Shares** |
|  Small-Cap Value |  | 26378489 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  Small-Cap Equity | 13572297 | $1144280376 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Appreciation<br>on Investments** | **Net Assets** |
|  Small-Cap Value | $135850036 | $1144280376 |
| **Acquiring Portfolio** |  | **Net Assets** |
|  Small-Cap Equity |  | $1185300065 |

---

Assuming the acquisition had been completed on January 1, 2024, the Acquiring Portfolio's unaudited pro forma results of

B18

------

operations for the year ended December 31, 2024 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets<br>resulting<br>from operations** |
|  Small-Cap Equity | $3741792 | $226787852 | $230529644 |

---

(a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: Small-Cap Value $8,311,098.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: Small-Cap Value $125,020,371.

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since December 13, 2024.

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST Emerging Markets Equity Portfolio ("Emerging Markets Equity") (the "Merged Portfolio") for shares of International Equity (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on December 11, 2024 and the reorganization took place at the close of business on January 10, 2025.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  Emerging Markets Equity | $186968823 | $191769718 |

---

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on January 10, 2025:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | | **Shares** |
|  Emerging Markets Equity |  | 21393206 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  International Equity | 7466229 | $199348312 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized depreciation immediately before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Depreciation<br>on Investments** | **Net Assets** |
|  Emerging Markets Equity | $(4800895) | $199348312 |
| **Acquiring Portfolio** |  | **Net Assets** |
|  International Equity |  | $1226314011 |

---

Assuming the acquisition had been completed on January 1, 2025, the Acquiring Portfolio's unaudited pro forma results of

B19

------

operations for the year ended December 31, 2025 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  International Equity | $29882210 | $398741324 | $428623534 |

---

(a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2025) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: Emerging Markets Equity $84,323.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2025) of the Acquiring Portfolio, plus net realized and unrealized loss on investments from the Merged Portfolio pre-merger as follows: Emerging Markets Equity $(2,808,276).

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since January 10, 2025.

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST ClearBridge Dividend Growth Portfolio ("ClearBridge Dividend Growth"), AST Cohen & Steers Realty Portfolio ("Cohen & Steers Realty"), AST MFS Global Equity Portfolio ("MFS Global Equity"), and AST T. Rowe Price Natural Resources Portfolio ("T. Rowe Price Natural Resources") (the "Merged Portfolios") for shares of Large-Cap Equity (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolios, respectively. Shareholders approved the Plan at a meeting on December 11, 2024 and the reorganization took place at the close of business on January 24, 2025.

On the reorganization date, the Merged Portfolios had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

---

| | | |
|:---|:---|:---|
| **Merged Portfolios** | **Total Investment<br>Value** | **Total Investment<br>Cost** |
|  ClearBridge Dividend Growth | $252615492 | $222176319 |
|  Cohen & Steers Realty | 439148181 | 427733371 |
|  MFS Global Equity | 532682344 | 495972857 |
| T. Rowe Price Natural Resources | 191670711 | 185168523 |

---

The purpose of the transaction was to combine five portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on January 24, 2025:

---

| | | |
|:---|:---|:---|
| **Merged Portfolios** | | **Shares** |
|  ClearBridge Dividend Growth |  | 7368777 |
|  Cohen & Steers Realty |  | 26133545 |
|  MFS Global Equity |  | 17670987 |
| T. Rowe Price Natural Resources |  | 6353110 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  Large-Cap Equity | 38074184 | $1539719990 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolios were carried forward to reflect the tax-free status of the acquisition.

B20

------

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| **Merged Portfolios** | **Unrealized**<br> **Appreciation**<br> **on Investments** | **Net Assets** |
|  ClearBridge Dividend Growth | $30439173 | $274714636 |
|  Cohen & Steers Realty | 11414810 | 475954581 |
|  MFS Global Equity | 36709487 | 578516315 |
| T. Rowe Price Natural Resources | 6502188 | 210534458 |
| **Acquiring Portfolio** |  | **Net Assets** |
|  Large-Cap Equity |  | $460980639 |

---

Assuming the acquisition had been completed on January 1, 2025, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2025 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  Large-Cap Equity | $8218661 | $246419192 | $254637853 |

---

(a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2025) of the Acquiring Portfolio, plus net investment income (loss) from the Merged Portfolio pre-merger as follows: ClearBridge Dividend Growth $73,693, Cohen & Steers Realty $25,003, MFS Global Equity $(44,723), and T. Rowe Price Natural Resources $(9,122).

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2025) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: ClearBridge Dividend Growth $9,572,571, Cohen & Steers Realty $7,731,389, MFS Global Equity $17,349,384, and T. Rowe Price Natural Resources $17,090,536.

Since both the Merged Portfolios and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolios that have been included in the Acquiring Portfolio's Statement of Operations since January 24, 2025.

11. Recent Accounting Pronouncement and Regulatory Developments

During the reporting period, the Portfolios adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) -Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Portfolios did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

12. Subsequent Event

Each Portfolio's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of December 31, 2025.

B21

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Advanced Series Trust and Shareholders of AST International Equity Portfolio, AST Large-Cap Equity Portfolio, AST Large-Cap Growth Portfolio, AST Large-Cap Value Portfolio and AST Small-Cap Equity Portfolio

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of AST International Equity Portfolio, AST Large-Cap Equity Portfolio, AST Large-Cap Growth Portfolio, AST Large-Cap Value Portfolio and AST Small-Cap Equity Portfolio (five of the portfolios constituting Advanced Series Trust, hereafter collectively referred to as the "Portfolios") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 18, 2026

We have served as the auditor of one or more investment companies in the Prudential Insurance Portfolios complex since 2020.

C1

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

## Advanced Series Trust

### FINANCIAL STATEMENTS AND OTHER INFORMATION

### December 31, 2025

---

| | |
|:---|:---|
| ![LOGO](g778540g01g02.jpg)  | **AST Bond Portfolio 2026**<br> **AST Bond Portfolio 2027**<br> **AST Bond Portfolio 2028**<br> **AST Bond Portfolio 2029**<br> **AST Bond Portfolio 2030**<br> **AST Bond Portfolio 2031**<br> **AST Bond Portfolio 2032**<br> **AST Bond Portfolio 2033**<br> **AST Bond Portfolio 2034**<br> **AST Bond Portfolio 2035**<br> **AST Bond Portfolio 2036**<br> **AST Core Fixed Income Portfolio**<br> **AST Government Money Market Portfolio**<br> **AST Investment Grade Bond Portfolio**<br> **AST Multi-Sector Fixed Income Portfolio**<br> **AST Quantitative Modeling Portfolio** |

---

![LOGO](g778540g01g01.jpg)

------

Advanced Series Trust **Table of Contents** Financial Statements and Other Information December 31, 2025 <br> <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>        

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

---

| | | |
|:---|:---|:---|
|  Section A  | [Schedule of Investments, Financial Statements, and Financial Highlights](#edgar778540_1) |  |
|  | [Glossary](#edgar778540_2) | A1 |
|  | [AST Bond Portfolio 2026](#edgar778540_3) | A3 |
|  | [AST Bond Portfolio 2027](#edgar778540_4) | A8 |
|  | [AST Bond Portfolio 2028](#edgar778540_5) | A13 |
|  | [AST Bond Portfolio 2029](#edgar778540_6) | A18 |
|  | [AST Bond Portfolio 2030](#edgar778540_7) | A23 |
|  | [AST Bond Portfolio 2031](#edgar778540_8) | A28 |
|  | [AST Bond Portfolio 2032](#edgar778540_9) | A33 |
|  | [AST Bond Portfolio 2033](#edgar778540_10) | A38 |
|  | [AST Bond Portfolio 2034](#edgar778540_11) | A43 |
|  | [AST Bond Portfolio 2035](#edgar778540_12) | A48 |
|  | [AST Bond Portfolio 2036](#edgar778540_13) | A53 |
|  | [AST Core Fixed Income Portfolio](#edgar778540_14) | A58 |
|  | [AST Government Money Market Portfolio](#edgar778540_15) | A118 |
|  | [AST Investment Grade Bond Portfolio](#edgar778540_16) | A124 |
|  | [AST Multi-Sector Fixed Income Portfolio](#edgar778540_17) | A144 |
|  | [AST Quantitative Modeling Portfolio](#edgar778540_18) | A168 |
|  Section B | [Notes to Financial Statements](#edgar778540_19) |  |
|  Section C | [Report of Independent Registered Public Accounting Firm](#edgar778540_20) |  |

---

∎ **[APPENDIX A](#edgar778540_21)** 

∎ **[OTHER INFORMATION - FORM N-CSR ITEMS 8-11](#edgar778540_22)** 

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

------

<br> **Glossary** <br>

The following abbreviations are used in the Portfolios' descriptions:

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

CZK Czech Koruna

---

| | |
|:---|:---|
| EUR | Euro  |

---

GBP British Pound

HUF Hungarian Forint

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

PEN Peruvian Nuevo Sol

PHP Philippine Peso

PLN Polish Zloty

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD New Taiwanese Dollar

USD US Dollar

ZAR South African Rand

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

A — Annual payment frequency for swaps

ABS — Asset-Backed Security

ADR — American Depositary Receipt

AID — Agency for International Development

BABs — Build America Bonds

BARC — Barclays Bank PLC

BNP — BNP Paribas S.A.

BNY — Bank of New York Mellon

BOA — Bank of America, N.A.

BOS — BofA Securities, Inc.

CBOE — Chicago Board Options Exchange

CDX — Credit Derivative Index

CGM — Citigroup Global Markets, Inc.

CITI — Citibank, N.A.

CLO — Collateralized Loan Obligation

CMBX — Commercial Mortgage-Backed Index

CME — Chicago Mercantile Exchange

CMS — Constant Maturity Swap

COP — Certificates of Participation

CVA — Certificate Van Aandelen (Bearer)

DAC — Designated Activity Company

DB — Deutsche Bank AG

EAFE — Europe, Australasia, Far East

EMTN — Euro Medium Term Note

ETF — Exchange-Traded Fund

EURIBOR — Euro Interbank Offered Rate

FFCSB — Federal Farm Credit System Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FREMF — Freddie Mac Mortgage Trust

GMTN — Global Medium Term Note

GNMA — Government National Mortgage Association

GS — Goldman Sachs & Co. LLC

GSI — Goldman Sachs International

HSBC — HSBC Bank PLC

iBoxx — Bond Market Indices

IO — Interest Only (Principal amount represents notional)

JPM — JPMorgan Chase Bank N.A.

LP — Limited Partnership

M — Monthly payment frequency for swaps

MASTR — Morgan Stanley Structured Asset Security

MLC — Merrill Lynch Capital Services, Inc.

MSC — Morgan Stanley & Co. LLC

MSCI — Morgan Stanley Capital International

MSI — Morgan Stanley & Co. International PLC

MTN — Medium Term Note

N/A — Not Applicable

OTC — Over-the-counter

PIK — Payment-in-Kind

PRFC — Preference Shares

Q — Quarterly payment frequency for swaps

RBC — Royal Bank of Canada

REITs — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

RFUCCT — Refinitiv USD IBOR Consumer Cash Fallbacks Term

S&P — Standard & Poor's

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

SSB — State Street Bank & Trust Company

STRIPs — Separate Trading of Registered Interest and Principal of Securities

T — Swap payment upon termination

TBA — To Be Announced

TIPS — Treasury Inflation-Protected Securities

**SEE NOTES TO FINANCIAL STATEMENTS.**

A1

------

<br> ***Glossary (CONTINUED)*** <br>

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

USOIS — United States Overnight Index Swap

**SEE NOTES TO FINANCIAL STATEMENTS.**

A2

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2026*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 95.6%** | **LONG-TERM INVESTMENT — 95.6%** | **LONG-TERM INVESTMENT — 95.6%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |  |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 2703664 | $30281039 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $26,918,674) |  |  |
|  **SHORT-TERM INVESTMENT — 2.5%** | **SHORT-TERM INVESTMENT — 2.5%** | **SHORT-TERM INVESTMENT — 2.5%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $796,184) | 796184 | 796184 |
|  **TOTAL INVESTMENTS—98.1%**<br> (cost $27,714,858)(wa) |  | 31077223 |
|  **Other assets in excess of liabilities(z) — 1.9%** | **Other assets in excess of liabilities(z) — 1.9%** | 597641 |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31674864 |

---

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

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 28 | 3 Month CME SOFR | Sep. 2026 | $6768300 | $(1264) |
| 32 | 2 Year U.S. Treasury Notes | Mar. 2026 | 6681250 | 1194 |
|  |  |  |  | (70) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 77 | 5 Year U.S. Treasury Notes | Mar. 2026 | 8416461 | 30870 |
| 31 | 10 Year U.S. Treasury Notes | Mar. 2026 | 3485563 | 23862 |
| 25 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 2875391 | 8254 |
| 35 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 4045781 | 32045 |
| 20 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 2360000 | 38422 |
|  |  |  |  | 133453 |
|  |  |  |  | $133383 |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  CGM | $611000 | $— |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A3

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2026** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $30281039 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 796184 |  |  |
|  **Total** | $31077223 | $— | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $134647 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(1264) | $— | $— |

---

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

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 95.6% |
|  Short-Term | 2.5 |
|  | 98.1 |
|  Other assets in excess of liabilities | 1.9 |
|  | 100.0% |

---

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

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | Fair<br>Value | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | Fair<br>Value |
|  Interest rate contracts | Due from/to broker-variation margin futures | $134647 \* | Due from/to broker-variation margin futures | $1264 \* |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures |
|  Interest rate contracts | $(384069) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A4

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2026** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Futures |
|  Interest rate contracts | $(48027) |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $20108235 |
|  Futures Contracts - Short Positions (1) | 21304774 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A5

------

<br> **AST BOND PORTFOLIO 2026** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $27,714,858) | $31077223.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 611000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 31514.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 15942.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 4378.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1047.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 31741104.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 30675.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 15072.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 10691.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 3224.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 2412.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1989.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 1302.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 320.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 77.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 66240.0 |
|  **NET ASSETS** | $31674864.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $31674864.0 |
|  Net asset value and redemption price per share, $31,674,864 / 2,483,149 outstanding shares of beneficial interest | $12.76 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $39340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 22420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 61760 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 155350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 82701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 42314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 40891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 16510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 409170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (108139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 301031 |
| NET INVESTMENT INCOME (LOSS) | (239271) |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $347,625) | 347766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (384069) |
|  | (36303) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 2070831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (48027) |
|  | 2022804 |
| NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS | 1986501 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1747230 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(239271) | $(139858) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions. | (36303) | 61230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 2022804 | 963359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1747230 | 884731 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [2,711,933 and 506,336 shares, respectively] | 33346237 | 6000036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [1,916,447 and 869,452 shares, respectively] | (23882185) | (10215954) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | 9464052 | (4215918) |
|  **TOTAL INCREASE (DECREASE)** | 11211282 | (3331187) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 20463582 | 23794769 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $31674864 | $20463582 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A6

------

<br> **AST BOND PORTFOLIO 2026** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $12.13 | $11.60 | $10.95 | $12.26 | $12.75 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | (0.09) | (0.08) | (0.07) | — <sup>(b)</sup> | 0.16 |
|  Net realized and unrealized gain (loss) on investment transactions | 0.72 | 0.61 | 0.72 | (1.31) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.63 | 0.53 | 0.65 | (1.31) | (0.49) |
|  Net Asset Value, end of year | $12.76 | $12.13 | $11.60 | $10.95 | $12.26 |
|  **Total Return<sup>(c)</sup>** | 5.19% | 4.57% | 5.94% | (10.69)% | (3.84)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $32 | $20 | $24 | $27 | $30 |
|  Average net assets (in millions) | $33 | $21 | $25 | $29 | $39 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91% | 0.92% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.24% | 1.48% | 1.31% | 1.21% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.72)% | (0.66)% | (0.59)% | 0.03% | 1.25% |
|  Portfolio turnover rate<sup>(e)</sup> | 65% | 25% | 42% | 47% | 30% |

---

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

(b) Amount rounds to zero.

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A7

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2027*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 95.3%** | **LONG-TERM INVESTMENT — 95.3%** | **LONG-TERM INVESTMENT — 95.3%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 3061174 | $34285150 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $30,091,058) |  |  |
|  **SHORT-TERM INVESTMENT — 2.5%** | **SHORT-TERM INVESTMENT — 2.5%** | **SHORT-TERM INVESTMENT — 2.5%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $913,874) | 913874 | 913874 |
|  **TOTAL INVESTMENTS—97.8%**<br> (cost $31,004,932)(wa) |  | 35199024 |
|  **Other assets in excess of liabilities(z) — 2.2%** | **Other assets in excess of liabilities(z) — 2.2%** | 787127 |
|  **NET ASSETS — 100.0%** |  | $35986151 |

---

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

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Position:** | **Long Position:** |  |  |  |
| 145 | 2 Year U.S. Treasury Notes | Mar. 2026 | $30274414 | $8003 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 81 | 5 Year U.S. Treasury Notes | Mar. 2026 | 8853680 | 32598 |
| 36 | 10 Year U.S. Treasury Notes | Mar. 2026 | 4047750 | 27364 |
| 28 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 3220438 | 9492 |
| 39 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 4508156 | 35001 |
| 24 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 2832000 | 45752 |
|  |  |  |  | 150207 |
|  |  |  |  | $158210 |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  CGM | $807000 | $— |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A8

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2027** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $34285150 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 913874 |  |  |
|  **Total** | $35199024 | $— | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $158210 | $— | $— |

---

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

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 95.3% |
|  Short-Term | 2.5 |
|  | 97.8 |
|  Other assets in excess of liabilities | 2.2 |
|  | 100.0% |

---

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Interest rate contracts | Due from/to broker-variation margin futures | $158210 \* |  | $— |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures |
|  Interest rate contracts | $(56517) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A9

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2027** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $(172113) |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $36512842 |
|  Futures Contracts - Short Positions (1) | 28999769 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A10

------

<br> **AST BOND PORTFOLIO 2027** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $31,004,932) | $35199024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 807000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 29391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 36038970 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 30675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 10669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 3224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 52819 |
|  **NET ASSETS** | $35986151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $35986151 |
|  Net asset value and redemption price per share, $35,986,151 / 2,948,132 outstanding shares of beneficial interest | $12.21 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $42068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 32413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 74481 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 187964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 100063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 42297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 38995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 16510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 456478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (92247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 364231 |
|  **NET INVESTMENT INCOME (LOSS)** | (289750) |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 663338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (56517) |
|  | 606821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 2190224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (172113) |
|  | 2018111 |
| NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS | 2624932 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $2335182 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(289750) | $(304304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions. | 606821 | 186990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 2018111 | 1757806 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 2335182 | 1640492 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [313,667 and 258,186 shares, respectively] | 3668807 | 2913112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [929,759 and 1,070,768 shares, respectively] | (11065943) | (12096389) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (7397136) | (9183277) |
|  **TOTAL INCREASE (DECREASE)** | (5061954) | (7542785) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 41048105 | 48590890 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $35986151 | $41048105 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A11

------

<br> **AST BOND PORTFOLIO 2027** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $11.52 | $11.10 | $10.52 | $12.05 | $12.63 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | (0.09) | (0.08) | (0.07) | (0.03) | 0.10 |
| Net realized and unrealized gain (loss) on investment transactions | 0.78 | 0.50 | 0.65 | (1.50) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.69 | 0.42 | 0.58 | (1.53) | (0.58) |
|  Net Asset Value, end of year | $12.21 | $11.52 | $11.10 | $10.52 | $12.05 |
|  **Total Return<sup>(b)</sup>** | 5.99% | 3.78% | 5.51% | (12.70)% | (4.59)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $36 | $41 | $49 | $52 | $48 |
|  Average net assets (in millions) | $40 | $45 | $50 | $54 | $56 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91% | 0.92% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.14% | 1.06% | 1.02% | 0.98% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.72)% | (0.67)% | (0.62)% | (0.26)% | 0.79% |
|  Portfolio turnover rate<sup>(d)</sup> | 9% | 5% | 15% | 40% | 40% |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A12

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2028*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 95.8%** | **LONG-TERM INVESTMENT — 95.8%** | **LONG-TERM INVESTMENT — 95.8%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 5120468 | $57349238 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $51,148,409) |  |  |
|  **SHORT-TERM INVESTMENT — 2.7%** | **SHORT-TERM INVESTMENT — 2.7%** | **SHORT-TERM INVESTMENT — 2.7%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $1,635,489) | 1635489 | 1635489 |
|  **TOTAL INVESTMENTS—98.5%**<br> (cost $52,783,898)(wa) |  | 58984727 |
|  **Other assets in excess of liabilities(z) — 1.5%** | **Other assets in excess of liabilities(z) — 1.5%** | 905194 |
|  **NET ASSETS — 100.0%** |  | $59889921 |

---

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

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Position:** | **Long Position:** |  |  |  |
| 251 | 3 Year U.S. Treasury Notes | Mar. 2026 | $53519867 | $30311 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 65 | 2 Year U.S. Treasury Notes | Mar. 2026 | 13571289 | 7976 |
| 86 | 5 Year U.S. Treasury Notes | Mar. 2026 | 9400203 | 12892 |
| 57 | 10 Year U.S. Treasury Notes | Mar. 2026 | 6408938 | 43904 |
| 46 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 5290719 | 15546 |
| 66 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 7629188 | 59588 |
| 39 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 4602000 | 76517 |
|  |  |  |  | 216423 |
|  |  |  |  | $246734 |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  CGM | $935000 | $— |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A13

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2028** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $57349238 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1635489 |  |  |
|  **Total** | $58984727 | $— | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $246734 | $— | $— |

---

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

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 95.8% |
|  Short-Term | 2.7 |
|  | 98.5 |
|  Other assets in excess of liabilities | 1.5 |
|  | 100.0% |

---

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Interest rate contracts | Due from/to broker-variation margin futures | $246734 \* |  | $— |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures |
|  Interest rate contracts | $307571 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A14

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2028** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Futures |
|  Interest rate contracts | $(45735) |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $51720327 |
|  Futures Contracts - Short Positions (1) | 44043105 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A15

------

<br> **AST BOND PORTFOLIO 2028** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $52,783,898) | $58984727.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 935000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 97854.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 38422.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1052.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 60057055.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 103004.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 30675.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 12276.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 10668.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 7225.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 2468.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 340.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 167134.0 |
|  **NET ASSETS** | $59889921.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $59889921.0 |
|  Net asset value and redemption price per share, $59,889,921 / 4,911,939 outstanding shares of beneficial interest | $12.19 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $87321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 32111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 119432 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 301741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 160633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 42350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 31213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 633777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (49073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 584704 |
|  **NET INVESTMENT INCOME (LOSS)** | (465272) |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 981645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 307571 |
|  | 1289216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 3612791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (45735) |
|  | 3567056 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 4856272 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $4391000 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(465272) | $(538083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions. | 1289216 | 742298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 3567056 | 1732323 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 4391000 | 1936538 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [60,524 and 55,308 shares, respectively] | 709435 | 620068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [1,189,683 and 1,748,727 shares, respectively] | (14028250) | (19582911) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (13318815) | (18962843) |
|  **TOTAL INCREASE (DECREASE)** | (8927815) | (17026305) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 68817736 | 85844041 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $59889921 | $68817736 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A16

------

<br> **AST BOND PORTFOLIO 2028** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $11.39 | $11.10 | $10.52 | $12.24 | $12.81 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | (0.09) | (0.08) | (0.07) | (0.03) | — <sup>(b)</sup> |
|  Net realized and unrealized gain (loss) on investment transactions | 0.89 | 0.37 | 0.65 | (1.69) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.80 | 0.29 | 0.58 | (1.72) | (0.57) |
|  Net Asset Value, end of year | $12.19 | $11.39 | $11.10 | $10.52 | $12.24 |
|  **Total Return<sup>(c)</sup>** | 7.02% | 2.61% | 5.51% | (14.05)% | (4.45)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $60 | $69 | $86 | $102 | $89 |
|  Average net assets (in millions) | $64 | $77 | $93 | $112 | $50 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91% | 0.90% | 0.86% | 0.83% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.99% | 0.92% | 0.88% | 0.84% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.72)% | (0.70)% | (0.62)% | (0.29)% | 0.01% |
|  Portfolio turnover rate<sup>(e)</sup> | 1% | 1% | 1% | 41% | 230% |

---

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

(b) Amount rounds to zero.

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A17

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2029*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 95.1%** | **LONG-TERM INVESTMENT — 95.1%** | **LONG-TERM INVESTMENT — 95.1%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 340963 | $3818787 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,233,982) |  |  |
|  **SHORT-TERM INVESTMENT — 1.7%** | **SHORT-TERM INVESTMENT — 1.7%** |  |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $66,882) | 66882 | 66882 |
|  **TOTAL INVESTMENTS—96.8%**<br> (cost $3,300,864)(wa) | **TOTAL INVESTMENTS—96.8%**<br> (cost $3,300,864)(wa) | 3885669 |
|  **Other assets in excess of liabilities(z) — 3.2%** | **Other assets in excess of liabilities(z) — 3.2%** | 130159 |
|  **NET ASSETS — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015828 |

---

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

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 4 | 3 Year U.S. Treasury Notes | Mar. 2026 | $852906 | $(252) |
| 21 | 5 Year U.S. Treasury Notes | Mar. 2026 | 2295398 | (7357) |
|  |  |  |  | (7609) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 4 | 2 Year U.S. Treasury Notes | Mar. 2026 | 835156 | 496 |
| 4 | 10 Year U.S. Treasury Notes | Mar. 2026 | 449750 | 2854 |
| 3 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 345047 | 2035 |
| 4 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 462375 | 3713 |
| 3 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 354000 | 5511 |
|  |  |  |  | 14609 |
|  |  |  |  | $7000 |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  CGM | $158000 | $— |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A18

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2029** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $3818787 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 66882 |  |  |
|  **Total** | $3885669 | $— | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $14609 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(7609) | $— | $— |

---

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

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 95.1% |
|  Short-Term | 1.7 |
|  | 96.8 |
|  Other assets in excess of liabilities | 3.2 |
|  | 100.0% |

---

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

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | Fair<br>Value | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | Fair<br>Value |
|  Interest rate contracts | Due from/to broker-variation margin futures | $14609 \* | Due from/to broker-variation margin futures | $7609 \* |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures |
|  Interest rate contracts | $75799 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A19

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2029** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Futures |
|  Interest rate contracts | $(10188) |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $6388658 |
|  Futures Contracts - Short Positions (1) | 5824583 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A20

------

<br> **AST BOND PORTFOLIO 2029** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $3,300,864) | $3885669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 158000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 19526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4065056 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 30675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 10685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable. | 3224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 49228 |
|  **NET ASSETS** | $4015828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $4015828 |
|  Net asset value and redemption price per share, $4,015,828 / 337,123 outstanding shares of beneficial interest | $11.91 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
|  Interest income | $6339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 4345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 10684 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 25871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 13773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 42398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 38139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 16510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 3888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 209094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (158959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 50135 |
|  **NET INVESTMENT INCOME (LOSS)** | (39451) |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON** |  |
|  **INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 313109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 75799 |
|  | 388908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 104305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (10188) |
|  | 94117 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 483025 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $443574 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(39451) | $(49745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 388908 | 49371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 94117 | 115160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 443574 | 114786 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [9,324 and 36,705 shares, respectively] | 107176 | 393871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [256,366 and 188,029 shares, respectively] | (2991024) | (2058953) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (2883848) | (1665082) |
|  **TOTAL INCREASE (DECREASE)** | (2440274) | (1550296) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 6456102 | 8006398 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4015828 | $6456102 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A21

------

<br> **AST BOND PORTFOLIO 2029** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $11.05 | $10.89 | $10.31 | $12.27 | $12.85 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | (0.08) | (0.07) | (0.06) | (0.05) | 0.10 |
|  Net realized and unrealized gain (loss) on investment transactions | 0.94 | 0.23 | 0.64 | (1.91) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.86 | 0.16 | 0.58 | (1.96) | (0.58) |
|  Net Asset Value, end of year | $11.91 | $11.05 | $10.89 | $10.31 | $12.27 |
|  **Total Return<sup>(b)</sup>** | 7.78% | 1.47% | 5.63% | (15.97)% | (4.51)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $4 | $6 | $8 | $9 | $3 |
|  Average net assets (in millions) | $6 | $7 | $9 | $8 | $3 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91% | 0.91% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.80% | 2.83% | 2.47% | 2.54% | 6.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.72)% | (0.67)% | (0.60)% | (0.43)% | 0.80% |
|  Portfolio turnover rate<sup>(d)</sup> | 2% | 5% | 15% | 98% | 68% |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A22

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2030*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 95.3%** | **LONG-TERM INVESTMENT — 95.3%** | **LONG-TERM INVESTMENT — 95.3%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 4203566 | $47079940 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $41,516,041) |  |  |
|  **SHORT-TERM INVESTMENT — 3.3%** | **SHORT-TERM INVESTMENT — 3.3%** | **SHORT-TERM INVESTMENT — 3.3%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund (cost $1,629,959) | 1629959 | 1629959 |
|  **TOTAL INVESTMENTS—98.6%** (cost $43,146,000)(wa) |  | 48709899 |
|  **Other assets in excess of liabilities(z) — 1.4%** | **Other assets in excess of liabilities(z) — 1.4%** | 672240 |
|  **NET ASSETS — 100.0%** |  | $49382139 |

---

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

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Position:** | **Long Position:** |  |  |  |
| 652 | 5 Year U.S. Treasury Notes | Mar. 2026 | $71266658 | $(147235) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 62 | 2 Year U.S. Treasury Notes | Mar. 2026 | 12944922 | 6587 |
| 159 | 3 Year U.S. Treasury Notes | Mar. 2026 | 33903023 | (25039) |
| 39 | 10 Year U.S. Treasury Notes | Mar. 2026 | 4385063 | 24868 |
| 37 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 4255578 | 13527 |
| 54 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 6242063 | 48605 |
| 32 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 3776000 | 60256 |
|  |  |  |  | 128804 |
|  |  |  |  | $(18431) |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  CGM | $746000 | $— |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A23

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2030** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $47079940 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1629959 |  |  |
|  **Total** | $48709899 | $— | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $153843 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(172274) | $— | $— |

---

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

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 95.3% |
|  Short-Term | 3.3 |
|  | 98.6 |
|  Other assets in excess of liabilities | 1.4 |
|  | 100.0% |

---

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Interest rate contracts | Due from/to broker-variation margin futures | $153843 \* | Due from/to broker-variation margin futures | $172274 \* |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures |
|  Interest rate contracts | $707130 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A24

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2030** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $32163 |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $64720619 |
|  Futures Contracts - Short Positions (1) | 57937177 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A25

------

<br> **AST BOND PORTFOLIO 2030** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $43,146,000) | $48709899.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 746000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 1101.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 407.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1050.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 49458457.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 30675.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 17233.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 10674.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 6032.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 3224.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 2198.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 2036.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 1871.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1566.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 331.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 76318.0 |
|  **NET ASSETS** | $49382139.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $49382139.0 |
|  Net asset value and redemption price per share, $49,382,139 / 4,128,487 outstanding shares of beneficial interest | $11.96 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $77926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 29960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 107886 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 243309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 129526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 42351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 16510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 14825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 543531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (72056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 471475 |
|  **NET INVESTMENT INCOME (LOSS)** | (363589) |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 570202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 707130 |
|  | 1277332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 3074938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 32163 |
|  | 3107101 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 4384433 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $4020844 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(363589) | $(384511) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 1277332 | 198252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 3107101 | 688512 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 4020844 | 502253 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [221,033 and 178,108 shares, respectively] | 2515942 | 1964459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [884,087 and 858,312 shares, respectively] | (10190373) | (9404544) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (7674431) | (7440085) |
|  **TOTAL INCREASE (DECREASE)** | (3653587) | (6937832) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 53035726 | 59973558 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $49382139 | $53035726 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A26

------

<br> **AST BOND PORTFOLIO 2030** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $11.07 | $10.96 | $10.39 | $12.55 | $13.10 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | (0.08) | (0.08) | (0.07) | (0.02) | 0.10 |
|  Net realized and unrealized gain (loss) on investment transactions | 0.97 | 0.19 | 0.64 | (2.14) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.89 | 0.11 | 0.57 | (2.16) | (0.55) |
|  Net Asset Value, end of year | $11.96 | $11.07 | $10.96 | $10.39 | $12.55 |
|  **Total Return<sup>(b)</sup>** | 8.04% | 1.00% | 5.38% | (17.13)% | (4.20)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $49 | $53 | $60 | $58 | $73 |
|  Average net assets (in millions) | $52 | $56 | $58 | $64 | $103 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.05% | 1.00% | 0.98% | 0.93% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.70)% | (0.69)% | (0.64)% | (0.15)% | 0.83% |
|  Portfolio turnover rate<sup>(d)</sup> | 4% | 3% | 12% | 14% | 56% |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A27

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2031*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 95.7%** | **LONG-TERM INVESTMENT — 95.7%** | **LONG-TERM INVESTMENT — 95.7%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 5638141 | $63147179 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $56,182,151) |  |  |
|  **SHORT-TERM INVESTMENT — 3.0%** | **SHORT-TERM INVESTMENT — 3.0%** | **SHORT-TERM INVESTMENT — 3.0%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund (cost $1,976,155) | 1976155 | 1976155 |
|  **TOTAL INVESTMENTS—98.7%** (cost $58,158,306)(wa) |  | 65123334 |
|  **Other assets in excess of liabilities(z) — 1.3%** | **Other assets in excess of liabilities(z) — 1.3%** | 839204 |
|  **NET ASSETS — 100.0%** |  | $65962538 |

---

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

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 368 | 5 Year U.S. Treasury Notes | Mar. 2026 | $40224126 | $(94060) |
| 285 | 10 Year U.S. Treasury Notes | Mar. 2026 | 32044688 | (135457) |
|  |  |  |  | (229517) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 84 | 2 Year U.S. Treasury Notes | Mar. 2026 | 17538281 | 7965 |
| 117 | 3 Year U.S. Treasury Notes | Mar. 2026 | 24947508 | (12074) |
| 50 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 5750782 | 16856 |
| 73 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 8438344 | 65067 |
| 43 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 5074000 | 80663 |
|  |  |  |  | 158477 |
|  |  |  |  | $(71040) |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  MLC | $950000 | $— |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A28

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2031** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $63147179 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1976155 |  |  |
|  **Total** | $65123334 | $— | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $170551 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(241591) | $— | $— |

---

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

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 95.7% |
|  Short-Term | 3.0 |
|  | 98.7 |
|  Other assets in excess of liabilities | 1.3 |
|  | 100.0% |

---

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Interest rate contracts | Due from/to broker-variation margin futures | $170551 \* | Due from/to broker-variation margin futures | $241591 \* |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures |
|  Interest rate contracts | $1180496 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A29

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2031** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $55550 |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $74046066 |
|  Futures Contracts - Short Positions (1) | 62443624 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A30

------

<br> **AST BOND PORTFOLIO 2031** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $58,158,306) | $65123334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 950000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 21199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 66095586 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 41760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 30675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 22315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 16758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 10667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 5458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 2713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 133048 |
|  **NET ASSETS** | $65962538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $65962538 |
|  Net asset value and redemption price per share, $65,962,538 / 6,579,076 outstanding shares of beneficial interest | $10.03 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $111646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 41201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 152847 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 332233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 176865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 42162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 7894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 31284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 679576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (35787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 643789 |
|  **NET INVESTMENT INCOME (LOSS)** | (490942) |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 800319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1180496 |
|  | 1980815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 4045716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 55550 |
|  | 4101266 |
| NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS | 6082081 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $5591139 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(490942) | $(539985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 1980815 | 62352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 4101266 | 528319 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 5591139 | 50686 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,709,156 and 1,484,919 shares, respectively] | 16409188 | 13836942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [2,979,637 and 2,610,413 shares, respectively] | (28636376) | (24099070) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (12227188) | (10262128) |
|  **TOTAL INCREASE (DECREASE)** | (6636049) | (10211442) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 72598587 | 82810029 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $65962538 | $72598587 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A31

------

<br> **AST BOND PORTFOLIO 2031** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $9.25 | $9.23 | $8.76 | $10.78 | $11.32 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | (0.07) | (0.06) | (0.06) | (0.02) | 0.04 |
| Net realized and unrealized gain (loss) on investment transactions | 0.85 | 0.08 | 0.53 | (2.00) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.78 | 0.02 | 0.47 | (2.02) | (0.54) |
|  Net Asset Value, end of year | $10.03 | $9.25 | $9.23 | $8.76 | $10.78 |
|  **Total Return<sup>(b)</sup>** | 8.43% | 0.22% | 5.37% | (18.74)% | (4.77)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $66 | $73 | $83 | $94 | $90 |
|  Average net assets (in millions) | $71 | $77 | $87 | $110 | $148 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91% | 0.90% | 0.87% | 0.84% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.96% | 0.92% | 0.89% | 0.85% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.69)% | (0.70)% | (0.63)% | (0.25)% | 0.40% |
|  Portfolio turnover rate<sup>(d)</sup> | 23% | 14% | 6% | 48% | 102% |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A32

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2032*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 95.6%** | **LONG-TERM INVESTMENT — 95.6%** | **LONG-TERM INVESTMENT — 95.6%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 5752191 | $64424540 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $57,416,769) |  |  |
|  **SHORT-TERM INVESTMENT — 3.1%** | **SHORT-TERM INVESTMENT — 3.1%** |  |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund (cost $2,083,705) | 2083705 | 2083705 |
|  **TOTAL INVESTMENTS—98.7%**<br> (cost $59,500,474)(wa) | **TOTAL INVESTMENTS—98.7%**<br> (cost $59,500,474)(wa) | 66508245 |
|  **Other assets in excess of liabilities(z) — 1.3%** | **Other assets in excess of liabilities(z) — 1.3%** | 843385 |
|  **NET ASSETS — 100.0%** |  | $67351630 |

---

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

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Position:** | **Long Position:** |  |  |  |
| 695 | 10 Year U.S. Treasury Notes | Mar. 2026 | $78144063 | $(280374) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 77 | 2 Year U.S. Treasury Notes | Mar. 2026 | 16076758 | 7835 |
| 305 | 5 Year U.S. Treasury Notes | Mar. 2026 | 33337930 | 119549 |
| 33 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 3795516 | 20746 |
| 74 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 8553938 | 65590 |
| 44 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 5192000 | 84044 |
|  |  |  |  | 297764 |
|  |  |  |  | $17390 |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  MLC | $946000 | $— |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A33

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2032** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $64424540 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 2083705 |  |  |
|  **Total** | $66508245 | $— | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $297764 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(280374) | $— | $— |

---

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

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 95.6% |
|  Short-Term | 3.1 |
|  | 98.7 |
|  Other assets in excess of liabilities | 1.3 |
|  | 100.0% |

---

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

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | Fair<br>Value | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | Fair<br>Value |
|  Interest rate contracts | Due from/to broker-variation margin futures | $297764 \* | Due from/to broker-variation margin futures | $280374 \* |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures |
|  Interest rate contracts | $1015593 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A34

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2032** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Futures |
|  Interest rate contracts | $366438 |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $79021397 |
|  Futures Contracts - Short Positions (1) | 67480619 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A35

------

<br> **AST BOND PORTFOLIO 2032** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $59,500,474) | $66508245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 946000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 572756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 68028053 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 498430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 61143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 48093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees payable | 30675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 18253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 16256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 2755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 676423 |
|  **NET ASSETS** | $67351630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $67351630 |
|  Net asset value and redemption price per share, $67,351,630 / 7,842,630 outstanding shares of beneficial interest | $8.59 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $92861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 46694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 139555 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 326529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 173829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 42904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 31242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 671862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (39125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 632737 |
|  **NET INVESTMENT INCOME (LOSS)** | (493182) |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON** |  |
|  **INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 603685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1015593 |
|  | 1619278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 4266800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 366438 |
|  | 4633238 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 6252516 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $5759334 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(493182) | $(554173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions. | 1619278 | 1095074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 4633238 | (1026744) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 5759334 | (485843) |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,340,933 and 169,616 shares, respectively] | 11030435 | 1337549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [2,310,462 and 4,359,749 shares, respectively] | (19035631) | (34608654) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (8005196) | (33271105) |
|  **TOTAL INCREASE (DECREASE)** | (2245862) | (33756948) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 69597492 | 103354440 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $67351630 | $69597492 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A36

------

<br> **AST BOND PORTFOLIO 2032** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |
|  | 2025 | 2024 | 2023 | 2022 | January 04, 2021<sup>(a)</sup><br>through<br>**December 31, 2021** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of period | $7.90 | $7.95 | $7.56 | $9.47 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | (0.06) | (0.05) | (0.04) | (0.01) | 0.04 |
|  Net realized and unrealized gain (loss) on investment transactions | 0.75 | — <sup>(c)</sup> | 0.43 | (1.90) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.69 | (0.05) | 0.39 | (1.91) | (0.53) |
|  Net Asset Value, end of period | $8.59 | $7.90 | $7.95 | $7.56 | $9.47 |
|  **Total Return<sup>(d)</sup>** | 8.73% | (0.63)% | 5.16% | (20.17)% | (5.30)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in millions) | $67 | $70 | $103 | $125 | $103 |
|  Average net assets (in millions) | $70 | $85 | $113 | $141 | $33 |
|  Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91% | 0.88% | 0.83% | 0.81% | 0.93 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.97% | 0.90% | 0.85% | 0.82% | 1.17 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.71)% | (0.65)% | (0.55)% | (0.17)% | 0.44 %<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 14% | 2% | 4% | 34% | 375% |

---

(a) Commencement of operations.

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

(c) Amount rounds to zero.

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

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

(f) Annualized, with the exception of certain non-recurring expenses.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A37

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2033*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
|  **LONG-TERM INVESTMENT — 93.4%** | **LONG-TERM INVESTMENT — 93.4%** | **LONG-TERM INVESTMENT — 93.4%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 379037 | $4245215 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,625,317) |  |  |
|  **SHORT-TERM INVESTMENT — 2.4%** | **SHORT-TERM INVESTMENT — 2.4%** | **SHORT-TERM INVESTMENT — 2.4%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $106,590) | 106590 | 106590 |
|  **TOTAL INVESTMENTS—95.8%**<br> (cost $3,731,907)(wa) | **TOTAL INVESTMENTS—95.8%**<br> (cost $3,731,907)(wa) | 4351805 |
|  **Other assets in excess of liabilities(z) — 4.2%** | **Other assets in excess of liabilities(z) — 4.2%** | 191843 |
|  **NET ASSETS — 100.0%** |  | $4543648 |

---

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

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 29 | 10 Year U.S. Treasury Notes | Mar. 2026 | $3260688 | $(14311) |
| 16 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 1840250 | (4682) |
|  |  |  |  | (18993) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 5 | 2 Year U.S. Treasury Notes | Mar. 2026 | 1043945 | 456 |
| 19 | 5 Year U.S. Treasury Notes | Mar. 2026 | 2076789 | 7842 |
| 5 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 577969 | 4321 |
| 3 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 354000 | 5511 |
|  |  |  |  | 18130 |
|  |  |  |  | $(863) |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MLC | $225000 | $— |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A38

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2033** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $4245215 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 106590 |  |  |
|  **Total** | $4351805 | $— | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $18130 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(18993) | $— | $— |

---

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

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 93.4% |
|  Short-Term | 2.4 |
|  | 95.8 |
|  Other assets in excess of liabilities | 4.2 |
|  | 100.0% |

---

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Interest rate contracts | Due from/to broker-variation margin futures | $18130 \* | Due from/to broker-variation margin futures | $18993 \* |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures |
|  Interest rate contracts | $62325 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A39

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2033** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Futures |
|  Interest rate contracts | $39156 |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $4924341 |
|  Futures Contracts - Short Positions (1) | 4052895 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A40

------

<br> **AST BOND PORTFOLIO 2033** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $3,731,907) | $4351805.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 225000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 19944.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1042.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4597796.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 30675.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 10673.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 4094.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable. | 3224.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 2414.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1798.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 600.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 187.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 54148.0 |
|  **NET ASSETS** | $4543648.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $4543648.0 |
|  Net asset value and redemption price per share, $4,543,648 / 510,270 outstanding shares of beneficial interest | $8.9 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $8401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 3362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 11763 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 20539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 10934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 42386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 39206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 16510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 3885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 9717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 201510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (161709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 39801 |
|  **NET INVESTMENT INCOME (LOSS)** | (28038) |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 62325 |
|  | 64174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 300813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 39156 |
|  | 339969 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 404143 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $376105 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(28038) | $(35566) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions. | 64174 | 8960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 339969 | (60050) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 376105 | (86656) |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [0 and 997 shares, respectively] |  | 8250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [205 and 33,256 shares, respectively] | (1748) | (268554) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (1748) | (260304) |
|  **TOTAL INCREASE (DECREASE)** | 374357 | (346960) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4169291 | 4516251 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4543648 | $4169291 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A41

------

<br> **AST BOND PORTFOLIO 2033** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | January 03, 2022<sup>(a)</sup><br>through<br>December 31, 2022 |
|  | 2025 | 2024 | 2023 | January 03, 2022<sup>(a)</sup><br>through<br>December 31, 2022 |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
|  Net Asset Value, beginning of period | $8.17 | $8.32 | $7.95 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |
|  Net investment income (loss) | (0.05) | (0.07) | (0.06) | (0.02) |
|  Net realized and unrealized gain (loss) on investment transactions | 0.78 | (0.08) | 0.43 | (2.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.73 | (0.15) | 0.37 | (2.05) |
|  Net Asset Value, end of period | $8.90 | $8.17 | $8.32 | $7.95 |
|  **Total Return<sup>(c)</sup>** | 8.94% | (1.80)% | 4.65% | (20.50)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (in millions) | $5 | $4 | $5 | $5 |
|  Average net assets (in millions) | $4 | $4 | $5 | $5 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91% | 0.91 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 4.61% | 4.36% | 4.04% | 3.67 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.64)% | (0.83)% | (0.74)% | (0.24)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 0% | 2% | 37% | 87% |

---

(a) Commencement of operations.

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

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

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

(e) Annualized, with the exception of certain non-recurring expenses.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A42

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2034*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 95.7%** | **LONG-TERM INVESTMENT — 95.7%** | **LONG-TERM INVESTMENT — 95.7%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* (cost $9,335,024) | 920679 | $10311606 |
|  **SHORT-TERM INVESTMENT — 1.8%** | **SHORT-TERM INVESTMENT — 1.8%** | **SHORT-TERM INVESTMENT — 1.8%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $199,368) | 199368 | 199368 |
|  **TOTAL INVESTMENTS—97.5%**<br> (cost $9,534,392)(wa) |  | 10510974 |
|  **Other assets in excess of liabilities(z) — 2.5%** | **Other assets in excess of liabilities(z) — 2.5%** | 268344 |
|  **NET ASSETS — 100.0%** |  | $10779318 |

---

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

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 17 | 10 Year U.S. Treasury Notes | Mar. 2026 | $1911438 | $(11952) |
| 90 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 10351407 | (26935) |
|  |  |  |  | (38887) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 13 | 2 Year U.S. Treasury Notes | Mar. 2026 | 2714258 | 1121 |
| 46 | 5 Year U.S. Treasury Notes | Mar. 2026 | 5028016 | 18927 |
| 14 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 1618313 | 10989 |
| 7 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 826000 | 12857 |
|  |  |  |  | 43894 |
|  |  |  |  | $5007 |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  MLC | $310000 | $— |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A43

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2034** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $10311606 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 199368 |  |  |
|  **Total** | $10510974 | $— | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $43894 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(38887) | $— | $— |

---

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

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 95.7% |
|  Short-Term | 1.8 |
|  | 97.5 |
|  Other assets in excess of liabilities | 2.5 |
|  | 100.0% |

---

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Interest rate contracts | Due from/to broker-variation margin futures | $43894 \* | Due from/to broker-variation margin futures | $38887 \* |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures |
|  Interest rate contracts | $(20088) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A44

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2034** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Interest rate contracts | $79180 |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $11458757 |
|  Futures Contracts - Short Positions (1) | &nbsp;&nbsp;&nbsp;&nbsp;9810685 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A45

------

<br> **AST BOND PORTFOLIO 2034** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $9,534,392) | $10510974.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 310000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 14522.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 2310.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1042.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 10838848.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 30675.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 10637.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 8336.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable | 3224.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 2164.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 1849.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1381.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 443.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 310.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 59530.0 |
|  **NET ASSETS** | $10779318.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $10779318.0 |
|  Net asset value and redemption price per share, $10,779,318 / 977,375 outstanding shares of beneficial interest | $11.03 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $10909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 7611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 18520 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 43001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 22891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 42325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 38975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 16510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 8010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 7501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 3949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 234199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (150876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 83323 |
|  **NET INVESTMENT INCOME (LOSS)** | (64803) |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | (135188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (20088) |
|  | (155276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 561362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 79180 |
|  | 640542 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 485266 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $420463 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(64803) | $(50035) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | (155276) | (141634) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 640542 | (99582) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 420463 | (291251) |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [2,079,039 and 753,659 shares, respectively] | 22155188 | 7944605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [1,776,011 and 598,872 shares, respectively] | (18616106) | (6219218) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | 3539082 | 1725387 |
|  **TOTAL INCREASE (DECREASE)** | 3959545 | 1434136 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 6819773 | 5385637 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $10779318 | $6819773 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A46

------

<br> **AST BOND PORTFOLIO 2034** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | |
|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | January 03, 2023<sup>(a)</sup><br>through<br>December 31, 2023 |
|  | 2025 | 2024 | January 03, 2023<sup>(a)</sup><br>through<br>December 31, 2023 |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |
|  Net Asset Value, beginning of period | $10.11 | $10.37 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |
|  Net investment income (loss) | (0.08) | (0.07) | (0.05) |
| Net realized and unrealized gain (loss) on investment transactions | 1.00 | (0.19) | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.92 | (0.26) | 0.37 |
|  Net Asset Value, end of period | $11.03 | $10.11 | $10.37 |
|  **Total Return<sup>(c)</sup>** | 9.10% | (2.51)% | 3.70% |
|  **Ratios/Supplemental Data:** |  |  |  |
|  Net assets, end of period (in millions) | $11 | $7 | $5 |
|  Average net assets (in millions) | $9 | $7 | $5 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91% | 0.91% | 0.91 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.56% | 2.97% | 3.66 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.71)% | (0.70)% | (0.48)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 205% | 96% | 11% |

---

(a) Commencement of operations.

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

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

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

(e) Annualized, with the exception of certain non-recurring expenses.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A47

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2035*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENT — 94.9%** | **LONG-TERM INVESTMENT — 94.9%** | **LONG-TERM INVESTMENT — 94.9%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 639308 | $7160246 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $6,610,633) |  |  |
|  **SHORT-TERM INVESTMENT — 1.7%** | **SHORT-TERM INVESTMENT — 1.7%** |  |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund (cost $129,405) | 129405 | 129405 |
|  **TOTAL INVESTMENTS—96.6%**<br> (cost $6,740,038)(wa) | **TOTAL INVESTMENTS—96.6%**<br> (cost $6,740,038)(wa) | 7289651 |
|  **Other assets in excess of liabilities(z) — 3.4%** | **Other assets in excess of liabilities(z) — 3.4%** | 257449 |
|  **NET ASSETS — 100.0%** |  | $7547100 |

---

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

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Position:** | **Long Position:** |  |  |  |
| 102 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | $11731594 | $(29690) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 9 | 2 Year U.S. Treasury Notes | Mar. 2026 | 1879102 | 788 |
| 28 | 5 Year U.S. Treasury Notes | Mar. 2026 | 3060531 | 10451 |
| 37 | 10 Year U.S. Treasury Notes | Mar. 2026 | 4160188 | 28498 |
| 7 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 809156 | 6615 |
| 5 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 590000 | 9188 |
|  |  |  |  | 55540 |
|  |  |  |  | $25850 |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  MLC | $290000 | $— |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A48

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2035** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $7160246 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 129405 |  |  |
|  **Total** | $7289651 | $— | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $55540 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(29690) | $— | $— |

---

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

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 94.9% |
|  Short-Term | 1.7 |
|  | 96.6 |
|  Other assets in excess of liabilities | 3.4 |
|  | 100.0% |

---

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | Fair<br>Value | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | Fair<br>Value |
|  Interest rate contracts | Due from/to broker-variation margin futures | $55540 \* | Due from/to broker-variation margin futures | $29690 \* |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures |
|  Interest rate contracts | $(51724) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A49

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2035** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Futures |
|  Interest rate contracts | $95741 |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $9524953 |
|  Futures Contracts - Short Positions (1) | 8334955 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A50

------

<br> **AST BOND PORTFOLIO 2035** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $6,740,038) | $7289651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 290000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 18431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 7362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 7606752 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 29270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 10684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 6958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services payable. | 3224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 59652 |
|  **NET ASSETS** | $7547100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $7547100 |
|  Net asset value and redemption price per share, $7,547,100 / 707,079 outstanding shares of beneficial interest | $10.67 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $11930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 5012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 16942 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 30904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 16452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 42029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 40097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 17410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 9246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 7870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 4368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 221166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (161281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 59885 |
|  **NET INVESTMENT INCOME (LOSS)** | (42943) |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON** |  |
|  **INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | (102266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (51724) |
|  | (153990) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 418142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 95741 |
|  | 513883 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 359893 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $316950 |

---

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | January 02, 2024<sup>(a)</sup><br>through<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(42943) | $(32074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions. | (153990) | (193216) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 513883 | 61580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 316950 | (163710) |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,138,300 and 675,030 shares, respectively] | 11765272 | 6794077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [966,746 and 139,505 shares, respectively] | (9765876) | (1399613) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | 1999396 | 5394464 |
|  **TOTAL INCREASE (DECREASE)** | 2316346 | 5230754 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5230754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $7547100 | $5230754 |

---

(a) Commencement of operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A51

------

<br> **AST BOND PORTFOLIO 2035** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | |
|:---|:---|:---|
|  | Year Ended December 31, 2025 | January 02, 2024<sup>(a)</sup><br>through<br>December 31, 2024 |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
|  Net Asset Value, beginning of period | $9.77 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |
|  Net investment income (loss) | (0.07) | (0.06) |
|  Net realized and unrealized gain (loss) on investment transactions | 0.97 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.90 | (0.23) |
|  Net Asset Value, end of period | $10.67 | $9.77 |
|  **Total Return<sup>(c)</sup>** | 9.21% | (2.30)% |
|  **Ratios/Supplemental Data:** |  |  |
|  Net assets, end of period (in millions) | $8 | $5 |
|  Average net assets (in millions) | $7 | $5 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91% | 0.91 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.36% | 3.85 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.65)% | (0.60)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 153% | 33% |

---

(a) Commencement of operations.

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

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

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

(e) Annualized, with the exception of certain non-recurring expenses.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A52

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST BOND PORTFOLIO 2036*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
|  **LONG-TERM INVESTMENT — 92.6%** | **LONG-TERM INVESTMENT — 92.6%** | **LONG-TERM INVESTMENT — 92.6%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Target Maturity Central Portfolio\* | 504834 | $5654137 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $5,296,809) |  |  |
|  **SHORT-TERM INVESTMENT — 2.8%** | **SHORT-TERM INVESTMENT — 2.8%** | **SHORT-TERM INVESTMENT — 2.8%** |
|  **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** | **AFFILIATED MUTUAL FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund<br>(cost $168,723) | 168723 | 168723 |
|  **TOTAL INVESTMENTS—95.4%**<br> (cost $5,465,532)(wa) | **TOTAL INVESTMENTS—95.4%**<br> (cost $5,465,532)(wa) | 5822860 |
|  **Other assets in excess of liabilities(z) — 4.6%** | **Other assets in excess of liabilities(z) — 4.6%** | 281945 |
|  **NET ASSETS — 100.0%** |  | $6104805 |

---

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

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

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

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 70 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | $8051094 | $(19894) |
| 7 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 809156 | (4977) |
|  |  |  |  | (24871) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 7 | 2 Year U.S. Treasury Notes | Mar. 2026 | 1461523 | 720 |
| 23 | 5 Year U.S. Treasury Notes | Mar. 2026 | 2514008 | 8322 |
| 27 | 10 Year U.S. Treasury Notes | Mar. 2026 | 3035813 | 18361 |
| 5 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 590000 | 10196 |
|  |  |  |  | 37599 |
|  |  |  |  | $12728 |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MLC | $295000 | $— |

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A53

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2036** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investment** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $5654137 | $— | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 168723 |  |  |
|  **Total** | $5822860 | $— | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $37599 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(24871) | $— | $— |

---

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

#### Investment Allocation:
The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 92.6% |
|  Short-Term | 2.8 |
|  | 95.4 |
|  Other assets in excess of liabilities | 4.6 |
|  | 100.0% |

---

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Interest rate contracts | Due from/to broker-variation margin futures | $37599 \* | Due from/to broker-variation margin futures | $24871 \* |

---

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

The effects of derivative instruments on the Statement of Operations for the period ended December 31, 2025 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures |
|  Interest rate contracts | $63768 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A54

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BOND PORTFOLIO 2036** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Futures |
|  Interest rate contracts | $12728 |

---

For the period ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $7960938 |
|  Futures Contracts - Short Positions (1) | 6713762 |

---

\* Average volume is based on average quarter end balances for the period ended December 31, 2025.

(1) Notional Amount in USD.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A55

------

<br> **AST BOND PORTFOLIO 2036** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $5,465,532) | $5822860.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 295000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 36520.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 33.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1721.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 6156134.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 30674.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 10533.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 4109.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 2025.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 1839.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports payable | 1085.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 300.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 251.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 35.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 51329.0 |
|  **NET ASSETS** | $6104805.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $6104805.0 |
|  Net asset value and redemption price per share, $6,104,805 / 565,630 outstanding shares of beneficial interest | $10.79 |

---

#### STATEMENT OF OPERATIONS
For the Period January 02, 2025<sup>(a)</sup> through December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $10143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 5393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 15536 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 24850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 13229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 89505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 41696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 30674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 14105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 7800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 9254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 249898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (201745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 48153 |
|  **NET INVESTMENT INCOME (LOSS)** | (32617) |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investment transactions | (1684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 63768 |
|  | 62084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 357328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 12728 |
|  | 370056 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 432140 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $399523 |

---

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | |
|:---|:---|
|  | January 02, 2025<sup>(a)</sup><br>through<br>December 31, 2025 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |
|  **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(32617) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 62084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 370056 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 399523 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [569,182 shares] | 5743659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [3,552 shares] | (38377) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | 5705282 |
|  **TOTAL INCREASE (DECREASE)** | 6104805 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $6104805 |

---

(a) Commencement of operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A56

------

<br> **AST BOND PORTFOLIO 2036** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | |
|:---|:---|
|  | January 02, 2025<sup>(a)</sup><br>through<br>December 31, 2025 |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |
|  Net Asset Value, beginning of period | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |
|  Net investment income (loss) | (0.06) |
|  Net realized and unrealized gain (loss) on investment transactions. | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.79 |
|  Net Asset Value, end of period. | $10.79 |
|  **Total Return<sup>(c)</sup>** | 7.90% |
|  **Ratios/Supplemental Data:** |  |
|  Net assets, end of period (in millions) | $6 |
|  Average net assets (in millions) | $5 |
|  Ratios to average net assets<sup>(d)</sup>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.91 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 4.72 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.62)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 3% |

---

(a) Commencement of operations.

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

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

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

(e) Annualized, with the exception of certain non-recurring expenses.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A57

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST CORE FIXED INCOME PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 101.2%** | **LONG-TERM INVESTMENTS — 101.2%** | **LONG-TERM INVESTMENTS — 101.2%** |
|  **AFFILIATED MUTUAL FUND — 5.5%** | **AFFILIATED MUTUAL FUND — 5.5%** | **AFFILIATED MUTUAL FUND — 5.5%** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\*<br>(cost $218,521,629)(wa) | 19162618 | $&nbsp;&nbsp;&nbsp;&nbsp;228993281 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# |  |
|  **ASSET-BACKED SECURITIES — 12.4%** | **ASSET-BACKED SECURITIES — 12.4%** | **ASSET-BACKED SECURITIES — 12.4%** | **ASSET-BACKED SECURITIES — 12.4%** |
|  **Automobiles — 2.3%** | **Automobiles — 2.3%** | **Automobiles — 2.3%** | **Automobiles — 2.3%** |
|  American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, | American Credit Acceptance Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910% | 08/12/31 | 2228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.540% | 08/12/31 | 2500 | 2538970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110% | 03/12/31 | 1900 | 1918818 |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 12/18/28 | 1800 | 1828245 |
|  ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | 02/17/32 | 89 | 88860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 11/15/32 | 415 | 417963 |
|  AutoNation Finance Trust, | AutoNation Finance Trust, | AutoNation Finance Trust, | AutoNation Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.030% | 08/12/30 | 2000 | 2036116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.190% | 12/10/30 | 900 | 916726 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830% | 08/21/28 | 5300 | 5278697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 10/20/27 | 800 | 805184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | 06/20/30 | 1400 | 1443510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 2740 | 2824951 |
|  BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.291% | 07/26/32 | 424 | 430883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.632% | 07/26/32 | 164 | 166613 |
|  Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 08/15/30 | 2250 | 2270446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640% | 11/15/30 | 3750 | 3814441 |
|  CarMax Select Receivables Trust, | CarMax Select Receivables Trust, | CarMax Select Receivables Trust, | CarMax Select Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.460% | 07/15/31 | 5100 | 5201760 |
|  Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/15/35 | 716 | 719637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520% | 05/15/36 | 514 | 520099 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
|  Citizens Auto Receivables Trust, | Citizens Auto Receivables Trust, | Citizens Auto Receivables Trust, | Citizens Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.030% | 10/15/30 | 1255 | $1273666 |
|  Consumer Portfolio Services Auto Trust, | Consumer Portfolio Services Auto Trust, | Consumer Portfolio Services Auto Trust, | Consumer Portfolio Services Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.120% | 07/15/31 | 2535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557121 |
|  Credit Acceptance Auto Loan Trust, | Credit Acceptance Auto Loan Trust, | Credit Acceptance Auto Loan Trust, | Credit Acceptance Auto Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870% | 01/15/36 | 2005 | 2022573 |
|  DT Auto Owner Trust, | DT Auto Owner Trust, | DT Auto Owner Trust, | DT Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.620% | 02/15/29 | 2000 | 2038289 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.420% | 10/22/29 | 1650 | 1667625 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.890% | 07/15/31 | 5100 | 5221774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 05/15/30 | 590 | 593109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.160% | 03/15/32 | 1300 | 1308765 |
|  Flagship Credit Auto Trust, | Flagship Credit Auto Trust, | Flagship Credit Auto Trust, | Flagship Credit Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.690% | 07/17/28 | 36 | 35538 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.910% | 10/17/33 | 398 | 394941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.110% | 05/15/34 | 1025 | 1004157 |
|  GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | 04/16/29 | 1045 | 1051587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 07/15/30 | 3025 | 3069836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | 11/15/30 | 3400 | 3447673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590% | 01/15/31 | 3600 | 3644805 |
|  Hertz Vehicle Financing III LLC, | Hertz Vehicle Financing III LLC, | Hertz Vehicle Financing III LLC, | Hertz Vehicle Financing III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 06/25/27 | 3200 | 3210391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.940% | 02/25/28 | 4470 | 4536896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130% | 09/25/31 | 935 | 949707 |
|  Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.835% | 09/20/33 | 3629 | 3652392 |
|  Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 05/15/28 | 1485 | 1493408 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.420% | 07/14/28 | 765 | 764014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.620% | 11/14/30 | 225 | 224716 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A58

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | 11/14/29 | 4100 | 4130927 |
|  Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640% | 12/15/33 | 157 | 159426 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% | 11/15/30 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 06/17/30 | 500 | 510858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140% | 02/17/32 | 2783 | 2801657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/32 | 1060 | 1063873 |
|  SBNA Auto Lease Trust, | SBNA Auto Lease Trust, | SBNA Auto Lease Trust, | SBNA Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240% | 01/22/29 | 750 | 753047 |
|  Securitized Term Auto Receivables Trust (Canada), | Securitized Term Auto Receivables Trust (Canada), | Securitized Term Auto Receivables Trust (Canada), | Securitized Term Auto Receivables Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.038% | 07/25/31 | 283 | 285680 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.470% | 12/20/29 | 1670 | 1697952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710% | 01/22/30 | 100 | 102406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970% | 02/20/31 | 200 | 205704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380% | 01/21/31 | 285 | 291034 |
|  Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.790% | 11/15/28 | 1900 | 1943317 |
|  |  |  | 94690868 |
|  **Collateralized Loan Obligations — 5.1%** | **Collateralized Loan Obligations — 5.1%** | **Collateralized Loan Obligations — 5.1%** | **Collateralized Loan Obligations — 5.1%** |
|  AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.214%(c) | 01/20/38 | 4500 | 4518261 |
|  AIMCO CLO Ltd. (United Kingdom), | AIMCO CLO Ltd. (United Kingdom), | AIMCO CLO Ltd. (United Kingdom), | AIMCO CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(c) | 07/20/37 | 6000 | 6021129 |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419%(c) | 04/28/37 | 5000 | 5018360 |
|  Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 29A, Class BR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 29A, Class BR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 29A, Class BR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 29A, Class BR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.876%(c) | 10/15/38 | 7750 | 9160390 |
|  Bain Capital Credit CLO Ltd. (Cayman Islands), | Bain Capital Credit CLO Ltd. (Cayman Islands), | Bain Capital Credit CLO Ltd. (Cayman Islands), | Bain Capital Credit CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class BR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class BR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class BR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class BR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.280%(c) | 01/21/39 | 3375 | 3374835 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), | Bain Capital Credit CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.274%(c) | 10/16/37 | 11000 | $11038921 |
|  Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), | Battalion CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.184%(c) | 03/09/34 | 8250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8254012 |
|  BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.626%(c) | 04/15/31 | 2045 | 2392319 |
|  Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999%(c) | 10/15/35 | 3810 | 4470782 |
|  CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.812%(c) | 10/17/38 | 2750 | 2754248 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.234%(c) | 10/20/37 | 8750 | 8780325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.264%(c) | 07/18/37 | 6750 | 6776086 |
|  Goldentree Loan Management US CLO Ltd. (Cayman Islands), | Goldentree Loan Management US CLO Ltd. (Cayman Islands), | Goldentree Loan Management US CLO Ltd. (Cayman Islands), | Goldentree Loan Management US CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-09A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-09A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-09A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-09A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.384%(c) | 04/20/37 | 4500 | 4513678 |
|  Golub Capital Partners CLO Ltd. (Cayman Islands), | Golub Capital Partners CLO Ltd. (Cayman Islands), | Golub Capital Partners CLO Ltd. (Cayman Islands), | Golub Capital Partners CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-43A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-43A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-43A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-43A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(c) | 10/20/37 | 10000 | 10038470 |
|  Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.305%(c) | 04/15/34 | 2083 | 2083830 |
|  Harriman Park CLO Ltd. (Cayman Islands), | Harriman Park CLO Ltd. (Cayman Islands), | Harriman Park CLO Ltd. (Cayman Islands), | Harriman Park CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class ARR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class ARR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class ARR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class ARR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.184%(c) | 07/20/38 | 10000 | 10031493 |
|  Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.265%(c) | 04/25/39 | 5000 | 5864361 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254%(c) | 10/19/38 | 5000 | 5871029 |
|  Jefferson Mill CLO Ltd. (Cayman Islands), | Jefferson Mill CLO Ltd. (Cayman Islands), | Jefferson Mill CLO Ltd. (Cayman Islands), | Jefferson Mill CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class ARR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.114%(c) | 10/20/31 | 389 | 388830 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A59

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.270%(c) | 10/22/37 | 8500 | $8531705 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.457%(c) | 01/22/37 | 495 | 495397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.435%(c) | 04/15/37 | 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5017620 |
|  Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(c) | 10/19/38 | 4750 | 4767101 |
|  NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.484%(c) | 07/20/37 | 8250 | 8279651 |
|  OHA Credit Funding Ltd. (Cayman Islands), | OHA Credit Funding Ltd. (Cayman Islands), | OHA Credit Funding Ltd. (Cayman Islands), | OHA Credit Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.204%(c) | 01/20/38 | 4500 | 4514127 |
|  OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), | OHA Credit Partners Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-17A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.204%(c) | 01/18/38 | 8750 | 8783705 |
|  Polen Capital CLO Ltd. (Cayman Islands), | Polen Capital CLO Ltd. (Cayman Islands), | Polen Capital CLO Ltd. (Cayman Islands), | Polen Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.204%(c) | 03/06/38 | 8750 | 8777309 |
|  PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%(c) | 07/15/31 | 50 | 50197 |
|  Rad CLO Ltd. (Cayman Islands), | Rad CLO Ltd. (Cayman Islands), | Rad CLO Ltd. (Cayman Islands), | Rad CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.158%(c) | 07/30/40 | 2545 | 2554293 |
|  Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.306%(c) | 10/20/31 | 883 | 882960 |
|  Silver Rock CLO Ltd. (Cayman Islands), | Silver Rock CLO Ltd. (Cayman Islands), | Silver Rock CLO Ltd. (Cayman Islands), | Silver Rock CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.734%(c) | 10/20/37 | 9000 | 9026851 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.190%(c) | 01/26/31 | 59 | 59127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.336%(c) | 07/15/34 | 3130 | 3131377 |
|  St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.895%(c) | 04/25/30 | 1561 | 1830821 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.761%(c) | 02/20/30 | EUR |  | 4190967 |
|  Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-26A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-26A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-26A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-26A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-26A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.226%(c) | 04/20/33 |  | 161 | 161225 |
|  Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.754%(c) | 01/20/36 |  | 8250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8264523 |
|  Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-22A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-22A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-22A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-22A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-22A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.234%(c) | 03/20/38 |  | 9000 | 9024588 |
|  Trinitas Euro CLO DAC (Ireland), | Trinitas Euro CLO DAC (Ireland), | Trinitas Euro CLO DAC (Ireland), | Trinitas Euro CLO DAC (Ireland), | Trinitas Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.286%(c) | 01/15/39 | EUR | 5200 | 6126232 |
|  Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), | Wellfleet CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.734%(c) | 10/18/37 |  | 8000 | 8023644 |
|  |  |  |  | 213844779 |
|  **Consumer Loans — 1.2%** | **Consumer Loans — 1.2%** | **Consumer Loans — 1.2%** | **Consumer Loans — 1.2%** | **Consumer Loans — 1.2%** |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | 02/15/29 |  | 2500 | 2503900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | 02/15/29 |  | 1320 | 1322043 |
|  Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810% | 12/19/50 |  | 2298 | 2327199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040% | 05/17/51 |  | 1675 | 1692028 |
|  Aqua Finance Trust, | Aqua Finance Trust, | Aqua Finance Trust, | Aqua Finance Trust, | Aqua Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 07/17/46 |  | 4810 | 4489156 |
|  Cherry Securitization Trust, | Cherry Securitization Trust, | Cherry Securitization Trust, | Cherry Securitization Trust, | Cherry Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.130% | 11/15/32 |  | 1350 | 1370562 |
|  Goldman Home Improvement Trust Issuer Trust, | Goldman Home Improvement Trust Issuer Trust, | Goldman Home Improvement Trust Issuer Trust, | Goldman Home Improvement Trust Issuer Trust, | Goldman Home Improvement Trust Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GRN02, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GRN02, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GRN02, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GRN02, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GRN02, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.970% | 06/25/51 |  | 113 | 109257 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.020% | 06/25/60 |  | 520 | 527590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520% | 12/27/60 |  | 1400 | 1403252 |
|  Island Finance Trust, | Island Finance Trust, | Island Finance Trust, | Island Finance Trust, | Island Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.540% | 03/19/35 |  | 1000 | 1012010 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 11/20/31 |  | 1816 | 1769566 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A60

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** |
|  Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.860% | 03/20/36 | 180 | 177218 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.140% | 10/14/36 | 2382 | 2348301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/14/35 | 2252 | 2216847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.744%(c) | 06/16/36 | 1756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | 10/14/34 | 294 | 293763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 09/15/36 | 4000 | 4079992 |
|  Oportun Funding Trust, | Oportun Funding Trust, | Oportun Funding Trust, | Oportun Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.480% | 08/15/29 | 1948 | 1951892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/29 | 1207 | 1213013 |
|  Oportun Issuance Trust, | Oportun Issuance Trust, | Oportun Issuance Trust, | Oportun Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.610% | 10/08/31 | 681 | 672838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-D, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-D, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-D, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-D, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.310% | 02/08/33 | 3980 | 3992600 |
|  Reach ABS Trust, | Reach ABS Trust, | Reach ABS Trust, | Reach ABS Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.990% | 08/16/32 | 1335 | 1358889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.120% | 08/18/32 | 1875 | 1893064 |
|  Regional Management Issuance Trust, | Regional Management Issuance Trust, | Regional Management Issuance Trust, | Regional Management Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460% | 03/15/32 | 3200 | 3185758 |
|  Republic Finance Issuance Trust, | Republic Finance Issuance Trust, | Republic Finance Issuance Trust, | Republic Finance Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.420% | 11/20/37 | 1850 | 1885063 |
|  Stream Innovations Issuer Trust, | Stream Innovations Issuer Trust, | Stream Innovations Issuer Trust, | Stream Innovations Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210% | 02/15/45 | 2117 | 2140860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.340% | 02/15/45 | 2198 | 2259357 |
|  |  |  | 49954058 |
|  **Credit Cards — 0.3%** | **Credit Cards — 0.3%** | **Credit Cards — 0.3%** | **Credit Cards — 0.3%** |
|  Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.960% | 10/13/30 | 737 | 739871 |
|  Continental Finance Credit Card ABS Master Trust, | Continental Finance Credit Card ABS Master Trust, | Continental Finance Credit Card ABS Master Trust, | Continental Finance Credit Card ABS Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.780% | 12/15/32 | 2450 | 2485825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.220% | 12/15/32 | 1990 | 2006470 |
|  Mercury Financial Credit Card Master Trust, | Mercury Financial Credit Card Master Trust, | Mercury Financial Credit Card Master Trust, | Mercury Financial Credit Card Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.430% | 07/20/29 | 2500 | 2520709 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Credit Cards (cont'd.)** | **Credit Cards (cont'd.)** | **Credit Cards (cont'd.)** | **Credit Cards (cont'd.)** |
|  NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.744%(c) | 07/15/32 | 1700 | $2295814 |
|  Perimeter Master Note Business Trust, | Perimeter Master Note Business Trust, | Perimeter Master Note Business Trust, | Perimeter Master Note Business Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | 12/16/30 | 4300 | 4324547 |
|  |  |  | 14373236 |
|  **Equipment — 0.3%** | **Equipment — 0.3%** | **Equipment — 0.3%** | **Equipment — 0.3%** |
|  Auxilior Term Funding LLC, | Auxilior Term Funding LLC, | Auxilior Term Funding LLC, | Auxilior Term Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 07/15/31 | 1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466029 |
|  CNH Equipment Trust, | CNH Equipment Trust, | CNH Equipment Trust, | CNH Equipment Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770% | 10/15/30 | 715 | 726090 |
|  Commercial Equipment Finance LLC, | Commercial Equipment Finance LLC, | Commercial Equipment Finance LLC, | Commercial Equipment Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970% | 07/16/29 | 749 | 757149 |
|  DLLMT LLC, | DLLMT LLC, | DLLMT LLC, | DLLMT LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980% | 04/20/32 | 410 | 417698 |
|  MetroNet Infrastructure Issuer LLC, | MetroNet Infrastructure Issuer LLC, | MetroNet Infrastructure Issuer LLC, | MetroNet Infrastructure Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.163% | 12/20/55 | 1500 | 1502552 |
|  MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.290% | 11/12/41 | 1019 | 1011868 |
|  NMEF Funding LLC, | NMEF Funding LLC, | NMEF Funding LLC, | NMEF Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.640% | 01/18/33 | 907 | 910490 |
|  SCF Equipment Trust LLC, | SCF Equipment Trust LLC, | SCF Equipment Trust LLC, | SCF Equipment Trust LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.110% | 11/21/33 | 1950 | 1990550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.880% | 11/20/35 | 628 | 648921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/20/35 | 1450 | 1496496 |
|  |  |  | 10927843 |
|  **Home Equity Loans — 0.4%** | **Home Equity Loans — 0.4%** | **Home Equity Loans — 0.4%** | **Home Equity Loans — 0.4%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%(c) | 05/25/34 | 107 | 101296 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.346%(c) | 03/25/43 | 57 | 57280 |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.377%(cc) | 04/25/54 | 643 | 651219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.960%(cc) | 07/26/55 | 1137 | 1136012 |
|  EFMT, | EFMT, | EFMT, | EFMT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.431%(cc) | 06/25/60 | 1258 | 1268699 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A61

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** |
|  EquiFirst Mortgage Loan Trust, | EquiFirst Mortgage Loan Trust, | EquiFirst Mortgage Loan Trust, | EquiFirst Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.326%(c) | 01/25/34 | 257 | $255151 |
|  FIGRE Trust, | FIGRE Trust, | FIGRE Trust, | FIGRE Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.265%(cc) | 07/25/55 | 1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226017 |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.746%(c) | 04/25/34 | 126 | 125963 |
|  Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%(c) | 08/25/33 | 90 | 94351 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025%(cc) | 02/25/44 | 534 | 538412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | 05/25/44 | 613 | 621885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES07, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES07, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES07, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES07, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.377%(cc) | 07/25/55 | 1104 | 1114439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES08, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES08, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES08, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES08, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.148%(cc) | 08/25/55 | 1700 | 1709176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES09, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.795%(cc) | 09/25/55 | 1158 | 1155755 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | 01/25/64 | 171 | 172273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | 02/25/64 | 54 | 54958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(cc) | 09/25/64 | 1304 | 1304982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.167%(cc) | 09/25/64 | 1420 | 1422105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(cc) | 02/25/55 | 923 | 932743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.278%(cc) | 08/25/65 | 1788 | 1795857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FIX01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FIX01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FIX01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FIX01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.968%(cc) | 09/25/65 | 1511 | 1511287 |
|  |  |  | 17249860 |
|  **Manufactured Housing — 0.1%** | **Manufactured Housing — 0.1%** | **Manufactured Housing — 0.1%** | **Manufactured Housing — 0.1%** |
|  Cascade MH Asset Trust, | Cascade MH Asset Trust, | Cascade MH Asset Trust, | Cascade MH Asset Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MH01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MH01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MH01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MH01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.695%(cc) | 11/25/56 | 2656 | 2734308 |
|  **Other — 2.1%** | **Other — 2.1%** | **Other — 2.1%** | **Other — 2.1%** |
|  Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, | Aligned Data Centers Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/17/48 | 2270 | 2286711 |
|  AMSR Trust, | AMSR Trust, | AMSR Trust, | AMSR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 11/17/41 | 1930 | 1857211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class E1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 11/17/41 | 3439 | 3291980 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Other (cont'd.)** | **Other (cont'd.)** | **Other (cont'd.)** | **Other (cont'd.)** |
|  CF Hippolyta Issuer LLC, | CF Hippolyta Issuer LLC, | CF Hippolyta Issuer LLC, | CF Hippolyta Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.690% | 07/15/60 | 895 | $752888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.530% | 03/15/61 | 387 | 311991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970% | 08/15/62 | 585 | 575622 |
|  Compass Datacenters Issuer II LLC, | Compass Datacenters Issuer II LLC, | Compass Datacenters Issuer II LLC, | Compass Datacenters Issuer II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.022% | 08/25/49 | 1855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858603 |
|  CoreVest American Finance Trust, | CoreVest American Finance Trust, | CoreVest American Finance Trust, | CoreVest American Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.705% | 10/15/52 | 81 | 80978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.358% | 08/15/53 | 108 | 107411 |
|  DB Master Finance LLC, | DB Master Finance LLC, | DB Master Finance LLC, | DB Master Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A23, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.791% | 11/20/51 | 2006 | 1786338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.493% | 11/20/51 | 1973 | 1867001 |
|  Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, | Domino's Pizza Master Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A23, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.118% | 07/25/47 | 1626 | 1616872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668% | 10/25/49 | 3350 | 3224965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.151% | 04/25/51 | 2076 | 1902452 |
|  FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, | FirstKey Homes Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.489% | 08/17/38 | 3600 | 3538061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.145% | 05/19/39 | 1114 | 1112302 |
|  FRTKL, | FRTKL, | FRTKL, | FRTKL, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR01, Class E2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522% | 09/17/38 | 3000 | 2934128 |
|  GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 10/20/46 | 464 | 470269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/20/49 | 2807 | 2813656 |
|  Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710% | 08/27/40 | 1711 | 1734334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.730% | 05/25/44 | 1300 | 1305705 |
|  Home Partners of America Trust, | Home Partners of America Trust, | Home Partners of America Trust, | Home Partners of America Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.901% | 12/17/26 | 3148 | 3081498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.652% | 12/17/26 | 3454 | 3371906 |
|  Identity Digital, Inc., | Identity Digital, Inc., | Identity Digital, Inc., | Identity Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.793% | &nbsp;&nbsp;&nbsp;&nbsp;03/20/65 | 3400 | 3435700 |
|  MVW LLC, | MVW LLC, | MVW LLC, | MVW LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 02/20/43 | 338 | 346351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.210% | 09/22/42 | 1985 | 2015543 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A62

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Other (cont'd.)** | **Other (cont'd.)** | **Other (cont'd.)** | **Other (cont'd.)** |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.637% | 05/17/26 | 3758 | 3734155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.510% | 10/17/38 | 3624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR10, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393% | 12/17/40 | 574 | 546337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR11, Class E1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.378% | 01/17/39 | 2500 | 2385409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class E1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class E1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.930% | 02/17/41 | 2250 | 2172956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 04/17/39 | 1052 | 1037186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 02/17/42 | 3450 | 3246667 |
|  Retained Vantage Data Centers Issuer LLC, | Retained Vantage Data Centers Issuer LLC, | Retained Vantage Data Centers Issuer LLC, | Retained Vantage Data Centers Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A2A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/15/48 | 3400 | 3389396 |
|  Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320% | 08/20/41 | 1733 | 1743028 |
|  Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, | Stack Infrastructure Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 07/25/48 | 1925 | 1934686 |
|  Taco Bell Funding LLC, | Taco Bell Funding LLC, | Taco Bell Funding LLC, | Taco Bell Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.294% | 08/25/51 | 3439 | 3205737 |
|  Tricon Residential Trust, | Tricon Residential Trust, | Tricon Residential Trust, | Tricon Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SFR01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.856% | 04/17/39 | 5069 | 5040371 |
|  VB-S1 Issuer LLC, | VB-S1 Issuer LLC, | VB-S1 Issuer LLC, | VB-S1 Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590% | 05/15/54 | 2165 | 2182334 |
|  Wendy's Funding LLC, | Wendy's Funding LLC, | Wendy's Funding LLC, | Wendy's Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2II, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.775% | 06/15/51 | 3056 | 2725041 |
|  Zayo Issuer LLC, | Zayo Issuer LLC, | Zayo Issuer LLC, | Zayo Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.648% | 03/20/55 | 1675 | 1703606 |
|  |  |  | 86294917 |
|  **Residential Mortgage-Backed Securities — 0.5%** | **Residential Mortgage-Backed Securities — 0.5%** | **Residential Mortgage-Backed Securities — 0.5%** |  |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.446%(c) | 02/25/34 | 26 | 25706 |
|  Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.574%(c) | 10/25/34 | 63 | 61111 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.896%(c) | 11/25/34 | — (r) | 633 |
|  Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.872%(cc) | 05/25/35 | 2 | 1969 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.847%(cc) | 11/25/67 | 3283 | 3311209 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.321%(c) | 06/25/34 | 30 | 30408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%(c) | 01/25/35 | 54 | 52873 |
|  Pret LLC, | Pret LLC, | Pret LLC, | Pret LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL11, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.193%(cc) | 10/25/55 | 3347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352714 |
|  PRET LLC, | PRET LLC, | PRET LLC, | PRET LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%(cc) | 06/25/55 | 3083 | 3094652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL07, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.657%(cc) | 07/25/55 | 2055 | 2059907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL08, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL08, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL08, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL08, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.732%(cc) | 08/25/55 | 1587 | 1590933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL09, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL09, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL09, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL09, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.391%(cc) | 08/25/55 | 2114 | 2119604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL14, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL14, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL14, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL14, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.265%(cc) | 12/25/55 | 1685 | 1684998 |
|  Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.786%(c) | 09/25/34 | 211 | 223304 |
|  TFS (Spain), | TFS (Spain), | TFS (Spain), | TFS (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(s) | 04/16/40 | — (r) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.127%(c) | 03/15/26 | 2048 | 1804872 |
|  |  |  | 19414894 |
|  **Student Loans — 0.1%** | **Student Loans — 0.1%** | **Student Loans — 0.1%** |  |
|  College Avenue Student Loans LLC, | College Avenue Student Loans LLC, | College Avenue Student Loans LLC, | College Avenue Student Loans LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A1, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A1, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A1, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A1, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.946%(c) | 07/25/51 | 34 | 34174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.720% | 07/26/55 | 83 | 77316 |
|  Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 08/25/43 | 917 | 897854 |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.220% | 07/15/69 | 209 | 198298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.110% | 02/18/70 | 1324 | 1180374 |
|  Nelnet Student Loan Trust, | Nelnet Student Loan Trust, | Nelnet Student Loan Trust, | Nelnet Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.530% | 04/20/62 | 1400 | 1230318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.360% | 04/20/62 | 100 | 87114 |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | 11/16/48 | 232 | 224630 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A63

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Student Loans (cont'd.)** | **Student Loans (cont'd.)** | **Student Loans (cont'd.)** | **Student Loans (cont'd.)** |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | 05/15/46 | 918 | 888508 |
|  |  |  | 4818586 |
|  **TOTAL ASSET-BACKED SECURITIES**<br>(cost $509,775,729) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $509,775,729) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $509,775,729) | &nbsp;&nbsp;&nbsp;&nbsp;514303349 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.1%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.1%** |
|  2023-MIC Trust (The), | 2023-MIC Trust (The), | 2023-MIC Trust (The), | 2023-MIC Trust (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MIC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MIC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MIC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-MIC, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.437%(cc) | 12/05/38 | 1330 | 1438867 |
|  245 Park Avenue Trust, | 245 Park Avenue Trust, | 245 Park Avenue Trust, | 245 Park Avenue Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class XA, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class XA, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class XA, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-245P, Class XA, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.149%(cc) | 06/05/37 | 3000 | 6486 |
|  ALA Trust, | ALA Trust, | ALA Trust, | ALA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA, Class A, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA, Class A, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA, Class A, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA, Class A, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.494%(c) | 06/15/40 | 855 | 858205 |
|  BAHA Trust, | BAHA Trust, | BAHA Trust, | BAHA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.972%(cc) | 12/10/41 | 3000 | 3105086 |
|  BAMLL Re-REMIC Trust, | BAMLL Re-REMIC Trust, | BAMLL Re-REMIC Trust, | BAMLL Re-REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class A736, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class A736, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class A736, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class A736, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.954%(cc) | 09/27/52 | 4000 | 3915245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class AK86, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class AK86, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class AK86, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FRR05, Class AK86, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.692%(s) | 11/27/51 | 4787 | 4026781 |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN14, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.231%(cc) | 09/15/60 | 1715 | 1715011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BNK11, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BNK11, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BNK11, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BNK11, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.784% | 03/15/61 | 4162 | 4129005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN16, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN16, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN16, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN16, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005% | 02/15/52 | 1800 | 1784552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.474% | 05/15/62 | 975 | 953885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | 09/15/62 | 3540 | 3353922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.011% | 09/15/62 | 2691 | 2545878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.846% | 12/15/52 | 1648 | 1608356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.313% | 03/15/63 | 5322 | 5150506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN30, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.673% | 12/15/53 | 2454 | 2335557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK39, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.414%(cc) | 02/15/55 | 20215 | 437914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK40, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390%(cc) | 03/15/64 | 460 | 430457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.069%(cc) | 02/15/56 | 5192 | 292844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK46, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK46, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK46, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK46, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.617%(cc) | 08/15/56 | 9295 | 310415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.822%(cc) | 06/15/57 | 11249 | 613665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK48, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK48, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK48, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK48, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.144%(cc) | 10/15/57 | 8919 | 712133 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR04, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR04, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR04, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR04, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.005%(cc) | 12/15/56 | 3277 | 80013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | 10/15/57 | 3300 | 3400626 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.670%(c) | 03/15/37 | 3435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.308%(cc) | 05/15/52 | 1449 | 49968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | 08/15/52 | 2472 | 2365638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.207%(cc) | 07/15/54 | 22001 | 1061603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C24, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.624%(cc) | 02/15/57 | 8051 | 745117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C26, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C26, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C26, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C26, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.013%(cc) | 05/15/57 | 11921 | 832380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C28, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.109%(cc) | 09/15/57 | 7772 | 574506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C32, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.128%(cc) | 02/15/62 | 4779 | 392341 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.751% | 03/15/52 | 4272 | 4231153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class AAB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.933% | 03/15/52 | 1291 | 1288070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455% | 03/15/62 | 690 | 673664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B18, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.672% | 07/15/53 | 3000 | 2693199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.546% | 09/15/53 | 1500 | 1360973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.685% | 01/15/54 | 1500 | 1338222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.792% | 07/15/54 | 5000 | 4718886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B27, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.103% | 07/15/54 | 4000 | 3602086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B28, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.237%(cc) | 08/15/54 | 1355 | 65772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.573%(cc) | 07/15/56 | 19869 | 692015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.173%(cc) | 12/15/56 | 5431 | 290001 |
|  BFLD Trust, | BFLD Trust, | BFLD Trust, | BFLD Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%(c) | 06/15/42 | 800 | 799999 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C09, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C09, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C09, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C09, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.860%(cc) | 07/15/57 | 11059 | 684700 |
|  BOCA Commercial Mortgage Trust, | BOCA Commercial Mortgage Trust, | BOCA Commercial Mortgage Trust, | BOCA Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BOCA, Class A, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BOCA, Class A, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BOCA, Class A, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BOCA, Class A, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%(c) | 12/15/42 | 2075 | 2077591 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A64

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  BPR Trust, | BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.358%(cc) | 11/05/41 | 1455 | 1488801 |
|  BWAY Trust, | BWAY Trust, | BWAY Trust, | BWAY Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1535, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1535, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1535, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1535, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.309%(cc) | 05/05/42 | 1865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929078 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BIO02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.713%(cc) | 08/13/41 | 470 | 457602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class C, 144A, 1 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class C, 144A, 1 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class C, 144A, 1 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class C, 144A, 1 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650%(c) | 08/15/42 | 1917 | 1918964 |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.944%(cc) | 12/09/41 | 1080 | 996117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840%(c) | 03/15/41 | 3100 | 3100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ARIA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.031%(cc) | 12/13/42 | 530 | 534804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(c) | 06/15/40 | 1509 | 1510942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class B, 144A, 1 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class B, 144A, 1 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class B, 144A, 1 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class B, 144A, 1 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600%(c) | 06/15/40 | 444 | 444395 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.631% | 02/10/50 | 590 | 575872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171% | 08/15/50 | 1915 | 1885945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.657% | 08/15/57 | 4924 | 4679803 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | 12/10/54 | 2517 | 2498055 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.902% | 07/10/49 | 1015 | 1007113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.209% | 10/12/50 | 2542 | 2501647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.005%(cc) | 08/10/56 | 26679 | 747447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.782% | 11/10/52 | 3230 | 3030518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.038% | 11/10/52 | 3008 | 2837784 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | 10/10/49 | 2380 | 2362924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CBM, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%(cc) | 12/10/41 | 3115 | 3170804 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-TIME, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.646% | 11/13/39 | 160 | 152306 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.751%(cc) | 01/15/49 | 629 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.191% | 11/15/50 | 1566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959% | 08/15/51 | 1425 | 1419784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.224%(cc) | 08/15/51 | 70 | 69933 |
|  DBGS Mortgage Trust, | DBGS Mortgage Trust, | DBGS Mortgage Trust, | DBGS Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.466% | 10/15/51 | 2215 | 2216789 |
|  DC Trust, | DC Trust, | DC Trust, | DC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HLTN, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.727%(cc) | 04/13/40 | 995 | 1007433 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276% | 05/10/49 | 170 | 169507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632% | 08/10/49 | 1684 | 1675894 |
|  DTP Commercial Mortgage Trust, | DTP Commercial Mortgage Trust, | DTP Commercial Mortgage Trust, | DTP Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-STE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-STE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-STE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-STE02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.843%(cc) | 01/15/41 | 770 | 791627 |
|  Durst Commercial Mortgage Trust, | Durst Commercial Mortgage Trust, | Durst Commercial Mortgage Trust, | Durst Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-151, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-151, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-151, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-151, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.145%(cc) | 08/10/42 | 2800 | 2856121 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.335%(cc) | 03/25/26 | 4633 | 5055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.948%(cc) | 09/25/30 | 7956 | 295605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K162, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K162, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K162, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K162, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.370%(cc) | 12/25/33 | 5855 | 159161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K164, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K164, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K164, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K164, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.282%(cc) | 05/25/34 | 10047 | 238746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K170, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K170, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K170, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K170, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.209%(cc) | 02/25/35 | 4361 | 85568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K517, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series K517, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series K517, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series K517, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.355%(cc) | 01/25/29 | 2246 | 2332856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K753, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K753, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K753, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K753, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.230%(cc) | 10/25/30 | 7351 | 90620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.075%(cc) | 02/25/32 | 4561 | 264886 |
|  FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K064, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K064, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K064, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K064, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.001%(cc) | 05/25/50 | 3500 | 3477794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K068, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K068, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K068, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K068, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.840%(cc) | 10/25/49 | 3550 | 3510484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K087, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K087, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K087, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K087, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.310%(cc) | 01/25/51 | 3550 | 3532277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K088, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K088, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K088, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K088, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.385%(cc) | 02/25/52 | 2000 | 1990703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K097, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K097, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K097, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K097, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.768%(cc) | 09/25/51 | 2095 | 2022076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K099, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K099, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K099, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K099, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.645%(cc) | 10/25/52 | 3300 | 3176351 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A65

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K102, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K102, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K102, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K102, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.531%(cc) | 12/25/51 | 5168 | 4934979 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113, Class Z | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113, Class Z | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113, Class Z | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-113, Class Z |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/16/61 | 3646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107716 |
|  GS Mortgage Securities Corp. II, | GS Mortgage Securities Corp. II, | GS Mortgage Securities Corp. II, | GS Mortgage Securities Corp. II, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70P, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.310%(cc) | 03/10/41 | 4560 | 4609852 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.409% | 03/10/50 | 4479 | 4443032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class AAB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.835% | 02/10/52 | 2055 | 2049678 |
|  HTL Commercial Mortgage Trust, | HTL Commercial Mortgage Trust, | HTL Commercial Mortgage Trust, | HTL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-T53, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(cc) | 05/10/39 | 1065 | 1078093 |
|  INT Commercial Mortgage Trust, | INT Commercial Mortgage Trust, | INT Commercial Mortgage Trust, | INT Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PLAZA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PLAZA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PLAZA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PLAZA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.879%(cc) | 11/05/37 | 1050 | 1052992 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.454% | 09/15/50 | 3000 | 2961691 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248% | 07/05/33 | 430 | 408500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class F, 144A, 1 Month SOFR + 3.047% (Cap N/A, Floor 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class F, 144A, 1 Month SOFR + 3.047% (Cap N/A, Floor 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class F, 144A, 1 Month SOFR + 3.047% (Cap N/A, Floor 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP, Class F, 144A, 1 Month SOFR + 3.047% (Cap N/A, Floor 3.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.798%(c) | 07/15/36 | 500 | 298750 |
|  MAD Commercial Mortgage Trust, | MAD Commercial Mortgage Trust, | MAD Commercial Mortgage Trust, | MAD Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11MD, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11MD, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11MD, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11MD, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.754%(cc) | 10/15/42 | 2310 | 2318757 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.634%(cc) | 12/15/49 | 4214 | 20485 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.259% | 06/15/50 | 750 | 742241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XD, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XD, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XD, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XD, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.137%(cc) | 06/15/50 | 700 | 18975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005% | 07/15/52 | 1001 | 959297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.071% | 03/15/52 | 252 | 247556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P, Class A, 144A, 1 Month SOFR + 1.284% (Cap N/A, Floor 1.169%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P, Class A, 144A, 1 Month SOFR + 1.284% (Cap N/A, Floor 1.169%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P, Class A, 144A, 1 Month SOFR + 1.284% (Cap N/A, Floor 1.169%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-230P, Class A, 144A, 1 Month SOFR + 1.284% (Cap N/A, Floor 1.169%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.034%(c) | 12/15/38 | 3660 | 3522863 |
|  MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.907%(cc) | 12/15/56 | 7042 | 394404 |
|  Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, | Natixis Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.404% | 06/17/38 | 310 | 306303 |
|  NY Commercial Mortgage Trust, | NY Commercial Mortgage Trust, | NY Commercial Mortgage Trust, | NY Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-299P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-299P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-299P, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-299P, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664%(cc) | 02/10/47 | 475 | 499228 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class A, 144A, 1 Month SOFR + 1.213% (Cap N/A, Floor 1.213%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class A, 144A, 1 Month SOFR + 1.213% (Cap N/A, Floor 1.213%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class A, 144A, 1 Month SOFR + 1.213% (Cap N/A, Floor 1.213%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class A, 144A, 1 Month SOFR + 1.213% (Cap N/A, Floor 1.213%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.963%(c) | 02/15/42 | 1435 | $1423368 |
|  One Market Plaza Trust, | One Market Plaza Trust, | One Market Plaza Trust, | One Market Plaza Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01MKT, Class XCP, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01MKT, Class XCP, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01MKT, Class XCP, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01MKT, Class XCP, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 02/10/32 | 10119 | 10 |
|  ONNI Commerical Mortgage Trust, | ONNI Commerical Mortgage Trust, | ONNI Commerical Mortgage Trust, | ONNI Commerical Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-APT, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-APT, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-APT, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-APT, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.567%(cc) | 07/15/39 | 1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243284 |
|  RFM Reremic Trust, | RFM Reremic Trust, | RFM Reremic Trust, | RFM Reremic Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR02, Class A123, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR02, Class A123, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR02, Class A123, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FRR02, Class A123, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.001%(cc) | 02/27/54 | 2000 | 1708687 |
|  ROCK Trust, | ROCK Trust, | ROCK Trust, | ROCK Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.388% | 11/13/41 | 1450 | 1489698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.471% | 11/13/41 | 4425 | 4601039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.109% | 11/13/41 | 1390 | 1456443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.819% | 11/13/41 | 275 | 292622 |
|  Shops at Crystals Trust, | Shops at Crystals Trust, | Shops at Crystals Trust, | Shops at Crystals Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.126% | 07/05/36 | 1078 | 1070439 |
|  SLG Office Trust, | SLG Office Trust, | SLG Office Trust, | SLG Office Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-OVA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.585% | 07/15/41 | 500 | 447002 |
|  Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), | Taurus DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class B, 144A, SONIA + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class B, 144A, SONIA + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class B, 144A, SONIA + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class B, 144A, SONIA + 1.600% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.531%(c) | 07/20/35 | 650 | 877580 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.212% | 11/15/50 | 1767 | 1740757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | 08/15/51 | 2382 | 2357642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.344% | 04/15/52 | 2063 | 2032367 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.684% | 10/15/49 | 2018 | 2003994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 07/15/50 | 403 | 398380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210% | 11/15/50 | 3196 | 3143734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1745, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749%(cc) | 06/15/36 | 150 | 140861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749% | 03/15/52 | 648 | 647142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643% | 08/15/52 | 1289 | 1228439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C63, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C63, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C63, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C63, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.003%(cc) | 08/15/57 | 14215 | 993971 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $211,715,278) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $211,715,278) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $211,715,278) | 210033099 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A66

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS — 25.9%** | **CORPORATE BONDS — 25.9%** | **CORPORATE BONDS — 25.9%** | **CORPORATE BONDS — 25.9%** |
|  **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |  |
|  BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/26/29 | 1025 | $1053431 |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | 02/04/26 | 9710 | 9691987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 02/01/30 | 399 | 378115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 05/01/26 | 38 | 37865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/01/29 | 2432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/01/35 | 234 | 204879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 03/01/38 | 151 | 127161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 05/01/49 | 66 | 49143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 05/01/30 | 1475 | 1515627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705% | 05/01/40 | 4350 | 4445396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930% | 05/01/60 | 1444 | 1416438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.388% | 05/01/31 | 310 | 336345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.008% | 05/01/64 | 90 | 101979 |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/28 | 800 | 801848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/01/32 | 150 | 158460 |
|  L3Harris Technologies, Inc., | L3Harris Technologies, Inc., | L3Harris Technologies, Inc., | L3Harris Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.054% | 04/27/45 | 106 | 101416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 06/01/34 | 1000 | 1034743 |
|  Northrop Grumman Corp., | Northrop Grumman Corp., | Northrop Grumman Corp., | Northrop Grumman Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 07/15/30 | 445 | 452992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 05/01/40 | 390 | 387839 |
|  RTX Corp., | RTX Corp., | RTX Corp., | RTX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 07/01/30 (a) | 369 | 339886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.030% | 03/15/52 | 450 | 293716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/16/28 | 278 | 278891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/42 | 475 | 429406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/08/26 | 200 | 202729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/15/31 | 340 | 366263 |
|  |  |  | 26564333 |
|  **Agriculture — 0.3%** | **Agriculture — 0.3%** |  |  |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/33 | 940 | 1061773 |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 08/15/37 | 1440 | 1324140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% | 08/15/47 | 796 | 659324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 08/15/35 | 1730 | 1801288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.834% | 02/20/31 | 575 | 609717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/20/34 | 225 | 241122 |
|  Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., | Bunge Ltd. Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 05/14/31 | 2000 | 1836902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 08/04/35 | 10 | 10161 |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/20/35 | 305 | 320552 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Agriculture (cont'd.)** | **Agriculture (cont'd.)** |  |  |
|  Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 11/01/27 | 855 | $862795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/20/42 | 117 | 104588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/01/31 | 550 | 561446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/15/28 | 526 | 535900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/15/30 | 1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/13/31 | 530 | 549130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/13/34 | 170 | 175803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/15/33 | 535 | 559935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/07/33 | 420 | 445421 |
|  Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 08/04/41 | 264 | 281534 |
|  |  |  | 13378101 |
|  **Airlines — 0.2%** | **Airlines — 0.2%** |  |  |
|  American Airlines 2015-2 Class A Pass Through Trust, | American Airlines 2015-2 Class A Pass Through Trust, | American Airlines 2015-2 Class A Pass Through Trust, | American Airlines 2015-2 Class A Pass Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/22/29 | 1650 | 1620489 |
|  American Airlines 2015-2 Class AA Pass-Through Trust, | American Airlines 2015-2 Class AA Pass-Through Trust, | American Airlines 2015-2 Class AA Pass-Through Trust, | American Airlines 2015-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/22/29 | 100 | 99110 |
|  American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.575% | 07/15/29 | 97 | 96198 |
|  American Airlines 2016-2 Class AA Pass-Through Trust, | American Airlines 2016-2 Class AA Pass-Through Trust, | American Airlines 2016-2 Class AA Pass-Through Trust, | American Airlines 2016-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 12/15/29 | 171 | 166868 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/20/26 | 106 | 106265 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/20/28 | 3973 | 3989399 |
|  United Airlines 2014-1 Class A Pass-Through Trust, | United Airlines 2014-1 Class A Pass-Through Trust, | United Airlines 2014-1 Class A Pass-Through Trust, | United Airlines 2014-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/11/27 | 102 | 101633 |
|  United Airlines 2015-1 Class AA Pass-Through Trust, | United Airlines 2015-1 Class AA Pass-Through Trust, | United Airlines 2015-1 Class AA Pass-Through Trust, | United Airlines 2015-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 06/01/29 | 78 | 77255 |
|  United Airlines 2016-1 Class AA Pass-Through Trust, | United Airlines 2016-1 Class AA Pass-Through Trust, | United Airlines 2016-1 Class AA Pass-Through Trust, | United Airlines 2016-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 01/07/30 | 67 | 65305 |
|  United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 04/07/30 | 582 | 561399 |
|  United Airlines 2018-1 Class AA Pass-Through Trust, | United Airlines 2018-1 Class AA Pass-Through Trust, | United Airlines 2018-1 Class AA Pass-Through Trust, | United Airlines 2018-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/31 | 104 | 99922 |
|  United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 11/01/33 | 263 | 240873 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 495 | 494719 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A67

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Airlines (cont'd.)** | **Airlines (cont'd.)** | **Airlines (cont'd.)** | **Airlines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 109 | 108399 |
|  |  |  | 7827834 |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  Tapestry, Inc., | Tapestry, Inc., | Tapestry, Inc., | Tapestry, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 03/11/30 | 520 | 533706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/11/35 | 261 | 267055 |
|  |  |  | 800761 |
|  **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 08/10/26 | 565 | 558813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 02/16/28 | 675 | 649727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/17/27 | 2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271% | 01/09/27 | 200 | 199033 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/06/26 | 149 | 148959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/09/27 | 500 | 505340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 07/15/35 | 1611 | 1698823 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/08/27 | 2290 | 2314394 |
|  Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 08/15/29 | 1460 | 1475290 |
|  |  |  | 9774574 |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/13/34(a) | 1285 | 1296620 |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 75 | 78289 |
|  Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/33 | 70 | 72698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/32 | 115 | 117800 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 | 3100 | 3113509 |
|  |  |  | 4678916 |
|  **Banks — 7.7%** | **Banks — 7.7%** | **Banks — 7.7%** | **Banks — 7.7%** |
|  ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), | ABN AMRO Bank NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.515%(ff) | 12/03/35 | 900 | 929261 |
|  AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.608%(ff) | 09/13/29 | 2500 | 2652526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.871%(ff) | 03/28/35 | 2500 | 2637235 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.175%(ff) | 03/24/28 | 200 | $199970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.551% | 11/06/30 | 1200 | 1202000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538%(ff) | 03/14/30 | 800 | 826963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.127% | 11/06/35 | 800 | 798288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439% | 07/15/31 | 600 | 630519 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.299%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/21/32(a) | 1837 | 1642605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 | 1317 | 1187280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592%(ff) | 04/29/31 | 1184 | 1103248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%(ff) | 04/22/32 | 2195 | 2013220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.571%(ff) | 04/27/33 | 1300 | 1297123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.979%(ff) | 01/24/29 | 1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.933%(ff) | 09/15/27 | 850 | 860863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | 07/23/31 | 10513 | 9443458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.922%(ff) | 10/24/31 | 430 | 384465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496%(ff) | 02/13/31 | 1402 | 1305830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%(ff) | 02/04/33 | 1080 | 987230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%(ff) | 01/20/28 | 912 | 909735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.974%(ff) | 02/07/30 | 424 | 421663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.083%(ff) | 03/20/51 | 335 | 269012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271%(ff) | 07/23/29 | 211 | 211891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330%(ff) | 03/15/50 | 517 | 435341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/21/44(a) | 1003 | 968042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.015%(ff) | 07/22/33 | 1584 | 1615252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.482%(ff) | 09/21/36 | 780 | 685402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%(ff) | 10/25/35 | 905 | 928073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/22/26 | 15 | 15026 |
|  Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.601%(ff) | 03/20/30 | 2500 | 2594656 |
|  Bank of Montreal (Canada), | Bank of Montreal (Canada), | Bank of Montreal (Canada), | Bank of Montreal (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 03/08/27 | 1385 | 1364922 |
|  Bank of New York Mellon (The), | Bank of New York Mellon (The), | Bank of New York Mellon (The), | Bank of New York Mellon (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.729%(ff) | 04/20/29 | 250 | 254112 |
|  Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.060%(ff) | 07/22/32 | 1210 | 1253855 |
|  Bank of New Zealand (New Zealand), | Bank of New Zealand (New Zealand), | Bank of New Zealand (New Zealand), | Bank of New Zealand (New Zealand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.285% | 01/27/27 | 2085 | 2048960 |
|  Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.951% | 03/11/27 | 1355 | 1340889 |
|  Banque Federative du Credit Mutuel SA (France), | Banque Federative du Credit Mutuel SA (France), | Banque Federative du Credit Mutuel SA (France), | Banque Federative du Credit Mutuel SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538% | 01/22/30 | 1215 | 1265923 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A68

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.942%(ff) | 09/10/30 | 948 | $963808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.367%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/25/31(a) | 3792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.690%(ff) | 03/12/30 | 800 | 830839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.785%(ff) | 02/25/36 | 575 | 601882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036%(ff) | 03/12/55 | 1500 | 1573738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.385%(ff) | 11/02/28 | 800 | 844937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.972%(ff) | 05/16/29 | 304 | 308846 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871%(ff) | 04/19/32 | 965 | 879938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132%(ff) | 01/20/33 | 2200 | 2006319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 08/14/28 | 530 | 531419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%(ff) | 01/10/30 | 728 | 744167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | 11/19/30 | 2390 | 2455399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%(ff) | 01/13/33 | 1005 | 1054248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%(ff) | 01/13/29 | 1490 | 1515986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.906%(ff) | 11/19/35 | 900 | 932614 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 09/12/28 | 495 | 498337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%(ff) | 05/28/31 | 2640 | 2710040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | 01/14/31 | 300 | 312992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.027%(ff) | 05/28/36 | 1645 | 1725599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.293%(ff) | 01/14/36 | 1425 | 1522882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%(ff) | 10/19/29 | 1350 | 1430933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.003%(ff) | 10/19/34 | 585 | 649985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.508%(ff) | 01/18/35 | 1465 | 1552394 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%(ff) | 07/03/36 | 1540 | 1581580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.037%(ff) | 06/15/35 | 1460 | 1554473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%(ff) | 09/13/34 | 408 | 454694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673%(ff) | 03/15/30 | 276 | 286412 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/30 | 600 | 599201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 400 | 420770 |
|  Citibank NA, | Citibank NA, | Citibank NA, | Citibank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914% | 05/29/30 | 970 | 997881 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 06/03/31 | 4598 | 4260545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666%(ff) | 01/29/31 | 640 | 599258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.520%(ff) | 10/27/28 | 1240 | 1229196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%(ff) | 07/24/28 | 948 | 942168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785%(ff) | 03/17/33 | 1500 | 1429312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.887%(ff) | 01/10/28 | 317 | 316393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%(ff) | 04/23/29 | 460 | 459573 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.503%(ff) | 09/11/31 | 1305 | 1308526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 07/30/45 | 458 | 412068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 07/23/48 | 130 | 114826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.658%(ff) | 05/24/28 | 1965 | 1982020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910%(ff) | 05/24/33 | 530 | 536107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.952%(ff) | 05/07/31 | 970 | 990370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 02/13/30 | 510 | 523447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 09/11/36 | 390 | 394090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 06/11/35 | 1510 | 1561931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series VAR | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series VAR | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series VAR | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series VAR |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.070%(ff) | 02/24/28 | 4250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/29/27 | 964 | 970165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 03/09/26 | 225 | 225042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/18/46 | 22 | 19332 |
|  Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.253%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/31(a) | 670 | 688066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.718%(ff) | 07/23/32 | 700 | 734735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.645%(ff) | 04/25/35 | 145 | 159416 |
|  Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649%(ff) | 04/06/28 | 640 | 636512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.758%(ff) | 04/06/33 | 1000 | 945877 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/09/29 | 4886 | 4982447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.818%(ff) | 09/25/33 | 2330 | 2325993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.222%(ff) | 05/27/31 | 1772 | 1819304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.862%(ff) | 01/09/36 | 1210 | 1274440 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 | 2000 | 2077668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.019%(ff) | 03/04/31 | 915 | 933697 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | 01/07/28 | 545 | 535516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.297%(ff) | 05/09/31 | 3725 | 3811916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.403%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/11/35(a) | 1275 | 1298562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.819%(ff) | 11/20/29 | 2500 | 2663394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.026%(c) | 11/16/27 | 715 | 715940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.469%(ff) | 12/10/31 | 335 | 333908 |
|  Federation des Caisses Desjardins du Quebec (Canada), | Federation des Caisses Desjardins du Quebec (Canada), | Federation des Caisses Desjardins du Quebec (Canada), | Federation des Caisses Desjardins du Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/26/29(a) | 1305 | 1347951 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383%(ff) | 07/21/32 | 625 | 559874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 02/07/30 | 310 | 291372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%(ff) | 04/22/32 | 2689 | 2452111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640%(ff) | 02/24/28 | 4335 | 4267541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.908%(ff) | 07/21/42 | 1640 | 1202910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%(ff) | 03/15/28 | 1645 | 1635524 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A69

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814%(ff) | 04/23/29 | 910 | $904571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%(ff) | 05/01/29 | 521 | 521963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.482%(ff) | 08/23/28 | 2077 | 2090996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | 10/23/30 | 120 | 121643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.939%(ff) | 10/21/36 | 1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%(ff) | 07/23/30 | 1100 | 1127062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.207%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/31(a) | 1685 | 1740182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%(ff) | 04/23/31 | 1363 | 1407321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.536%(ff) | 01/28/36 | 590 | 612729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/01/41 | 629 | 689114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 10/01/37 | 335 | 374310 |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.804%(ff) | 05/24/32 | 989 | 904300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.848%(ff) | 06/04/31 | 417 | 389855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.619%(ff) | 11/06/31 | 1175 | 1178171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%(ff) | 03/03/31 | 1505 | 1541576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.133%(ff) | 11/06/36 | 840 | 840083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240%(ff) | 05/13/31 | 1725 | 1775186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.286%(ff) | 11/19/30 | 1140 | 1173839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.402%(ff) | 08/11/33 | 735 | 761574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.887%(ff) | 08/14/27 | 550 | 555694 |
|  Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.443%(ff) | 08/04/28 | 3360 | 3378324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.272%(ff) | 01/15/31 | 550 | 566254 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.578%(ff) | 04/22/27 | 540 | 535703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%(ff) | 06/01/29 | 5020 | 4791668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.182%(ff) | 06/01/28 | 462 | 450473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%(ff) | 11/08/32 | 995 | 897621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%(ff) | 04/22/32 | 655 | 598761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%(ff) | 10/15/30 | 508 | 481916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.947%(ff) | 02/24/28 | 2070 | 2045206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.540%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/28(a) | 1184 | 1177390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.702%(ff) | 05/06/30 | 62 | 61068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.782%(ff) | 02/01/28 | 1057 | 1054503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.255%(ff) | 10/22/31 | 1145 | 1141183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.505%(ff) | 10/22/28 | 865 | 873689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.915%(ff) | 01/24/29 | 1090 | 1110037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.946%(ff) | 10/22/35 | 315 | 318011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.995%(ff) | 07/22/30 | 265 | 272018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.103%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/22/31(a) | 1150 | 1187384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140%(ff) | 01/24/31 | 850 | 878621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.299%(ff) | 07/24/29 | 570 | 586710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.336%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/23/35(a) | 1335 | 1384365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%(ff) | 04/22/30 | 235 | 245138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%(ff) | 07/23/36 | 610 | 632166 |
|  KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.454%(ff) | 09/23/31 | 2125 | 2116728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%(ff) | 10/16/30 | 1490 | 1515990 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
|  KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.121%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/04/31(a) | 920 | $944853 |
|  Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/22/28 | 1624 | 1633049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.943%(ff) | 11/04/36 | 1520 | 1504355 |
|  Manufacturers & Traders Trust Co., | Manufacturers & Traders Trust Co., | Manufacturers & Traders Trust Co., | Manufacturers & Traders Trust Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 01/27/28 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013723 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.159%(ff) | 04/24/31 | 200 | 206088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.188%(ff) | 09/12/36 | 700 | 710657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.475%(ff) | 02/22/31 | 1500 | 1561774 |
|  Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.711%(ff) | 07/08/31 | 1095 | 1107240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.323%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/08/36(a) | 2585 | 2654083 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.210%(ff) | 04/20/28 | 1325 | 1327673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | 10/18/30 | 335 | 338973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/15/31 | 255 | 262860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 07/20/29 | 585 | 603720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.466%(ff) | 01/18/35 | 1500 | 1558242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%(ff) | 07/21/32 | 265 | 235328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | 01/22/31 | 4236 | 3975044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%(ff) | 01/23/30 | 4426 | 4450771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.794%(ff) | 02/13/32 | 5075 | 4458474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928%(ff) | 04/28/32 | 225 | 197419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 | 220 | 197313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.591%(cc) | 07/22/28 | 428 | 425065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.622%(ff) | 04/01/31 | 1080 | 1049034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%(ff) | 04/18/30 | 650 | 677250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.356%(ff) | 10/22/31 | 1770 | 1764456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 10/22/36 | 1125 | 1115930 |
|  Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%(ff) | 01/12/29 | 1740 | 1772549 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 05/18/29 | 614 | 624096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.115%(ff) | 05/23/31 | 1085 | 1113227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.516%(ff) | 09/30/28 | 3800 | 3893756 |
|  Norinchukin Bank (The) (Japan), | Norinchukin Bank (The) (Japan), | Norinchukin Bank (The) (Japan), | Norinchukin Bank (The) (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.359% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/09/35(a) | 1500 | 1518190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.430% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/09/28(a) | 1830 | 1871090 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%(ff) | 10/21/32 | 700 | 712583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.102%(ff) | 07/23/27 | 1740 | 1749652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | 07/21/36 | 1160 | 1194664 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A70

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.582%(ff) | 06/12/29 | 1300 | $1348048 |
|  Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), | Royal Bank of Canada (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.965%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/24/29(a) | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 02/01/34 | 350 | 364126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.153%(ff) | 02/04/31 | 1040 | 1069952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% | 01/21/27 | 1395 | 1370022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/04/32 | 440 | 425737 |
|  Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.694%(ff) | 04/15/31 | 3865 | 4025695 |
|  Skandinaviska Enskilda Banken AB (Sweden), | Skandinaviska Enskilda Banken AB (Sweden), | Skandinaviska Enskilda Banken AB (Sweden), | Skandinaviska Enskilda Banken AB (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/03/30 | 800 | 801793 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.512%(ff) | 05/22/31 | 310 | 319552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%(ff) | 01/19/28 | 1455 | 1472892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.066%(ff) | 01/19/35 | 1090 | 1150154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.792%(ff) | 06/09/27 | 2195 | 2171044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/19/27 | 3817 | 3860057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%(ff) | 04/13/33 | 2820 | 2976032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.691%(ff) | 01/10/34 | 480 | 522323 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(ff) | 10/15/30 | 1306 | 1329808 |
|  State Street Bank & Trust Co., | State Street Bank & Trust Co., | State Street Bank & Trust Co., | State Street Bank & Trust Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.782% | 11/23/29 | 1075 | 1106168 |
|  State Street Corp., | State Street Corp., | State Street Corp., | State Street Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.203%(ff) | 02/07/28 | 2095 | 2056920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.784%(ff) | 10/23/36 | 510 | 507676 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.954%(ff) | 07/08/33 | 2645 | 2688398 |
|  Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.783% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/17/29(a) | 1760 | 1797995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.298% | 01/30/32 | 780 | 814139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 03/10/27 | 1360 | 1343819 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.964%(ff) | 10/23/36 | 1155 | 1142780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(ff) | 01/26/34 | 3695 | 3763672 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.775%(ff) | 06/12/29 | 520 | 540515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.836%(ff) | 06/12/34 | 170 | 181255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.215%(ff) | 01/27/28 | 4295 | 4217901 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 04/17/26 | 350 | 350512 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.746%(ff) | 02/11/33 | 736 | $659765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | 05/14/32 | 2077 | 1924224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194%(ff) | 04/01/31 | 1765 | 1746578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.253% | 03/23/28 | 607 | 607182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.301%(ff) | 09/22/34 | 438 | 477699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.844%(ff) | 11/06/33 | 200 | 200184 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%(ff) | 04/23/31 | 805 | 830562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.211%(ff) | 12/03/35 | 770 | 786801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(ff) | 01/24/31 | 555 | 574440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%(ff) | 04/24/34 | 365 | 379372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/23/35(a) | 1220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/23/36(a) | 2522 | 2643738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.491%(ff) | 10/23/34 | 240 | 265780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393%(ff) | 06/02/28 | 8461 | 8266578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879%(ff) | 10/30/30 | 1257 | 1196541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%(ff) | 03/02/33 | 3370 | 3143057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.808%(ff) | 07/25/28 | 1660 | 1678244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.897%(ff) | 07/25/33 | 301 | 305758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.013%(ff) | 04/04/51 | 1553 | 1421579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.574%(ff) | 07/25/29 | 309 | 319745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series W |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%(ff) | 01/24/28 | 1750 | 1765128 |
|  Westpac Banking Corp. (Australia), | Westpac Banking Corp. (Australia), | Westpac Banking Corp. (Australia), | Westpac Banking Corp. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.457% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/18/27(a) | 1895 | 1951545 |
|  |  |  | 318719435 |
|  **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |  |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/01/46 | 1235 | 1141494 |
|  Bacardi Ltd./Bacardi-Martini BV (Bermuda), | Bacardi Ltd./Bacardi-Martini BV (Bermuda), | Bacardi Ltd./Bacardi-Martini BV (Bermuda), | Bacardi Ltd./Bacardi-Martini BV (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/29 | 190 | 193644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/15/33 | 359 | 363343 |
|  Bacardi-Martini BV (Bermuda), | Bacardi-Martini BV (Bermuda), | Bacardi-Martini BV (Bermuda), | Bacardi-Martini BV (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/35 | 470 | 487367 |
|  Constellation Brands, Inc., | Constellation Brands, Inc., | Constellation Brands, Inc., | Constellation Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 11/15/48 | 300 | 277359 |
|  Keurig Dr. Pepper, Inc., | Keurig Dr. Pepper, Inc., | Keurig Dr. Pepper, Inc., | Keurig Dr. Pepper, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 05/01/30 | 32 | 30396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/15/29 | 420 | 415205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 04/15/32 | 610 | 586819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 05/15/30 | 663 | 666613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 05/15/35 | 155 | 155483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/15/34 | 636 | 648502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 10 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 10 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 10 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/15/31 | 341 | 350394 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A71

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Beverages (cont'd.)** | **Beverages (cont'd.)** | **Beverages (cont'd.)** | **Beverages (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 31 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 31 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 31 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 03/15/31 | 1237 | 1102579 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6419198 |
|  **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663% | 06/15/51 | 146 | 125119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 11/15/41 | 855 | 827800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 03/02/53 | 1654 | 1622392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 | 225 | 219759 |
|  Biogen, Inc., | Biogen, Inc., | Biogen, Inc., | Biogen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/35(a) | 645 | 679300 |
|  Gilead Sciences, Inc., | Gilead Sciences, Inc., | Gilead Sciences, Inc., | Gilead Sciences, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 10/01/40 | 489 | 361371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/01/46 | 213 | 193256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/33 | 925 | 972015 |
|  Regeneron Pharmaceuticals, Inc., | Regeneron Pharmaceuticals, Inc., | Regeneron Pharmaceuticals, Inc., | Regeneron Pharmaceuticals, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/30(a) | 1300 | 1159011 |
|  Royalty Pharma PLC, | Royalty Pharma PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/25/35(a) | 2570 | 2581914 |
|  |  |  | 8741937 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Camelot Return Merger Sub, Inc., | Camelot Return Merger Sub, Inc., | Camelot Return Merger Sub, Inc., | Camelot Return Merger Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 08/01/28 | 425 | 331518 |
|  Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.577% | 04/05/50 | 500 | 368964 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 320 | 332990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/33 | 65 | 67872 |
|  Trane Technologies Financing Ltd., | Trane Technologies Financing Ltd., | Trane Technologies Financing Ltd., | Trane Technologies Financing Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 06/13/34 | 75 | 76834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/03/33 | 750 | 780541 |
|  |  |  | 1958719 |
|  **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
|  Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 01/12/31 | 1320 | 510675 |
|  Celanese US Holdings LLC, | Celanese US Holdings LLC, | Celanese US Holdings LLC, | Celanese US Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850%(cc) | 11/15/28 | 374 | 391228 |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 11/26/35 | 750 | 748109 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** |
|  Cornerstone Chemical Co. LLC, | Cornerstone Chemical Co. LLC, | Cornerstone Chemical Co. LLC, | Cornerstone Chemical Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | 05/07/29^(x) | 392 | $333471 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319% | 11/15/38 | 2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419% | 11/15/48 | 43 | 40948 |
|  EIDP, Inc., | EIDP, Inc., | EIDP, Inc., | EIDP, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/32 | 1235 | 1267422 |
|  International Flavors & Fragrances, Inc., | International Flavors & Fragrances, Inc., | International Flavors & Fragrances, Inc., | International Flavors & Fragrances, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 11/01/30 | 1040 | 938027 |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 05/02/34 | 609 | 656776 |
|  Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/27/28 | 950 | 932425 |
|  Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/30/33 | 180 | 181710 |
|  Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.378% | 11/14/32 | 1250 | 1416950 |
|  |  |  | 9473186 |
|  **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
|  Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 10/01/29 | 505 | 459091 |
|  **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
|  Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 02/15/31 | 322 | 339512 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/15/30 | 750 | 780805 |
|  AMN Healthcare, Inc., | AMN Healthcare, Inc., | AMN Healthcare, Inc., | AMN Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/15/29 | 525 | 501701 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 420 | 431406 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 209 | 244465 |
|  Element Fleet Management Corp. (Canada), | Element Fleet Management Corp. (Canada), | Element Fleet Management Corp. (Canada), | Element Fleet Management Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.641% | 11/24/30 | 1180 | 1181791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.037% | 03/25/30 | 425 | 433612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.319% | 12/04/28 | 1800 | 1897674 |
|  Georgetown University (The), | Georgetown University (The), | Georgetown University (The), | Georgetown University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.215% | 10/01/2118 | 715 | 628016 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A72

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 05/15/30 | 600 | 556127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 08/15/27 | 1630 | 1648919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/15/35 | 1935 | 1924512 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/15/31 | 325 | 329662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/15/34 | 65 | 65859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/30 | 235 | 247169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/33(a) | 100 | 105988 |
|  Hertz Corp. (The), | Hertz Corp. (The), | Hertz Corp. (The), | Hertz Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 01/15/28 | 379 | 72958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 08/01/26 | 255 | 52275 |
|  Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 08/09/35 | 875 | 877672 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12320123 |
|  **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
|  Accenture Capital, Inc., | Accenture Capital, Inc., | Accenture Capital, Inc., | Accenture Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/04/31 | 685 | 685311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/04/34 | 460 | 453616 |
|  CGI, Inc. (Canada), | CGI, Inc. (Canada), | CGI, Inc. (Canada), | CGI, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.450% | 09/14/26 | 1000 | 982262 |
|  Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., | Dell International LLC/EMC Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/01/32 | 1965 | 2020689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 10/01/29 | 1250 | 1290102 |
|  Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., | Hewlett Packard Enterprise Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/54(a) | 1265 | 1173325 |
|  International Business Machines Corp., | International Business Machines Corp., | International Business Machines Corp., | International Business Machines Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 02/09/27 | 2090 | 2052060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/10/30(a) | 1075 | 1099714 |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 04/01/29 | 400 | 434475 |
|  |  |  | 10191554 |
|  **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
|  Haleon US Capital LLC, | Haleon US Capital LLC, | Haleon US Capital LLC, | Haleon US Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/24/27 | 370 | 367318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/24/32 | 400 | 380670 |
|  Kenvue, Inc., | Kenvue, Inc., | Kenvue, Inc., | Kenvue, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 05/22/32 | 875 | 894146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/22/53(a) | 660 | 602218 |
|  |  |  | 2244352 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
|  Wesco Aircraft Holdings, Inc., | Wesco Aircraft Holdings, Inc., | Wesco Aircraft Holdings, Inc., | Wesco Aircraft Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/26(d) | 390 | $167729 |
|  **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 10/29/26 | 1156 | 1140934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 01/30/32 | 4739 | 4375434 |
|  Aircastle Ltd./Aircastle Ireland DAC, | Aircastle Ltd./Aircastle Ireland DAC, | Aircastle Ltd./Aircastle Ireland DAC, | Aircastle Ltd./Aircastle Ireland DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/15/30 | 1066 | 1074836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/15/30 | 865 | 881787 |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/26(oo) | 435 | 429017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.804%(ff) | 10/24/36 | 685 | 677122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%(ff) | 07/20/33 | 450 | 457976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.016%(ff) | 04/25/31 | 910 | 937391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.043%(ff) | 07/26/28 | 1090 | 1108079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.085%(ff) | 01/30/31 | 1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.442%(ff) | 01/30/36 | 775 | 804724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 11/05/27 | 1870 | 1934146 |
|  Ameriprise Financial, Inc., | Ameriprise Financial, Inc., | Ameriprise Financial, Inc., | Ameriprise Financial, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/35(a) | 945 | 965109 |
|  Aviation Capital Group LLC, | Aviation Capital Group LLC, | Aviation Capital Group LLC, | Aviation Capital Group LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 04/10/30 | 695 | 705601 |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.528% | 11/18/27 | 890 | 864012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 01/30/31 | 595 | 591115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/28 | 1097 | 1112435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/15/30 | 6245 | 6357599 |
|  Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.878%(ff) | 11/02/27 | 475 | 466081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.493%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/11/31(a) | 835 | 833297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.927%(ff) | 05/10/28 | 1090 | 1102917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.624%(ff) | 10/30/31 | 1005 | 1135510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.964%(ff) | 11/02/34 | 1000 | 1178927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.183%(ff) | 01/30/36 | 950 | 992971 |
|  Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 08/24/26 | 880 | 889405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.136%(ff) | 08/24/34 | 180 | 196173 |
|  Equitable America Global Funding, | Equitable America Global Funding, | Equitable America Global Funding, | Equitable America Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/32(a) | 1455 | 1445307 |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 04/01/32 | 170 | 179348 |
|  ICITII, | ICITII, | ICITII, | ICITII, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/31/33^ | 19 | 8272 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A73

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |  |
|  Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 09/15/40 | 1230 | $913811 |
|  Macquarie Airfinance Holdings Ltd. (United Kingdom), | Macquarie Airfinance Holdings Ltd. (United Kingdom), | Macquarie Airfinance Holdings Ltd. (United Kingdom), | Macquarie Airfinance Holdings Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/17/30 | 1951 | 1973657 |
|  Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608% | 07/14/31 | 1497 | 1349157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.070% | 07/12/28 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087414 |
|  Nuveen LLC, | Nuveen LLC, | Nuveen LLC, | Nuveen LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 01/15/30 | 265 | 275890 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/29 | 585 | 605873 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/29 | 923 | 901927 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/18/29 | 300 | 299250 |
|  Synchrony Financial, | Synchrony Financial, | Synchrony Financial, | Synchrony Financial, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/06/31(a) | 1245 | 1275693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 07/29/36 | 585 | 600565 |
|  |  |  | 44561982 |
|  **Electric — 3.6%** | **Electric — 3.6%** | **Electric — 3.6%** |  |
|  AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/01/28 | 546 | 543480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/30(a) | 5000 | 4554711 |
|  AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 08/15/51 | 105 | 64755 |
|  AES Corp. (The), | AES Corp. (The), | AES Corp. (The), | AES Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/32 | 1010 | 1036072 |
|  Alabama Power Co., | Alabama Power Co., | Alabama Power Co., | Alabama Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 10/01/49 | 242 | 172392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/01/45 | 187 | 147263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 04/02/35 | 200 | 204816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11-C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/41 | 170 | 166772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/31 | 1280 | 1284426 |
|  American Electric Power Co., Inc., | American Electric Power Co., Inc., | American Electric Power Co., Inc., | American Electric Power Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/01/27 | 2550 | 2628735 |
|  American Transmission Systems, Inc., | American Transmission Systems, Inc., | American Transmission Systems, Inc., | American Transmission Systems, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/44 | 482 | 449244 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** |  |  |
|  Arizona Public Service Co., | Arizona Public Service Co., | Arizona Public Service Co., | Arizona Public Service Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/34(a) | 690 | $725926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 12/15/32 | 350 | 382192 |
|  Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/01/35 | 535 | 554960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/54(a) | 1050 | 1043019 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 39 | 38969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 | 60 | 60883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 | 478 | 478086 |
|  CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 04/01/31 | 266 | 240724 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/01/48 | 366 | 291915 |
|  CenterPoint Energy, Inc., | CenterPoint Energy, Inc., | CenterPoint Energy, Inc., | CenterPoint Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/29 | 1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149989 |
|  Cleco Corporate Holdings LLC, | Cleco Corporate Holdings LLC, | Cleco Corporate Holdings LLC, | Cleco Corporate Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 09/15/29 | 310 | 291844 |
|  Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 12/01/51 | 485 | 322511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/34 | 270 | 283605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/55 | 1030 | 1000134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/15/54 | 425 | 424570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/55 | 245 | 244940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 04/01/30 | 194 | 187937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/01/50 | 151 | 117694 |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/15/54 | 1000 | 993503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/01/33 | 397 | 424075 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/30 | 1145 | 1176514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/38 | 592 | 670543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 04/01/30 | 1300 | 1253949 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 12/01/47 | 161 | 121873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/15/48 | 142 | 112555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/30(a) | 1660 | 1709363 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/01/45 | 187 | 147215 |
|  Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 06/01/30 | 410 | 380319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 06/15/31 | 4199 | 3825198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/51(a) | 255 | 176940 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A74

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/28 | 1100 | $1106183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/32 | 280 | 279257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 09/15/35 | 1475 | 1463444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/15/52 | 300 | 264877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/34 | 535 | 557451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 09/15/55 | 630 | 612800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 06/15/54 | 410 | 405708 |
|  Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 06/15/30 | 420 | 378674 |
|  Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/01/33 | 225 | 233111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 | 355 | 346667 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 10/15/46 | 419 | 319237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/15/35 | 990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/55 | 430 | 424577 |
|  Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/32(a) | 221 | 221079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/30 | 800 | 836742 |
|  Emera US Finance LP (Canada), | Emera US Finance LP (Canada), | Emera US Finance LP (Canada), | Emera US Finance LP (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/15/46 | 1380 | 1179280 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 07/12/26 | 4210 | 4155844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/30/35 | 835 | 828532 |
|  Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, | Entergy Arkansas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 06/15/51 | 2000 | 1191860 |
|  Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/55 | 375 | 377388 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 09/30/49 | 1459 | 1043050 |
|  Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 551 | 569941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450% | 08/10/28 | 430 | 461446 |
|  Evergy Metro, Inc., | Evergy Metro, Inc., | Evergy Metro, Inc., | Evergy Metro, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/01/34 | 421 | 438114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 03/15/48 | 561 | 458943 |
|  Evergy, Inc., | Evergy, Inc., | Evergy, Inc., | Evergy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 09/15/29 | 479 | 456632 |
|  Eversource Energy, | Eversource Energy, | Eversource Energy, | Eversource Energy, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/32(a) | 915 | 846615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 12/15/30 | 320 | 318363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 07/01/27 | 1595 | 1605882 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/33(a) | 710 | $717146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/28(a) | 1795 | 1840244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/34 | 166 | 170789 |
|  FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 07/15/27 | 175 | 174419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 07/15/47 | 410 | 361337 |
|  FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/28 | 450 | 459218 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/44 | 120 | 115797 |
|  Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/01/53 | 2560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459291 |
|  Georgia Power Co., | Georgia Power Co., | Georgia Power Co., | Georgia Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/28 | 795 | 797897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 05/15/32 | 1040 | 1055190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/17/33 | 315 | 321460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/15/35 | 520 | 533958 |
|  Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/29/35 | 680 | 707772 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/14/28 | 498 | 492114 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/14/30 | 2140 | 2019818 |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 01/15/35 | 470 | 475778 |
|  MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 10/15/44 | 1400 | 1207224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/43 | 1105 | 1003600 |
|  Mid-Atlantic Interstate Transmission LLC, | Mid-Atlantic Interstate Transmission LLC, | Mid-Atlantic Interstate Transmission LLC, | Mid-Atlantic Interstate Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 05/15/28 | 121 | 121096 |
|  Monongahela Power Co., | Monongahela Power Co., | Monongahela Power Co., | Monongahela Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 12/15/43 | 770 | 751847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 02/15/34 | 200 | 211725 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 06/01/30 | 2615 | 2405545 |
|  Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., | Niagara Mohawk Power Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.996% | 07/03/55 | 330 | 335151 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/29 | 123 | 117571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/32 | 480 | 448531 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A75

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.407% | 10/15/35 | 1275 | $1270690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/34 | 400 | 403420 |
|  NSTAR Electric Co., | NSTAR Electric Co., | NSTAR Electric Co., | NSTAR Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 770 | 786059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/34 | 425 | 440520 |
|  Oglethorpe Power Corp., | Oglethorpe Power Corp., | Oglethorpe Power Corp., | Oglethorpe Power Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 10/01/48 | 220 | 196299 |
|  Ohio Edison Co., | Ohio Edison Co., | Ohio Edison Co., | Ohio Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 12/15/29 | 220 | 224933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/33 | 315 | 327705 |
|  Ohio Power Co., | Ohio Power Co., | Ohio Power Co., | Ohio Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/49 | 328 | 252564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/33 | 1685 | 1709946 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 08/01/27 | 321 | 311195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/31 | 2380 | 2142114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 08/01/40 | 397 | 301120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/50 (a) | 270 | 182470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 12/01/47 | 1410 | 1049677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/46 | 1650 | 1237143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/45 | 1077 | 855579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 07/01/30 | 660 | 657375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 06/15/43 | 116 | 96912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/44 | 165 | 139584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/01/50 | 1731 | 1465704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 10/15/32 | 300 | 301846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/27 | 2100 | 2135469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/15/34 | 1670 | 1736258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 10/01/54 | 1676 | 1607988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 01/15/29 | 555 | 580838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 10/15/55 | 405 | 398252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/15/33 | 423 | 448981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/53 | 881 | 937953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/15/34 | 1152 | 1282291 |
|  PacifiCorp, | PacifiCorp, | PacifiCorp, | PacifiCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 12/01/53 | 409 | 358525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/15/54 | 673 | 601992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/37 | 235 | 238664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 01/15/55 | 66 | 61593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 10/15/37 | 60 | 62662 |
|  PECO Energy Co., | PECO Energy Co., | PECO Energy Co., | PECO Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 09/15/47 | 136 | 103922 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/15/27 | 232 | 231348 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 03/15/55 | 75 | 78117 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  PG&E Wildfire Recovery Funding LLC, | PG&E Wildfire Recovery Funding LLC, | PG&E Wildfire Recovery Funding LLC, | PG&E Wildfire Recovery Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.099% | 06/01/54 | 1800 | $1678412 |
|  Pinnacle West Capital Corp., | Pinnacle West Capital Corp., | Pinnacle West Capital Corp., | Pinnacle West Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 05/15/28 | 580 | 590665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 05/15/30 | 602 | 620280 |
|  Progress Energy, Inc., | Progress Energy, Inc., | Progress Energy, Inc., | Progress Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 03/01/31 | 2302 | 2637719 |
|  Public Service Co. of Oklahoma, | Public Service Co. of Oklahoma, | Public Service Co. of Oklahoma, | Public Service Co. of Oklahoma, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 01/15/35 | 1390 | 1406006 |
|  Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., | Public Service Enterprise Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 03/15/30 (a) | 1095 | 1120251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 04/01/34 | 145 | 149917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 11/15/27 | 1780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 10/15/33 | 730 | 786058 |
|  Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 06/15/30 | 308 | 301642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.224% | 03/15/32 | 300 | 287568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.725% | 03/15/35 | 2250 | 2308835 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 11/15/41 | 240 | 197218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/53 | 2950 | 2792741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/15/35 | 645 | 668416 |
|  SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.341% | 03/15/47 | 650 | 651991 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 06/01/30 | 694 | 629922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/01/32 | 470 | 418243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 02/01/50 | 1245 | 869934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/34 | 295 | 296543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/01/35 | 210 | 213049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/01/53 | 650 | 604158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/15/54 | 1235 | 1158424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 12/01/53 | 371 | 355899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 03/01/55 | 556 | 536134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 11/01/32 | 85 | 90041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 09/15/55 | 30 | 30165 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series D | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series D | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series D | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 06/01/27 | 2180 | 2196733 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series E | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series E | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series E | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/01/52 | 474 | 426649 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/47 | 810 | 608953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 10/01/43 | 80 | 68065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/34 | 235 | 246752 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series 13-A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/43 | 131 | 100592 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/01/48 | 932 | 708094 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A76

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Southern Co. (The), | Southern Co. (The), | Southern Co. (The), | Southern Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113% | 08/01/27 | 2150 | 2184035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 03/15/35 | 1625 | 1605904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/15/34 | 325 | 342431 |
|  Southern Power Co., | Southern Power Co., | Southern Power Co., | Southern Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 09/15/41 | 3585 | 3455111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/01/35 (a) | 1205 | 1192812 |
|  Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/01/33 | 265 | 272047 |
|  Trans-Allegheny Interstate Line Co., | Trans-Allegheny Interstate Line Co., | Trans-Allegheny Interstate Line Co., | Trans-Allegheny Interstate Line Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/31 | 190 | 195178 |
|  Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/33 (a) | 1985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/34 | 1590 | 1611820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 01/15/54 | 380 | 356251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 03/15/55 | 2035 | 1995638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 05/15/45 | 80 | 66315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 09/15/35 (a) | 1505 | 1499113 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | 10/15/26 (oo) | 925 | 945003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | 01/15/29 (oo) | 2700 | 2975629 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 845 | 844647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/35 | 1126 | 1120233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 12/30/34 | 270 | 277896 |
|  VoltaGrid LLC, | VoltaGrid LLC, | VoltaGrid LLC, | VoltaGrid LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 11/01/30 | 295 | 292325 |
|  Wisconsin Power & Light Co., | Wisconsin Power & Light Co., | Wisconsin Power & Light Co., | Wisconsin Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/30/34 | 610 | 628701 |
|  Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 06/01/32 | 735 | 731723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 04/15/35 | 860 | 891749 |
|  |  |  | 150104827 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Amphenol Corp., | Amphenol Corp., | Amphenol Corp., | Amphenol Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 11/15/55 | 960 | 918159 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electronics (cont'd.)** | **Electronics (cont'd.)** | **Electronics (cont'd.)** | **Electronics (cont'd.)** |
|  Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/35 | 640 | 651477 |
|  |  |  | 1569636 |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Atrium Garden DUS4.2100-01-31 (), | Atrium Garden DUS4.2100-01-31 (), | Atrium Garden DUS4.2100-01-31 (), | Atrium Garden DUS4.2100-01-31 (), |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.210% | 01/01/31 | 815 | 815389 |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 644 | 567324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 545 | 532399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 1386 | 1379943 |
|  TopBuild Corp., | TopBuild Corp., | TopBuild Corp., | TopBuild Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/15/29 | 1500 | 1453479 |
|  |  |  | 4748534 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/29 | 500 | 479945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 500 | 517793 |
|  Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 07/01/32 | 335 | 355326 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353064 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  Republic Services, Inc., | Republic Services, Inc., | Republic Services, Inc., | Republic Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 11/15/34 | 1190 | 1231397 |
|  Veralto Corp., | Veralto Corp., | Veralto Corp., | Veralto Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/18/26 | 305 | 307527 |
|  |  |  | 1538924 |
|  **Foods — 0.6%** | **Foods — 0.6%** | **Foods — 0.6%** | **Foods — 0.6%** |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/31/31 | 55 | 55647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/31/34 | 90 | 90338 |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 09/15/28 | 1235 | 1217004 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | 110 | 125555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/14/30 | 200 | 250382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | 1075 | 1224306 |
|  Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 01/09/36 | 750 | 764441 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A77

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |  |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/33 | 575 | 599599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 12/01/52 | 175 | 179829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/34(a) | 1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 11/15/53 | 250 | 276422 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/36 | 2250 | 2283366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/01/56 | 105 | 104614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 04/15/66 | 3045 | 3025794 |
|  Kroger Co. (The), | Kroger Co. (The), | Kroger Co. (The), | Kroger Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/15/34 | 330 | 331945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/15/54 | 900 | 858657 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/01/44 | 505 | 419606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 03/01/28 | 195 | 197626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/32(a) | 2390 | 2462332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 2375 | 2438972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/01/45 | 3915 | 3948995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/01/65 | 370 | 371653 |
|  Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 03/17/27 | 1370 | 1348769 |
|  Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 04/15/31 | 353 | 342966 |
|  Tyson Foods, Inc., | Tyson Foods, Inc., | Tyson Foods, Inc., | Tyson Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/15/34 | 150 | 158202 |
|  |  |  | 24707171 |
|  **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
|  Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 11/15/33 | 450 | 486830 |
|  Brooklyn Union Gas Co. (The), | Brooklyn Union Gas Co. (The), | Brooklyn Union Gas Co. (The), | Brooklyn Union Gas Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.632% | 08/05/27 | 3170 | 3187608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.866% | 08/05/32 | 1705 | 1689448 |
|  CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 10/01/30 | 201 | 179304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 01/15/41 | 251 | 261178 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 02/15/31 | 460 | 403690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/30(a) | 790 | 767972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/34 | 250 | 257799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/35(a) | 1070 | 1094910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/30/33 | 280 | 290461 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Gas (cont'd.)** | **Gas (cont'd.)** | **Gas (cont'd.)** |  |
|  Southern California Gas Co., | Southern California Gas Co., | Southern California Gas Co., | Southern California Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/01/53 | 590 | 587444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/55(a) | 1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449742 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 09/15/35 | 900 | 907079 |
|  Southwest Gas Corp., | Southwest Gas Corp., | Southwest Gas Corp., | Southwest Gas Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 06/15/30 | 250 | 227233 |
|  |  |  | 11790698 |
|  **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
|  Boston Scientific Corp., | Boston Scientific Corp., | Boston Scientific Corp., | Boston Scientific Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/01/39 | 1000 | 952894 |
|  DH Europe Finance II Sarl, | DH Europe Finance II Sarl, | DH Europe Finance II Sarl, | DH Europe Finance II Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/15/39 | 1150 | 941573 |
|  GE HealthCare Technologies, Inc., | GE HealthCare Technologies, Inc., | GE HealthCare Technologies, Inc., | GE HealthCare Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/27(a) | 1265 | 1301927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 12/15/35 | 425 | 424644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/35(a) | 605 | 629001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.905% | 11/22/32 | 620 | 667497 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/23/34(a) | 1601 | 1666941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 04/30/54 | 527 | 530496 |
|  Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.473% | 10/07/32 | 2180 | 2185438 |
|  VSP Optical Group, Inc., | VSP Optical Group, Inc., | VSP Optical Group, Inc., | VSP Optical Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 12/01/35 | 150 | 151069 |
|  |  |  | 9451480 |
|  **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** |
|  Aetna, Inc., | Aetna, Inc., | Aetna, Inc., | Aetna, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/42 | 283 | 242814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 12/15/37 | 469 | 517043 |
|  Ascension Health, | Ascension Health, | Ascension Health, | Ascension Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106% | 11/15/39 | 523 | 416749 |
|  Centene Corp., | Centene Corp., | Centene Corp., | Centene Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/31 | 990 | 854039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 08/01/31 | 280 | 240578 |
|  Cigna Group (The), | Cigna Group (The), | Cigna Group (The), | Cigna Group (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 08/15/38 | 1052 | 1008646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/15/40 | 2320 | 1834421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 09/15/32 | 790 | 800169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/36 | 1640 | 1668476 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A78

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |  |
|  CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 11/01/42 | 214 | 186319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.205% | 12/01/31 | 275 | 284838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.318% | 12/01/34 | 3145 | 3205433 |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/30 | 1540 | 1498585 |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 05/15/32 | 280 | 272336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 05/15/52 | 210 | 173742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/34 | 425 | 439129 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/15/32 | 336 | 317389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/15/52 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 11/15/35 | 310 | 305930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/01/30 | 1050 | 1084070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 09/15/34 | 520 | 535255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/47 | 656 | 620304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 04/01/34 | 75 | 78236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/35 | 804 | 843860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/15/54 | 350 | 346234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 04/01/64 | 120 | 119144 |
|  Humana, Inc., | Humana, Inc., | Humana, Inc., | Humana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/15/31 | 955 | 986690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/01/35 | 880 | 898106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/28 | 1280 | 1319572 |
|  Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/01/47 | 1170 | 974603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.810% | 06/01/41 | 350 | 260333 |
|  Laboratory Corp. of America Holdings, | Laboratory Corp. of America Holdings, | Laboratory Corp. of America Holdings, | Laboratory Corp. of America Holdings, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/01/30 | 2570 | 2572297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 04/01/32 | 670 | 669270 |
|  MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 12/31/30 | 378 | 333371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% and PIK 5.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 12/31/30 | 202 | 214231 |
|  New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063% | 08/01/56 | 1030 | 803456 |
|  NYU Langone Hospitals, | NYU Langone Hospitals, | NYU Langone Hospitals, | NYU Langone Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.368% | 07/01/47 | 175 | 153003 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 11/30/33 | 500 | 553600 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/01/29 | 275 | 271146 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/28 | 200 | 200309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/32 | 640 | 649118 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/15/30 | 310 | 282743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 05/15/31 | 200 | 180445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 05/15/40 | 1190 | 890602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/51 | 168 | 113572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 08/15/49 | 135 | 100176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/59 | 511 | 366955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 05/15/32 | 635 | 627241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/33 | 385 | 382182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/52 | 495 | 427978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/15/62 | 585 | 506985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 04/15/53 | 800 | 723198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 02/15/30 | 125 | 130359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 06/15/35 | 245 | 253652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/54(a) | 1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 10/15/40 | 246 | 255276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 07/15/64 | 25 | 24424 |
|  |  |  | 36569073 |
|  **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 1738 | 1835238 |
|  **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
|  Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 10/15/29 | 475 | 484412 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 09/15/27 | 180 | 179799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/29 | 378 | 364437 |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/01/30 | 1247 | 1210076 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/32 | 80 | 82304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 08/01/30 | 249 | 250567 |
|  Tri Pointe Homes, Inc., | Tri Pointe Homes, Inc., | Tri Pointe Homes, Inc., | Tri Pointe Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/01/27 | 307 | 308184 |
|  |  |  | 2879779 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/30(a) | 190 | 185654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/32(a) | 95 | 91847 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A79

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Housewares (cont'd.)** | **Housewares (cont'd.)** | **Housewares (cont'd.)** | **Housewares (cont'd.)** |
|  Sr. Unsec'd. Notes, 144A | Sr. Unsec'd. Notes, 144A | Sr. Unsec'd. Notes, 144A | Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/01/28 | 145 | 151886 |
|  |  |  | 429387 |
|  **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
|  Aon North America, Inc., | Aon North America, Inc., | Aon North America, Inc., | Aon North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/34(a) | 1710 | 1778081 |
|  Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 12/31/32 | 265 | 275123 |
|  Athene Global Funding, | Athene Global Funding, | Athene Global Funding, | Athene Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.721% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/08/29(a) | 1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/07/27 | 1095 | 1103026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.684% | 02/23/26 | 2670 | 2675200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.646% | 10/04/31 | 1700 | 1504391 |
|  Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/49 | 553 | 464690 |
|  Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/24/29 | 600 | 616155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 08/21/32 | 240 | 241534 |
|  Equitable Financial Life Global Funding, | Equitable Financial Life Global Funding, | Equitable Financial Life Global Funding, | Equitable Financial Life Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% | 03/08/28 | 1115 | 1061905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/27/30(a) | 600 | 613066 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/03/31 | 830 | 782742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/07/33 | 2760 | 2925816 |
|  GA Global Funding Trust, | GA Global Funding Trust, | GA Global Funding Trust, | GA Global Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/18/30 | 865 | 854899 |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.569% | 02/01/29 | 2 | 2010 |
|  Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 10/09/37 | 447 | 480690 |
|  Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/30/43 | 154 | 140770 |
|  Met Tower Global Funding, | Met Tower Global Funding, | Met Tower Global Funding, | Met Tower Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 01/14/28 | 1740 | 1767830 |
|  MetLife, Inc., | MetLife, Inc., | MetLife, Inc., | MetLife, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 12/15/66 | 459 | 481466 |
|  Principal Life Global Funding II, | Principal Life Global Funding II, | Principal Life Global Funding II, | Principal Life Global Funding II, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 01/25/29 | 1180 | 1208645 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
|  Protective Life Global Funding, | Protective Life Global Funding, | Protective Life Global Funding, | Protective Life Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.215% | 06/12/29 | 300 | 308994 |
|  RGA Global Funding, | RGA Global Funding, | RGA Global Funding, | RGA Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/09/30 | 1740 | 1796790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.448% | 05/24/29 | 950 | 982990 |
|  Sammons Financial Group Global Funding, | Sammons Financial Group Global Funding, | Sammons Financial Group Global Funding, | Sammons Financial Group Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/12/30 | 760 | 770066 |
|  Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/15/34 | 309 | 344754 |
|  Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 09/15/44 | 653 | 595263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 12/16/39 | 50 | 57571 |
|  Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 07/24/35 | 870 | 884411 |
|  Willis North America, Inc., | Willis North America, Inc., | Willis North America, Inc., | Willis North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 06/15/27 | 1965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980135 |
|  |  |  | 28223688 |
|  **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** |
|  Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/15/65 | 1510 | 1420772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 11/15/45 | 1800 | 1790676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 11/15/75 | 1240 | 1221919 |
|  Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/03/50 | 313 | 187549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/22/57 | 145 | 116444 |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 4590 | 4859279 |
|  Cablevision Lightpath LLC, | Cablevision Lightpath LLC, | Cablevision Lightpath LLC, | Cablevision Lightpath LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/15/28 | 275 | 268812 |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/01/33 | 140 | 144245 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/15/35 | 1400 | 1398926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 | 1415 | 1316587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/45 | 2845 | 2765133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/64 | 900 | 836037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 11/15/55 | 845 | 812396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/65 | 1427 | 1363185 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/34 | 125 | 124748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/35 | 1720 | 1707248 |
|  |  |  | 20333956 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A80

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
|  Ares Strategic Income Fund, | Ares Strategic Income Fund, | Ares Strategic Income Fund, | Ares Strategic Income Fund, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/15/31 | 1045 | $1025596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 09/09/30 | 890 | 899104 |
|  Blackstone Secured Lending Fund, | Blackstone Secured Lending Fund, | Blackstone Secured Lending Fund, | Blackstone Secured Lending Fund, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/31(a) | 1620 | 1599989 |
|  |  |  | 3524689 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 | 205 | 212198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33 | 125 | 129953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 09/15/31 | 300 | 316215 |
|  Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/33 | 125 | 127841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/15/35 | 125 | 128159 |
|  Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), | Mineral Resources Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 04/01/31 | 160 | 166139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 10/01/28 | 150 | 157512 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238017 |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  Carnival Corp., | Carnival Corp., | Carnival Corp., | Carnival Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/29 | 390 | 394243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/28 | 300 | 294750 |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/01/32 | 185 | 189434 |
|  YMCA of Greater New York, | YMCA of Greater New York, | YMCA of Greater New York, | YMCA of Greater New York, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.303% | 08/01/26 | 355 | 350708 |
|  |  |  | 1229135 |
|  **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
|  Gohl Capital Ltd. (Malaysia), | Gohl Capital Ltd. (Malaysia), | Gohl Capital Ltd. (Malaysia), | Gohl Capital Ltd. (Malaysia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/24/27 | 208 | 206180 |
|  Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/18/26 | 322 | 320333 |
|  Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/08/28(a) | 396 | 403714 |
|  |  |  | 930227 |
|  **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
|  Caterpillar Financial Services Corp., | Caterpillar Financial Services Corp., | Caterpillar Financial Services Corp., | Caterpillar Financial Services Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 01/08/30 | 1740 | 1797922 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/01/30 | 441 | $460144 |
|  John Deere Capital Corp., | John Deere Capital Corp., | John Deere Capital Corp., | John Deere Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 06/11/29 | 1730 | 1778773 |
|  Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 05/29/30 | 715 | 731342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.611% | 03/11/34 | 760 | 798619 |
|  |  |  | 3768878 |
|  **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/27 | 538 | 537388 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 80 | 74858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/42 | 300 | 207599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 04/01/61 | 909 | 541815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 12/01/61 | 512 | 334431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/30/29 | 2216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/01/49 | 685 | 537098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/53(a) | 400 | 316404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/01/47 | 246 | 202481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/63 | 480 | 378880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/48 | 365 | 313548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 12/01/35 | 500 | 499407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/23/35(a) | 1805 | 1861752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% | 10/23/45 | 20 | 18813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 06/01/34 | 410 | 431489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% | 02/01/34 | 275 | 289961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.834% | 10/23/55 | 151 | 145147 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 01/15/31 | 32 | 28546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 01/15/51 | 604 | 350421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887% | 11/01/51 | 2145 | 1255669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/01/39 | 305 | 238316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 04/01/30 | 340 | 329841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/01/40 | 1551 | 1277284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.969% | 11/01/47 | 1053 | 788204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.999% | 11/01/49 | 297 | 218986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/15/47 | 130 | 98171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/15/30 | 494 | 493989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/33 | 292 | 285348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 06/01/29 | 2785 | 2873826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 06/01/54 | 325 | 304854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.168% | 01/15/37 | 524 | 516775 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 09/01/34 | 2430 | 2389906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/01/54 | 815 | 714205 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A81

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 06/15/31 | 138 | 122832 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/31 | 615 | 372338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/01/30 | 200 | 122981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/28 | 260 | 188871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 350 | 299657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/01/29 | 900 | 594621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/01/30 | 288 | 102834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/30 | 550 | 201850 |
|  Paramount Global, | Paramount Global, | Paramount Global, | Paramount Global, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 05/19/32 | 25 | 22591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/15/43 | 1718 | 1196090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/31 | 270 | 259155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/19/50 | 310 | 218358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 09/01/43 | 366 | 300848 |
|  Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/42 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 05/01/37 | 692 | 705886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/15/39 | 714 | 722091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% | 07/01/38 | 1201 | 1288001 |
|  |  |  | 28971347 |
|  **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
|  Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/05/34 | 1365 | 1433673 |
|  Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/30/41 | 105 | 106999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/01/43 | 17 | 17292 |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/28/33(a) | 775 | 788753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/21/32 | 70 | 72249 |
|  Capstone Copper Corp. (Canada), | Capstone Copper Corp. (Canada), | Capstone Copper Corp. (Canada), | Capstone Copper Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/31/33 | 135 | 139865 |
|  First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 02/15/34 | 415 | 436144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% | 03/01/29 | 650 | 684450 |
|  Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 08/01/30 | 36 | 36273 |
|  Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 04/27/31 | 190 | 175096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/04/29(a) | 1930 | 1989176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634% | 04/04/34 | 552 | 576433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/06/30 | 835 | 897701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/06/33 | 155 | 171171 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/01/32 | 145 | 153596 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/30/30 | 525 | 544871 |
|  Rio Tinto Alcan, Inc. (Canada), | Rio Tinto Alcan, Inc. (Canada), | Rio Tinto Alcan, Inc. (Canada), | Rio Tinto Alcan, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 12/15/33 | 525 | 573897 |
|  Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/14/32 | 380 | 391777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/14/65 | 340 | 351888 |
|  Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/15/27 | 93 | 93414 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9634718 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Eaton Corp., | Eaton Corp., | Eaton Corp., | Eaton Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 11/02/42 | 158 | 136744 |
|  Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 11/21/44 | 400 | 351139 |
|  |  |  | 487883 |
|  **Oil & Gas — 0.9%** | **Oil & Gas — 0.9%** | **Oil & Gas — 0.9%** | **Oil & Gas — 0.9%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 4301 | 3944229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/30/35 | 690 | 673049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 10/01/54 | 1245 | 1128513 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 11/01/27 | 28 | 35584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 10/15/32 | 900 | 930999 |
|  BP Capital Markets America, Inc., | BP Capital Markets America, Inc., | BP Capital Markets America, Inc., | BP Capital Markets America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/24/50 | 882 | 575897 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 01/15/32 | 3855 | 3412565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/15/47 | 111 | 101855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/15/39 | 53 | 58243 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/15/52 | 345 | 253628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% | 03/15/62 | 1314 | 955901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 11/15/44 | 362 | 306222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 01/15/30 | 1760 | 1794135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/15/53 | 250 | 233053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/55 | 15 | 14375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 | 170 | 163910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 01/15/65 | 395 | 380505 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A82

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 09/15/63 | 865 | $835536 |
|  Continental Resources, Inc., | Continental Resources, Inc., | Continental Resources, Inc., | Continental Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.268% | 11/15/26 | 504 | 494888 |
|  Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 02/15/35 | 730 | 741135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/15/34 | 572 | 589900 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 04/01/32 | 425 | 412505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 02/15/28 | 559 | 576528 |
|  Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/42 | 311 | 269370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 07/15/41 | 506 | 490058 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/18/34 | 565 | 578527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/18/54 | 200 | 189159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 04/18/64 | 270 | 255739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 | 525 | 566162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/53 | 130 | 131527 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 01/19/29 | 1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480257 |
|  Eni SpA (Italy), | Eni SpA (Italy), | Eni SpA (Italy), | Eni SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/15/34 | 475 | 489186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 05/15/54 | 550 | 545930 |
|  EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 01/15/31 | 55 | 55200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/15/32 | 625 | 639982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 01/15/36 | 365 | 375123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 12/01/54 | 330 | 323508 |
|  EQT Corp., | EQT Corp., | EQT Corp., | EQT Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/30 | 50 | 54994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 05/15/31 | 560 | 526345 |
|  Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 04/06/40 | 505 | 427071 |
|  Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.452% | 04/15/51 | 205 | 147421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.114% | 03/01/46 | 534 | 447315 |
|  Hess Corp., | Hess Corp., | Hess Corp., | Hess Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 03/15/33 | 853 | 987808 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/29 | 103 | 101644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/31 | 103 | 97740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/32 | 625 | 587966 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/33 | 1100 | 1167498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 11/01/31 | 150 | 167386 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/16/34 | 274 | 366337 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/23/29 | 1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/15/38 | 10 | 9110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 | 1276 | 1272338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840% | 01/23/30 | 73 | 74161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 06/02/29 | 956 | 1024937 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/30 | 700 | 634217 |
|  Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), | Saudi Arabian Oil Co. (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/17/64 | 275 | 267094 |
|  Shell Finance US, Inc., | Shell Finance US, Inc., | Shell Finance US, Inc., | Shell Finance US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/11/45 | 241 | 207815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 12/15/38 | 665 | 740729 |
|  TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.425% | 09/10/64 | 800 | 747589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/05/64(a) | 1300 | 1257176 |
|  Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 05/22/30 | 805 | 835910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 05/22/35 | 590 | 623815 |
|  |  |  | 39013561 |
|  **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
|  AptarGroup, Inc., | AptarGroup, Inc., | AptarGroup, Inc., | AptarGroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/15/32 | 3450 | 3222587 |
|  ARD Finance SA (Luxembourg), | ARD Finance SA (Luxembourg), | ARD Finance SA (Luxembourg), | ARD Finance SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/27(d) | — (r) |  |
|  Ardagh Group SA, | Ardagh Group SA, | Ardagh Group SA, | Ardagh Group SA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 5.500% and PIK 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 5.500% and PIK 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 5.500% and PIK 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 5.500% and PIK 6.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 12/01/30 | 200 | 183750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 12/01/30 | 228 | 246841 |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/15/33 | 500 | 509312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | 325 | 334432 |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 06/15/31 | 2390 | 2524468 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A83

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/32 | 225 | 231632 |
|  Packaging Corp. of America, | Packaging Corp. of America, | Packaging Corp. of America, | Packaging Corp. of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 12/15/49 | 1350 | 1072265 |
|  |  |  | 8325287 |
|  **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 11/21/29 | 1974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 11/21/39 | 3095 | 2763326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/21/49 | 497 | 409881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 03/15/31 | 200 | 206925 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/26/49 | 468 | 382353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 02/22/34 | 730 | 759147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/22/54 | 385 | 378454 |
|  Cardinal Health, Inc., | Cardinal Health, Inc., | Cardinal Health, Inc., | Cardinal Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/30 (a) | 1695 | 1710796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/15/29 | 1180 | 1211947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 02/15/34 | 400 | 415691 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/15/34 | 1000 | 1025379 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 08/21/30 | 175 | 155509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/28/31 | 948 | 832593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 09/15/31 | 1035 | 909400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 08/15/29 | 627 | 605277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/01/30 | 448 | 437240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/01/40 | 79 | 67509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/20/45 | 790 | 714133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 12/05/43 | 130 | 121086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 09/15/35 | 140 | 143299 |
|  CVS Pass-Through Trust, | CVS Pass-Through Trust, | CVS Pass-Through Trust, | CVS Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 12/10/28 | 121 | 122052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.943% | 01/10/30 | 139 | 144007 |
|  Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 10/15/32 | 1875 | 1901273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/12/55 | 415 | 416013 |
|  Pfizer Investment Enterprises Pte Ltd., | Pfizer Investment Enterprises Pte Ltd., | Pfizer Investment Enterprises Pte Ltd., | Pfizer Investment Enterprises Pte Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/19/53 | 750 | 707381 |
|  Pfizer, Inc., | Pfizer, Inc., | Pfizer, Inc., | Pfizer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 04/01/30 | 597 | 563409 |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/22/40 | 2830 | 2171800 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/22/50 | 480 | 319802 |
|  |  |  | 21510362 |
|  **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/31/32 | 1060 | 978261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/31 | 210 | 204622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 10/30/35 | 1405 | 1437804 |
|  Cheniere Energy, Inc., | Cheniere Energy, Inc., | Cheniere Energy, Inc., | Cheniere Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/28 | 990 | 989369 |
|  Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999% | 11/17/32 | 415 | 415126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.097% | 10/01/31 | 343 | 349006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.681% | 01/15/34 | 365 | 375534 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.695% | 10/01/54 | 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | 08/15/30 | 715 | 756879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 1405 | 1504006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.544% | 11/15/53 | 150 | 160222 |
|  DT Midstream, Inc., | DT Midstream, Inc., | DT Midstream, Inc., | DT Midstream, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 12/15/34 | 755 | 784460 |
|  Eastern Energy Gas Holdings LLC, | Eastern Energy Gas Holdings LLC, | Eastern Energy Gas Holdings LLC, | Eastern Energy Gas Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 01/15/55 | 405 | 419318 |
|  Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 12/15/44 | 48 | 41301 |
|  Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 04/05/34 | 1850 | 1924620 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/15/29 | 25 | 25687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/15/28 | 634 | 644536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/50 | 240 | 201124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/01/44 | 9 | 8178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 10/01/47 | 3551 | 3191560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/49 | 1325 | 1312822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 07/01/38 | 192 | 222435 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 02/15/53 | 185 | 123903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/31/51 | 207 | 152149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 01/15/31 | 780 | 789886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 03/15/44 | 151 | 138016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/15/35 | 250 | 253205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 01/15/36 | 575 | 585223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 02/01/41 | 335 | 353673 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A84

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.510% | 02/23/42 | 300 | $328032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853% | 02/23/36 | 575 | 600260 |
|  Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 08/01/50 (a) | 1278 | 846651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/01/28 | 257 | 258306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 06/01/45 | 28 | 27067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 01/15/32 | 717 | 832601 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/38 | 365 | 333193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 04/15/48 | 177 | 147214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 02/15/31 | 1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 09/01/32 | 750 | 755886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/33 | 1250 | 1254697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/47 | 1498 | 1339173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 12/01/47 | 1820 | 1619373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/01/35 | 135 | 135986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 09/15/35 | 310 | 312337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/34 | 1035 | 1056716 |
|  NGPL PipeCo LLC, | NGPL PipeCo LLC, | NGPL PipeCo LLC, | NGPL PipeCo LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 07/15/31 | 850 | 781279 |
|  ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 10/15/37 | 708 | 782908 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/15/31 | 745 | 749219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 11/01/34 | 1775 | 1761131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 10/15/35 | 470 | 475152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/01/26 | 160 | 161714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 11/01/30 | 260 | 274040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 470 | 500204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 09/01/53 | 990 | 1038677 |
|  Plains All American Pipeline LP, | Plains All American Pipeline LP, | Plains All American Pipeline LP, | Plains All American Pipeline LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 06/15/35 | 820 | 854102 |
|  Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 01/15/36 | 610 | 617788 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/33 | 180 | 189947 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/31/30 | 654 | 659155 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/01/27 | 1295 | 1315757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 07/30/36 (a) | 865 | 866917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/35 | 3190 | 3267850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 02/15/36 | 330 | 339331 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/30/34 | 370 | 404172 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/32 (a) | 610 | 582681 |
|  Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 05/15/50 | 540 | 416805 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 65 | 61055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 40 | 36394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/15/30 | 925 | 935543 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | 09/30/29 (oo) | 1735 | 1370955 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 02/01/30 | 2609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/28 | 20 | 20073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/50 | 441 | 378178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 | 77 | 66451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/15/48 | 11 | 9700 |
|  Whistler Pipeline LLC, | Whistler Pipeline LLC, | Whistler Pipeline LLC, | Whistler Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 09/30/31 | 545 | 565709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/30/34 | 267 | 275044 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/15/27 | 11 | 10956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 01/15/45 | 390 | 349932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 09/15/45 | 353 | 324316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/34 | 105 | 106818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/04/44 | 417 | 399877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/15/35 | 560 | 581823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/15/55 | 215 | 218860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 06/15/31 (a) | 643 | 734945 |
|  |  |  | 56105806 |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Five Point Operating Co. LP, | Five Point Operating Co. LP, | Five Point Operating Co. LP, | Five Point Operating Co. LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 10/01/30 | 190 | 198733 |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 02/01/31 | 1500 | 1426778 |
|  |  |  | 1625511 |
|  **Real Estate Investment Trusts (REITs) — 0.7%** | **Real Estate Investment Trusts (REITs) — 0.7%** | **Real Estate Investment Trusts (REITs) — 0.7%** | **Real Estate Investment Trusts (REITs) — 0.7%** |
|  American Tower Corp., | American Tower Corp., | American Tower Corp., | American Tower Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 12/15/32 | 1650 | 1652952 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 07/01/30 | 5683 | 5604303 |
|  COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 12/01/33 | 955 | 815525 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A85

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 04/01/31 | 175 | 154435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/31 | 1275 | 1139252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 11/15/29 | 368 | 350791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 02/15/28 | 102 | 101198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/01/28 | 152 | 154159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/01/29 | 1200 | 1245283 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/15/32 | 1031 | 931832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 | 745 | 712611 |
|  Goodman US Finance Six LLC (Australia), | Goodman US Finance Six LLC (Australia), | Goodman US Finance Six LLC (Australia), | Goodman US Finance Six LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/07/34 | 385 | 386254 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 10/01/30 | 2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886981 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 02/15/32 | 25 | 26714 |
|  NNN REIT, Inc., | NNN REIT, Inc., | NNN REIT, Inc., | NNN REIT, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/34 | 1000 | 1035281 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/01/28 | 800 | 800322 |
|  Prologis Targeted US Logistics Fund LP, | Prologis Targeted US Logistics Fund LP, | Prologis Targeted US Logistics Fund LP, | Prologis Targeted US Logistics Fund LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/31 | 370 | 367229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/36 | 1070 | 1045497 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/01/33 | 1490 | 1475019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 07/15/33 | 1000 | 1014611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 04/15/35 | 610 | 620452 |
|  Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/28 | 590 | 594749 |
|  Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 07/15/31 | 2534 | 2304997 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/26 | 1803 | 1803907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/27 | 3418 | 3456387 |
|  |  |  | 29680741 |
|  **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/15/28 | 366 | 360276 |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 08/01/28 | 1500 | 1414341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.890% | 03/15/35 | 1760 | 1823286 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  | **CORPORATE BONDS (continued)**  |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |
|  AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 07/15/34 |  | 170 | 175833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 11/01/33 |  | 209 | 232325 |
|  Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/31/32 |  | 150 | 181788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 08/31/32 |  | 175 | 243683 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/30 |  | 800 | 838552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/31 |  | 856 | 966092 |
|  Darden Restaurants, Inc., | Darden Restaurants, Inc., | Darden Restaurants, Inc., | Darden Restaurants, Inc., | Darden Restaurants, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 05/01/27 | (a) | 950 | 947721 |
|  Falabella SA (Chile), | Falabella SA (Chile), | Falabella SA (Chile), | Falabella SA (Chile), | Falabella SA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 01/15/32 |  | 1075 | 962125 |
|  McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 07/01/30 |  | 337 | 330669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 09/01/49 |  | 835 | 614186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 04/01/50 |  | 619 | 498799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/13/36 |  | 815 | 822314 |
|  O'Reilly Automotive, Inc., | O'Reilly Automotive, Inc., | O'Reilly Automotive, Inc., | O'Reilly Automotive, Inc., | O'Reilly Automotive, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 06/15/32 |  | 459 | 463125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/19/34 |  | 125 | 125908 |
|  Rite Aid Corp., | Rite Aid Corp., | Rite Aid Corp., | Rite Aid Corp., | Rite Aid Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; —%(p) | 12/31/47 | ^ | 60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series A, PIK 15.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series A, PIK 15.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series A, PIK 15.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series A, PIK 15.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series A, PIK 15.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | 08/30/31 | ^(d) | 183 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, PIK 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, PIK 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, PIK 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, PIK 8.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, PIK 8.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 12/31/30 | ^ | 170 |  |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/01/27 |  | 875 | 875000 |
|  |  |  |  | 11876023 |
|  **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
|  Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.960%(ff) | 07/18/30 |  | 895 | 882046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.537%(ff) | 07/14/36 |  | 395 | 407686 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289732 |
|  **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** | **Semiconductors — 0.7%** |
|  Analog Devices, Inc., | Analog Devices, Inc., | Analog Devices, Inc., | Analog Devices, Inc., | Analog Devices, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 10/01/41 |  | 750 | 553097 |
|  Applied Materials, Inc., | Applied Materials, Inc., | Applied Materials, Inc., | Applied Materials, Inc., | Applied Materials, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 01/15/36 |  | 995 | 980105 |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 02/15/28 |  | 205 | 205785 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A86

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Semiconductors (cont'd.)** | **Semiconductors (cont'd.)** | **Semiconductors (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 10/15/30 | 1360 | $1358866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 04/15/28 | 1740 | 1771008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 02/15/36 | 135 | 133138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 07/15/32 | 2300 | 2347448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 07/12/29 | 665 | 684706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 11/15/31 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/15/35 | 725 | 742965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | 11/15/35 | 1100 | 948149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% | 11/15/36 | 2200 | 1866692 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/25/31 | 790 | 815745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 01/25/30 | 635 | 664519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 01/25/33 | 250 | 261839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/25/32 | 2130 | 2256502 |
|  Intel Corp., | Intel Corp., | Intel Corp., | Intel Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 08/12/51 | 145 | 89108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 08/12/61 | 176 | 100734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/15/49 | 496 | 317611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734% | 12/08/47 | 2019 | 1435814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 05/11/47 | 340 | 256789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 08/05/32 | 500 | 482365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/25/50 | 651 | 531959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 08/05/62 | 550 | 447201 |
|  KLA Corp., | KLA Corp., | KLA Corp., | KLA Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/32(a) | 900 | 913736 |
|  Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/35(a) | 1764 | 1817063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/15/29 | 900 | 938984 |
|  Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 01/15/31 | 310 | 321139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 11/01/32 | 780 | 820279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/09/33 | 180 | 191372 |
|  NVIDIA Corp., | NVIDIA Corp., | NVIDIA Corp., | NVIDIA Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/40(a) | 1050 | 887317 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 06/01/27 | 1320 | 1325953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/33 | 1100 | 1117142 |
|  QUALCOMM, Inc., | QUALCOMM, Inc., | QUALCOMM, Inc., | QUALCOMM, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/20/32 | 410 | 418650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 05/20/45 | 340 | 311306 |
|  |  |  | 29973672 |
|  **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |  |
|  Adobe, Inc., | Adobe, Inc., | Adobe, Inc., | Adobe, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/17/30 | 1240 | 1283480 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |  |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 02/01/31 | 455 | $415738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 06/01/30 | 275 | 255781 |
|  Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 07/01/49 | 400 | 314091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/12/34(a) | 2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184665 |
|  Intuit, Inc., | Intuit, Inc., | Intuit, Inc., | Intuit, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 09/15/33 | 500 | 522388 |
|  Microsoft Corp., | Microsoft Corp., | Microsoft Corp., | Microsoft Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.921% | 03/17/52 | 140 | 91932 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/01/30 | 430 | 396759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 04/01/50 | 1400 | 871442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 03/25/41 | 56 | 40890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/25/51 | 530 | 348816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/25/61(a) | 2059 | 1327245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 07/08/34 | 2041 | 1844526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 09/27/34 | 885 | 821554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/26/32 | 2575 | 2486752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/06/33 | 740 | 712379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/27/54 | 481 | 389612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/27/64 | 475 | 379961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/06/53 | 459 | 381886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 09/26/45 | 340 | 307767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/03/55 | 530 | 468380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 11/09/29 | 245 | 255691 |
|  Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/32 | 375 | 378795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/15/34 | 650 | 648478 |
|  Synopsys, Inc., | Synopsys, Inc., | Synopsys, Inc., | Synopsys, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 04/01/55 | 895 | 888568 |
|  Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/14/32 | 1650 | 1600024 |
|  |  |  | 19617600 |
|  **Telecommunications — 0.7%** | **Telecommunications — 0.7%** | **Telecommunications — 0.7%** |  |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 02/01/28 | 1700 | 1619942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 06/01/27 | 766 | 748796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 12/01/33 | 251 | 214289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 4242 | 3332671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/15/53 | 792 | 530697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 09/15/55 | 397 | 264544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 09/15/59 | 869 | 574238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 12/01/57 | 692 | 476315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 06/15/45 | 214 | 176598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/35 | 115 | 110461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 09/01/40 | 230 | 225853 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A87

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/41 | 221 | 219579 |
|  Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(s) | 12/31/30 | 15 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(s) | 12/31/30 | 51 |  |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 08/01/32 | 840 | 872029 |
|  EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | 11/30/29 | 1725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905271 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/28 | 950 | 952577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 | 175 | 175244 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 | 1820 | 1862588 |
|  Lumen Technologies, Inc., | Lumen Technologies, Inc., | Lumen Technologies, Inc., | Lumen Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/15/30 | 1 | 719 |
|  NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.876% | 07/16/30 | 280 | 285059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.171% | 07/16/32 | 4210 | 4313797 |
|  Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/15/52 | 1200 | 957606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 02/15/34 | 420 | 423033 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 02/15/31 | 2082 | 1901853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/15/30 | 380 | 373498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 10/01/29 | 1780 | 1783374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 01/15/35 | 590 | 579880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/32 | 120 | 123460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/34 | 195 | 206490 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 11/30/55 | 350 | 346018 |
|  Zegona Finance PLC (United Kingdom), | Zegona Finance PLC (United Kingdom), | Zegona Finance PLC (United Kingdom), | Zegona Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 07/15/29 | 1150 | 1220438 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26776919 |
|  **Textiles — 0.0%** | **Textiles — 0.0%** | **Textiles — 0.0%** | **Textiles — 0.0%** |
|  Prime Bloom Holdings Ltd. (China), | Prime Bloom Holdings Ltd. (China), | Prime Bloom Holdings Ltd. (China), | Prime Bloom Holdings Ltd. (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 07/05/22 | 200 | 100 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  CSX Corp., | CSX Corp., | CSX Corp., | CSX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 09/15/49 | 950 | 668089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 06/15/35 | 2030 | 2065565 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** |
|  Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/05/34 | 76 | 78911 |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 02/15/30 | 1115 | 1038556 |
|  |  |  | 3851121 |
|  **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 07/01/27 | 1695 | 1700144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 03/30/29 | 1560 | 1604615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 08/01/28 | 175 | 182228 |
|  |  |  | 3486987 |
|  **TOTAL CORPORATE BONDS**<br>(cost $1,091,734,721) | **TOTAL CORPORATE BONDS**<br>(cost $1,091,734,721) | **TOTAL CORPORATE BONDS**<br>(cost $1,091,734,721) | 1078533518 |
|  **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Venator Finance Sarl, | Venator Finance Sarl, | Venator Finance Sarl, | Venator Finance Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial First Out Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Initial First Out Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Initial First Out Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Initial First Out Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.894% | 07/16/26 | 164 | 122717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.905% | 10/12/28 | 233 | 4666 |
|  Venator Materials LLC, | Venator Materials LLC, | Venator Materials LLC, | Venator Materials LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Out Term B Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.002% | 07/16/26 | 165 | 123390 |
|  |  |  | 250773 |
|  **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, | MPH Acquisition Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; First Term Out Loan, 3 Month SOFR + 3.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.590%(c) | 12/31/30 | 124 | 124515 |
|  **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** |
|  Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; —%(p) | 06/30/26 | 679 | 168651 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; —%(p) | 06/30/26 | 382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.909%(c) | 06/30/26 | 20 | 19056 |
|  |  |  | 187707 |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%(c) | 11/03/32 | 300 | 354482 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  FGI Operating Co. LLC, | FGI Operating Co. LLC, | FGI Operating Co. LLC, | FGI Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; —%(p) | 05/16/23 | 17 | 170 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A88

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  Interface Security Systems LLC, | Interface Security Systems LLC, | Interface Security Systems LLC, | Interface Security Systems LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; —%(p) | 11/23/27^ | 1362 | $1021455 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br>(cost $3,418,175) | **TOTAL FLOATING RATE AND OTHER LOANS**<br>(cost $3,418,175) | **TOTAL FLOATING RATE AND OTHER LOANS**<br>(cost $3,418,175) | 1939102 |
|  **MUNICIPAL BONDS — 0.3%** | **MUNICIPAL BONDS — 0.3%** | **MUNICIPAL BONDS — 0.3%** | **MUNICIPAL BONDS — 0.3%** |
|  **Alabama — 0.0%** | **Alabama — 0.0%** | **Alabama — 0.0%** | **Alabama — 0.0%** |
|  Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.263% | 09/15/32 | 135 | 134887 |
|  **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |
|  Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839% | 01/01/41 | 515 | 507613 |
|  **California — 0.1%** | **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |
|  Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.263% | 04/01/49 | 1015 | 1074106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series S1 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series S1 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series S1 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series S1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.043% | 04/01/50 | 950 | 1094265 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, | &nbsp;&nbsp;&nbsp;&nbsp; University of California, | &nbsp;&nbsp;&nbsp;&nbsp; University of California, | &nbsp;&nbsp;&nbsp;&nbsp; University of California, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.767% | 05/15/2115 | 119 | 97403 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265774 |
|  **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** |
|  State of Illinois, | State of Illinois, | State of Illinois, | State of Illinois, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 06/01/33 | 1078 | 1104714 |
|  **Massachusetts — 0.0%** | **Massachusetts — 0.0%** | **Massachusetts — 0.0%** | **Massachusetts — 0.0%** |
|  Commonwealth of Massachusetts, | Commonwealth of Massachusetts, | Commonwealth of Massachusetts, | Commonwealth of Massachusetts, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.110% | 07/15/31 | 241 (r) | 240763 |
|  **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** | **Missouri — 0.0%** |
|  Curators of the University of Missouri (The), | Curators of the University of Missouri (The), | Curators of the University of Missouri (The), | Curators of the University of Missouri (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.792% | 11/01/41 | 85 | 88682 |
|  **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |
|  New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.102% | 01/01/41 | 366 | 427299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414% | 01/01/40 | 438 | 528732 |
|  Rutgers The State University of New Jersey, | Rutgers The State University of New Jersey, | Rutgers The State University of New Jersey, | Rutgers The State University of New Jersey, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.665% | 05/01/40 | 400 | 413077 |
|  |  |  | 1369108 |
|  **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
|  New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.882% | 06/15/44 | 530 | 540259 |
|  New York State Dormitory Authority, | New York State Dormitory Authority, | New York State Dormitory Authority, | New York State Dormitory Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389% | 03/15/40 | 100 | 101220 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **New York (cont'd.)** | **New York (cont'd.)** | **New York (cont'd.)** | **New York (cont'd.)** |
|  New York Transportation Development Corp., | New York Transportation Development Corp., | New York Transportation Development Corp., | New York Transportation Development Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248% | 09/01/35 | 1925 | 1900053 |
|  Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 165 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 165 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 165 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.647% | 11/01/40 | 185 | 195761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.458% | 10/01/62 | 400 | 331192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 181 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 181 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 181 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.960% | 08/01/46 | 515 | 488102 |
|  |  |  | 3556587 |
|  **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
|  Ohio State University (The), | Ohio State University (The), | Ohio State University (The), | Ohio State University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 06/01/2111 | 865 | 722194 |
|  **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |
|  Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.105% | 12/01/39 | 103 | 111419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511% | 12/01/45 | 270 | 268681 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380100 |
|  **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |
|  City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.808% | 02/01/41 | 305 | 314619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.427% | 02/01/42 | 265 | 246793 |
|  State of Texas, | State of Texas, | State of Texas, | State of Texas, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.517% | 04/01/39 | 375 | 385230 |
|  |  |  | 946642 |
|  **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** |
|  University of Virginia, | University of Virginia, | University of Virginia, | University of Virginia, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.227% | 09/01/2119 | 1205 | 686603 |
|  **TOTAL MUNICIPAL BONDS**<br>(cost $14,106,921) | **TOTAL MUNICIPAL BONDS**<br>(cost $14,106,921) | **TOTAL MUNICIPAL BONDS**<br>(cost $14,106,921) | 12003667 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.2%** |
|  Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, | Ajax Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-E, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.940%(cc) | 12/25/60 | 146 | 105493 |
|  Anchor Mortgage Trust, | Anchor Mortgage Trust, | Anchor Mortgage Trust, | Anchor Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.718%(cc) | 05/25/40 | 1710 | 1719050 |
|  Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.531%(cc) | 01/26/65 | 2444 | 2332273 |
|  AREIT, | AREIT, | AREIT, | AREIT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE11, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE11, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE11, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE11, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550%(c) | 07/25/43 | 1690 | 1692638 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A89

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(cc) | 05/25/63 | 2406 | 2417128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333%(cc) | 06/25/65 | 1459 | 1467962 |
|  BVRT LLC, | BVRT LLC, | BVRT LLC, | BVRT LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A, 30 Day Average SOFR + 0.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A, 30 Day Average SOFR + 0.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A, 30 Day Average SOFR + 0.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A, 30 Day Average SOFR + 0.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.985%(c) | 05/10/33 | 3017 | 2938028 |
|  Center Street Lending Resi-Investor ABS Mortgage Trust, | Center Street Lending Resi-Investor ABS Mortgage Trust, | Center Street Lending Resi-Investor ABS Mortgage Trust, | Center Street Lending Resi-Investor ABS Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.892%(cc) | 10/25/29 | 3060 | 3094776 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 06/25/62 | 1303 | 1204986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 09/25/64 | 446 | 398345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(cc) | 04/25/65 | 2307 | 2085186 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(cc) | 03/25/62 | 2932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | 06/25/64 | 1165 | 1158701 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.530%(cc) | 09/25/47 | 113 | 104960 |
|  COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.924%(cc) | 08/25/66 | 3052 | 2591522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.956%(cc) | 09/27/66 | 4197 | 3613038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.397%(cc) | 10/25/66 | 4606 | 3949163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.726%(cc) | 11/26/66 | 2690 | 2447563 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.374%(c) | 10/25/43 | 455 | 455973 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AFC1, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.830%(cc) | 03/25/56 | 1594 | 1364820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.809%(cc) | 05/25/65 | 1267 | 1156206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.904%(cc) | 04/25/62 | 781 | 751824 |
|  Deephaven Residential Mortgage Trust, | Deephaven Residential Mortgage Trust, | Deephaven Residential Mortgage Trust, | Deephaven Residential Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.899%(cc) | 04/25/66 | 4344 | 3895940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.194%(cc) | 08/25/66 | 3646 | 3244395 |
|  EFMT, | EFMT, | EFMT, | EFMT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.444%(cc) | 07/25/70 | 969 | 977826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.077%(cc) | 12/01/70 | 1221 | 1223669 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class C3, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class C3, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class C3, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class C3, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/25/52 | 2805 | 438242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 437, Class C8, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 437, Class C8, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 437, Class C8, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 437, Class C8, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/25/52 | 2801 | 423744 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-98, Class ZL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-98, Class ZL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-98, Class ZL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-98, Class ZL |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/25/41 | 1449 | 1383887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-009, Class CB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-009, Class CB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-009, Class CB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-009, Class CB |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/25/42 | 491 | 509057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03, Class IN, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03, Class IN, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03, Class IN, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03, Class IN, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/25/46 | 1298 | 184458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-43, Class GZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-43, Class GZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-43, Class GZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-43, Class GZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/25/46 | 1777 | 1600687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.061%(c) | 04/25/50 | 441 | 58949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-35, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-35, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-35, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-35, Class AI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/25/50 | 2809 | 447431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56, Class AQ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56, Class AQ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56, Class AQ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56, Class AQ |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/25/50 | 795 | 647234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-57, Class TA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-57, Class TA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-57, Class TA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-57, Class TA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/25/50 | 697 | 620440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-74, Class HI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-74, Class HI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-74, Class HI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-74, Class HI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/25/50 | 1808 | 314657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77, Class HI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77, Class HI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77, Class HI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-77, Class HI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/25/50 | 2001 | 410468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-85, Class PI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-85, Class PI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-85, Class PI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-85, Class PI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/25/50 | 2846 | 458877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-97, Class EI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-97, Class EI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-97, Class EI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-97, Class EI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/25/51 | 3122 | 407255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class NI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class NI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class NI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class NI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/25/51 | 3188 | 480644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class TI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/25/51 | 2715 | 460019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-95, Class GA |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 03/25/51 | 13593 | 11378005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class AB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class AB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class AB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class AB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/25/50 | 892 | 774503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, Class GB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, Class GB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, Class GB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-53, Class GB |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/25/44 | 1076 | 1093982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-09, Class EA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-09, Class EA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-09, Class EA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-09, Class EA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/25/47 | 1190 | 1193688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-41, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-41, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-41, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-41, Class DA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/25/51 | 1201 | 1214158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70, Class SA, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70, Class SA, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70, Class SA, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70, Class SA, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.076%(c) | 10/25/54 | 3531 | 190270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class BA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/25/52 | 1101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class DA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/25/52 | 1019 | 1040927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-19, Class SC, IO, 30 Day Average SOFR x (1) + 5.840% (Cap 5.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-19, Class SC, IO, 30 Day Average SOFR x (1) + 5.840% (Cap 5.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-19, Class SC, IO, 30 Day Average SOFR x (1) + 5.840% (Cap 5.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-19, Class SC, IO, 30 Day Average SOFR x (1) + 5.840% (Cap 5.840%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.966%(c) | 03/25/55 | 2386 | 130588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-28, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-28, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-28, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-28, Class BA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/25/52 | 2446 | 2446635 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A90

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-34, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-34, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-34, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-34, Class BA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/25/51 | 1089 | 1091986 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA02, Class M2, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA02, Class M2, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA02, Class M2, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA02, Class M2, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.624%(c) | 02/25/42 | 2825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.774%(c) | 04/25/42 | 725 | 743051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.224%(c) | 05/25/42 | 1775 | 1831587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.024%(c) | 09/25/42 | 395 | 397018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA03, Class M1B, 144A, 30 Day Average SOFR + | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA03, Class M1B, 144A, 30 Day Average SOFR + | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA03, Class M1B, 144A, 30 Day Average SOFR + | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA03, Class M1B, 144A, 30 Day Average SOFR + |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 3.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 3.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; 3.550% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.424%(c) | 08/25/42 | 775 | 805996 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2957, Class ZA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2957, Class ZA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2957, Class ZA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2957, Class ZA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/15/35 | 530 | 546394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3967, Class ZP | &nbsp;&nbsp;&nbsp;&nbsp; Series 3967, Class ZP | &nbsp;&nbsp;&nbsp;&nbsp; Series 3967, Class ZP | &nbsp;&nbsp;&nbsp;&nbsp; Series 3967, Class ZP |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/15/41 | 950 | 926217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4430, Class NZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4430, Class NZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4430, Class NZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4430, Class NZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/15/45 | 4147 | 3808747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4640, Class CZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4640, Class CZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4640, Class CZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4640, Class CZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/15/46 | 1264 | 1187613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 10/25/50 | 1604 | 45672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5149, Class JI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5149, Class JI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5149, Class JI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5149, Class JI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/25/49 | 1782 | 297949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5169, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5169, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5169, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5169, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/25/51 | 2359 | 373740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5170, Class DP | &nbsp;&nbsp;&nbsp;&nbsp; Series 5170, Class DP | &nbsp;&nbsp;&nbsp;&nbsp; Series 5170, Class DP | &nbsp;&nbsp;&nbsp;&nbsp; Series 5170, Class DP |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/25/50 | 2039 | 1813844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class LA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class LA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class LA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class LA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/25/48 | 2901 | 2722327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class PA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5201, Class PA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/25/52 | 1540 | 1392963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/25/52 | 432 | 8752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/25/55 | 7581 | 6243121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5537, Class CS, IO, 30 Day Average SOFR x (1) + 5.750% (Cap 5.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5537, Class CS, IO, 30 Day Average SOFR x (1) + 5.750% (Cap 5.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5537, Class CS, IO, 30 Day Average SOFR x (1) + 5.750% (Cap 5.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5537, Class CS, IO, 30 Day Average SOFR x (1) + 5.750% (Cap 5.750%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.876%(c) | 05/25/55 | 3634 | 217851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5558, Class EA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5558, Class EA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5558, Class EA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5558, Class EA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/25/52 | 620 | 621333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 07/25/55 | 2500 | 2533150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 06/25/55 | 1549 | 1569327 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, | Freddie Mac Seasoned Credit Risk Transfer Trust, | Freddie Mac Seasoned Credit Risk Transfer Trust, | Freddie Mac Seasoned Credit Risk Transfer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | 07/25/56 | 3785 | 3735855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/25/59 | 7971 | 7065505 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 375, Class C1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 375, Class C1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 375, Class C1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 375, Class C1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/25/51 | 3140 | 491939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 386, Class C14, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 386, Class C14, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 386, Class C14, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 386, Class C14, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/15/52 | 2496 | 378636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 05/15/37 | 6852 | 354830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C35, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C35, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C35, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 389, Class C35, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/15/52 | 3367 | 454031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C17, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C17, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C17, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C17, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/25/52 | 2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311528 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-12, Class ZB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-12, Class ZB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-12, Class ZB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-12, Class ZB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/16/44 | 2071 | 1917255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-46, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-46, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-46, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-46, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/16/44 | 1754 | 233753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class ID, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class ID, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class ID, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-72, Class ID, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/20/45 | 1923 | 361024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146, Class IA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146, Class IA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146, Class IA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-146, Class IA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/20/41 | 2024 | 304959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 01/20/50 | 252 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-215, Class KA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-215, Class KA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-215, Class KA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-215, Class KA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/20/49 | 2213 | 1992637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 03/20/52 | 891 | 16677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 03/20/52 | 1883 | 34890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 616 | 16619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 505 | 15933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/20/52 | 395 | 7738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/51 | 4735 | 507612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 07/20/52 | 2286 | 47707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.032%(c) | 07/20/52 | 1779 | 43938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-139, Class AL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-139, Class AL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-139, Class AL | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-139, Class AL |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/20/51 | 900 | 822295 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A91

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 08/20/52 | 1856 | $32980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-189, Class PT | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-189, Class PT | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-189, Class PT | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-189, Class PT |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/20/51 | 636 | 535130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-197, Class CS, IO, 30 Day Average SOFR x (1) + 5.500% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-197, Class CS, IO, 30 Day Average SOFR x (1) + 5.500% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-197, Class CS, IO, 30 Day Average SOFR x (1) + 5.500% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-197, Class CS, IO, 30 Day Average SOFR x (1) + 5.500% (Cap 5.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.582%(c) | 11/20/52 | 13486 | 700218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24, Class GA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24, Class GA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/20/52 | 1251 | 1164441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-85, Class SL, IO, 30 Day Average SOFR x (1) + 4.250% (Cap 4.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-85, Class SL, IO, 30 Day Average SOFR x (1) + 4.250% (Cap 4.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-85, Class SL, IO, 30 Day Average SOFR x (1) + 4.250% (Cap 4.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-85, Class SL, IO, 30 Day Average SOFR x (1) + 4.250% (Cap 4.250%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.332%(c) | 05/20/52 | 33180 | 1354879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-129, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-129, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-129, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-129, Class AI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/20/47 | 1564 | 316262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-197, Class BN | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-197, Class BN | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-197, Class BN | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-197, Class BN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/20/51 | 8794 | 8223884 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.648%(cc) | 06/25/65 | 1078 | 1089016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.137%(cc) | 11/25/65 | 1190 | 1192559 |
|  HOMES Trust, | HOMES Trust, | HOMES Trust, | HOMES Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220%(cc) | 08/25/70 | 1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238367 |
|  Imperial Fund Mortgage Trust, | Imperial Fund Mortgage Trust, | Imperial Fund Mortgage Trust, | Imperial Fund Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.071%(cc) | 06/25/56 | 1092 | 960389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.073%(cc) | 09/25/56 | 603 | 512576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.595%(cc) | 11/25/56 | 4241 | 3676105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.091%(cc) | 01/25/57 | 2110 | 1860099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.638%(cc) | 03/25/67 | 3816 | 3640106 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.495%(cc) | 11/25/65 | 1284 | 1295281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VIS02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.385%(cc) | 12/25/55 | 1365 | 1374636 |
|  Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.022%(c) | 08/24/75 | 775 | 911806 |
|  Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(cc) | 01/25/61 | 2316 | 2319228 |
|  LHOME Mortgage Trust, | LHOME Mortgage Trust, | LHOME Mortgage Trust, | LHOME Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.323%(cc) | 09/25/39 | 2700 | 2705074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.652%(cc) | 01/25/40 | 2100 | 2113566 |
|  Lugo Funding DAC (Spain), | Lugo Funding DAC (Spain), | Lugo Funding DAC (Spain), | Lugo Funding DAC (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.559%(c) | 05/26/66 | 2100 | 2448569 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.852%(cc) | 01/25/56 | 123 | 118500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.913%(cc) | 11/25/39 | 2283 | 2306240 |
|  Mill City Mortgage Loan Trust, | Mill City Mortgage Loan Trust, | Mill City Mortgage Loan Trust, | Mill City Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GS01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GS01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GS01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GS01, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 07/25/59 | 4425 | 4062113 |
|  Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%(cc) | 07/25/70 | 1164 | 1173197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.984%(cc) | 09/25/70 | 1834 | 1836091 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03A, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03A, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03A, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-03A, Class A1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 09/25/56 | 95 | 90658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 02/25/57 | 2589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-04A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-04A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 05/25/57 | 1375 | 1332754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 12/25/57 | 2303 | 1994252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%(cc) | 12/25/57 | 89 | 87879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | 11/25/58 | 1294 | 1252784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-06A, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-06A, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-06A, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-06A, Class B2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%(cc) | 09/25/59 | 1512 | 1481279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 10/25/59 | 445 | 420019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650%(cc) | 05/24/60 | 292 | 285252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.664%(cc) | 03/25/39 | 2185 | 2195123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%(cc) | 07/25/65 | 925 | 932245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.010%(cc) | 10/26/65 | 543 | 543785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.264%(cc) | 10/26/65 | 2335 | 2338348 |
|  NYMT Loan Trust, | NYMT Loan Trust, | NYMT Loan Trust, | NYMT Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CP01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | 11/25/69 | 1524 | 1471400 |
|  OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.496%(c) | 06/25/57 | 62 | 60837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.072%(cc) | 02/25/66 | 4070 | 3583798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM2, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.101%(cc) | 05/25/61 | 4851 | 4021342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.453%(cc) | 05/25/65 | 775 | 781267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418%(cc) | 05/25/65 | 1431 | 1443009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.441%(cc) | 05/25/65 | 1564 | 1577519 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A92

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| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162%(cc) | 07/25/65 | 818 | 821681 |
|  OLIT, | OLIT, | OLIT, | OLIT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HB02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HB02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HB02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HB02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(cc) | 11/25/38 | 721 | 703902 |
|  PRET Trust, | PRET Trust, | PRET Trust, | PRET Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(cc) | 09/25/69 | 3278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3281163 |
|  PRPM, | PRPM, | PRPM, | PRPM, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.255%(cc) | 05/25/30 | 342 | 342652 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.729%(cc) | 07/25/30 | 692 | 692098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.774%(cc) | 08/25/28 | 1705 | 1707889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.503%(cc) | 08/25/30 | 1009 | 1011404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(cc) | 07/25/55 | 2044 | 2062113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | 04/25/55 | 2709 | 2647700 |
|  Rain City Mortgage Trust, | Rain City Mortgage Trust, | Rain City Mortgage Trust, | Rain City Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.530%(cc) | 09/25/29 | 1197 | 1211146 |
|  RCO Mortgage LLC, | RCO Mortgage LLC, | RCO Mortgage LLC, | RCO Mortgage LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.435%(cc) | 05/25/30 | 164 | 164057 |
|  Santander Mortgage Asset Receivable Trust, | Santander Mortgage Asset Receivable Trust, | Santander Mortgage Asset Receivable Trust, | Santander Mortgage Asset Receivable Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.303%(cc) | 07/25/65 | 1899 | 1908408 |
|  Seasoned Loans Structured Transaction Trust, | Seasoned Loans Structured Transaction Trust, | Seasoned Loans Structured Transaction Trust, | Seasoned Loans Structured Transaction Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class VF, 144A, 30 Day Average SOFR + 1.250% (Cap 6.500%, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class VF, 144A, 30 Day Average SOFR + 1.250% (Cap 6.500%, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class VF, 144A, 30 Day Average SOFR + 1.250% (Cap 6.500%, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class VF, 144A, 30 Day Average SOFR + 1.250% (Cap 6.500%, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.124%(c) | 10/25/34 | 3468 | 3511850 |
|  Toorak Mortgage Trust, | Toorak Mortgage Trust, | Toorak Mortgage Trust, | Toorak Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RRTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.524%(cc) | 02/25/40 | 2700 | 2712480 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-02, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(cc) | 08/25/55 | 1080 | 1046944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | 05/25/58 | 495 | 487245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | 03/25/58 | 2842 | 2776460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class B1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class B1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class B1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class B1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 10/25/59 | 3631 | 2819094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.846%(c) | 10/25/59 | 73 | 73232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 09/25/62 | 4020 | 3873676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/25/63 | 1639 | 1593181 |
|  Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.013%(cc) | 09/25/66 | 4458 | 3889478 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-07, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.829%(cc) | 10/25/66 | 3486 | 3202451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.130%(cc) | 02/25/67 | 578 | 556071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.417%(cc) | 07/25/70 | 3776 | 3807634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.129%(cc) | 08/25/70 | 1545 | 1551050 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $255,556,856) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $255,556,856) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $255,556,856) | &nbsp;&nbsp;&nbsp;&nbsp;255961086 |
|  **SOVEREIGN BONDS — 1.0%** | **SOVEREIGN BONDS — 1.0%** | **SOVEREIGN BONDS — 1.0%** | **SOVEREIGN BONDS — 1.0%** |
|  Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 08/20/30 | 2220 | 2018812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 08/20/30 | 200 | 181875 |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | 02/15/28 | 89 | 88507 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 09/19/28 | 1840 | 2142907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/19/32 | 316 | 356509 |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 01/25/27 | 198 | 199980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/19/28 | 396 | 406247 |
|  Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/17/30 | 3102 | 3154734 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/26/36 | 1280 | 1278950 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/19/30 | 760 | 785840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 07/03/30 | 1040 | 967200 |
|  Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/30/32 | 611 | 696563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/22/30 | 435 | 513001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/17/31 | 2019 | 2390524 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/12/34 | 340 | 294100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 02/10/48 | 1106 | 857150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/22/33 | 5867 | 5812613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 07/02/32 | 1392 | 1432368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/13/30 | 611 | 640023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/07/36 | 4835 | 4906316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/29/38 | 2175 | 2271787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 05/13/37 | 2105 | 2247087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 10/12/2110 | 320 | 267840 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A93

------

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| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/22/35 | 445 | 439549 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.252% | 09/29/32 | 255 | 210375 |
|  Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.140% | 02/27/26 | 330 | 331496 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/27/32 | 3050 | 2785992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/14/31 | 224 | 203468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/16/30 | 970 | 999178 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/26/29 | 2136 | 2324044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 05/26/28 | 800 | 828433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 03/03/33 | 530 | 519699 |
|  State of Israel (Israel), | State of Israel (Israel), | State of Israel (Israel), | State of Israel (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 40Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 40Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 40Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 40Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 05/13/60 | 280 | 187849 |
|  **TOTAL SOVEREIGN BONDS**<br>(cost $41,940,556) | **TOTAL SOVEREIGN BONDS**<br>(cost $41,940,556) | **TOTAL SOVEREIGN BONDS**<br>(cost $41,940,556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42741016 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 22.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 22.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 22.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 22.8%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/01/51 | 68 | 52608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/51 | 1709 | 1319873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/01/52 | 298 | 230297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/40 | 1722 | 1529218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/40 | 251 | 217085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/41 | 1787 | 1553549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/42 | 1760 | 1524278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/42 | 2180 | 1893138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/50 | 763 | 629130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/50 | 1613 | 1316762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/50 | 493 | 402339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/50 | 858 | 710160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 81 | 67111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/51 | 3502 | 2854067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 2738 | 2228015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/51 | 1451 | 1198964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/51 | 523 | 426135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/51 | 1727 | 1411518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/51 | 301 | 247119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/51 | 533 | 437476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/52 | 2548 | 2095511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 07/01/36 | 4170 | 3407513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/50 | 890 | 764138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 | 589 | 508614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 | 922 | 788388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/50 | 6079 | 5179562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/50 | 1644 | 1408890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/50 | 604 | 520544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/50 | 769 | 666274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/51 | 127 | 109882 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 505 | $437197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 6192 | 5288788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 11471 | 9782052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 560 | 479314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 593 | 511196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 371 | 317222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 464 | 396426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 466 | 399266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 986 | 849809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/51 | 839 | 716905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 1191 | 1028783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/52 | 530 | 456557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/52 | 1021 | 877840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 624 | 538036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 3032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/32 | 3 | 3081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/32 | 4 | 4028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/32 | 3 | 2801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/37 | 28 | 26987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/38 | 449 | 424073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/46 | 16 | 15057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/46 | 51 | 46621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/46 | 80 | 73302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/46 | 160 | 145416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 627 | 571361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/47 | 1211 | 1110297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 352 | 316870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 1052 | 950534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 1390 | 1255179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 2572 | 2317117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/51 | 865 | 766064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/51 | 1533 | 1377510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/51 | 644 | 571952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/51 | 2245 | 1995919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 181 | 160815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 755 | 679255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 806 | 723030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/52 | 972 | 870716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/52 | 19969 | 17724476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/52 | 2804 | 2527341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/42 | 80 | 76467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/42 | 9 | 8709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/42 | 39 | 37144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/42 | 65 | 61983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/42 | 203 | 193654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/42 | 52 | 49779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/01/42 | 13 | 12825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/43 | 718 | 685267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/43 | 59 | 56003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/44 | 50 | 46966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/45 | 27 | 26130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/45 | 104 | 98710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/46 | 64 | 60519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/47 | 209 | 196999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/47 | 121 | 113920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/01/47 | 206 | 196485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/47 | 146 | 136927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/01/47 | 247 | 235402 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A94

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/48 | 43 | $40143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/48 | 58 | 55011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/48 | 181 | 170115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/48 | 316 | 296415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/48 | 1373 | 1293634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/50 | 331 | 309249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/50 | 541 | 504096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/52 | 1980 | 1842537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/52 | 765 | 711864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/52 | 3311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/36 | 4 | 4422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/37 | 61 | 59852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/40 | 188 | 185373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/40 | 152 | 149276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/42 | 441 | 429875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/42 | 14 | 13430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/44 | 74 | 72758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/44 | 28 | 27788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/45 | 93 | 90927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/45 | 2129 | 2082863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/45 | 9 | 8744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/45 | 21 | 20009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/45 | 132 | 128987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/45 | 1971 | 1928078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/45 | 36 | 34606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/45 | 36 | 35134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/47 | 108 | 105531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/47 | 434 | 419740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/48 | 901 | 866319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/48 | 175 | 169078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/49 | 43 | 41749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/49 | 394 | 381113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/49 | 478 | 466589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/49 | 1171 | 1130969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/50 | 1928 | 1867442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/52 | 509 | 488184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/52 | 5528 | 5274419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/39 | 73 | 73471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/39 | 31 | 31621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/40 | 12 | 11776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/41 | 61 | 60724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/42 | 150 | 151525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/42 | 126 | 127048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/43 | 122 | 121278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/43 | 159 | 158463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/44 | 13 | 13169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/44 | 17 | 17228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/44 | 755 | 756035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/44 | 103 | 103231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/47 | 363 | 361952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/47 | 136 | 135430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/47 | 136 | 135411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/47 | 534 | 532568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/47 | 47 | 47158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/47 | 103 | 102460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/47 | 77 | 75548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/01/48 | 55 | 54958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/48 | 483 | 481708 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/48 | 690 | $686588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/52 | 1513 | 1482415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/52 | 4493 | 4399383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/52 | 495 | 486277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/53 | 26 | 25120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/40 | 558 | 565250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/41 | 451 | 464554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/48 | 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/48 | 61 | 61445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/48 | 615 | 624712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/49 | 3566 | 3619884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/50 | 2194 | 2224752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/50 | 150 | 151193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/52 | 805 | 806342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/52 | 137 | 137079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 | 481 | 483133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 | 848 | 852586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 | 3734 | 3737591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/54 | 1387 | 1393108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/55 | 3773 | 3800073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/35 | 15 | 14957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/36 | 7 | 7188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/37 | 2 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/37 | 1597 | 1638590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/38 | — (r) | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/38 | 403 | 421109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/38 | 255 | 266827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/38 | 100 | 104617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/01/38 | 63 | 65398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/01/38 | 98 | 102509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/39 | 116 | 121160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/52 | 1588 | 1618323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/53 | 1992 | 2031357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/53 | 328 | 332798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/54 | 2133 | 2164652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/54 | 511 | 518231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/54 | 1308 | 1333683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/55 | 2922 | 2963150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/55 | 3680 | 3732147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/55 | 1405 | 1434424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/55 | 11386 | 11547707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/28 | — (r) | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/32 | — (r) | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/32 | 1 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/33 | 2 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/33 | 1 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/34 | 49 | 50417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/34 | 2 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/36 | 8 | 8763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/36 | — (r) | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/36 | 8 | 8925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/36 | 5 | 5117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/36 | 2 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/36 | 204 | 214945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/37 | — (r) | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/37 | 3 | 3455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/37 | 1 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/37 | 11 | 11421 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A95

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/37 | — (r) | $| 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/37 | 2 |  | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/37 | — (r) |  | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/37 | 2 |  | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/37 | 4 |  | 4244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/37 | 9 |  | 9597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/37 | 60 |  | 63733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/37 | 575 |  | 608904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/37 | 1 |  | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 2 |  | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 2 |  | 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 5 |  | 4891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 5 |  | 5593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 6 |  | 6290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/38 | 10 |  | 10213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/38 | 2 |  | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/38 | 7 |  | 6941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/38 | — (r) |  | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/38 | 19 |  | 20303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/38 | 2 |  | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/38 | 2 |  | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/38 | 83 |  | 87366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/38 | — (r) |  | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/38 | 4 |  | 4245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/38 | 3 |  | 3661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/38 | 1 |  | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/39 | 186 |  | 197230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/39 | 5 |  | 5422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/40 | 4 |  | 4253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/40 | 1 |  | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/52 | 391 |  | 402796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/52 | 667 |  | 687443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/52 | 1082 |  | 1123793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/53 | 488 |  | 509001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/54 | 631 |  | 656154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/54 | 452 |  | 469934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/54 | 2757 |  | 2841158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/54 | 3698 |  | 3806345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/01/53 | 1451 |  | 1525403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/01/54 | 1288 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356594 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.635% (Cap 7.621%, Floor 1.635%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.635% (Cap 7.621%, Floor 1.635%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.635% (Cap 7.621%, Floor 1.635%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.635% (Cap 7.621%, Floor 1.635%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.635% (Cap 7.621%, Floor 1.635%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.773%(c) | 12/01/50 | 793 |  | 760504 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.490% | 09/01/35 | 2718 |  | 2142493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/50 | 2432 |  | 1876471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 01/01/51 | 3625 |  | 2797348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/01/51 | 2500 |  | 1928628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 03/01/51 | 602 |  | 466280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/01/51 | 28 |  | 21926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 08/01/51 | 305 |  | 235695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 10/01/51 | 212 |  | 163451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/36 | 610 |  | 565890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/36 | 613 |  | 567493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/36 | 197 |  | 183470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/36 | 1137 |  | 1052603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/36 | 874 |  | 812198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/36 | 598 |  | 555518 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/40 | 306 | $270768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/40 | 3748 | 3297084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/41 | 2506 | 2191058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/41 | 324 | 282838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/01/41 | 770 | 672645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/01/41 | 836 | 727951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/41 | 1969 | 1716006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/41 | 818 | 711809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/50 | 833 | 686786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/50 | 2101 | 1717702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/50 | 1202 | 980998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/50 | 145 | 118302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/50 | 8273 | 6749645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/50 | 831 | 682712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/50 | 877 | 723648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/50 | 2011 | 1642121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/51 | 53 | 44013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/51 | 799 | 659406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/51 | 2167 | 1767926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 48 | 39224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 628 | 518071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 657 | 536017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 1221 | 1001861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 2683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 3770 | 3071473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/51 | 1516 | 1234153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/51 | 2432 | 1978809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/52 | 241 | 197715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/52 | 322 | 264123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/52 | 1216 | 995285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/52 | 884 | 731348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/52 | 1517 | 1252433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/52 | 4822 | 3937470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.080% | 04/01/33 | 4174 | 3618779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.147%(cc) | 02/01/32 | 13309 | 11841495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 04/01/33 | 875 | 768725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.280% | 11/01/29 | 5000 | 4699380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.459%(cc) | 04/01/34 | 9923 | 8682378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | TBA | 4000 | 3380938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/38 | 100 | 93713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/40 | 2271 | 2067499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/41 | 644 | 579350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/41 | 564 | 507003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 | 157 | 133803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 | 304 | 262286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/50 | 115 | 98955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/50 | 934 | 798245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/50 | 2146 | 1854286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/50 | 1381 | 1175611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/51 | 435 | 375216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 93 | 80101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 9660 | 8247170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 1633 | 1394870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 16304 | 13910247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 583 | 499802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 2082 | 1796799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 2927 | 2527871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 3623 | 3107793 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A96

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 3889 | $3317124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 5551 | 4762313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/51 | 549 | 475844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/51 | 1011 | 870018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/51 | 3100 | 2642966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 555 | 481327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 1233 | 1055225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 1685 | 1451601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 2875 | 2478097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/51 | 293 | 252480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/51 | 737 | 633325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/51 | 859 | 742280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/51 | 2290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 135 | 116696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 530 | 451988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 771 | 661860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 1837 | 1568828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/51 | 479 | 413555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 721 | 621194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 1175 | 1007341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 1337 | 1147082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/52 | 689 | 593000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 510 | 440248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 520 | 447683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 522 | 449943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 624 | 536812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 880 | 751152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 1096 | 929808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 500 | 430669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/52 | 1260 | 1082711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/57 | 1866 | 1587950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | TBA | 450 | 432861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/32 | 26 | 25664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/33 | 29 | 28116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/33 | 179 | 175330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/36 | 55 | 52544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/36 | 111 | 105832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/36 | 171 | 163076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/42 | 752 | 695572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/43 | 2801 | 2590246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/44 | 1662 | 1536285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/44 | 2301 | 2127384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/45 | 419 | 385787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/45 | 42 | 38763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/45 | 990 | 910390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/46 | 57 | 52065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/46 | 13 | 11451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/46 | 40 | 36819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/46 | 148 | 135376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/46 | 39 | 36231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/46 | 197 | 180378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/46 | 100 | 90303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/46 | 529 | 482604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 74 | 66995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 88 | 79700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 167 | 151355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/47 | 71 | 64361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/47 | 134 | 122634 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/47 | 203 | $185148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/47 | 253 | 230799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/47 | 20 | 18397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/50 | 346 | 311270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/50 | 584 | 528140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 523 | 472291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 545 | 483671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 1260 | 1118601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/50 | 943 | 836577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/50 | 542 | 483982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/50 | 1355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/51 | 481 | 428429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/51 | 1157 | 1049381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/51 | 1856 | 1643050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/51 | 536 | 481761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/51 | 1302 | 1164836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/51 | 1424 | 1273887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/51 | 357 | 320188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/51 | 2039 | 1832217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/51 | 584 | 521279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/51 | 1800 | 1600409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/51 | 554 | 491927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 896 | 799545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 1358 | 1205645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 2983 | 2641632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 3213 | 2876255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 496 | 449011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 721 | 640158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/52 | 976 | 873659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/52 | 1313 | 1175437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/52 | 1132 | 1014673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/61 | 3047 | 2665407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.145% | 08/01/34 | 5700 | 5185812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | TBA | 261 | 241272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/01/41 | 749 | 721709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/42 | 42 | 40589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/42 | 18 | 17682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/42 | 41 | 39530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/42 | 92 | 88502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/42 | 25 | 23391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/42 | 189 | 181257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/42 | 291 | 277638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/43 | 912 | 866454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/43 | 598 | 569945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/43 | 674 | 644195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/43 | 649 | 619425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/43 | 669 | 638775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/43 | 761 | 729578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/43 | 1795 | 1709453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/45 | 121 | 115011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/45 | 394 | 376793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/46 | 168 | 158029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/46 | 54 | 50830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/47 | 180 | 169507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/47 | 44 | 41531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/47 | 972 | 917062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/47 | 221 | 209164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/47 | 27 | 25932 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A97

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/47 | 298 | $279540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/01/47 | 300 | 280897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/48 | 183 | 171848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/48 | 365 | 345870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/48 | 136 | 127428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/48 | 2239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/48 | 60 | 57424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/48 | 641 | 607250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/01/48 | 148 | 139096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/49 | 973 | 922966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/49 | 131 | 122552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/50 | 361 | 337008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/50 | 133 | 123964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/50 | 134 | 125547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/50 | 662 | 625523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/51 | 439 | 409601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/51 | 664 | 617233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/52 | 71 | 66405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/52 | 1089 | 1018639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/52 | 2136 | 1994820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 | 593 | 555718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 | 1814 | 1681307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 | 2575 | 2397835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/56 | 14625 | 13518942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/01/56 | 2813 | 2587400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/57 | 545 | 501687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 11/01/31 | 8000 | 7855871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.920% | 10/01/30 | 865 | 855658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.955% | 11/01/30 | 865 | 856358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | TBA | 4260 | 4203913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/30 | 3 | 2828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/37 | 21 | 21103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/37 | 26 | 25530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/38 | 18 | 17569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/41 | 119 | 116197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/42 | 31 | 30377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/42 | 47 | 45847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/42 | 213 | 208384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/44 | 219 | 213705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/45 | 709 | 692157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/46 | 234 | 227670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/47 | 250 | 241668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/47 | 116 | 111673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/47 | 454 | 439816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/47 | 195 | 188602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/47 | 139 | 134797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/47 | 531 | 514475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/47 | 129 | 125375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/47 | 34 | 32920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/48 | 60 | 57505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/48 | 390 | 376961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/48 | 1754 | 1694530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/48 | 101 | 98103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/48 | 624 | 603096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/49 | 195 | 188557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/49 | 296 | 288688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/49 | 99 | 96174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/50 | 1960 | 1896694 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/51 | 291 | $283657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/52 | 1305 | 1250941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/52 | 4315 | 4135399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/54 | 9309 | 8901671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/56 | 1200 | 1143277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 11/01/31 | 10912 | 10755986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.120% | 11/01/30 | 1357 | 1354408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.210% | 01/01/31 | 840 | 842063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370% | 01/01/32 | 7706 | 7743917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 04/01/29 | 2574 | 2607800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.420% | 11/01/30 | 1239 | 1252927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 08/01/32 | 2400 | 2408030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460% | 11/01/34 | 4169 | 4184221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | TBA | 21750 | 21757646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/31 | 4 | 4381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/31 | 15 | 15066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/31 | 5 | 5494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/31 | 7 | 6961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/35 | 9 | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/37 | 851 | 857107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/01/41 | 19 | 19028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/41 | 1 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/41 | 2 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/41 | 2 | 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/41 | 20 | 20405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/41 | 43 | 42840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/42 | 134 | 135536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/43 | 205 | 205725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/43 | 488 | 486339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/44 | 51 | 51035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/44 | 331 | 329515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/44 | 15 | 15022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/44 | 71 | 70548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/45 | 213 | 212708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/45 | 182 | 181219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/45 | 224 | 223475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/45 | 57 | 57480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/45 | 8 | 8243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/45 | 59 | 58575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/45 | 318 | 317788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/45 | 101 | 100785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/46 | 667 | 669022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/46 | 156 | 156500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/47 | 28 | 28113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/47 | 143 | 142161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/47 | 384 | 381256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/47 | 54 | 53566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/47 | 14 | 13715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/47 | 17 | 16677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/47 | 59 | 58433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 6 | 6287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 29 | 29030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 198 | 196724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 254 | 252374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 428 | 424767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/47 | 18 | 18289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/47 | 46 | 45776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/48 | 415 | 411910 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A98

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/48 | 22 | $21871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 16 | 16386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 28 | 27952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/48 | 28 | 27814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/48 | 550 | 551633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/48 | 1416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/48 | 29 | 28456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/48 | 356 | 353447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/49 | 48 | 47454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 888 | 870344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 571 | 563902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 3453 | 3383213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/53 | 2119 | 2073657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/53 | 333 | 325501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/53 | 257 | 251336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/53 | 412 | 402283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/54 | 623 | 608972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/54 | 9115 | 8912435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/54 | 4528 | 4436324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/63 | 4774 | 4677796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/30 | 690 | 700725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/32 | 5000 | 5053896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.610% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/32 | 3190 | 3231791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.610% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/32 | 4000 | 4052402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 475 | 482191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/39 | 4994 | 4993909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.760% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 900 | 919604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.840% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/34 | 3000 | 3044200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/36 | 2 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 1 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/39 | 2 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/40 | 1 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/40 | 2 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/40 | 9 | 9261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/41 | 9 | 8804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 3 | 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/41 | —(r) | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/41 | 25 | 25426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 488 | 501787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/42 | 4 | 4359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/43 | 892 | 917057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/48 | 145 | 146587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/49 | 160 | 161965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/49 | 276 | 280060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/49 | 191 | 194782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/49 | 1260 | 1276746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 430 | 437772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 1087 | 1088239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 5239 | 5247460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 4052 | 4057435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/53 | 1315 | 1327550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/53 | 536 | 543879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/54 | 2843 | 2855578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/54 | 4920 | 4948210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/55 | 23805 | 23746041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.065% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/28 | 1950 | 2008511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; TBA  | 6470 | 6632835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; TBA  | 42350 | 42942163 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) | U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) | U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) | U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 7 | $6958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/33 | 9 | 8995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 1 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/34 | 9 | 9368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/34 | 6 | 6175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/34 | 4 | 3722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/35 | 8 | 7985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/35 | 3 | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/36 | —(r) | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/36 | 2 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | 6 | 6386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/37 | 2 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/38 | 7 | 7085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/38 | 504 | 517343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/39 | 3 | 3299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/39 | 887 | 909611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/39 | 54 | 55764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/40 | 7 | 7148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 1859 | 1908309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 1161 | 1184916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 624 | 636263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 1027 | 1047853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 1321 | 1349068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 1471 | 1499872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/52 | 3908 | 3984362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/53 | 2031 | 2070259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/53 | 458 | 467344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/53 | 535 | 544493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/53 | 1070 | 1095955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/54 | 1374 | 1393621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/54 | 473 | 479844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/54 | 996 | 1017132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/55 | 494 | 500945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/55 | 685 | 694705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/55 | 2835 | 2875583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/56 | 1091 | 1127733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; TBA  | 15960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16386570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | —(r) | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | —(r) | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/32 | —(r) | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/33 | —(r) | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/34 | 6 | 5739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/35 | 4 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 1 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 04/01/36 | 2 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/36 | 1 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | —(r) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 1 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 7 | 7138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | —(r) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | —(r) | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | —(r) | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | 1 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | 7 | 7529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | 1 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | 4 | 3886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | 6 | 6803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | —(r) | 90 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A99

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 1 | $760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 2 | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 4 | 3960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 6 | 6013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | —(r) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | —(r) | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | —(r) | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 1 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 3 | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 8 | 7993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | —(r) | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | —(r) | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | 2 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | 5 | 5408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | 7 | 7400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | 604 | 638671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 6 | 6199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 96 | 101536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/37 | 6 | 6389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/37 | 10 | 10869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/01/37 | 63 | 65564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/37 | 1 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/37 | 5 | 5366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/37 | 7 | 7082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/37 | 1 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 1 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 2 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 3 | 3663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 12 | 12831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/37 | —(r) | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/01/52 | 538 | 554092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/53 | 1181 | 1228078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/01/53 | 451 | 469318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/01/53 | 588 | 611590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/01/54 | 745 | 765325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/01/54 | 862 | 887095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | 250 | 264303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/30 | 1950 | 2198846 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; TBA  | 2395 | 1982976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/50 | 9211 | 7633586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/50 | 4851 | 4018655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/51 | 1590 | 1317377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/51 | 938 | 759775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/51 | 2912 | 2412454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/51 | 971 | 791859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/51 | 889 | 724458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/20/52 | 3462 | 2868276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; TBA  | 27471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23691591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/49 | 1689 | 1467019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/20/50 | 222 | 191940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/50 | 2348 | 2031541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/50 | 774 | 668097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/50 | 4832 | 4172131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/51 | 1340 | 1156283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/51 | 3774 | 3256948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/20/51 | 2030 | 1752178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/51 | 907 | 778970 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/42 | 15 | $14061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/42 | 1023 | 940410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/51 | 6378 | 5739685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/51 | 4857 | 4370261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/20/51 | 8904 | 8010808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/51 | 2496 | 2245867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/52 | 664 | 591936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/52 | 19086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17186583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/52 | 660 | 589775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/20/52 | 2998 | 2697239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/52 | 156 | 140056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/41 | 17 | 15582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/41 | 1 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/41 | 12 | 11320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/42 | 4 | 3648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/42 | 68 | 63656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/42 | 12 | 10937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/42 | 4 | 3795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/42 | 41 | 38482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/42 | 12 | 11415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/42 | 8 | 7982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/42 | 5 | 5093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/42 | 8 | 7378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/42 | 16 | 14864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/42 | 19 | 17911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/42 | 9 | 7956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/43 | 8 | 7806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/43 | 11 | 10458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/43 | 18 | 17137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/43 | 90 | 84424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/43 | 182 | 171456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/43 | 5 | 4803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/43 | 5 | 4948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/43 | 7 | 6345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/43 | 28 | 25903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/20/43 | 480 | 452875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/43 | 50 | 46736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/43 | 26 | 24489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/43 | 6 | 5274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/43 | 70 | 65079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/44 | 21 | 19941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/44 | 639 | 600167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/45 | 22 | 20495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/45 | 33 | 30649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/20/45 | 62 | 57628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/20/45 | 24 | 22568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/20/45 | 33 | 30624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/45 | 52 | 48770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/45 | 23 | 21279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/45 | 272 | 252741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 111 | 103405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 231 | 213606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/46 | 49 | 46010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/46 | 112 | 103145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/20/47 | 109 | 101239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/20/47 | 1165 | 1082167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/48 | 27 | 24655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/48 | 11 | 9995 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A100

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/49 | 988 | $913398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/49 | 519 | 479866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/49 | 1265 | 1167050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/50 | 774 | 714060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/50 | 1273 | 1172758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/50 | 867 | 799852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/51 | 1194 | 1101402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/51 | 797 | 733645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/51 | 526 | 483530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/52 | 169 | 155224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/52 | 3337 | 3062225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/52 | 1115 | 1027218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/20/52 | 548 | 504297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/52 | 1606 | 1472737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/20/39 | 88 | 85811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/40 | 139 | 135414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/40 | 565 | 550040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/41 | 21 | 20046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/41 | 61 | 59401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/41 | 81 | 78209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/46 | 227 | 218739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/20/47 | 87 | 83597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/47 | 216 | 207965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/20/47 | 19 | 18791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/47 | 956 | 920622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/47 | 244 | 235060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/47 | 225 | 216543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/48 | 675 | 648203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/49 | 639 | 609808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/52 | 3339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/20/52 | 3082 | 2932111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/65 | 4352 | 4133910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/39 | 9 | 9245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/40 | 11 | 11201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/40 | 9 | 9239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/20/40 | 205 | 206701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 07/20/40 | 4 | 3774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/40 | 7 | 6962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 12/20/40 | 156 | 157142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/20/42 | 180 | 181244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/20/46 | 39 | 38836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/47 | 61 | 60728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/47 | 66 | 65497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/47 | 54 | 53751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 05/20/52 | 279 | 274171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/20/52 | 3340 | 3279453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/52 | 510 | 499213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/52 | 850 | 834159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/52 | 3257 | 3196302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; TBA  | 8505 | 8484898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/38 | 44 | 44976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/38 | 4 | 3786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/15/38 | 147 | 151081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/38 | 58 | 59822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/39 | 182 | 186916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/39 | 55 | 56568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/39 | 179 | 183572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/39 | 82 | 84640 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 04/15/40 | 792 | $| 813294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/20/40 | 709 |  | 729404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/40 | 566 |  | 583450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/20/40 | 12 |  | 12429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/20/40 | 223 |  | 229086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/40 | 198 |  | 203491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/47 | 15 |  | 15121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/20/53 | 844 |  | 847570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/54 | 2265 |  | 2268339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; TBA  | 20810 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21011782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/20/53 | 560 |  | 571362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; TBA  | 6614 |  | 6739821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/53 | 1098 |  | 1136973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/54 | 448 |  | 464452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 07/20/55 | 721 |  | 735942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/20/55 | 2463 |  | 2514407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/20/54 | 335 |  | 349709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/54 | 557 |  | 577052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/54 | 1482 |  | 1565757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/55 | 1790 |  | 1863814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/20/54 | 1978 |  | 2091870 |
|  Government National Mortgage Assoc., 1 Month RFUCCT + 2.400% (Cap 12.644%, Floor 2.400%) | Government National Mortgage Assoc., 1 Month RFUCCT + 2.400% (Cap 12.644%, Floor 2.400%) | Government National Mortgage Assoc., 1 Month RFUCCT + 2.400% (Cap 12.644%, Floor 2.400%) | Government National Mortgage Assoc., 1 Month RFUCCT + 2.400% (Cap 12.644%, Floor 2.400%) | Government National Mortgage Assoc., 1 Month RFUCCT + 2.400% (Cap 12.644%, Floor 2.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.678%(c) | &nbsp;&nbsp;&nbsp;&nbsp; 04/20/60 | 211 |  | 217946 |
|  Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp; 02/01/55 | 900 |  | 893969 |
|  Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.897%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 03/15/33 | 123 |  | 88859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%(s) | &nbsp;&nbsp;&nbsp;&nbsp; 07/15/34 | 60 |  | 40280 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $969,227,889) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $969,227,889) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $969,227,889) |  | 948716127 |
|  **U.S. TREASURY OBLIGATIONS — 17.8%** | **U.S. TREASURY OBLIGATIONS — 17.8%** | **U.S. TREASURY OBLIGATIONS — 17.8%** | **U.S. TREASURY OBLIGATIONS — 17.8%** | **U.S. TREASURY OBLIGATIONS — 17.8%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/50 | 12610 |  | 6046889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 15650 |  | 8233367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/51 | 34685 |  | 19212238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/41 | 18200 |  | 12720094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/51 | 10020 |  | 5752106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/52 | 9555 |  | 5809141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/42 | 5675 |  | 4182652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/49 | 10790 |  | 6942691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/51 | 18375 |  | 11602090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/45(k) | 12370 |  | 8769170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/47 | 11102 |  | 7915094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/47 | 12437 |  | 9349126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/48 | 25707 |  | 19155732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/49 | 430 |  | 317327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 05/15/42 | 23470 |  | 19604784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/44 | 8190 |  | 7039561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/42 | 4355 |  | 3997073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/44 | 11790 |  | 10837589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/54 | 11339 |  | 10270654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/54 | 11615 |  | 10524279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/39 | 7000 |  | 6910313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/43 | 14375 |  | 13748340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/44 | 22630 |  | 21926348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 11/15/44 | 795 |  | 780094 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A101

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/45 | 3790 | $| 3775195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/53 | 7380 |  | 7256616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/55 | 15 |  | 14773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 08/15/55 | 2785 |  | 2744095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 08/15/45 | 4025 |  | 4069652 |
|  U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 02/15/43 | 3335 |  | 2482117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 02/15/42 | 12371 |  | 9629905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 02/15/45 | 1963 |  | 1431333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 02/15/46 | 1883 |  | 1418809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 02/15/44 | 5651 |  | 4731801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 01/15/34 | 7928 |  | 7886366 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/15/32 | 31995 |  | 28545539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 08/31/29 | 21146 |  | 20789161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 08/31/30 | 24900 |  | 24814406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/31/30 | 23750 |  | 23811231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/31/31 | 5062 |  | 5046577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 09/30/29 | 11455 |  | 11552547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/34 | 74849 |  | 73737960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/31/29 | 121806 |  | 123395188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/15/34 | 32345 |  | 32264138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/30/29 | 2970 |  | 3021511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/28 | 1310 |  | 1329343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/15/34 | 9750 |  | 9861211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/15/33 | 75295 |  | 77789147 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.497%(s) | 08/15/41 | 4494 |  | 2101695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.363%(s) | 02/15/42 (k) | 40293 |  | 18259807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.384%(s) | 02/15/43 | 3505 |  | 1497550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.605%(s) | 02/15/35 | 991 |  | 671457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.929%(s) | 02/15/41 | 1150 |  | 554109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.282%(s) | 08/15/35 | 2541 |  | 1677604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.325%(s) | 02/15/36 | 588 |  | 378347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.363%(s) | 05/15/36 | 1187 |  | 752980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.394%(s) | 08/15/36 | 547 |  | 342371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.862%(s) | 11/15/41 | 2420 |  | 1114184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.168%(s) | 11/15/43 | 3500 |  | 1429306 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $790,285,219) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $790,285,219) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $790,285,219) |  | 741824783 |
|  |  | **Shares** |  |  |
|  **COMMON STOCKS — 0.2%** | **COMMON STOCKS — 0.2%** | **COMMON STOCKS — 0.2%** | **COMMON STOCKS — 0.2%** | **COMMON STOCKS — 0.2%** |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Incora Intermediate LLC^ | &nbsp;&nbsp;&nbsp;&nbsp; Incora Intermediate LLC^ | 869 |  | 9402 |
|  **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SAL TopCo LLC^\* | &nbsp;&nbsp;&nbsp;&nbsp; SAL TopCo LLC^\* | 2403091 |  | 240 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Chemical Co.^\*(x) | &nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Chemical Co.^\*(x) | 16552 |  | 82760 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc.\* | 52737 |  | 1054740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venator Materials PLC^\*(x) | &nbsp;&nbsp;&nbsp;&nbsp; Venator Materials PLC^\*(x) | 688 |  |  |
|  |  |  |  | 1137500 |
|  **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ESC NMG Parent LLC^ | &nbsp;&nbsp;&nbsp;&nbsp; ESC NMG Parent LLC^ | 956 |  | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rite Aid Corp.^. | &nbsp;&nbsp;&nbsp;&nbsp; Rite Aid Corp.^. | 597 |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rite Aid Corp., 144A^(d) | 606000 | 1 |
|  |  | 479 |
|  **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; GenOn Energy Holdings, Inc.<br>(Class A Stock)^\* | 14898 | 446940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keycon Power Holdings LLC^\* | 26575 | 769878 |
|  |  | 1216818 |
|  **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\* | 3871 | 658958 |
|  **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; MNK Common Stock | 145 | 14330 |
|  **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC, Exit Financing - Participation on Account of Backstop Shares & Exit Financing - Reserve Shares\* | 997 | 65802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC, Exit Financing Participation Shares & Backstop Shares\* | 22672 | 1496352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC, Litigation Trust Interests^\* | 26092 | 13046 |
|  |  | 1575200 |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) | 153008 | 2735018 |
|  **TOTAL COMMON STOCKS**<br>(cost $4,186,750) | **TOTAL COMMON STOCKS**<br>(cost $4,186,750) | 7347945 |
|  **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
|  **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 75 | 75000 |
|  **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; MNK Preferred Shares^ | 6606780 | 661 |
|  **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)^\*(x) | 12039 | 149776 |
|  **TOTAL PREFERRED STOCKS**<br>(cost $115,350) | **TOTAL PREFERRED STOCKS**<br>(cost $115,350) | 225437 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 4.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 4.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 4.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF | 825839 | 82484799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Total Bond Market ETF | 1113577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82482649 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $168,755,527) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $168,755,527) | 164967448 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A102

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Units** | **Value** |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 58081 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |
|  **TOTAL LONG-TERM INVESTMENTS**<br>(cost $4,279,340,600) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $4,279,340,600) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $4,279,340,600) | 4207589859 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS — 3.4%** | **SHORT-TERM INVESTMENTS — 3.4%** | **SHORT-TERM INVESTMENTS — 3.4%** | **SHORT-TERM INVESTMENTS — 3.4%** |
|  **AFFILIATED MUTUAL FUNDS — 2.9%** | **AFFILIATED MUTUAL FUNDS — 2.9%** | **AFFILIATED MUTUAL FUNDS — 2.9%** | **AFFILIATED MUTUAL FUNDS — 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wa) | 46268081 | 46268081 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<br>(cost $71,197,419; includes $70,953,987 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<br>(cost $71,197,419; includes $70,953,987 of cash collateral for securities on loan)(b)(wa) | 71240390 | 71197646 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $117,465,500) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $117,465,500) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $117,465,500) | 117465727 |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** |  |
|  **CORPORATE BOND — 0.0%** | **CORPORATE BOND — 0.0%** | **CORPORATE BOND — 0.0%** | **CORPORATE BOND — 0.0%** |
|  **Leisure Time** | **Leisure Time** | **Leisure Time** | **Leisure Time** |
|  YMCA of Greater New York, Unsec'd. Notes 2.303% | 08/01/26 | 350 | 345186 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $345,778) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $345,778) |  |  |
|  |  | **Shares** |  |
|  **UNAFFILIATED FUND — 0.5%** | **UNAFFILIATED FUND — 0.5%** | **UNAFFILIATED FUND — 0.5%** | **UNAFFILIATED FUND — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management (7-day effective yield 3.651%) (Institutional Shares) | &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management (7-day effective yield 3.651%) (Institutional Shares) | 21614201 | 21614201 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $21,614,201) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $21,614,201) |  |  |
|  **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $200,453) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $200,453) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $200,453) | 86561 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $139,625,932) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $139,625,932) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $139,625,932) | 139511675 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—104.6%**<br>(cost $4,418,966,532) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—104.6%**<br>(cost $4,418,966,532) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—104.6%**<br>(cost $4,418,966,532) | 4347101534 |
|  **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $356,019) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $356,019) |  | (254909) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—104.6%**<br>(cost $4,418,610,513) | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—104.6%**<br>(cost $4,418,610,513) | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—104.6%**<br>(cost $4,418,610,513) | 4346846625 |
|  **Liabilities in excess of other assets(z) — (4.6)%** | **Liabilities in excess of other assets(z) — (4.6)%** | **Liabilities in excess of other assets(z) — (4.6)%** | (190135467) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156711158 |

---

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

\* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $11,112,479 and 0.3% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $69,454,288; cash collateral of $70,953,987 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

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

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A103

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer**  | Acquisition<br>Date | Original<br>Cost | Market<br>Value | Percentage<br>of<br>Net Assets |
|  BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%), 5.840%(c), 03/15/41 | 02/29/24-01/29/25 | $3107261 | $3100000 | 0.1% |
|  Cornerstone Chemical Co.\*^ | 12/06/23 | 314488 | 82760 | 0.0 |
|  Cornerstone Chemical Co. LLC, Sec'd. Notes, 144A, Cash coupon 10.000% or PIK 10.000%, 10.000%, 05/07/29^ | 05/07/25-11/04/25 | 324097 | 333471 | 0.0 |
|  Diamond Sports Group LLC, expiring 06/30/26 | 01/02/25 |  | 1 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica) Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%(s), 12/31/30 | 11/14/23-07/25/24 | 2 | 2 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica) Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%(s), 12/31/30^ | 11/14/23 | 5 |  | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 42600 | 149776 | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24-01/30/24 | 224263 | 2735018 | 0.1 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25 | 840000 | 872029 | 0.0 |
|  EchoStar Corp., Sr. Sec'd. Notes, 10.750%, 11/30/29 | 05/13/25-05/20/25 | 1747563 | 1905271 | 0.0 |
|  Venator Materials PLC\*^ | 07/18/18-10/19/23 | 1251924 |  | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $7852203 | $9178328 | <u>0.2</u>% |

---

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

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations** | Interest<br>Rate | **Maturity**<br> **Date**  | Settlement<br>Date | Principal<br>Amount<br>(000)# | Value |
|  Federal National Mortgage Assoc. | 2.000% | TBA | 01/14/26 | $(999) | $(807313) |
|  Federal National Mortgage Assoc. | 2.000% | TBA | 01/20/26 | (2000) | (1851250) |
|  Federal National Mortgage Assoc. | 2.500% | TBA | 01/14/26 | (13783) | (11649865) |
|  Federal National Mortgage Assoc. | 3.000% | TBA | 01/14/26 | (5454) | (4823168) |
|  Federal National Mortgage Assoc. | 4.000% | TBA | 01/14/26 | (2512) | (2512377) |
|  Federal National Mortgage Assoc. | 4.500% | TBA | 01/14/26 | (15125) | (14764150) |
|  Federal National Mortgage Assoc. | 4.500% | TBA | 02/12/26 | (5040) | (4915819) |
|  Federal National Mortgage Assoc. | 5.000% | TBA | 01/14/26 | (5325) | (5310023) |
|  Federal National Mortgage Assoc. | 6.500% | TBA | 01/14/26 | (2385) | (2478589) |
|  Government National Mortgage Assoc. | 3.000% | TBA | 01/22/26 | (2700) | (2425676) |
|  Government National Mortgage Assoc. | 3.500% | TBA | 01/22/26 | (3600) | (3275576) |
|  Government National Mortgage Assoc. | 4.000% | TBA | 01/22/26 | (550) | (519471) |
|  Government National Mortgage Assoc. | 4.500% | TBA | 01/22/26 | (195) | (189912) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br> (proceeds receivable $55,419,719) |  |  |  |  | $(55523189) |

---

#### Options Purchased:

#### OTC Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | Counterparty | Expiration<br>Date | Strike | Notional<br>Amount<br>(000)# | Value |
|  2-Year 30 CMS Curve CAP<br> Call | BOA | 05/13/26 | 1.30% – | 4255 | $3 |
|  2-Year 30 CMS Curve CAP<br> Call | CITI | 05/13/26 | 1.30% – | 8510 | 7 |
|  Currency Option EUR vs CZK<br> Call | MSI | 01/08/26 | 26.00 – EUR | 588 |  |
|  Currency Option EUR vs CZK<br> Call | CITI | 01/20/26 | 26.00 – EUR | 581 | 1 |
|  Currency Option EUR vs PLN<br> Call | JPM | 01/20/26 | 5.00 – EUR | 296 |  |
|  Currency Option EUR vs TRY<br> Call | BOA | 01/20/26 | 99.00 – EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614 | 1125 |
|  Currency Option USD vs MXN<br> Call | CITI | 01/08/26 | 18.31 – | 2726 | 1238 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A104

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 99.00 |  |  | 885 | $107 |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 99.00 |  |  | 2374 | 681 |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 99.00 |  |  | 684 | 421 |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 99.00 |  |  | 679 | 403 |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 35.00 |  |  | 681 | 25 |
|  Currency Option USD vs ZAR | Call | CITI | 01/08/26 | 17.07 |  |  | 1363 | 378 |
|  Currency Option EUR vs PLN | Put | JPM | 01/20/26 | 4.20 |  | EUR | 888 | 1434 |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3500.00 |  |  | 680 | 2 |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3300.00 |  |  | 681 | 4 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 3177 |  |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 874 |  |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 17.00 |  |  | 2726 | 5 |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 15.50 |  |  | 1363 | 2 |
|  **Total OTC Traded** (cost $45,193) |  |  |  |  |  |  |  | $5836 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike**  | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/3.870% | 3.21%(A) | 12005 | $73581 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/3.870% | 8.19%(A) | 12005 | 6 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 1390 | 193 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 2270 | 315 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.58% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 40060 | 6630 |
|  **Total OTC Swaptions** (cost $155,260) |  |  |  |  |  |  |  | $80725 |
|  **Total Options Purchased** (cost $200,453) |  |  |  |  |  |  |  | $86561 |

---

#### Options Written:

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration Date** | **Strike** | **Contracts** | | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs CZK | Call | MSI | 01/08/26 | 24.30 |  | EUR | 588 | $(219) |
|  Currency Option EUR vs CZK | Call | CITI | 01/20/26 | 24.40 |  | EUR | 581 | (349) |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 4.29 |  | EUR | 296 | (223) |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 52.75 |  | EUR | 2614 | (14923) |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 43.65 |  |  | 885 | (1939) |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 43.75 |  |  | 2374 | (9326) |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 43.75 |  |  | 684 | (4275) |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 44.50 |  |  | 679 | (3585) |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 30.60 |  |  | 681 | (18972) |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3800.00 |  |  | 680 | (6329) |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3800.00 |  |  | 681 | (7689) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 2021 | (8) |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 18.25 |  |  | 2726 | (34932) |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 17.01 |  |  | 1363 | (36403) |
|  **Total OTC Traded** (premiums received $153,099) |  |  |  |  |  |  |  | $(139172) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A105

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | **Expiration<br>Date** | Strike | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Value |
|  CDX.NA.IG.45.V1, 12/20/30 | Call | JPM | 01/21/26 | 0.50% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 40060 | $(18927) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/3.870% | 12005 | (42775) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/3.870% | 12005 | (27953) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 1390 | (4227) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 2270 | (6904) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 31970 | (1881) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 11530 | (597) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 40060 | (1852) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | CITI | 04/15/26 | $0.75 | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 15110 | (10621) |
|  **Total OTC Swaptions** (premiums received $202,920) | **Total OTC Swaptions** (premiums received $202,920) | **Total OTC Swaptions** (premiums received $202,920) | **Total OTC Swaptions** (premiums received $202,920) |  |  |  |  | $(115737) |
|  **Total Options Written** (premiums received $356,019) | **Total Options Written** (premiums received $356,019) | **Total Options Written** (premiums received $356,019) | **Total Options Written** (premiums received $356,019) | **Total Options Written** (premiums received $356,019) | **Total Options Written** (premiums received $356,019) | **Total Options Written** (premiums received $356,019) |  | $(254909) |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 251 | 3 Month CME SOFR | Mar. 2026 | $60436094 | $27793 |
| 450 | 2 Year U.S. Treasury Notes | Mar. 2026 | 93955078 | (43414) |
| 1337 | 5 Year U.S. Treasury Notes | Mar. 2026 | 146140371 | (272476) |
| 1218 | 10 Year U.S. Treasury Notes | Mar. 2026 | 136948875 | (544229) |
| 424 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 48766627 | (124564) |
| 642 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 74211188 | (742707) |
| 418 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 49324000 | (842791) |
|  |  |  |  | (2542388) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 22 | 2 Year U.S. Treasury Notes | Mar. 2026 | 4593359 | 2224 |
| 41 | 5 Year Euro-Bobl | Mar. 2026 | 5596961 | 40139 |
| 12 | 10 Year Euro-Bund | Mar. 2026 | 1799043 | 24669 |
| 100 | 10 Year U.S. Treasury Notes | Mar. 2026 | 11243750 | 52658 |
| 29 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 3335453 | 6773 |
| 137 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 16166000 | 279008 |
| 4 | Euro Schatz Index | Mar. 2026 | 501998 | 890 |
|  |  |  |  | 406361 |
|  |  |  |  | $(2136027) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A106

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 23601 | $4328925 | $4269715 | $— | $(59210) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | CLP | 341738 | 375000 | 379917 | 4917 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | COP | 6098632 | 1559154 | 1573233 | 14079 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 14288 | 687000 | 695271 | 8271 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 589 | 679594 | 692915 | 13321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 295 | 346000 | 346485 | 485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 1914 | 2236161 | 2251997 | 15836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 1303 | 1518998 | 1533170 | 14172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 437 | 505116 | 513982 | 8866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 452 | 522603 | 531382 | 8779 |  |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | HUF | 147836 | 444000 | 451365 | 7365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | HUF | 256186 | 773000 | 782171 | 9171 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 174358 | 1924000 | 1926117 | 2117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 104962 | 1158000 | 1159504 | 1504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 440532 | 4862113 | 4866523 | 4410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 83669 | 920000 | 924290 | 4290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 440532 | 4845001 | 4866522 | 21521 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 39382860 | 2352761 | 2354020 | 1259 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 215510 | 1431762 | 1378541 |  | (53221) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 97875 | 650416 | 626072 |  | (24344) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | TWD | 14055 | 444000 | 446770 | 2770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | TWD | 19706 | 630999 | 626412 |  | (4587) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 29739 | 954725 | 945329 |  | (9396) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 21403 | 687000 | 680357 |  | (6643) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 20652 | 664000 | 656471 |  | (7529) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 3646 | 1080797 | 1081621 | 824 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 33024 | 562000 | 557807 |  | (4193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 40011 | 677000 | 675825 |  | (1175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 18561 | 313486 | 313511 | 25 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | SGD | 782 | 611000 | 611440 | 440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | SGD | 468 | 365000 | 366029 | 1029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 491 | 383000 | 384103 | 1103 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR | 5911 | 344000 | 354965 | 10965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | ZAR | 6811 | 399770 | 408998 | 9228 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | KRW | 2652934 | 1811000 | 1842382 | 31382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW | 379646 | 258500 | 263653 | 5153 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/12/26 | BOA | TRY | 29629 | 679000 | 683994 | 4994 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 24354 | 552677 | 557923 | 5246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 22615 | 514555 | 518071 | 3516 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BOA | TRY | 29733 | 679000 | 681136 | 2136 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A107

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  Turkish Lira (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | TRY | 22615 | $514239 | $518071 | $3832 | $— |
|  |  |  |  | $45245352 | $45298060 | 223006 | (170298) |
| **Sale**<br> **Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty**  | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 2578 | $473001 | $466330 | $6671 | $— |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 3256 | 4327916 | 4388553 |  | (60637) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 2366627 | 2572644 | 2631028 |  | (58384) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | COP | 1614488 | 411000 | 416482 |  | (5482) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 10685 | 517000 | 519928 |  | (2928) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 41627 | 1998865 | 2025624 |  | (26759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | CZK | 9670 | 468000 | 470541 |  | (2541) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | CZK | 8176 | 397000 | 397873 |  | (873) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 4807 | 5563931 | 5655270 |  | (91339) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 17227 | 20023024 | 20265960 |  | (242936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | EUR | 12920 | 15095602 | 15199471 |  | (103869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 12920 | 15141133 | 15199470 |  | (58337) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 248379 | 756000 | 758335 |  | (2335) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 153860 | 462000 | 469755 |  | (7755) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNY | MXN | 6039 | 329032 | 332812 |  | (3780) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 1387 | 410000 | 411322 |  | (1322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 1288 | 381654 | 382046 |  | (392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 912 | 269500 | 270439 |  | (939) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | PLN | 2504 | 688000 | 697421 |  | (9421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 4093 | 1122000 | 1140049 |  | (18049) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 2004 | 546500 | 558092 |  | (11592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 3806 | 1037883 | 1060134 |  | (22251) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 15066 | 11709673 | 11780647 |  | (70974) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 11782 | 701144 | 707538 |  | (6394) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | KRW | 515469 | 352000 | 357978 |  | (5978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 5098015 | 3481157 | 3540419 |  | (59262) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 53136 | 1686656 | 1696381 |  | (9725) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | THB | 16992 | 541001 | 542478 |  | (1477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | THB | 13192 | 421000 | 421156 |  | (156) |
|  |  |  |  | $91884316 | $92763532 | 6671 | (885887) |
|  |  |  |  |  |  | $229677 | $(1056185) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A108

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Credit default swap agreements outstanding at December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100%(Q) |  | 1030 | \* | $4666 | $— | $4666 | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750%(M) |  | 1169 | \* | 16823 |  | 16823 | GSI |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 385 | 0.590% | (10295) | (12873) | 2578 | BARC |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) |  | 855 | 1.706% | (2575) | (1976) | (599) | GSI |
|  U.S. Treasury Notes | 06/20/26 | 0.250%(Q) | EUR | 905 | 0.049% | 1083 | 655 | 428 | BARC |
|  |  |  |  |  |  | $9702 | $(14194) | $23896 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Value at<br>Trade Date | Value at<br>December 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |  |  |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 20000 | $(437671) | $(458431) | $(20760) |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A109

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

**Interest rate swap agreements outstanding at December 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | Termination<br>Date | Fixed<br>Rate | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at**<br> **December 31,**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025**  | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |
|  GBP | 825 | 05/08/32 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.726% | $36002 | $183236 | $147234 |
|  | 24725 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (142133) | (142133) |
|  | 1645 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% | 304 | (16160) | (16464) |
|  | 8385 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.870% | 1421 | 133930 | 132509 |
|  | 5215 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.870% | (5545) | (144542) | (138997) |
|  | 12700 | 05/31/29 | 3.704%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (96910) | (96910) |
|  | 7695 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 3.870% |  | (165144) | (165144) |
|  | 18090 | 03/19/45 | 4.160%(A) | 1 Day SOFR(1)(A)/ 3.870% | (35258) | 23256 | 58514 |
|  | 2105 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 3.870% | (14591) | (124948) | (110357) |
|  | 4764 | 03/15/53 | 2.970%(A) | 1 Day SOFR(1)(A)/ 3.870% | 2617 | 999586 | 996969 |
|  | 6785 | 09/20/53 | 3.590%(A) | 1 Day SOFR(1)(A)/ 3.870% | 26937 | 674069 | 647132 |
|  | 1920 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 876417 | 945978 | 69561 |
|  | 8815 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 128917 | 351022 | 222105 |
|  | 1865 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 3.870% | 14471 | 143634 | 129163 |
|  | 5865 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 346292 | 346292 |
|  |  |  |  |  | $1031692 | $3111166 | $2079474 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | Financing<br>Rate | Counterparty | Termination<br> Date | Long (Short)<br>Notional<br>Amount<br>(000)#(1) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation)(2) |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day SOFR<br>-54bps(T)/<br>3.330% | JPM | 03/17/26 | 6450 | $218269 | $— | $218269 |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS<br>-30bps(T)/<br>3.340% | GSI | 04/20/26 | 5430 | 163338 |  | 163338 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br>+25bps(T)/<br>3.890% | JPM | 02/13/26 | 27880 | (186523) |  | (186523) |
|  |  |  |  |  | $195084 | $— | $195084 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Premiums Paid | Premiums Received | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  OTC Swap Agreements | $655 | $(14849) | $406102 | $(187122) |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  BOS | $— | $921759 |
|  GS | &nbsp;&nbsp;&nbsp;&nbsp;1748000 | &nbsp;&nbsp;&nbsp;&nbsp;2821447 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A110

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Broker** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  JP | $— | $3027030 |
|  MLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6575126 |
|  **Total** | $1748000 | $13345362 |

---

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

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

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

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

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $228993281 | $— | $— |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 94690868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 213844779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 49954058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 14373236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 10927843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 17249860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Manufactured Housing |  | 2734308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 82859217 | 3435700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 15925023 | 3489871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 4818586 |  |
|  Commercial Mortgage-Backed Securities |  | 210033099 |  |
|  Corporate Bonds |  | 1077376386 | 1157132 |
|  Floating Rate and Other Loans |  | 478997 | 1460105 |
|  Municipal Bonds |  | 12003667 |  |
|  Residential Mortgage-Backed Securities |  | 255961086 |  |
|  Sovereign Bonds |  | 42741016 |  |
|  U.S. Government Agency Obligations |  | 948716127 |  |
|  U.S. Treasury Obligations |  | 741824783 |  |
|  Common Stocks |  | 6025200 | 1322745 |
|  Preferred Stocks |  |  | 225437 |
|  Unaffiliated Exchange-Traded Funds | 164967448 |  |  |
|  Warrants |  | 1 | —\*\* |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 117465727 |  |  |
|  Corporate Bond |  | 345186 |  |
|  Unaffiliated Fund | 21614201 |  |  |
|  Options Purchased |  | 86561 |  |
|  **Total** | $533040657 | $3802969887 | $11090990 |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(254909) | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $434154 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 229677 |  |
|  OTC Credit Default Swap Agreements |  | 1083 | 21489 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A111

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  Centrally Cleared Interest Rate Swap Agreements | $— | $2749479 | $— |
|  OTC Total Return Swap Agreements |  | 381607 |  |
|  **Total** | $**434154** | $**3361846** | $**21489** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $— | $(55523189) | $— |
|  Futures Contracts | (2570181) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts. |  | (1056185) |  |
|  Centrally Cleared Credit Default Swap Agreement |  | (20760) |  |
|  OTC Credit Default Swap Agreements |  | (12870) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (670005) |  |
|  OTC Total Return Swap Agreement |  | (186523) |  |
|  **Total** | $**(2570181)** | $**(57469532)** | $**—** |

---

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

\*\* Includes Level 3 investments with an aggregate value of $0. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 22.8 |
|  U.S. Treasury Obligations | 17.8 |
|  Affiliated Mutual Funds (1.7% represents investments purchased with collateral from securities on loan) | 8.4 |
|  Banks | 7.7 |
|  Residential Mortgage-Backed Securities | 6.7 |
|  Collateralized Loan Obligations | 5.1 |
|  Commercial Mortgage-Backed Securities | 5.1 |
|  Unaffiliated Exchange-Traded Funds | 4 |
|  Electric | 3.6 |
|  Automobiles | 2.3 |
|  Other | 2.1 |
|  Pipelines | 1.4 |
|  Consumer Loans | 1.2 |
|  Diversified Financial Services | 1.1 |
|  Sovereign Bonds | 1 |
|  Oil & Gas | 0.9 |
|  Healthcare-Services | 0.9 |
|  Semiconductors | 0.7 |
|  Real Estate Investment Trusts (REITs) | 0.7 |
|  Media | 0.7 |
|  Insurance | 0.7 |
|  Telecommunications | 0.7 |
|  Aerospace & Defense | 0.6 |
|  Foods | 0.6 |
|  Unaffiliated Fund | 0.5 |
|  Pharmaceuticals | 0.5 |
|  Software | 0.5 |
|  Internet | 0.5 |
|  Home Equity Loans | 0.4 |
|  Credit Cards | 0.3 |
|  Agriculture | 0.3 |
|  Commercial Services | 0.3 |
|  Municipal Bonds | 0.3 |

---

---

| | |
|:---|:---|
|  Retail | 0.3% |
|  Gas | 0.3 |
|  Equipment | 0.3 |
|  Computers | 0.3 |
|  Chemicals | 0.2 |
|  Auto Manufacturers | 0.2 |
|  Mining | 0.2 |
|  Healthcare-Products | 0.2 |
|  Biotechnology | 0.2 |
|  Packaging & Containers | 0.2 |
|  Airlines | 0.2 |
|  Beverages | 0.2 |
|  Student Loans | 0.1 |
|  Engineering & Construction | 0.1 |
|  Auto Parts & Equipment | 0.1 |
|  Transportation | 0.1 |
|  Machinery-Diversified | 0.1 |
|  Investment Companies | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Home Builders | 0.1 |
|  Manufactured Housing | 0.1 |
|  Cosmetics/Personal Care | 0.1 |
|  Building Materials | 0.1 |
|  Holding Companies-Diversified | 0.1 |
|  Oil, Gas & Consumable Fuels | 0.1 |
|  Machinery-Construction & Mining | 0.0 \* |
|  Real Estate | 0.0 \* |
|  Leisure Time | 0.0 \* |
|  Electronics | 0.0 \* |
|  Environmental Control | 0.0 \* |
|  Entertainment | 0.0 \* |
|  Savings & Loans | 0.0 \* |
|  Iron/Steel | 0.0 \* |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A112

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Electric Utilities | 0.0 |
|  Lodging | 0.0 \* |
|  Apparel | 0.0 \* |
|  Gas Utilities | 0.0 \* |
|  Miscellaneous Manufacturing | 0.0 \* |
|  Coal | 0.0 \* |
|  Housewares | 0.0 \* |
|  Distribution/Wholesale | 0.0 \* |
|  Options Purchased | 0.0 \* |
|  Electronic Equipment, Instruments & Components | 0.0 \* |
|  Metals & Mining | 0.0 \* |

---

---

| | |
|:---|:---|
|  Consumer Staples Distribution & Retail | 0.0 |
|  Building Products | 0.0 |
|  Textiles | 0.0 |
|  Interactive Media & Services | 0.0 |
|  | 104.6 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (4.6) |
|  | 100.0 |

---

\* Less than 0.05% 

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | Asset Derivatives | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | Statement of<br>Assets and<br> Liabilities Location | Fair<br>Value | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities Location**  | Fair<br>Value |
|  Credit contracts |  | $— | Due from/to broker-variation margin swaps | $20760 \* |
|  Credit contracts | Premiums paid for OTC swap<br>agreements | 655 | Premiums received for OTC swap agreements | 14849 |
|  Credit contracts | Unaffiliated investments | 7138 | Options written outstanding, at value | 45009 |
|  Credit contracts | Unrealized appreciation on<br>OTC swap agreements | 24495 | Unrealized depreciation on OTC swap agreements | 599 |
|  Foreign exchange contracts | Unaffiliated investments | 5826 | Options written outstanding, at value | 139172 |
|  Foreign exchange contracts | Unrealized appreciation on<br>OTC forward foreign<br>currency exchange contracts | 229677 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 1056185 |
|  Interest rate contracts | Due from/to broker-variation<br>margin futures | 434154 \* | Due from/to broker-variation margin futures | 2570181 \* |
|  Interest rate contracts | Due from/to broker-variation<br>margin swaps and swaptions | 2749479 \* | Due from/to broker-variation margin swaps and swaptions | 670005 \* |
|  Interest rate contracts | Unaffiliated investments | 73597 | Options written outstanding, at value | 70728 |
|  Interest rate contracts | Unrealized appreciation on<br>OTC swap agreements | 381607 | Unrealized depreciation on OTC swap agreements | 186523 |
|  |  | $3906628 |  | $4774011 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A113

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value**  | **Options<br>Purchased(1)** | Options<br>Written | Futures | Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Credit contracts | $(232406) | $332199 | $— | $— | $(109100) |
|  Foreign exchange contracts | (190383) | 982941 |  | (2592113) |  |
|  Interest rate contracts | (7293) | 29155 | 1275349 |  | (6260475) |
|  **Total** | $(430082) | $1344295 | $1275349 | $(2592113) | $(6369575) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value**  | **Options<br>Purchased(2)** | Options<br>Written | Futures | Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Credit contracts | $(48778) | $62749 | $— | $— | $(329516) |
|  Foreign exchange contracts | (41317) | (2601) |  | (2530365) |  |
|  Interest rate contracts | (31233) | 35953 | 864065 |  | 7099971 |
|  **Total** | $(121328) | $96101 | $864065 | $(2530365) | $6770455 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $123701 |
|  Options Written (2) | 151085436 |
|  Futures Contracts - Long Positions (2) | 468138855 |
|  Futures Contracts - Short Positions (2) | 103006748 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 41356733 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 87070914 |
|  Cross Currency Exchange Contracts (4) | 545388 |
|  Credit Default Swap Agreements - Buy Protection (2) | 41199862 |
|  Credit Default Swap Agreements - Sell Protection (2) | 10081176 |
|  Interest Rate Swap Agreements (2) | 153127910 |
|  Total Return Swap Agreements (2) | 46656315 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A114

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

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

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Description | Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities) | **Collateral**<br> **Pledged/(Received)(2)** | Net<br>Amount |
|  Securities on Loan | $69454288 | $(69454288) | $— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | Collateral<br>Pledged/(Received)(2) | Net Amount |
|  BARC | $28252 | $(111367) | $(83115) | $– | $(83115) |
|  BNP | 73587 | (150708) | (77121) | – | (77121) |
|  BNY |  | (64417) | (64417) | – | (64417) |
|  BOA | 17584 | (32166) | (14582) | – | (14582) |
|  CITI | 43494 | (230723) | (187229) | – | (187229) |
|  DB | 20578 | (250138) | (229560) | – | (229560) |
|  GSI | 200726 | (64263) | 136463 | – | 136463 |
|  HSBC | 4861 | (9725) | (4864) | – | (4864) |
|  JPM | 279689 | (380929) | (101240) | – | (101240) |
|  MSI | 45130 | (153388) | (108258) | – | (108258) |
|  RBC | 315 | (6904) | (6589) | – | (6589) |
|  SSB | 8779 | (58337) | (49558) | – | (49558) |
|  | $722995 | $(1513065) | $(790070) | $– | $(790070) |

---

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A115

------

<br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $69,454,288: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,082,979,403) | $4000642526.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $335,987,129) | 346459008.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1238183.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $187,774) | 185898.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 68518615.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 30595208.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 3029328.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 1748000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 406102.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 229677.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 151543.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 77996.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 655.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 106649.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4453389388.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 164478309.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 70953987.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward commitment contracts, at value<br>(proceeds receivable $55,419,719) | 55523189.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable. | 1457210.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1195761.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 1056185.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 732016.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 641400.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $356,019) | 254909.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 187122.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 170966.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 14849.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 8899.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2950.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 296678230.0 |
|  **NET ASSETS** | $4156711158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $4156711158.0 |
|  Net asset value and redemption price per share, $4,156,711,158 / 288,956,300 outstanding shares of beneficial interest | $14.39 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of $5,044 foreign withholding tax) | $176444027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income<br>(net of $13 foreign withholding tax) | 6452890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 2636240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $126,157) | 127029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 185660186 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 16902682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 10244050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 446768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 133115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 92230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 79167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 19783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $6,378) | 10568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 128471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 28056834 |
| NET INVESTMENT INCOME (LOSS) | 157603352 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $2,345) | (25331693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1275349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (2592113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 1344295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (6369575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (418708) |
|  | (32092445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $10,471,879) | 153848337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 864065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (2530365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 96101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements. | 6770455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 281013 |
|  | 159329606 |
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 127237161 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $284840513 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $157603352 | $152863518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (32092445) | (52930361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 159329606 | (42337943) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 284840513 | 57595214 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [18,831,806 and 22,889,158 shares, respectively] | 261872689 | 304066765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in merger [37,993,531 and 0 shares, respectively] | 514812343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [50,855,333 and 40,855,617 shares, respectively] | (703091787) | (543694992) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | 73593245 | (239628227) |
|  **TOTAL INCREASE (DECREASE)** | 358433758 | (182033013) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3798277400 | 3980310413 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $4156711158 | $3798277400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A116

------

<br> **AST CORE FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a</sup><sup>)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $13.42 | $13.23 | $12.44 | $14.86 | $15.20 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.54 | 0.52 | 0.47 | 0.34 | 0.25 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.43 | (0.33) | 0.32 | (2.76) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.97 | 0.19 | 0.79 | (2.42) | (0.34) |
|  Net Asset Value, end of year | $14.39 | $13.42 | $13.23 | $12.44 | $14.86 |
|  **Total Return<sup>(b)</sup>** | 7.15% | 1.44% | 6.35% | (16.29)% | (2.24)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $4157 | $3798 | $3980 | $3882 | $2303 |
|  Average net assets (in millions) | $4098 | $3916 | $3860 | $4299 | $3366 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement. | 0.68% | 0.68% | 0.68% | 0.69% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.68% | 0.71% | 0.72% | 0.73% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.85% | 3.90% | 3.73% | 2.57% | 1.68% |
|  Portfolio turnover rate<sup>(d)(e)</sup> | 175% | 266% | 315% | 408% | 106% |

---

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

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

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

(d) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A117

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| | | |
|:---|:---|:---|
|  | <br> ***AST GOVERNMENT MONEY MARKET PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **REPURCHASE AGREEMENTS — 37.6%** | **REPURCHASE AGREEMENTS — 37.6%** | **REPURCHASE AGREEMENTS — 37.6%** | **REPURCHASE AGREEMENTS — 37.6%** | **REPURCHASE AGREEMENTS — 37.6%** |
|  Banco Bilbao Vizcaya Argentaria | Banco Bilbao Vizcaya Argentaria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $25,005,347 collateralized by U.S. Treasury Securities (coupon rates 0.625%-4.500%, maturity dates 02/28/27-02/15/47) with the aggregate value, including accrued interest, of $25,505,454 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $25,005,347 collateralized by U.S. Treasury Securities (coupon rates 0.625%-4.500%, maturity dates 02/28/27-02/15/47) with the aggregate value, including accrued interest, of $25,505,454 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $25,005,347 collateralized by U.S. Treasury Securities (coupon rates 0.625%-4.500%, maturity dates 02/28/27-02/15/47) with the aggregate value, including accrued interest, of $25,505,454 | 25000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
|  Clear Street LLC | Clear Street LLC | Clear Street LLC | Clear Street LLC | Clear Street LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.9%, dated 12/31/25, due 01/02/26 in the amount of $45,009,750 collateralized by FFCSB (coupon rate 5.600%, maturity date 09/04/40), FHLMC (coupon rates 6.000%-6.500%, maturity dates 10/01/53-11/01/55), FNMA (coupon rates 5.500%-6.500%, maturity dates 06/01/54-04/01/55) and U.S. Treasury Securities (coupon rate 3.875%, maturity date 05/15/43) with the aggregate value, including accrued interest, of $45,910,008 | &nbsp;&nbsp;&nbsp;&nbsp; 3.9%, dated 12/31/25, due 01/02/26 in the amount of $45,009,750 collateralized by FFCSB (coupon rate 5.600%, maturity date 09/04/40), FHLMC (coupon rates 6.000%-6.500%, maturity dates 10/01/53-11/01/55), FNMA (coupon rates 5.500%-6.500%, maturity dates 06/01/54-04/01/55) and U.S. Treasury Securities (coupon rate 3.875%, maturity date 05/15/43) with the aggregate value, including accrued interest, of $45,910,008 | &nbsp;&nbsp;&nbsp;&nbsp; 3.9%, dated 12/31/25, due 01/02/26 in the amount of $45,009,750 collateralized by FFCSB (coupon rate 5.600%, maturity date 09/04/40), FHLMC (coupon rates 6.000%-6.500%, maturity dates 10/01/53-11/01/55), FNMA (coupon rates 5.500%-6.500%, maturity dates 06/01/54-04/01/55) and U.S. Treasury Securities (coupon rate 3.875%, maturity date 05/15/43) with the aggregate value, including accrued interest, of $45,910,008 | 45000 | 45000000 |
|  Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank | Credit Agricole Corporate & Investment Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.9%, dated 11/25/25, due 01/22/26 in the amount of $23,144,517 collateralized by U.S. Treasury Securities (coupon rate 3.875%, maturity date 06/30/30) with the aggregate value, including accrued interest, of $23,460,030 | &nbsp;&nbsp;&nbsp;&nbsp; 3.9%, dated 11/25/25, due 01/22/26 in the amount of $23,144,517 collateralized by U.S. Treasury Securities (coupon rate 3.875%, maturity date 06/30/30) with the aggregate value, including accrued interest, of $23,460,030 | &nbsp;&nbsp;&nbsp;&nbsp; 3.9%, dated 11/25/25, due 01/22/26 in the amount of $23,144,517 collateralized by U.S. Treasury Securities (coupon rate 3.875%, maturity date 06/30/30) with the aggregate value, including accrued interest, of $23,460,030 | 23000 | 23000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/03/25, due 01/07/26 in the amount of $10,037,431 collateralized by U.S. Treasury Securities (coupon rate 4.250%, maturity date 01/15/28) with the aggregate value, including accrued interest, of $10,200,064 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/03/25, due 01/07/26 in the amount of $10,037,431 collateralized by U.S. Treasury Securities (coupon rate 4.250%, maturity date 01/15/28) with the aggregate value, including accrued interest, of $10,200,064 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/03/25, due 01/07/26 in the amount of $10,037,431 collateralized by U.S. Treasury Securities (coupon rate 4.250%, maturity date 01/15/28) with the aggregate value, including accrued interest, of $10,200,064 | 10000 | 10000000 |
|  Natixis |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, dated 12/11/25, due 01/02/26 in the amount of $42,096,250 collateralized by FHLMC (coupon rates 3.000%-6.500%, maturity dates 04/01/47-09/01/55), FNMA (coupon rates 3.500%-6.500%, maturity dates 07/01/29-10/01/55) and U.S. Treasury Securities (coupon rates 1.375%-4.875%, maturity dates 06/30/26-02/15/52) with the aggregate value, including accrued interest, of $42,840,010 | &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, dated 12/11/25, due 01/02/26 in the amount of $42,096,250 collateralized by FHLMC (coupon rates 3.000%-6.500%, maturity dates 04/01/47-09/01/55), FNMA (coupon rates 3.500%-6.500%, maturity dates 07/01/29-10/01/55) and U.S. Treasury Securities (coupon rates 1.375%-4.875%, maturity dates 06/30/26-02/15/52) with the aggregate value, including accrued interest, of $42,840,010 | &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, dated 12/11/25, due 01/02/26 in the amount of $42,096,250 collateralized by FHLMC (coupon rates 3.000%-6.500%, maturity dates 04/01/47-09/01/55), FNMA (coupon rates 3.500%-6.500%, maturity dates 07/01/29-10/01/55) and U.S. Treasury Securities (coupon rates 1.375%-4.875%, maturity dates 06/30/26-02/15/52) with the aggregate value, including accrued interest, of $42,840,010 | 42000 | 42000000 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Principal** <br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
|  NatWest Markets Securities, Inc. | NatWest Markets Securities, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $25,005,347 collateralized by U.S. Treasury Securities (coupon rate 2.375%, maturity date 03/31/29) with the aggregate value, including accrued interest, of $25,505,519 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $25,005,347 collateralized by U.S. Treasury Securities (coupon rate 2.375%, maturity date 03/31/29) with the aggregate value, including accrued interest, of $25,505,519 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $25,005,347 collateralized by U.S. Treasury Securities (coupon rate 2.375%, maturity date 03/31/29) with the aggregate value, including accrued interest, of $25,505,519 | 25000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.8%, dated 12/31/25, due 01/07/26 in the amount of $20,014,778 collateralized by U.S. Treasury Securities (coupon rate 2.375%, maturity date 03/31/29) with the aggregate value, including accrued interest, of $20,415,088 | &nbsp;&nbsp;&nbsp;&nbsp; 3.8%, dated 12/31/25, due 01/07/26 in the amount of $20,014,778 collateralized by U.S. Treasury Securities (coupon rate 2.375%, maturity date 03/31/29) with the aggregate value, including accrued interest, of $20,415,088 | &nbsp;&nbsp;&nbsp;&nbsp; 3.8%, dated 12/31/25, due 01/07/26 in the amount of $20,014,778 collateralized by U.S. Treasury Securities (coupon rate 2.375%, maturity date 03/31/29) with the aggregate value, including accrued interest, of $20,415,088 | 20000 |  | 20000000 |
|  RBC Dominion Securities, Inc. | RBC Dominion Securities, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, dated 12/31/25, due 01/02/26 in the amount of $10,002,128 collateralized by FHLMC (coupon rates 3.000%-5.000%, maturity dates 02/01/50-12/01/55), FNMA (coupon rates 1.500%-5.000%, maturity dates 04/01/36-11/01/53), GNMA (coupon rate 2.500%, maturity date 05/20/51) and U.S. Treasury Securities (coupon rate 1.375%, maturity date 02/15/44) with the aggregate value, including accrued interest, of $10,200,106 | &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, dated 12/31/25, due 01/02/26 in the amount of $10,002,128 collateralized by FHLMC (coupon rates 3.000%-5.000%, maturity dates 02/01/50-12/01/55), FNMA (coupon rates 1.500%-5.000%, maturity dates 04/01/36-11/01/53), GNMA (coupon rate 2.500%, maturity date 05/20/51) and U.S. Treasury Securities (coupon rate 1.375%, maturity date 02/15/44) with the aggregate value, including accrued interest, of $10,200,106 | &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, dated 12/31/25, due 01/02/26 in the amount of $10,002,128 collateralized by FHLMC (coupon rates 3.000%-5.000%, maturity dates 02/01/50-12/01/55), FNMA (coupon rates 1.500%-5.000%, maturity dates 04/01/36-11/01/53), GNMA (coupon rate 2.500%, maturity date 05/20/51) and U.S. Treasury Securities (coupon rate 1.375%, maturity date 02/15/44) with the aggregate value, including accrued interest, of $10,200,106 | 10000 |  | 10000000 |
|  TD Securities (USA) LLC | TD Securities (USA) LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $47,829,228 collateralized by U.S. Treasury Securities (coupon rates 3.000%-4.250%, maturity dates 11/15/40-05/15/53) with the aggregate value, including accrued interest, of $48,775,475 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $47,829,228 collateralized by U.S. Treasury Securities (coupon rates 3.000%-4.250%, maturity dates 11/15/40-05/15/53) with the aggregate value, including accrued interest, of $48,775,475 | &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, dated 12/31/25, due 01/02/26 in the amount of $47,829,228 collateralized by U.S. Treasury Securities (coupon rates 3.000%-4.250%, maturity dates 11/15/40-05/15/53) with the aggregate value, including accrued interest, of $48,775,475 | 47819 |  | 47819000 |
|  Wells Fargo Securities LLC | Wells Fargo Securities LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.8%, dated 12/29/25, due 01/05/26 in the amount of $20,014,778 collateralized by FNMA (coupon rate 4.500%, maturity date 12/01/53) with the aggregate value, including accrued interest, of $20,415,073 | &nbsp;&nbsp;&nbsp;&nbsp; 3.8%, dated 12/29/25, due 01/05/26 in the amount of $20,014,778 collateralized by FNMA (coupon rate 4.500%, maturity date 12/01/53) with the aggregate value, including accrued interest, of $20,415,073 | &nbsp;&nbsp;&nbsp;&nbsp; 3.8%, dated 12/29/25, due 01/05/26 in the amount of $20,014,778 collateralized by FNMA (coupon rate 4.500%, maturity date 12/01/53) with the aggregate value, including accrued interest, of $20,415,073 | 20000 |  | 20000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, dated 12/31/25, due 01/02/26 in the amount of $20,004,256 collateralized by FNMA (coupon rate 5.500%, maturity date 02/01/40) with the aggregate value, including accrued interest, of $20,404,341 | &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, dated 12/31/25, due 01/02/26 in the amount of $20,004,256 collateralized by FNMA (coupon rate 5.500%, maturity date 02/01/40) with the aggregate value, including accrued interest, of $20,404,341 | &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, dated 12/31/25, due 01/02/26 in the amount of $20,004,256 collateralized by FNMA (coupon rate 5.500%, maturity date 02/01/40) with the aggregate value, including accrued interest, of $20,404,341 | 20000 |  | 20000000 |
|  **TOTAL REPURCHASE AGREEMENTS**<br> (cost $287,819,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (cost $287,819,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (cost $287,819,000) | **TOTAL REPURCHASE AGREEMENTS**<br> (cost $287,819,000) |  | 287819000 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 35.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 35.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 35.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 35.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 35.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 35.9%** |
|  Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.025% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.735%(c) | 02/05/26 |  | 4000 |  | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.735%(c) | 02/06/26 |  | 6000 |  | 6000000 |
|  Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.745%(c) | 01/06/27 |  | 6500 |  | 6500000 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

A118

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| | | |
|:---|:---|:---|
|  | <br> **AST GOVERNMENT MONEY MARKET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

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| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(c) | 07/14/26 | 2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
|  Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760%(c) | 07/02/26 | 4000 | 4000000 |
|  Federal Farm Credit Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.055% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.765%(c) | 07/30/26 | 3000 | 3000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.765%(c) | 08/25/26 | 2400 | 2400000 |
|  Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.060% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.770%(c) | 08/13/26 | 4000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.770%(c) | 09/04/26 | 2000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.770%(c) | 10/05/26 | 3000 | 3000000 |
|  Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.775%(c) | 09/10/26 | 3500 | 3500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.775%(c) | 09/18/26 | 2000 | 2000000 |
|  Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.070% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.780%(c) | 08/04/26 | 6000 | 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.780%(c) | 08/12/26 | 2000 | 2000000 |
|  Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790%(c) | 01/08/26 | 5000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790%(c) | 12/22/26 | 4500 | 4500000 |
|  Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.085% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(c) | 03/20/26 | 2000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(c) | 05/15/26 | 4000 | 4000000 |
|  Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%(c) | 01/12/27 | 5000 | 5000000 |
|  Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810%(c) | 02/25/26 | 6000 | 5999996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810%(c) | 01/12/27 | 9600 | 9600210 |
|  Federal Farm Credit Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.815%(c) | 01/08/26 | 5000 | 5000022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.815%(c) | 02/23/26 | 2000 | 2000000 |
|  Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.120% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.830%(c) | 05/08/26 | 3000 | 3000000 |
|  Federal Farm Credit Bank, SOFR + 0.135% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.135% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.135% (Cap N/A, Floor 0.000%) | Federal Farm Credit Bank, SOFR + 0.135% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.845%(c) | 10/15/26 | 5500 | 5502650 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.805%(n) | 01/28/26 | 9750 | 9722432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.851%(n) | 01/21/26 | 5000 | 4989361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.858%(n) | 02/04/26 | 3000 | 2989205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.863%(n) | 01/23/26 | 4000 | 3990613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.876%(n) | 01/06/26 | 8000 | 7995722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.892%(n) | 01/07/26 | 4000 | 3997430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.901%(n) | 01/16/26 | 12250 | 12230276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.949%(n) | 01/02/26 | 3000 | 2999675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.002%(n) | 01/09/26 | 12000 | 11989470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.065%(n) | 01/20/26 | 7000 | 6985241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.067%(n) | 02/20/26 | 7000 | 6961257 |
|  Federal Home Loan Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.030% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%(c) | 12/30/26 | 2000 | 2000000 |
|  Federal Home Loan Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.035% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.745%(c) | 05/15/26 | 7000 | 7000000 |
|  Federal Home Loan Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.040% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(c) | 04/29/26 | 7000 | 7000000 |
|  Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.050% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760%(c) | 07/20/26 | 7800 | 7800000 |
|  Federal Home Loan Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.065% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.775%(c) | 08/12/26 | 7000 | 7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.775%(c) | 09/11/26 | 7000 | 7000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Federal Home Loan Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.080% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790%(c) | 11/27/26 | 7000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790%(c) | 12/04/26 | 3750 | 3750000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.790%(c) | 12/08/26 | 5500 | 5500000 |
|  Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.090% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%(c) | 07/24/26 | 5500 | 5500635 |
|  Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810%(c) | 02/13/26 | 5000 | 5000000 |
|  Federal Home Loan Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) | Federal Home Loan Bank, SOFR + 0.105% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.815%(c) | 02/18/27 | 10000 | 10000883 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.856%(n) | 02/02/26 | 4800 | 4783701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.858%(n) | 02/06/26 | 750 | 747135 |
|  Federal Home Loan Mortgage Corp., SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.090% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.090% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800%(c) | 01/26/26 | 9250 | 9250076 |
|  Federal Home Loan Mortgage Corp., SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.100% (Cap N/A, Floor 0.000%) | Federal Home Loan Mortgage Corp., SOFR + 0.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.810%(c) | 02/09/26 | 5000 | 5000000 |
|  Federal National Mortgage Assoc., SOFR + 0.140% (Cap N/A, Floor 0.000%) | Federal National Mortgage Assoc., SOFR + 0.140% (Cap N/A, Floor 0.000%) | Federal National Mortgage Assoc., SOFR + 0.140% (Cap N/A, Floor 0.000%) | Federal National Mortgage Assoc., SOFR + 0.140% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(c) | 11/20/26 | 3850 | 3852949 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $275,038,939) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $275,038,939) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $275,038,939) | 275038939 |
|  **U.S. TREASURY OBLIGATIONS — 29.1%** | **U.S. TREASURY OBLIGATIONS — 29.1%** | **U.S. TREASURY OBLIGATIONS — 29.1%** | **U.S. TREASURY OBLIGATIONS — 29.1%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.708%(n) | 02/12/26 | 16500 | 16429150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.681%(n) | 10/29/26 | 4750 | 4609031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.710%(n) | 10/01/26 | 4750 | 4620829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.728%(n) | 02/10/26 | 14000 | 13942542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.731%(n) | 04/23/26 | 7000 | 6920239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.762%(n) | 04/30/26 | 8000 | 7902354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.767%(n) | 03/31/26 | 5500 | 5449411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%(n) | 05/07/26 | 8000 | 7896372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.776%(n) | 02/26/26 | 8000 | 7953445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.783%(n) | 02/24/26 | 1500 | 1491593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.787%(n) | 03/24/26 | 16000 | 15863666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.819%(n) | 03/03/26 | 16000 | 15897744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828%(n) | 01/22/26 | 7000 | 6984518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.843%(n) | 02/03/26 | 7000 | 6975646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%(n) | 02/17/26 | 7000 | 6965295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.854%(n) | 01/20/26 | 5000 | 4989888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.856%(n) | 01/27/26 | 12500 | 12465396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.892%(n) | 01/15/26 | 14000 | 13979018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.932%(n) | 02/05/26 | 15250 | 15192509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.020%(n) | 02/19/26 | 11200 | 11139939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.221%(n) | 01/29/26 | 6000 | 5980715 |
|  U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.150% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.150% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.150% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.752%(c) | 04/30/26 | 6000 | 6001062 |
|  U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.182% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.182% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.182% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.182% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.784%(c) | 07/31/26 | 16750 | 16755728 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A119

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---

| | | |
|:---|:---|:---|
|  | <br> **AST GOVERNMENT MONEY MARKET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
|  U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.245% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.245% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.245% (Cap N/A, Floor 0.000%) | U.S. Treasury Floating Rate Notes, US Treasury 3 Month Bill Money Market Yield + 0.245% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.847%(c) | 01/31/26 | 6500 | $6500956 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $222,907,046) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $222,907,046) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $222,907,046) | 222907046 |
|  **TOTAL INVESTMENTS—102.6%**<br> (cost $785,764,985) | **TOTAL INVESTMENTS—102.6%**<br> (cost $785,764,985) | **TOTAL INVESTMENTS—102.6%**<br> (cost $785,764,985) | 785764985 |
|  **Liabilities in excess of other assets — (2.6)%** | **Liabilities in excess of other assets — (2.6)%** | **Liabilities in excess of other assets — (2.6)%** | (19930682) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765834303 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

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

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

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

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

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

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Repurchase Agreements | $— | $287819000 | $— |
|  U.S. Government Agency Obligations |  | 275038939 |  |
|  U.S. Treasury Obligations |  | 222907046 |  |
|  **Total** | $— | $785764985 | $— |

---

#### Sector Classification:
The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Repurchase Agreements | 37.6% |
|  U.S. Government Agency Obligations | 35.9 |
|  U.S. Treasury Obligations | 29.1 |
|  | 102.6 |
|  Liabilities in excess of other assets | (2.6) |
|  | 100.0% |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A120

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| | | |
|:---|:---|:---|
|  | <br> **AST GOVERNMENT MONEY MARKET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Counterparty | **Gross Market Value of<br>Recognized**<br> **Assets/(Liabilities)** | Collateral<br>Pledged/(Received)(1) | **Net**<br> **Amount** |
|  Repurchase Agreement | Banco Bilbao Vizcaya Argentaria | $25000000 | $(25000000) | $— |
|  Repurchase Agreement | Clear Street LLC | 45000000 | (45000000) |  |
|  Repurchase Agreements | Credit Agricole Corporate & Investment Bank | 33000000 | (33000000) |  |
|  Repurchase Agreement | Natixis | 42000000 | (42000000) |  |
|  Repurchase Agreements | NatWest Markets Securities, Inc. | 45000000 | (45000000) |  |
|  Repurchase Agreement | RBC Dominion Securities, Inc. | 10000000 | (10000000) |  |
|  Repurchase Agreement | TD Securities (USA) LLC | 47819000 | (47819000) |  |
|  Repurchase Agreements | Wells Fargo Securities LLC | 40000000 | (40000000) |  |
|  |  | $287819000 |  |  |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A121

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<br> **AST GOVERNMENT MONEY MARKET PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $497,945,985) | $497945985.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (cost $287,819,000) | 287819000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 397.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1548843.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 323554.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7651.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 787645430.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 17961374.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 3551455.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 199584.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 65686.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 31750.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 800.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 21811127.0 |
|  **NET ASSETS** | $765834303.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $765834303.0 |
|  Net asset value and redemption price per share, $765,834,303 / 765,158,150 outstanding shares of beneficial interest | $1.0 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $34568464.0 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 2413154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 2010962.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 105331.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 44194.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 34726.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 21589.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10341.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8593.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 29312.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 4678202.0 |
|  **NET INVESTMENT INCOME (LOSS)** | 29890262.0 |
| REALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 28686.0 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $29918948.0 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $29890262 | $39302495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions. | 28686 | 29160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 29918948 | 39331655 |
|  **DISTRIBUTIONS** | (29918946) | (39331617) |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [381,605,483 and 378,669,307 shares, respectively] | 381605483 | 378669307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in reinvestment of distributions [29,919,158 and 39,331,617 shares, respectively] | 29918946 | 39331617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [470,688,510 and 465,287,308 shares, respectively] | (470688510) | (465287308) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (59164081) | (47286384) |
|  **TOTAL INCREASE (DECREASE)** | (59164079) | (47286346) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 824998382 | 872284728 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $765834303 | $824998382 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A122

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<br> **AST GOVERNMENT MONEY MARKET PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) and realized gains (losses) | 0.04 | 0.05 | 0.05 | 0.01 | — <sup>(b)</sup> |
|  **Less Dividends and Distributions** | (0.04) | (0.05) | (0.05) | (0.01) | — <sup>(b)</sup> |
|  Net Asset Value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>(c)</sup>** | 3.78% | 4.76% | 4.62% | 1.22% | — %<sup>(b)</sup> |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $766 | $825 | $872 | $969 | $844 |
|  Average net assets (in millions) | $804 | $844 | $914 | $941 | $893 |
|  Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.58% | 0.58% | 0.57% | 0.44% | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.58% | 0.58% | 0.57% | 0.57% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.72% | 4.66% | 4.51% | 1.26% | — %<sup>(b)</sup> |

---

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

(b) Amount rounds to zero.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A123

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---

| | | |
|:---|:---|:---|
|  | <br> ***AST INVESTMENT GRADE BOND PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | <br> **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 98.6%** | **LONG-TERM INVESTMENTS — 98.6%** | **LONG-TERM INVESTMENTS — 98.6%** | **LONG-TERM INVESTMENTS — 98.6%** |
|  **AFFILIATED MUTUAL FUNDS — 25.3%** | **AFFILIATED MUTUAL FUNDS — 25.3%** | **AFFILIATED MUTUAL FUNDS — 25.3%** | **AFFILIATED MUTUAL FUNDS — 25.3%** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST J.P. Morgan Fixed Income Central Portfolio\* | &nbsp;&nbsp;&nbsp;&nbsp; AST J.P. Morgan Fixed Income Central Portfolio\* | 19432999 | $226394444 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 120338012 | 1438039247 |
|  **TOTAL FIXED INCOME**<br>(cost $1,350,858,742)(wa) | **TOTAL FIXED INCOME**<br>(cost $1,350,858,742)(wa) | **TOTAL FIXED INCOME**<br>(cost $1,350,858,742)(wa) | 1664433691 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** |  |
|  **ASSET-BACKED SECURITIES — 19.0%** | **ASSET-BACKED SECURITIES — 19.0%** | **ASSET-BACKED SECURITIES — 19.0%** | **ASSET-BACKED SECURITIES — 19.0%** |
|  **Automobiles — 7.5%** | **Automobiles — 7.5%** | **Automobiles — 7.5%** | **Automobiles — 7.5%** |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/18/29 | 16500 | 16926718 |
|  ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 11/15/32 | 3594 | 3615380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.590% | 03/15/34 | 700 | 704999 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.620% | 02/20/27 | 833 | 833654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440% | 02/22/28 | 21545 | 21802993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.810% | 12/20/29 | 5000 | 5198987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020% | 02/20/30 | 8800 | 9221817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | 06/20/30 | 5600 | 5774040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 7300 | 7526329 |
|  Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670% | 08/15/28 | 4500 | 4534298 |
|  Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, | Chesapeake Funding II LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.520% | 05/15/36 | 1645 | 1664316 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 03/20/30 | 6631 | 6712142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 03/20/30 | 9059 | 9127170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 10/20/27 | 5331 | 5353478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/20/28 | 7600 | 7638491 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870%(cc) | 08/15/36 | 10060 | 10316491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.860%(cc) | 08/15/37 | 40300 | 41414198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.370%(cc) | 02/15/38 | 36669 | 36971174 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.630% | 04/15/30 | 22600 | 22975255 |
|  GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% | 08/11/36 | 20000 | 20990030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980% | 12/11/36 | 13600 | 13985859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.640% | 12/11/37 | 35000 | 35688747 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | 04/16/35 | 18900 | 19574465 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | 12/15/31 | 9300 | 9534310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.430% | 02/18/31 | 20100 | 20838430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% | 04/16/29 | 11100 | 11252943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 03/17/31 | 2900 | 2997397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/15/30 | 3500 | 3541797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 06/17/30 | 5700 | 5823786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640% | 08/15/30 | 25700 | 26195365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040% | 03/17/31 | 21100 | 21353160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.060% | 05/15/31 | 27400 | 27730080 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380% | 01/21/31 | 2700 | 2757168 |
|  Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 05/25/38 | 21400 | 21828927 |
|  Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, | Westlake Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.630% | 01/15/31 | 2300 | 2312936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 02/15/28 | 4250 | 4263073 |
|  Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 02/18/39 | 6564 | 6644788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.410% | 05/18/40 | 16800 | 16933343 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;492558534 |
|  **Collateralized Loan Obligations — 10.1%** | **Collateralized Loan Obligations — 10.1%** | **Collateralized Loan Obligations — 10.1%** | **Collateralized Loan Obligations — 10.1%** |
|  AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%(c) | 07/21/38 | 35000 | 35112290 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A124

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-07A, Class AR3, 144A, 3 Month SOFR + 1.560% (Cap N/A, Floor 1.560%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419%(c) | 04/28/37 | 56680 | $&nbsp;&nbsp;&nbsp;&nbsp;56888129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.274%(c) | 04/20/35 | 3000 | 3000318 |
|  Barings CLO Ltd., | Barings CLO Ltd., | Barings CLO Ltd., | Barings CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.382%(c) | 03/31/38 | 50000 | 50176295 |
|  CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), | CBAM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.455%(c) | 07/15/37 | 47750 | 47911276 |
|  Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.754%(c) | 10/20/36 | 50000 | 50133580 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.234%(c) | 10/20/37 | 18500 | 18564115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.412%(c) | 04/17/37 | 15250 | 15303871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.404%(c) | 04/20/37 | 45000 | 45155002 |
|  Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.965%(c) | 10/15/30 | 1476 | 1475192 |
|  KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-47A, Class A, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-47A, Class A, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-47A, Class A, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-47A, Class A, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275%(c) | 01/15/38 | 31000 | 31108531 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class A1R2, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class A1R2, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class A1R2, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class A1R2, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.064%(c) | 03/25/38 | 6640 | 6637239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.195%(c) | 10/15/32 | 4913 | 4917718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.384%(c) | 04/18/37 | 57000 | 57174779 |
|  Madison Park Funding Ltd., | Madison Park Funding Ltd., | Madison Park Funding Ltd., | Madison Park Funding Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-47A, Class A1R, 144A, 3 Month SOFR + 1.540% (Cap N/A, Floor 1.540%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-47A, Class A1R, 144A, 3 Month SOFR + 1.540% (Cap N/A, Floor 1.540%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-47A, Class A1R, 144A, 3 Month SOFR + 1.540% (Cap N/A, Floor 1.540%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-47A, Class A1R, 144A, 3 Month SOFR + 1.540% (Cap N/A, Floor 1.540%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(c) | 04/19/37 | 29000 | 29105415 |
|  Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.168%(c) | 01/25/38 | 45000 | 45168525 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.285%(c) | 10/15/37 | 27000 | $27100575 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.432%(c) | 04/17/37 | 46680 | 46796747 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.191%(c) | 10/23/31 | 1972 | 1973075 |
|  Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.855%(c) | 01/15/36 | 27250 | 27308958 |
|  Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.458%(c) | 04/25/37 | 17500 | 17561373 |
|  Warwick Capital CLO Ltd. (United Kingdom), | Warwick Capital CLO Ltd. (United Kingdom), | Warwick Capital CLO Ltd. (United Kingdom), | Warwick Capital CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.855%(c) | 01/15/37 | 48000 | 48105269 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;666678272 |
|  **Consumer Loans — 1.2%** | **Consumer Loans — 1.2%** | **Consumer Loans — 1.2%** | **Consumer Loans — 1.2%** |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | 02/15/29 | 31200 | 31248669 |
|  Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.990% | 02/15/33 | 19404 | 19597064 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.120% | 03/25/60 | 12263 | 12318090 |
|  GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.880% | 06/25/59 | 595 | 597966 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 09/15/36 | 15300 | 15605971 |
|  |  |  | 79367760 |
|  **Credit Cards — 0.1%** | **Credit Cards — 0.1%** | **Credit Cards — 0.1%** | **Credit Cards — 0.1%** |
|  Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, | Citibank Credit Card Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.960% | 10/13/30 | 2700 | 2710518 |
|  **Equipment — 0.1%** | **Equipment — 0.1%** | **Equipment — 0.1%** | **Equipment — 0.1%** |
|  CCG Receivables Trust, | CCG Receivables Trust, | CCG Receivables Trust, | CCG Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.480% | 10/14/32 | 7416 | 7457229 |
|  **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%(c) | 05/25/34 | 671 | 636609 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A125

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** |
|  Morgan Stanley ABS Capital I, Inc., | Morgan Stanley ABS Capital I, Inc., | Morgan Stanley ABS Capital I, Inc., | Morgan Stanley ABS Capital I, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-HE03, Class A2, 1 Month SOFR + 1.194% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-HE03, Class A2, 1 Month SOFR + 1.194% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-HE03, Class A2, 1 Month SOFR + 1.194% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-HE03, Class A2, 1 Month SOFR + 1.194% (Cap N/A, Floor 1.080%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%(c) | 03/25/33 | 7 | $7342 |
|  |  |  | 643951 |
|  **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-06, Class 2A5, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-06, Class 2A5, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-06, Class 2A5, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-06, Class 2A5, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.626%(c) | 11/25/34 | 449 | 438985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-ECC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-ECC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-ECC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-ECC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.746%(c) | 12/25/34 | 1262 | 1268365 |
|  |  |  | 1707350 |
|  **TOTAL ASSET-BACKED SECURITIES**<br>(cost $1,238,357,161) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $1,238,357,161) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $1,238,357,161) | 1251123614 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.9%** |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | 08/15/61 | 14187 | 14136904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | 09/15/62 | 6476 | 6135691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.985% | 04/15/54 | 10000 | 9419496 |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | 10/15/57 | 7535 | 7764762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646% | 04/15/58 | 17000 | 17778238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR17, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR17, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR17, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR17, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.225% | 11/15/58 | 16930 | 17454906 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | 08/15/52 | 9585 | 9171103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C14, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.692% | 02/15/55 | 10800 | 9732087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.174% | 09/15/55 | 9358 | 9104325 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.858% | 07/15/51 | 17350 | 17175272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.944% | 07/15/51 | 8248 | 8200259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687% | 09/15/43 | 10120 | 8854923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.977% | 04/15/54 | 7000 | 6509901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.793% | 04/15/56 | 10000 | 10488735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.660% | 04/15/57 | 15000 | 15689672 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.770% | 12/15/56 | 29991 | 31409448 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.779%(cc) | 04/15/58 | 24455 | $&nbsp;&nbsp;&nbsp;&nbsp;25598907 |
|  Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.624% | 11/15/52 | 12239 | 11614213 |
|  CCUBS Commercial Mortgage Trust, | CCUBS Commercial Mortgage Trust, | CCUBS Commercial Mortgage Trust, | CCUBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.283%(cc) | 11/15/50 | 1606 | 1578488 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.526%(cc) | 11/10/49 | 10170 | 9940118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248% | 05/10/50 | 8127 | 8050022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 11/13/50 | 14520 | 14326425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.657% | 08/15/57 | 18133 | 17235175 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | 12/10/54 | 14516 | 14406820 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.575% | 08/10/49 | 2221 | 2210365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.896% | 11/15/49 | 989 | 978504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.616% | 02/10/49 | 4037 | 4017617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.646% | 07/10/49 | 2536 | 2520735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.684% | 10/10/49 | 1367 | 1357875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.442% | 04/14/50 | 8932 | 8871362 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.853% | 10/15/45 | 710 | 695199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | 10/10/49 | 5988 | 5944277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.961% | 05/10/51 | 4105 | 4068517 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.304% | 09/15/37 | 7917 | 7273045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.501% | 12/15/49 | 2416 | 2411777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(cc) | 12/15/49 | 7000 | 6961287 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.458%(cc) | 11/15/50 | 10080 | 9825372 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K056, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K056, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K056, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K056, Class XAM, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.145%(cc) | 05/25/26 | 38290 | 147466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K093, Class XAM, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.193%(cc) | 05/25/29 | 51135 | 1819041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K106, Class XAM, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.584%(cc) | 02/25/30 | 54548 | 3093755 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A126

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.762%(cc) | 02/25/26 | 18067 | $3113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class XAM, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.692%(cc) | 07/25/26 | 63677 | 444682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class XAM, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class XAM, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.031%(cc) | 10/25/26 | 46658 | 352828 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.178% | 11/10/49 | 3836 | 3812230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.727% | 03/10/51 | 7043 | 6977327 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP05, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.723% | 03/15/50 | 6750 | 6710553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.490% | 07/15/50 | 5010 | 4913726 |
|  JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.414% | 03/15/50 | 6873 | 6801927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.694% | 03/15/50 | 7669 | 7584547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.180% | 05/13/53 | 12000 | &nbsp;&nbsp;&nbsp;&nbsp;10265670 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.559% | 08/15/49 | 2411 | 2404142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.822% | 08/15/49 | 11300 | 11220905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.627% | 08/15/49 | 3291 | 3261208 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 09/15/49 | 4360 | 4348525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.840% | 11/15/49 | 12616 | 12524102 |
|  MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.451% | 05/15/56 | 10000 | 10423585 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.563% | 10/15/50 | 8100 | 7985525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.720% | 02/15/51 | 5281 | 5231210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.048% | 05/15/51 | 1709 | 1703048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.152% | 08/15/51 | 30 | 29470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.180% | 12/15/51 | 10859 | 10891557 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.399% | 08/15/49 | 14039 | 13963611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210% | 11/15/50 | 15610 | 15354719 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.096% | 01/15/58 | 11250 | &nbsp;&nbsp;&nbsp;&nbsp;11912230 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $513,332,617) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $513,332,617) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $513,332,617) | 523092524 |
|  **CORPORATE BONDS — 33.0%** | **CORPORATE BONDS — 33.0%** | **CORPORATE BONDS — 33.0%** | **CORPORATE BONDS — 33.0%** |
|  **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
|  BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/26/29 | 2330 | 2394628 |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 02/01/30 | 2650 | 2511291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/01/35 | 7840 | 6864317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/01/31 | 2610 | 2508029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 05/01/30 | 9805 | 10075066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.528% | 05/01/34 | 17421 | 19272239 |
|  |  |  | 43625570 |
|  **Agriculture — 1.2%** | **Agriculture — 1.2%** | **Agriculture — 1.2%** | **Agriculture — 1.2%** |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259% | 03/25/28 | 6500 | 6253667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557% | 08/15/27 | 1509 | 1497099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 08/15/35 (a) | 29260 | 30465708 |
|  BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448% | 03/16/28 | 1628 | 1639723 |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/20/35 | 4760 | 5002706 |
|  Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/30/30 | 20335 | 20463072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/01/31 | 5470 | 5583839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/07/30 | 9005 | 9464460 |
|  |  |  | 80370274 |
|  **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/20/28 | 3000 | 3012383 |
|  Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/15/27 | 2815 | 2850074 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 1215 | 1214311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 240 | 238676 |
|  |  |  | 7315444 |
|  **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/13/30 | 18920 | 17842894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/28/27 | 8875 | 8904696 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A127

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 05/17/27 | 4000 | 4060510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/06/26 | 15825 | &nbsp;&nbsp;&nbsp;&nbsp;15853630 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 01/12/32 | 8810 | 8031812 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 01/08/30 | 4756 | 4899342 |
|  Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 03/25/32 | 11575 | 12002643 |
|  |  |  | 71595527 |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 650 | 678509 |
|  **Banks — 11.8%** | **Banks — 11.8%** | **Banks — 11.8%** | **Banks — 11.8%** |
|  Banco de Credito del Peru S.A. (Peru), | Banco de Credito del Peru S.A. (Peru), | Banco de Credito del Peru S.A. (Peru), | Banco de Credito del Peru S.A. (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(ff) | 09/30/31 | 300 | 295968 |
|  Banco do Brasil SA (Brazil), | Banco do Brasil SA (Brazil), | Banco do Brasil SA (Brazil), | Banco do Brasil SA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/11/29 (a) | 1005 | 999663 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 07/26/30 (oo) | 14690 | 14888816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 | 19755 | 17809203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%(ff) | 04/22/32 | 13055 | 11973846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288%(ff) | 04/25/34 | 3345 | 3449459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.872%(ff) | 09/15/34 (a) | 17425 | 18595644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | 07/23/31 | 13140 | 11803199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087%(ff) | 06/14/29 | 8760 | 8352931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676%(ff) | 06/19/41 | 1550 | 1142419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%(ff) | 02/04/33 | 13337 | 12191380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%(ff) | 01/20/28 | 5000 | 4987582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.078%(ff) | 04/23/40 | 905 | 807780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%(ff) | 02/12/36 (a) | 12265 | 12789442 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.437%(ff) | 11/02/33 | 2715 | 3102732 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.323%(ff) | 01/13/27 | 320 | 319691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | 11/19/30 | 2350 | 2414305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.052%(ff) | 01/13/31 | 4585 | 4333797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.894%(ff) | 12/05/34 | 11265 | 11972087 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | 01/14/31 | 8870 | 9254115 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/30 | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 4490 | 4723143 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%(ff) | 01/25/33 | 14510 | 13286664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785%(ff) | 03/17/33 | 13099 | 12481707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/29/27 | 7330 | 7376878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%(ff) | 01/24/36 | 35390 | 37127938 |
|  Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982%(ff) | 01/30/30 | 4025 | 4199753 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.818%(ff) | 09/25/33 | 5645 | 5635292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.862%(ff) | 01/09/36 | 9790 | 10311376 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.311%(ff) | 11/16/27 | 425 | 417753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | 01/07/28 | 1250 | 1228248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | 01/10/29 | 11290 | 11520135 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%(ff) | 01/27/32 | 4085 | 3627606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%(ff) | 04/22/32 | 11000 | 10030948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%(ff) | 10/21/32 | 1975 | 1782260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814%(ff) | 04/23/29 | 16650 | 16550674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 01/26/27 | 240 | 239821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.153%(ff) | 10/21/29 | 10430 | 10426847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.727%(ff) | 04/25/30 | 6812 | 7116109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%(ff) | 10/24/29 | 27670 | 29358136 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.406%(c) | 04/01/26 (oo) | 6000 | 6009806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.040%(ff) | 02/04/27 | 760 | 757834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%(ff) | 02/04/32 | 19095 | 17027161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%(ff) | 10/15/30 | 32795 | 31111079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.565%(ff) | 06/14/30 | 11100 | 11228197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.995%(ff) | 07/22/30 | 5000 | 5132407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140%(ff) | 01/24/31 | 7930 | 8197019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%(ff) | 07/22/35 | 10470 | 10808411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%(ff) | 01/24/36 | 20100 | 21026453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.572%(ff) | 04/22/36 (a) | 10840 | 11381962 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.341%(ff) | 01/19/28 | 14500 | 14243266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.615%(ff) | 04/24/36 | 30000 | 31387056 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.210%(ff) | 04/20/28 | 31450 | 31513439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.587%(ff) | 01/18/36 (a) | 18045 | 18867134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664%(ff) | 04/17/36 | 8520 | 8957443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%(ff) | 01/24/29 | 5000 | 4971257 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A128

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal | |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity | Amount |  |
| **Rate** | Date | (000)# | Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 | 10710 | $9605531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | 01/21/33 | 35212 | 32138055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 10/22/36 (a) | 10000 | 9919381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/23/27 | 655 | 654523 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%(ff) | 01/21/33 | 17500 | 15955471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/19/27 | 13000 | 13146643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.691%(ff) | 01/10/34 | 12500 | 13602174 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.161%(ff) | 10/30/29 | 6110 | 6589546 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%(ff) | 01/23/35 | 8900 | 9397381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.836%(ff) | 06/12/34 (a) | 9300 | 9915711 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.746%(ff) | 02/11/33 | 11165 | 10008527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | 05/14/32 | 785 | 727258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.095%(ff) | 02/11/32 | 565 | 500362 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%(ff) | 04/23/36 (a) | 40720 | 42685578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 02/11/31 | 5000 | 4669980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.526%(ff) | 03/24/28 | 16995 | 16882595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 | 6880 | 7219659 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777760183 |
|  **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |  |
|  CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/09/30 | 9350 | 9635339 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 4790 | 4984447 |
|  |  |  | 14619786 |
|  **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |  |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/34 | 8000 | 8037782 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.725% | 11/15/28 | 3844 | 3888932 |
|  MEGlobal Canada ULC (Kuwait), | MEGlobal Canada ULC (Kuwait), | MEGlobal Canada ULC (Kuwait), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 05/18/30 | 350 | 367808 |
|  Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/15/26 | 5000 | 4998850 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/12/32 | 14635 | $15061483 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32354855 |
|  **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |  |
|  Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/15/31 | 1550 | 1647486 |
|  Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.885% | 07/01/2116 (a) | 8500 | 5903187 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/30 (a) | 630 | 638534 |
|  |  |  | 8189207 |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |  |
|  Haleon US Capital LLC, | Haleon US Capital LLC, | Haleon US Capital LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/24/32 | 1200 | 1142009 |
|  **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |  |
|  American Express Co., | American Express Co., | American Express Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.442%(ff) | 01/30/36 (a) | 11630 | 12076048 |
|  Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.273%(ff) | 03/01/30 | 7980 | 7744016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.624%(ff) | 10/30/31 | 15005 | 16953567 |
|  |  |  | 36773631 |
|  **Electric — 2.9%** | **Electric — 2.9%** | **Electric — 2.9%** |  |
|  AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/01/28 | 7510 | 7475337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 05/15/32 (a) | 11035 | 11079416 |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 09/01/32 | 11000 | 10570474 |
|  Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 05/15/37 (a) | 1405 | 1505473 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/01/31 (a) | 3200 | 3088794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 500 | 499605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 | 725 | 735666 |
|  CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series ai. | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series ai. | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series ai. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 10/01/32 | 9050 | 9017193 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/15/27 | 9910 | 9861840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 08/15/26 | 2500 | 2481770 |
|  DTE Energy Co., | DTE Energy Co., | DTE Energy Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 10/01/26 | 450 | 446087 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A129

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 03/15/32 | 17760 | $16271550 |
|  Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 08/15/27 | 435 | 429997 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/30/29 | 10900 | 10890769 |
|  FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 01/15/29 | 12210 | 12212214 |
|  Georgia Power Co., | Georgia Power Co., | Georgia Power Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 05/15/32 | 4580 | 4646895 |
|  Light S/A (Brazil), | Light S/A (Brazil), | Light S/A (Brazil), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 23.382%(s) | 08/31/27 | 65 | 13030 |
|  Light Servicos de Eletricidade SA (Brazil), | Light Servicos de Eletricidade SA (Brazil), | Light Servicos de Eletricidade SA (Brazil), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.260% | 12/19/37 | 65 | 16150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.210% | 12/19/32 | 152 | 101396 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 06/15/33 | 30880 | 33318341 |
|  Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.725% | 03/15/35 | 17290 | 17742116 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 11/01/32 (a) | 31960 | 33855509 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 2245 | 2244063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/15/27 | 2800 | 2801635 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191305320 |
|  **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |  |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 2513 | 2454900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 7622 | 7588692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 4220 | 3717556 |
|  |  |  | 13761148 |
|  **Foods — 0.4%** | **Foods — 0.4%** | **Foods — 0.4%** |  |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 7415 | 7614727 |
|  Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/15/30 | 23570 | 21700790 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29315517 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal | |
| Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity | Amount |  |
| **Rate** | Date | (000)# | Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** |  |
|  Nationwide Children's Hospital, Inc., | Nationwide Children's Hospital, Inc., | Nationwide Children's Hospital, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.556% | 11/01/52 | 3360 | $2897788 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 06/30/30 | 270 | 255397 |
|  Stanford Health Care, | Stanford Health Care, | Stanford Health Care, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.310% | 08/15/30 | 8980 | 8682684 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 2600 | 2553335 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/32 | 22077 | 22637566 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37026770 |
|  **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |  |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 3775 | 3986205 |
|  **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |  |
|  Arch Capital Finance LLC, | Arch Capital Finance LLC, | Arch Capital Finance LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.011% | 12/15/26 | 3045 | 3045723 |
|  Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 02/15/35 (a) | 5840 | 5905949 |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.569% | 02/01/29 | 2 | 2010 |
|  Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/15/35 (a) | 25000 | 25324315 |
|  |  |  | 34277997 |
|  **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |  |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 15887 | 16819034 |
|  Prosus NV (China), | Prosus NV (China), | Prosus NV (China), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.193% | 01/19/32 | 450 | 431298 |
|  |  |  | 17250332 |
|  **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |  |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/01/30 | 425 | 430788 |
|  NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 03/15/28 | 4075 | 4178057 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/15/28 | 2809 | 2775022 |
|  |  |  | 7383867 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A130

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |  |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/37 | 17580 | $17996291 |
|  **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |  |
|  Ingersoll Rand, Inc., | Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.314% | 06/15/31 | 16125 | 16871421 |
|  **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/01/29 | 2600 | 2570897 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/01/40 | 1510 | 1243520 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 09/15/26 | 7500 | 7460266 |
|  Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% | 07/01/38 | 4790 | 5136988 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16411671 |
|  **Mining — 0.6%** | **Mining — 0.6%** | **Mining — 0.6%** |  |
|  Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 10/15/39 | 4267 | 4489731 |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/21/32 | 25603 | 26425617 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/30/30 | 1600 | 1660559 |
|  Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/14/35 | 1170 | 1206930 |
|  Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630% | 08/15/31 | 2970 | 2664845 |
|  |  |  | 36447682 |
|  **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** |  |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 8945 | 9216123 |
|  **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |  |
|  CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% | 12/01/26 | 6600 | 6513144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 03/01/30 | 2000 | 2037254 |
|  |  |  | 8550398 |
|  **Oil & Gas — 2.8%** | **Oil & Gas — 2.8%** | **Oil & Gas — 2.8%** |  |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 18000 | 16506889 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 | 5490 | $5296677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/13/33 | 13966 | 14573106 |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/15/29 | 10160 | 10423036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 12/15/34 (a) | 11100 | 11307558 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 01/15/32 (a) | 40334 | 35704903 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 | 1575 | 1649307 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/35 (a) | 8400 | 8523040 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 | 26670 | 28761014 |
|  EQT Corp., | EQT Corp., | EQT Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/30 | 225 | 247474 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 11/01/33 | 11334 | 11558510 |
|  Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/33 (a) | 7981 | 8470731 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/15/38 | 368 | 335248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 | 6632 | 6612966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840% | 01/23/30 | 3310 | 3362629 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/30 | 2090 | 1893590 |
|  Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 12/01/31 | 1750 | 1595714 |
|  Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/18/27 | 15970 | 16112483 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182934875 |
|  **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |  |
|  Ball Corp., | Ball Corp., | Ball Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | 4225 | 4347614 |
|  Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 02/01/28 | 1150 | 1169106 |
|  |  |  | 5516720 |
|  **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |  |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 03/25/38 | 22945 | 21670510 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A131

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |  |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |  |  |
|  Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/46 | 4773 | $| 3926233 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25596743 |
|  **Pipelines — 3.5%** | **Pipelines — 3.5%** | **Pipelines — 3.5%** |  |  |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 21821 |  | 23358662 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 04/15/27 | 1510 |  | 1511335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/27 | 5000 |  | 5081904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 09/01/34 | 5000 |  | 5146670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 12/01/30 | 1820 |  | 1966461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 12/01/33 | 5290 |  | 5804755 |
|  MPLX LP, | MPLX LP, | MPLX LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/15/28 (a) | 8455 |  | 8439792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 09/01/32 (a) | 4226 |  | 4259168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/01/35 | 37655 |  | 37929989 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 11/01/30 | 14595 |  | 15383146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 4181 |  | 4449688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 11/15/32 | 9788 |  | 10477330 |
|  Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 12/15/29 | 4340 |  | 4218377 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/01/33 | 18585 |  | 17788037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/01/27 | 2721 |  | 2764613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/35 (a) | 12000 |  | 12292854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 03/01/29 | 7049 |  | 7420998 |
|  Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/15/28 | 3610 |  | 3604682 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 03/15/31 | 16997 |  | 15526636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 08/15/32 (a) | 2170 |  | 2174290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 11/15/29 | 15720 |  | 16015269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/15/35 | 21825 |  | 22675496 |
|  |  |  |  | 228290152 |
|  **Real Estate Investment Trusts (REITs) — 1.1%** | **Real Estate Investment Trusts (REITs) — 1.1%** | **Real Estate Investment Trusts (REITs) — 1.1%** | **Real Estate Investment Trusts (REITs) — 1.1%** | **Real Estate Investment Trusts (REITs) — 1.1%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/35 (a) | 18955 |  | 19271535 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/27 | 3499 |  | 3491059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/32 | 7876 |  | 8063916 |
|  Host Hotels & Resorts LP, | Host Hotels & Resorts LP, | Host Hotels & Resorts LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 07/01/34 | 5540 |  | 5724280 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |  |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 03/01/34 | 7200 | $7945097 |
|  Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 04/15/32 | 24093 | 23385489 |
|  Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 01/15/30 | 1500 | 1439046 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69320422 |
|  **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |  |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 03/01/32 | 6700 | 6300595 |
|  Genuine Parts Co., | Genuine Parts Co., | Genuine Parts Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 11/01/28 | 9015 | 9528083 |
|  |  |  | 15828678 |
|  **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |  |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 02/15/31 | 5390 | 4928043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | 04/15/33 | 47900 | 44346075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | 11/15/35 | 1153 | 993832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% | 11/15/36 | 4513 | 3829264 |
|  |  |  | 54097214 |
|  **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |  |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 07/15/36 | 3300 | 2756701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 09/26/35 (a) | 14300 | 13727272 |
|  |  |  | 16483973 |
|  **Telecommunications — 0.9%** | **Telecommunications — 0.9%** | **Telecommunications — 0.9%** |  |
|  CT Trust (Guatemala), | CT Trust (Guatemala), | CT Trust (Guatemala), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/03/32 | 200 | 191060 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 08/01/32 (x) | 2585 | 2683566 |
|  Telefonica Moviles Chile SA (Chile), | Telefonica Moviles Chile SA (Chile), | Telefonica Moviles Chile SA (Chile), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.537% | 11/18/31 | 430 | 247039 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 02/15/31 | 24650 | 22517134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/15/41 | 525 | 391094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/15/30 | 25000 | 24572212 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A132

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest** | **Maturity** | | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |  |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |  |  |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355% | 03/15/32 | 13585 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11973890 |
|  |  |  |  | 62575995 |
|  **TOTAL CORPORATE BONDS**<br>(cost $2,114,695,800) | **TOTAL CORPORATE BONDS**<br>(cost $2,114,695,800) | **TOTAL CORPORATE BONDS**<br>(cost $2,114,695,800) |  | 2174870509 |
|  **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** |  |  |
|  **Arizona — 0.3%** | **Arizona — 0.3%** | **Arizona — 0.3%** |  |  |
|  Salt River Project Agricultural Improvement & Power District,<br>Revenue Bonds, BABs | Salt River Project Agricultural Improvement & Power District,<br>Revenue Bonds, BABs | Salt River Project Agricultural Improvement & Power District,<br>Revenue Bonds, BABs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839% | 01/01/41 | 20800 |  | 20501654 |
|  **California — 0.0%** | **California — 0.0%** | **California — 0.0%** |  |  |
|  Regents of the University of California Medical Center Pooled Revenue,<br>Taxable, Revenue Bonds, Series Q | Regents of the University of California Medical Center Pooled Revenue,<br>Taxable, Revenue Bonds, Series Q | Regents of the University of California Medical Center Pooled Revenue,<br>Taxable, Revenue Bonds, Series Q |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.132% | 05/15/32 | 2305 |  | 2283657 |
|  **Colorado — 0.1%** | **Colorado — 0.1%** | **Colorado — 0.1%** |  |  |
|  Regional Transportation District Sales Tax Revenue, Revenue Bonds, BABs, Series B | Regional Transportation District Sales Tax Revenue, Revenue Bonds, BABs, Series B | Regional Transportation District Sales Tax Revenue, Revenue Bonds, BABs, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.844% | 11/01/50 | 2895 |  | 2919465 |
|  **Massachusetts — 0.0%** | **Massachusetts — 0.0%** | **Massachusetts — 0.0%** |  |  |
|  Massachusetts Clean Water Trust (The),<br>Revenue Bonds, BABs | Massachusetts Clean Water Trust (The),<br>Revenue Bonds, BABs | Massachusetts Clean Water Trust (The),<br>Revenue Bonds, BABs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192% | 08/01/40 | 885 |  | 903310 |
|  **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |  |  |
|  New York City Municipal Water Finance Authority, Revenue Bonds, BABs | New York City Municipal Water Finance Authority, Revenue Bonds, BABs | New York City Municipal Water Finance Authority, Revenue Bonds, BABs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440% | 06/15/43 | 7000 |  | 6826613 |
|  **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |  |  |
|  Ohio State University (The),<br>Taxable, Revenue Bonds, BABs, Series C | Ohio State University (The),<br>Taxable, Revenue Bonds, BABs, Series C | Ohio State University (The),<br>Taxable, Revenue Bonds, BABs, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.910% | 06/01/40 | 1300 |  | 1300883 |
|  **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** |  |  |
|  Pennsylvania Turnpike Commission,<br>Revenue Bonds, BABs, Series B | Pennsylvania Turnpike Commission,<br>Revenue Bonds, BABs, Series B | Pennsylvania Turnpike Commission,<br>Revenue Bonds, BABs, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511% | 12/01/45 | 4000 |  | 3980461 |
|  **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |  |  |
|  City of San Antonio Electric & Gas Systems Revenue, Taxable, Revenue Bonds | City of San Antonio Electric & Gas Systems Revenue, Taxable, Revenue Bonds | City of San Antonio Electric & Gas Systems Revenue, Taxable, Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.427% | 02/01/42 | 1750 |  | 1629765 |
|  **Washington — 0.1%** | **Washington — 0.1%** | **Washington — 0.1%** |  |  |
|  Central Puget Sound Regional Transit Authority, Revenue Bonds, BABs | Central Puget Sound Regional Transit Authority, Revenue Bonds, BABs | Central Puget Sound Regional Transit Authority, Revenue Bonds, BABs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.491% | 11/01/39 | 2330 |  | 2396902 |
|  **TOTAL MUNICIPAL BONDS**<br>(cost $49,347,521) | **TOTAL MUNICIPAL BONDS**<br>(cost $49,347,521) | **TOTAL MUNICIPAL BONDS**<br>(cost $49,347,521) |  | 42742710 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.5%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.5%** |
|  Alternative Loan Trust, | Alternative Loan Trust, | Alternative Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-38, Class A3, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-38, Class A3, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-38, Class A3, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.546%(c) | 09/25/35 | 1049 |  | 955524 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(cc) | 05/25/63 | 27412 | $27539980 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(c) | 10/25/41 | 685 | 687328 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL04, Class PT, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL04, Class PT, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL04, Class PT, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.720%(cc) | 04/25/58 | 1914 | 1813896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class A, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(cc) | 09/25/57 | 910 | 881189 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL01, Class A1A, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 10/25/57 | 1987 | 1959365 |
|  Mill City Mortgage Loan Trust, | Mill City Mortgage Loan Trust, | Mill City Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A1, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 05/25/62 | 180 | 178781 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.596%(c) | 01/25/48 | 104 | 102534 |
|  OBX Trust, | OBX Trust, | OBX Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.496%(c) | 06/25/57 | 338 | 331138 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class A1, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900%(cc) | 10/25/59 | 872 | 841168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.846%(c) | 10/25/59 | 257 | 257192 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR10, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR10, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR10, Class 1A1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.473%(cc) | 09/25/36 | 634 | 554768 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $35,214,307) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $35,214,307) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $35,214,307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36102863 |
|  **SOVEREIGN BONDS — 0.3%** | **SOVEREIGN BONDS — 0.3%** | **SOVEREIGN BONDS — 0.3%** |  |
|  Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 08/20/30 | 490 | 445594 |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 01/25/27 | 700 | 707000 |
|  Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/23/34 | 2000 | 2246250 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/16/30 | 14850 | 15296688 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 12/01/30 | 900 | 784575 |
|  **TOTAL SOVEREIGN BONDS**<br>(cost $19,170,871) | **TOTAL SOVEREIGN BONDS**<br>(cost $19,170,871) | **TOTAL SOVEREIGN BONDS**<br>(cost $19,170,871) | 19480107 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A133

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.5%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/10/32 | 595 | $602566 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/35 | 471 | 449726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/26 | —(r) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/34 | 15 | 15491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/37 | 151 | 149012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/53 | 4962 | 5050409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/32 | 8600 | 9724947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 | 11042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12571998 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/48 | 445 | 417547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/29 | 1 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/33 | 4460 | 4460283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/33 | 14 | 13618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/33 | 12 | 11984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/52 | 1430 | 1432324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 11/15/30 | 28570 | 32215911 |
|  Resolution Funding Corp. Principal Strips, Bonds | Resolution Funding Corp. Principal Strips, Bonds | Resolution Funding Corp. Principal Strips, Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.545%(s) | 01/15/30 | 6416 | 5491164 |
|  Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/15/31 | 220 | 192669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/55 | 27137 | 26955154 |
|  Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.724%(s) | 07/15/34 | 445 | 298740 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $101,081,006) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $101,081,006) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $101,081,006) | 100054343 |
|  **U.S. TREASURY OBLIGATIONS — 10.4%** | **U.S. TREASURY OBLIGATIONS — 10.4%** | **U.S. TREASURY OBLIGATIONS — 10.4%** |  |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/15/48 | 1000 | 792344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 08/15/55 | 5985 | 5897095 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 08/31/30 | 35655 | 35532436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/31/30 | 119435 | 118959126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 12/31/30 | 42905 | 42707235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 10/31/32 | 20235 | 20023165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 11/30/32 | 13245 | 13100133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/31/30 | 10427 | 10505202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/31/32 | 26355 | 26297348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/35 | 23845 | 23520857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 10/31/31 (k) | 62500 | 63481445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/31/32 (k) | 4500 | 4563633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/15/35 (h) | 64709 | 65224650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/15/35 | 51725 | 53729344 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.544%(s) | 11/15/45 | 4405 | 1609105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.502%(s) | 05/15/41 (k) | 71300 | 33871178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.559%(s) | 08/15/41 | 67600 | 31614276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.609%(s) | 11/15/41 | 52865 | 24339406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.759%(s) | 05/15/43 | 10850 | 4568934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.791%(s) | 08/15/46 | 7800 | 2742010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.909%(s) | 02/15/41 (h) | 93495 | 45049084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.185%(s) | 11/15/43 (k) | 100000 | 40837311 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest** | **Maturity** | | |
| **Rate** | **Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511%(s) | 08/15/40 (k) | 33435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16590364 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $688,339,759) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $688,339,759) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $688,339,759) | 685555681 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $6,110,397,784) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $6,110,397,784) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $6,110,397,784) | 6497456042 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS — 2.0%** | **SHORT-TERM INVESTMENTS — 2.0%** | **SHORT-TERM INVESTMENTS — 2.0%** |  |
|  **AFFILIATED MUTUAL FUNDS — 2.0%** | **AFFILIATED MUTUAL FUNDS — 2.0%** | **AFFILIATED MUTUAL FUNDS — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wa) | 11661601 | 11661601 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<br>(cost $120,288,787; includes $119,775,543 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<br>(cost $120,288,787; includes $119,775,543 of cash collateral for securities on loan)(b)(wa) | 120392125 | 120319890 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $131,950,388) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $131,950,388) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $131,950,388) | 131981491 |
|  OPTIONS PURCHASED\*~ — 0.0%<br>(cost $90,691) | OPTIONS PURCHASED\*~ — 0.0%<br>(cost $90,691) | OPTIONS PURCHASED\*~ — 0.0%<br>(cost $90,691) | 81845 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $132,041,079) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $132,041,079) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $132,041,079) | 132063336 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—100.6%**<br> (cost $6,242,438,863) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—100.6%**<br> (cost $6,242,438,863) | **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—100.6%**<br> (cost $6,242,438,863) | 6629519378 |
|  OPTIONS WRITTEN\*~ — (0.0)%<br>(premiums received $413,758) | OPTIONS WRITTEN\*~ — (0.0)%<br>(premiums received $413,758) | OPTIONS WRITTEN\*~ — (0.0)%<br>(premiums received $413,758) | (108072) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—100.6%**<br> (cost $6,242,025,105) | **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—100.6%**<br> (cost $6,242,025,105) | **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—100.6%**<br> (cost $6,242,025,105) | 6629411306 |
|  **Liabilities in excess of other assets(z) — (0.6)%** | **Liabilities in excess of other assets(z) — (0.6)%** | **Liabilities in excess of other assets(z) — (0.6)%** | (39000831) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $6590410475 |

---

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

\* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $117,207,316; cash collateral of $119,775,543 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A134

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | Acquisition<br>Date | Original<br>Cost | Market<br>Value | Percentage<br>of<br>Net Assets |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25 | $2585000 | $2683566 | 0.0% |

---

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

#### Options Purchased:

#### OTC Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  2-Year 30 CMS Curve CAP<br> Call | BOA | 05/13/26 | 1.30% |  | 5512 | $4 |
|  2-Year 30 CMS Curve CAP<br> Call | CITI | 05/13/26 | 1.30% |  | 11025 | 9 |
|  **Total OTC Traded** (cost $12,265) |  |  |  |  |  | $13 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | **Receive** | Pay | Notional<br>Amount<br>(000)# | Value |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/3.870% | 3.21%(A) | 13350 | $81825 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/3.870% | 8.19%(A) | 13350 | 7 |
|  **Total OTC Swaptions** (cost $78,426) | **Total OTC Swaptions** (cost $78,426) | **Total OTC Swaptions** (cost $78,426) | **Total OTC Swaptions** (cost $78,426) |  |  |  |  | $81832 |
|  **Total Options Purchased** (cost $90,691) | **Total Options Purchased** (cost $90,691) | **Total Options Purchased** (cost $90,691) | **Total Options Purchased** (cost $90,691) |  |  |  |  | $81845 |

---

#### Options Written:

#### OTC Swaption

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | **Receive** | Pay | Notional<br>Amount<br>(000)# | Value |
|  2-Year Interest Rate<br>Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/3.870% | 13350 | $(47567) |
|  2-Year Interest Rate<br>Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/3.870% | 13350 | (31085) |
|  CDX.NA.IG.45.V1,<br>12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 500000 | (29420) |
|  **Total Options Written** (premiums received $413,758) | **Total Options Written** (premiums received $413,758) | **Total Options Written** (premiums received $413,758) | **Total Options Written** (premiums received $413,758) |  |  |  |  | $(108072) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A135

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br>**of**<br>**Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 850 | 3 Month CME SOFR | Mar. 2026 | $204664063 | $163183 |
| 1042 | 5 Year U.S. Treasury Notes | Mar. 2026 | 113895487 | (526272) |
| 19721 | 10 Year U.S. Treasury Notes | Mar. 2026 | 2217379938 | (8036420) |
| 7947 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 914029212 | (2669091) |
|  |  |  |  | (11068600) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 4438 | 2 Year U.S. Treasury Notes | Mar. 2026 | 926605857 | 377922 |
| 190 | 3 Year U.S. Treasury Notes | Mar. 2026 | 40513047 | (29910) |
| 4780 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 552538125 | 4181006 |
| 1371 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 161778000 | 2518940 |
| 354 | CBOE iBoxx iShares Investment Grade Corporate Bond Index | Mar. 2026 | 51965430 | (108796) |
|  |  |  |  | 6939162 |
|  |  |  |  | $(4129438) |

---

#### Credit default swap agreement outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |
|  Republic of France | 06/20/35 | 0.250 %(Q) | 2410 | 0.590% | $(64443) | $(80583) | $16140 | BARC |
|  Republic of France | 06/20/35 | 0.250 %(Q) | 1555 | 0.590% | (41580) | (53744) | 12164 | BARC |
|  Slovak Republic | 12/20/27 | 1.000 %(Q) | 2185 | 0.155% | 36065 | 34725 | 1340 | BARC |
|  State of Qatar | 12/20/26 | 1.000 %(Q) | 3110 | 0.084% | 28278 | 26234 | 2044 | BARC |
|  |  |  |  |  | $(41680) | $(73368) | $31688 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Value at<br>Trade Date | Value at<br>December 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |  |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000 %(Q) | 252220 | $(5520831) | $(5781264) | $(260433) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |  |
|  CMBX.NA.15.AAA | 11/18/64 | 0.500% (M) | 49997 | \* | $32791 | $(650472) | $683263 | CITI |
|  CMBX.NA.16.AAA | 04/17/65 | 0.500% (M) | 49992 | \* | (233681) | (890889) | 657208 | CITI |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500% (M) | 100000 | \* | (1130462) | (2556544) | 1426082 | CITI |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500% (M) | 50000 | \* | (565231) | (1232602) | 667371 | CITI |
|  CMBX.NA.18.AAA | 12/17/57 | 0.500% (M) | 25000 | \* | 42656 | (171965) | 214621 | CITI |
|  CMBX.NA.18.AAA | 12/17/57 | 0.500% (M) | 25000 | \* | 42655 | (190147) | 232802 | CITI |
|  |  |  |  |  | $(1811272) | $(5692619) | $3881347 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the

**SEE NOTES TO FINANCIAL STATEMENTS.**

A136

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

#### Interest rate swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional <br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | Value at<br>Trade Date | Value at<br>Trade Date | Value at<br>December 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |  |
| 34710 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/3.870% |  | $(240382) | $(2060301) | $(1819919) |
| 12915 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/3.870% |  | 188878 | 514287 | 325409 |
| 30735 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/3.870% |  | 238256 | 2367073 | 2128817 |
|  |  |  |  |  | $186752 | $821059 | $634307 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums Paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums Received | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
|  OTC Swap Agreements | $60959 | $(5826946) | $3913035 | $— |

---

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

---

| | | |
|:---|:---|:---|
| **Broker** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  BOS | $– | $3442585 |
|  MLC | – | 46933302 |
|  **Total** | $– | $50375887 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A137

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

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

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

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

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

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $1664433691 | $— | $— |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 492558534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 666678272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 79367760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 2710518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 7457229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 643951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 1707350 |  |
|  Commercial Mortgage-Backed Securities |  | 523092524 |  |
|  Corporate Bonds |  | 2174870509 |  |
|  Municipal Bonds |  | 42742710 |  |
|  Residential Mortgage-Backed Securities |  | 36102863 |  |
|  Sovereign Bonds |  | 19480107 |  |
|  U.S. Government Agency Obligations |  | 100054343 |  |
|  U.S. Treasury Obligations |  | 685555681 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 131981491 |  |  |
|  Options Purchased |  | 81845 |  |
|  **Total** | $1796415182 | $4833104196 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(108072) | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $7241051 | $— | $— |
|  OTC Credit Default Swap Agreements |  | 182445 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 2454226 |  |
|  **Total** | $7241051 | $2636671 | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(11370489) | $— | $— |
|  Centrally Cleared Credit Default Swap Agreement |  | (260433) |  |
|  OTC Credit Default Swap Agreements |  | (2035397) |  |
|  Centrally Cleared Interest Rate Swap Agreement |  | (1819919) |  |
|  **Total** | $(11370489) | $(4115749) | $— |

---

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

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

**SEE NOTES TO FINANCIAL STATEMENTS.**

A138

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (1.8% represents investments purchased with collateral from securities on loan) | 27.3 |
|  Banks | 11.8 |
|  U.S. Treasury Obligations | 10.4 |
|  Collateralized Loan Obligations | 10.1 |
|  Commercial Mortgage-Backed Securities | 7.9 |
|  Automobiles | 7.5 |
|  Pipelines | 3.5 |
|  Electric | 2.9 |
|  Oil & Gas | 2.8 |
|  U.S. Government Agency Obligations | 1.5 |
|  Agriculture | 1.2 |
|  Consumer Loans | 1.2 |
|  Auto Manufacturers | 1.1 |
|  Real Estate Investment Trusts (REITs) | 1.1 |
|  Telecommunications | 0.9 |
|  Semiconductors | 0.8 |
|  Aerospace & Defense | 0.7 |
|  Municipal Bonds | 0.7 |
|  Healthcare-Services | 0.6 |
|  Diversified Financial Services | 0.6 |
|  Mining | 0.6 |
|  Residential Mortgage-Backed Securities | 0.5 |
|  Insurance | 0.5 |
|  Chemicals | 0.5 |
|  Foods | 0.4 |
|  Pharmaceuticals | 0.4 |
|  Sovereign Bonds | 0.3 |

---

---

| | |
|:---|:---|
|  Lodging | 0.3 |
|  Internet | 0.3 |
|  Machinery-Diversified | 0.3 |
|  Software | 0.2 |
|  Media | 0.2 |
|  Retail | 0.2 |
|  Building Materials | 0.2 |
|  Engineering & Construction | 0.2 |
|  Multi-National | 0.1 |
|  Office/Business Equipment | 0.1 |
|  Commercial Services | 0.1 |
|  Equipment | 0.1 |
|  Leisure Time | 0.1 |
|  Airlines | 0.1 |
|  Packaging & Containers | 0.1 |
|  Holding Companies-Diversified | 0.1 |
|  Credit Cards | 0.1 |
|  Cosmetics/Personal Care | 0.0 |
|  Auto Parts & Equipment | 0.0 |
|  Home Equity Loans | 0.0 |
|  Options Purchased | 0.0 |
|  | 100.6 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (0.6) |
|  | 100.0 |

---

\* Less than 0.05% 

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| **Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value** | Statement of<br>Assets and<br>Liabilities Location | Fair<br>Value | Statement of<br>Assets and<br>Liabilities Location | Fair<br>Value |
|  Credit contracts |  | $— | Due from/to broker-variation<br>margin swaps | $260433 \* |
|  Credit contracts | Premiums paid for OTC swap<br>agreements | 60959 | Premiums received for OTC<br>swap agreements | 5826946 |
|  Credit contracts |  |  | Options written outstanding,<br>at value | 29420 |
|  Credit contracts | Unrealized appreciation on OTC<br>swap agreements | 3913035 |  |  |
|  Interest rate contracts | Due from/to broker-variation<br>margin futures | 7241051 \* | Due from/to broker-variation<br>margin futures | 11370489 \* |
|  Interest rate contracts | Due from/to broker-variation<br>margin swaps | 2454226 \* | Due from/to broker-variation<br>margin swaps | 1819919 \* |
|  Interest rate contracts | Unaffiliated investments | 81845 | Options written outstanding,<br>at value | 78652 |
|  |  | $13751116 |  | $19385859 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A139

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Options<br>Purchased(1) | Options<br>Written | Futures | Swaps |
|  Credit contracts | $— | $3141105 | $— | $(3863442) |
|  Interest rate contracts | (93048) | 71013 | 60580815 | 454755 |
|  **Total** | $(93048) | $3212118 | $60580815 | $(3408687) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Options<br>Purchased(2) | Options<br>Written | Futures | Swaps |
|  Credit contracts | $— | $127047 | $— | $3684666 |
|  Interest rate contracts | 35249 | 50439 | 8315785 | 678822 |
|  **Total** | $35249 | $177486 | $8315785 | $4363488 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $49456 |
|  Options Written (2) | 502488300 |
|  Futures Contracts - Long Positions (2) | 3759988166 |
|  Futures Contracts - Short Positions (2) | 2006270176 |
|  Credit Default Swap Agreements - Buy Protection (2) | 440416600 |
|  Credit Default Swap Agreements - Sell Protection (2) | 227023420 |
|  Interest Rate Swap Agreements (2) | 192617000 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

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

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Description | **Gross Market** <br> **Value of** <br> **Recognized** <br> **Assets/(Liabilities)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral <br> Pledged/(Received)(2) | Net<br> Amount |
|  Securities on Loan | $117207316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(117207316) | $— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Amounts of<br>Recognized<br>Assets(1) | Gross Amounts of<br>Recognized<br>Liabilities(1) | Net Amounts of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | Net Amount |
|  BARC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92647 | $(134327) | $(41680) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(41680) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A140

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of**<br>**Recognized**<br>**Assets(1)** | **Gross Amounts of**<br>**Recognized**<br>**Liabilities(1)** | **Net Amounts of**<br>**Recognized**<br>**Assets/(Liabilities)** | **Collateral**<br>**Pledged/(Received)(2)** | **Net Amount** |
|  BNP | $81832 | $(78652) | $3180 | $— | $3180 |
|  BOA | 4 |  | 4 |  | 4 |
|  CITI | 3881356 | (5692619) | (1811263) | 1811263 |  |
|  GSI |  | (29420) | (29420) | 29420 |  |
|  | $4055839 | $(5935018) | $(1879179) | $1840683 | $(38496) |

---

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A141

------

<br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $117,207,316: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $4,759,629,733) | $4833104196.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,482,809,130) | 1796415182.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 46291431.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 45473824.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 3913035.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 60959.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 154559.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 6725413186.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 119775543.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 5826946.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 3524339.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 2690677.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 2163141.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 657921.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 232364.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $413,758) | 108072.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin swaps | 18569.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 4661.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 135002711.0 |
|  **NET ASSETS** | $6590410475.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $6590410475.0 |
|  Net asset value and redemption price per share, $6,590,410,475 / 684,146,363 outstanding shares of beneficial interest | $9.63 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $275619830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 9433106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | 2278920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $566,043) | 569731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 287901587 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 37836350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 20142303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 401079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 140881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 89085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 63664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 11204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 124259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 58819165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Distribution fee waiver | (3037768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 55781397 |
|  **NET INVESTMENT INCOME (LOSS)** | 232120190 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $101,758,565) | 135871269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 60580815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 3212118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (3408687) |
|  | 196255515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $75,065,507) | 189434176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 8315785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 177486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 4363488 |
|  | 202290935 |
| NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS | 398546450 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $630666640 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $232120190 | $234287603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 196255515 | 176560156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 202290935 | (185536791) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 630666640 | 225310968 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [685,385,132 and 702,696,836 shares, respectively] | 6275072992 | 6142576425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [896,731,491 and 1,007,762,359 shares, respectively] | (8261907288) | (8870563668) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (1986834296) | (2727987243) |
|  **TOTAL INCREASE (DECREASE)** | (1356167656) | (2502676275) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 7946578131 | 10449254406 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $6590410475 | $7946578131 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A142

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<br> **AST INVESTMENT GRADE BOND PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $8.87 | $8.70 | $8.17 | $9.48 | $9.69 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.27 | 0.24 | 0.26 | 0.23 | 0.27 |
|  Net realized and unrealized gain (loss) on investment transactions | 0.49 | (0.07) | 0.27 | (1.54) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.76 | 0.17 | 0.53 | (1.31) | (0.21) |
|  Net Asset Value, end of year | $9.63 | $8.87 | $8.70 | $8.17 | $9.48 |
|  **Total Return<sup>(b)</sup>** | 8.57% | 1.95% | 6.49% | (13.82)% | (2.17)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $6590 | $7947 | $10449 | $15380 | $1715 |
|  Average net assets (in millions) | $8057 | $8561 | $13314 | $8953 | $1755 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.69% | 0.69% | 0.69% | 0.69% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.73% | 0.73% | 0.73% | 0.73% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.88% | 2.74% | 3.11% | 2.76% | 2.83% |
|  Portfolio turnover rate<sup>(d)(e)</sup> | 105% | 99% | 195% | 299% | 75% |

---

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

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

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

(d) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A143

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST MULTI-SECTOR FIXED INCOME PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **LONG-TERM INVESTMENTS — 97.6%** | **LONG-TERM INVESTMENTS — 97.6%** | **LONG-TERM INVESTMENTS — 97.6%** | **LONG-TERM INVESTMENTS — 97.6%** |
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.2% | COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.2% | COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.2% | COMMERCIAL MORTGAGE-BACKED SECURITIES — 5.2% |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.138% | 11/15/61 | 12415 | $&nbsp;&nbsp;&nbsp;&nbsp;12402264 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.241% | 05/15/53 | 13000 | 12977588 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.013% | 08/15/51 | 23786 | 23688087 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.944% | 05/10/49 | 10350 | 10319490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.575% | 08/10/49 | 13934 | 13866305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.646% | 07/10/49 | 35000 | 34793647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.458% | 12/10/49 | 4877 | 4852033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.442% | 04/14/50 | 17704 | 17584464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.145% | 11/10/51 | 16375 | 16241293 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | 10/10/49 | 24231 | 24052566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.239% | 09/10/50 | 38294 | 37830740 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.766% | 04/15/51 | 9732 | 9665870 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class A3A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.015% | 05/10/49 | 1401 | 1399040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632% | 08/10/49 | 10641 | 10589054 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.791% | 05/10/49 | 4914 | 4905387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592% | 10/10/49 | 19787 | 19647942 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.758% | 03/10/52 | 50750 | 49325584 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.559% | 08/15/49 | 6317 | 6298276 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.531% | 08/15/49 | 9765 | 9700940 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.212% | 11/15/50 | 6576 | 6478440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | 08/15/51 | 25000 | 24744352 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.674% | 07/15/48 | 14880 | 14809585 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.684% | 10/15/49 | 25774 | &nbsp;&nbsp;&nbsp;&nbsp;25598463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.642% | 11/15/49 | 19525 | 19485587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.330% | 12/15/50 | 9584 | 9458426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760% | 03/15/52 | 28500 | 28136505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055% | 06/15/52 | 33002 | 31778723 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $489,403,340) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $489,403,340) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $489,403,340) | 480630651 |
| **CORPORATE BONDS — 89.4%** | **CORPORATE BONDS — 89.4%** | **CORPORATE BONDS — 89.4%** | **CORPORATE BONDS — 89.4%** |
|  **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | 02/04/26 | 6000 | 5988870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/01/48 | 10905 | 7777106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 03/01/47 | 8861 | 6457499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 11/01/48 | 6466 | 4763024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 05/01/49 | 21715 | 16168728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/01/59 | 8125 | 5750298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705% | 05/01/40 | 4630 | 4731536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805% | 05/01/50 | 1840 | 1812407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930% | 05/01/60 | 64854 | 63616135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 04/15/43 | 13929 | 16940511 |
|  Lockheed Martin Corp., | Lockheed Martin Corp., | Lockheed Martin Corp., | Lockheed Martin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/01/45 | 3218 | 2580546 |
|  Northrop Grumman Corp., | Northrop Grumman Corp., | Northrop Grumman Corp., | Northrop Grumman Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/01/43 | 500 | 460531 |
|  Northrop Grumman Systems Corp., | Northrop Grumman Systems Corp., | Northrop Grumman Systems Corp., | Northrop Grumman Systems Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 03/01/26 | 2000 | 2009053 |
|  RTX Corp., | RTX Corp., | RTX Corp., | RTX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 07/01/50 | 5635 | 3793610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 11/01/46 | 3050 | 2366358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/15/45 | 1150 | 960647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/15/47 | 5851 | 4952295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/42 | 505 | 456527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 12/15/43 | 2085 | 1912426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 10/15/40 | 810 | 783983 |
|  |  |  | 154282090 |
|  **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 02/04/41 (a) | 2220 | 1716146 |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557% | 08/15/27 | 3987 | 3955557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 08/15/37 | 41810 | 38446034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% | 08/15/47 | 7057 | 5845291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 04/02/27 | 5130 | 5163165 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A144

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Agriculture (cont'd.)** | **Agriculture (cont'd.)** | **Agriculture (cont'd.)** | **Agriculture (cont'd.)** |
|  Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 08/15/45 | 980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 08/04/41 | 3275 | 3492520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/01/40 | 650 | 769172 |
|  |  |  | 60350657 |
|  **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** |
|  American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/01/28 | 5767 | 5692696 |
|  American Airlines 2015-2 Class AA Pass-Through Trust, | American Airlines 2015-2 Class AA Pass-Through Trust, | American Airlines 2015-2 Class AA Pass-Through Trust, | American Airlines 2015-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/22/29 | 2326 | 2303497 |
|  American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.575% | 07/15/29 | 3083 | 3050026 |
|  Delta Air Lines, Inc., | Delta Air Lines, Inc., | Delta Air Lines, Inc., | Delta Air Lines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 10/28/29 (a) | 14229 | 13910798 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/20/28 | 2645 | 2655917 |
|  Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/15/27 | 7520 | 7613698 |
|  United Airlines 2014-1 Class A Pass-Through Trust, | United Airlines 2014-1 Class A Pass-Through Trust, | United Airlines 2014-1 Class A Pass-Through Trust, | United Airlines 2014-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/11/27 (a) | 738 | 737163 |
|  United Airlines 2014-2 Class A Pass-Through Trust, | United Airlines 2014-2 Class A Pass-Through Trust, | United Airlines 2014-2 Class A Pass-Through Trust, | United Airlines 2014-2 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/03/28 | 2449 | 2446514 |
|  United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 04/07/30 (a) | 13851 | 13352809 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 (a) | 4175 | 4151973 |
|  |  |  | 55915091 |
|  **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
|  Ford Holdings LLC, | Ford Holdings LLC, | Ford Holdings LLC, | Ford Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.300% | 03/01/30 | 968 | 1095844 |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/12/32 | 5650 | 4983385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/43 | 6670 | 5275186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 06/15/43 | 1510 | 1624776 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271% | 01/09/27 | 1775 | 1766417 |
|  General Motors Co., | General Motors Co., | General Motors Co., | General Motors Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/35 (a) | 3785 | 3714677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 04/01/38 | 3890 | 3741593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 10/02/43 | 21446 | 21760136 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 04/01/36 | 13335 | &nbsp;&nbsp;&nbsp;&nbsp;14510070 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/06/26 | 6525 | 6523213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 01/17/27 | 3320 | 3326045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/01/26 | 3868 | 3870924 |
|  Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 03/30/27 | 15000 | 17445206 |
|  |  |  | 89637472 |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., | Aptiv Swiss Holdings Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 12/01/51 (a) | 15000 | 9612549 |
|  **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 02/23/28 | 4400 | 4365109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294% | 08/18/27 | 8200 | 8342791 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419%(ff) | 12/20/28 | 22418 | 22155831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087%(ff) | 06/14/29 | 3870 | 3690165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676%(ff) | 06/19/41 | 99540 | 73365413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.884%(ff) | 10/22/30 | 11865 | 11293750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.194%(ff) | 07/23/30 | 2560 | 2472752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%(ff) | 01/20/28 | 57232 | 57089862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.083%(ff) | 03/20/51 | 38060 | 30562961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.443%(ff) | 01/20/48 | 10675 | 9262440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.110% | 01/29/37 | 1000 | 1078330 |
|  Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), | Bank of New York Mellon Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%(ff) | 09/20/26 (oo) | 2386 | 2371855 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/12/26 | 10555 | 10555719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.942%(ff) | 09/10/30 | 2105 | 2140101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.785%(ff) | 02/25/36 (a) | 4210 | 4406820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.088%(ff) | 06/20/30 | 5685 | 5772007 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871%(ff) | 04/19/32 | 10000 | 9118532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132%(ff) | 01/20/33 | 20330 | 18540208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(ff) | 06/12/29 | 6770 | 6946497 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%(ff) | 02/15/31 (oo) | 1580 | 1601728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 02/18/26 (oo) | 3750 | 3738802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.904%(ff) | 11/03/42 (a) | 5420 | 3998416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%(ff) | 07/24/28 | 29800 | 29616667 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A145

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/12/26 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.612%(ff) | 03/04/56 (a) | 20195 | 20130442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 01/30/42 | 4115 | 4335509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 02/15/98 | 2825 | 3253904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 07/15/39 | 2000 | 2566353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 03/09/26 | 425 | 425080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/18/46 | 1045 | 918259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | 02/13/35 | 18765 | 19518535 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.311%(ff) | 11/16/27 | 967 | 950510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | 01/07/28 | 4315 | 4239911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%(ff) | 01/14/32 | 11800 | 11132204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.742%(ff) | 01/07/33 | 8930 | 8277632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%(ff) | 02/10/34 (a) | 3155 | 3463021 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.908%(ff) | 07/21/42 | 4500 | 3300668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210%(ff) | 04/22/42 | 7183 | 5535770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.436%(ff) | 02/24/43 | 6850 | 5358293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 10/01/37 | 9835 | 10989057 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.778%(ff) | 06/20/54 | 2045 | 2417994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.800% | 11/28/53 | 1655 | 2018510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/23/29 | 15500 | 15290889 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC, 3 Month SOFR + 2.842% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC, 3 Month SOFR + 2.842% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC, 3 Month SOFR + 2.842% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC, 3 Month SOFR + 2.842% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.695%(c) | 02/01/26 (a)(oo) | 4400 | 4417830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.406%(c) | 04/01/26 (oo) | 26715 | 26758661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%(ff) | 06/01/29 | 2035 | 1942439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.525%(ff) | 11/19/41 | 34035 | 24489836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.157%(ff) | 04/22/42 (a) | 15586 | 12088301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.328%(ff) | 04/22/52 (a) | 11404 | 8090301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.882%(ff) | 07/24/38 | 42267 | 37944536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.897%(ff) | 01/23/49 | 3000 | 2392218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.964%(ff) | 11/15/48 | 51882 | 41798909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.032%(ff) | 07/24/48 | 3525 | 2878486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.260%(ff) | 02/22/48 | 31042 | 26370108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.452%(ff) | 12/05/29 (a) | 1500 | 1515433 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.217%(ff) | 04/22/42 | 4550 | 3559667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.457%(ff) | 04/22/39 | 8035 | 7558702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.516%(ff) | 11/19/55 | 15560 | 15390875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%(ff) | 01/23/30 (a) | 27100 | 27251672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.597%(ff) | 03/24/51 | 2278 | 2279249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928%(ff) | 04/28/32 | 12595 | 11051049 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.802%(ff) | 01/25/52 (a) | 39133 | &nbsp;&nbsp;&nbsp;&nbsp;24888207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.971%(cc) | 07/22/38 | 17130 | 15420302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/22/47 | 3800 | 3282678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 07/24/42 | 20875 | 23228228 |
|  Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.136%(ff) | 09/22/36 | 4485 | 4453831 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/01/41 | 16230 | 12024142 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.669%(ff) | 03/01/26 (a)(oo) | 18520 | 18569354 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.305%(ff) | 02/02/27 | 500 | 498733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.746%(ff) | 02/11/33 | 6200 | 5557803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.126%(ff) | 08/13/30 | 15000 | 14370202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.282% | 01/09/28 | 7135 | 7144037 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.611%(ff) | 04/25/53 (a) | 12450 | 10714153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.013%(ff) | 04/04/51 (a) | 5200 | 4759955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 11/17/45 (a) | 8905 | 8019662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 11/04/44 | 3135 | 2747781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 12/07/46 | 13680 | 12018491 |
|  |  |  | 873884842 |
|  **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** | **Beverages — 1.6%** |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 02/01/36 (a) | 60595 | 60056777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/01/46 | 92788 | 85762733 |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.439% | 10/06/48 | 3005 | 2573808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/42 | 1540 | 1473724 |
|  |  |  | 149867042 |
|  **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 08/19/26 | 800 | 793410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.770% | 09/01/53 (a) | 7393 | 4395364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/22/52 | 1990 | 1579157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 05/01/45 | 18243 | 15628084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663% | 06/15/51 | 15250 | 13068966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 11/15/41 | 6183 | 5986297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/02/43 | 13165 | 13238103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 03/02/53 (a) | 11405 | 11187051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 | 12400 | 12111189 |
|  |  |  | 77987621 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A146

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
|  CRH America Finance, Inc., | CRH America Finance, Inc., | CRH America Finance, Inc., | CRH America Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 01/09/55 | 2245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299496 |
|  Johnson Controls International PLC, | Johnson Controls International PLC, | Johnson Controls International PLC, | Johnson Controls International PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 07/02/44 | 5204 | 4616947 |
|  Macmillan Bloedel Pembroke LP (Canada), | Macmillan Bloedel Pembroke LP (Canada), | Macmillan Bloedel Pembroke LP (Canada), | Macmillan Bloedel Pembroke LP (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.700% | 02/15/26 | 1500 | 1505985 |
|  Owens Corning, | Owens Corning, | Owens Corning, | Owens Corning, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/15/29 | 2700 | 2675774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 07/15/47 | 1734 | 1411288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 01/30/48 (a) | 6247 | 5119200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 12/01/36 | 22334 | 25337519 |
|  Vulcan Materials Co., | Vulcan Materials Co., | Vulcan Materials Co., | Vulcan Materials Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/15/47 | 8489 | 7270868 |
|  |  |  | 50237077 |
|  **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/01/43 | 21248 | 19010900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/34 | 14881 | 14951279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/15/44 (a) | 4726 | 4427147 |
|  Dow Chemical Co. (The), | Dow Chemical Co. (The), | Dow Chemical Co. (The), | Dow Chemical Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/01/44 | 3944 | 3181432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 05/15/49 | 3720 | 2921268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/30/48 | 1152 | 1012569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.400% | 05/15/39 | 351 | 452766 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319% | 11/15/38 | 17688 | 17734982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419% | 11/15/48 | 6880 | 6551703 |
|  FMC Corp., | FMC Corp., | FMC Corp., | FMC Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 10/01/29 | 1500 | 1336165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/49 (a) | 7799 | 4976495 |
|  LYB International Finance III LLC, | LYB International Finance III LLC, | LYB International Finance III LLC, | LYB International Finance III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 10/01/40 | 2633 | 1912397 |
|  Mosaic Co. (The), | Mosaic Co. (The), | Mosaic Co. (The), | Mosaic Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 11/15/43 (a) | 3506 | 3378604 |
|  Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/13/30 | 615 | 580273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/15/35 | 7241 | 6688422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 06/01/43 | 1200 | 1091972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/49 | 6652 | 5958031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/45 | 4832 | 4515836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 12/01/40 | 1985 | 1990461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/27/53 (a) | 9769 | 9749407 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** |
|  Orbia Advance Corp. SAB de CV (Mexico), | Orbia Advance Corp. SAB de CV (Mexico), | Orbia Advance Corp. SAB de CV (Mexico), | Orbia Advance Corp. SAB de CV (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/48 | 2445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777222 |
|  Union Carbide Corp., | Union Carbide Corp., | Union Carbide Corp., | Union Carbide Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 10/01/96 | 500 | 537697 |
|  Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/01/28 | 19450 | 19582260 |
|  |  |  | 134319288 |
|  **Commercial Services — 1.4%** | **Commercial Services — 1.4%** | **Commercial Services — 1.4%** | **Commercial Services — 1.4%** |
|  California Institute of Technology, | California Institute of Technology, | California Institute of Technology, | California Institute of Technology, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 09/01/2119 | 3235 | 2057619 |
|  ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 12/01/26 | 4800 | 4774984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 11/01/46 | 32800 | 27201330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 03/15/42 | 1000 | 1013549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/15/37 | 3623 | 4199457 |
|  Georgetown University (The), | Georgetown University (The), | Georgetown University (The), | Georgetown University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.215% | 10/01/2118 | 2980 | 2617465 |
|  Leland Stanford Junior University (The), | Leland Stanford Junior University (The), | Leland Stanford Junior University (The), | Leland Stanford Junior University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.647% | 05/01/48 (a) | 7125 | 5619671 |
|  Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.885% | 07/01/2116 | 370 | 256962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.678% | 07/01/2114 (a) | 12715 | 10600424 |
|  Northwestern University, | Northwestern University, | Northwestern University, | Northwestern University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.643% | 12/01/44 | 2800 | 2668134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.662% | 12/01/57 (a) | 17262 | 12576546 |
|  President & Fellows of Harvard College, | President & Fellows of Harvard College, | President & Fellows of Harvard College, | President & Fellows of Harvard College, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 10/15/40 | 429 | 423763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 10/01/38 (a) | 17500 | 18427753 |
|  RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), | RELX Capital, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/27/35 | 6335 | 6537668 |
|  Trustees of Boston College, | Trustees of Boston College, | Trustees of Boston College, | Trustees of Boston College, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.129% | 07/01/52 | 3007 | 2070656 |
|  Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/01/39 | 3000 | 3231397 |
|  Trustees of the University of Pennsylvania (The), | Trustees of the University of Pennsylvania (The), | Trustees of the University of Pennsylvania (The), | Trustees of the University of Pennsylvania (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.674% | 09/01/2112 | 6976 | 5724075 |
|  University of Notre Dame du Lac, | University of Notre Dame du Lac, | University of Notre Dame du Lac, | University of Notre Dame du Lac, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.394% | 02/15/48 | 6475 | 4877274 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A147

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |  |
|  Washington University (The), | Washington University (The), | Washington University (The), | Washington University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.349% | 04/15/2122 | 3000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.524% | 04/15/54 | 6100 | 4422542 |
|  William Marsh Rice University, | William Marsh Rice University, | William Marsh Rice University, | William Marsh Rice University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.774% | 05/15/55 | 3500 | 2672012 |
|  |  |  | 124241370 |
|  **Computers — 1.3%** | **Computers — 1.3%** | **Computers — 1.3%** |  |
|  Apple, Inc., | Apple, Inc., | Apple, Inc., | Apple, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 05/11/50 (a) | 15845 | 9919577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 02/08/51 | 3500 | 2167837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 08/05/51 (a) | 57753 | 36057955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 08/05/61 | 49816 | 29445132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 09/11/49 | 6855 | 4590050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 08/04/46 | 40406 | 32812482 |
|  Leidos, Inc., | Leidos, Inc., | Leidos, Inc., | Leidos, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/15/30 | 1875 | 1872538 |
|  |  |  | 116865571 |
|  **Electric — 14.8%** | **Electric — 14.8%** | **Electric — 14.8%** |  |
|  AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 10/01/47 | 5450 | 4033731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/01/28 | 6240 | 6211199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/01/49 | 3465 | 2666452 |
|  AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 12/01/26 (a) | 2080 | 2064467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 12/01/47 | 10015 | 7688188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 06/15/49 | 10675 | 8063142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/46 | 5000 | 4005749 |
|  Alabama Power Co., | Alabama Power Co., | Alabama Power Co., | Alabama Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 08/15/44 | 4500 | 3768267 |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 06/15/51 | 2810 | 1776623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 12/01/47 | 12200 | 9328743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/15/49 | 1155 | 983871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 12/01/52 | 2310 | 2396131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 03/15/46 | 7760 | 6404922 |
|  Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 06/01/45 | 6600 | 5503612 |
|  Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., | Baltimore Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/15/47 | 18010 | 13743940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/15/48 | 14575 | 11918522 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/44 | 11251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9887509 |
|  Cleco Corporate Holdings LLC, | Cleco Corporate Holdings LLC, | Cleco Corporate Holdings LLC, | Cleco Corporate Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 09/15/29 | 9995 | 9409601 |
|  Cleveland Electric Illuminating Co. (The), | Cleveland Electric Illuminating Co. (The), | Cleveland Electric Illuminating Co. (The), | Cleveland Electric Illuminating Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 11/15/30 | 9675 | 9616299 |
|  CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/01/44 | 4495 | 4016348 |
|  Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/50 | 18764 | 12279724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 06/15/46 | 15161 | 11570051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/01/45 | 4751 | 3718053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 10/01/42 (a) | 3615 | 2919713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/48 | 4598 | 3652776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/49 | 4240 | 3308502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 11/15/45 | 5560 | 4722749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 08/15/43 | 2000 | 1785009 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/15/47 | 10400 | 7940802 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 127 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 127 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 127 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 11/15/49 | 4455 | 3007794 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 03/15/51 | 805 | 534688 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 131 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 131 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 131 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 09/01/51 | 4175 | 2567032 |
|  Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/15/46 | 625 | 490434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 06/15/40 | 860 | 897217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 12/01/56 (a) | 2785 | 2198599 |
|  Consumers Energy Co., | Consumers Energy Co., | Consumers Energy Co., | Consumers Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/50 | 3500 | 2630178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 05/15/43 | 4000 | 3298334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/15/49 | 1550 | 1291518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 08/31/64 | 6840 | 5336219 |
|  Dominion Energy South Carolina, Inc., | Dominion Energy South Carolina, Inc., | Dominion Energy South Carolina, Inc., | Dominion Energy South Carolina, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 02/01/41 | 3000 | 3027699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 10/15/53 | 990 | 1067291 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 12/01/44 | 4774 | 4188647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 04/01/30 (a) | 5173 | 4989753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 09/15/42 | 1340 | 1089696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 08/01/41 | 8810 | 8134052 |
|  DTE Electric Co., | DTE Electric Co., | DTE Electric Co., | DTE Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/15/45 | 17700 | 13847756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 06/01/46 | 1305 | 1003263 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A148

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/15/47 | 7900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6064647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 07/01/44 | 3975 | 3390394 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/43 | 3535 | 2944209 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 08/15/49 | 39520 | 27035367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 04/15/51 | 380 | 269844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 12/01/47 | 7456 | 5644004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/15/48 | 7724 | 6122372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/15/41 | 12900 | 11349865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 04/15/38 | 2505 | 2709141 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 12/01/26 | 14955 | 14851050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/01/45 | 17780 | 13997279 |
|  Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 09/01/46 (a) | 7695 | 5833218 |
|  Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 10/01/46 | 8280 | 6035348 |
|  Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/01/53 | 10903 | 10373591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 04/01/39 | 7100 | 7863099 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WWW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WWW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WWW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WWW |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 07/15/43 | 7564 | 7053780 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series YYY | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series YYY | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series YYY | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series YYY |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 10/01/49 | 2390 | 1633153 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 10/15/46 | 20295 | 15462806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 12/01/44 | 4802 | 4006442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 04/01/35 (a) | 500 | 524621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 09/15/33 | 4400 | 4812947 |
|  El Paso Electric Co., | El Paso Electric Co., | El Paso Electric Co., | El Paso Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/44 | 4800 | 4237779 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 07/12/28 | 4580 | 4352293 |
|  Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 06/01/31 | 2500 | 2345531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 09/01/48 | 61138 | 49476131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 04/01/50 | 530 | 423348 |
|  Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/01/49 | 3123 | 2388563 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 09/30/49 (a) | 13315 | 9518997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/30/39 | 15760 | 14646484 |
|  Evergy Kansas Central, Inc., | Evergy Kansas Central, Inc., | Evergy Kansas Central, Inc., | Evergy Kansas Central, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 09/01/49 | 6685 | 4552866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 04/15/50 (a) | 4420 | 3116255 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 04/01/43 | 3000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/01/42 (a) | 3010 | 2532264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/01/45 | 4365 | 3629513 |
|  Eversource Energy, | Eversource Energy, | Eversource Energy, | Eversource Energy, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 01/15/28 | 4660 | 4576404 |
|  Exelon Corp., | Exelon Corp., | Exelon Corp., | Exelon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 04/15/46 | 3109 | 2612626 |
|  FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/15/28 | 17260 | 16904869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 06/01/29 | 10000 | 9786469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 01/15/29 | 6315 | 6316145 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/44 | 11103 | 10714106 |
|  Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., | Florida Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 12/04/51 | 4622 | 2947967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 10/01/49 | 2840 | 1945571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 12/01/47 | 5430 | 4176492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/01/48 | 22070 | 17642533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.990% | 03/01/49 | 22600 | 17946510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 10/01/44 | 4104 | 3425641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 02/15/66 | 3785 | 3737998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/65 | 1157 | 1183089 |
|  Fortis, Inc. (Canada), | Fortis, Inc. (Canada), | Fortis, Inc. (Canada), | Fortis, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055% | 10/04/26 | 4737 | 4698863 |
|  Georgia Power Co., | Georgia Power Co., | Georgia Power Co., | Georgia Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/43 | 10900 | 9435272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10-C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10-C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 09/01/40 | 1900 | 1805217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/15/51 | 1086 | 741186 |
|  Indiana Michigan Power Co., | Indiana Michigan Power Co., | Indiana Michigan Power Co., | Indiana Michigan Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series K | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series K | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series K | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series K |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/15/46 | 7235 | 6282529 |
|  Indianapolis Power & Light Co., | Indianapolis Power & Light Co., | Indianapolis Power & Light Co., | Indianapolis Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 09/01/45 | 13200 | 11249091 |
|  Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 10/15/43 | 675 | 590652 |
|  IPALCO Enterprises, Inc., | IPALCO Enterprises, Inc., | IPALCO Enterprises, Inc., | IPALCO Enterprises, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/01/30 | 4290 | 4201373 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/30/26 | 10295 | 10247556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 07/01/43 | 1000 | 965291 |
|  Kentucky Utilities Co., | Kentucky Utilities Co., | Kentucky Utilities Co., | Kentucky Utilities Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 08/15/55 (a) | 2275 | 2297331 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A149

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  Louisville Gas & Electric Co., | Louisville Gas & Electric Co., | Louisville Gas & Electric Co., | Louisville Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 08/15/55 | 2840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865888 |
|  MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 04/15/29 | 12000 | 11861224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 08/01/48 | 22370 | 16769558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 07/15/49 | 14505 | 11890954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 10/15/44 | 18980 | 16366507 |
|  Nevada Power Co., | Nevada Power Co., | Nevada Power Co., | Nevada Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/15/54 | 9037 | 9259783 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 05/01/29 | 8350 | 8223810 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series GG |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 05/01/53 | 184 | 184825 |
|  New England Power Co., | New England Power Co., | New England Power Co., | New England Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 12/05/47 | 6525 | 4992636 |
|  Northern States Power Co., | Northern States Power Co., | Northern States Power Co., | Northern States Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/50 | 1900 | 1246452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 08/15/42 (a) | 8450 | 6616526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/15/47 | 11350 | 8533828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 06/15/54 | 26195 | 26428656 |
|  Ohio Edison Co., | Ohio Edison Co., | Ohio Edison Co., | Ohio Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 10/15/38 (a) | 2722 | 3490930 |
|  Oklahoma Gas & Electric Co., | Oklahoma Gas & Electric Co., | Oklahoma Gas & Electric Co., | Oklahoma Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/15/44 | 9000 | 7193400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/15/44 | 1325 | 1149603 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 08/01/40 | 2185 | 1657296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/50 | 5494 | 3712931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 12/01/47 | 32215 | 23982519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/46 | 16682 | 12507893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 03/15/46 | 10000 | 7829215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/45 | 14000 | 11121734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/40 | 33445 | 29176769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/44 | 8542 | 7226205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/01/50 | 17166 | 14535108 |
|  PacifiCorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 09/15/30 (a) | 8309 | 7635552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 03/15/51 | 10860 | 6939179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/15/49 | 39567 | 29509403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 02/15/50 | 21524 | 15938516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 12/01/53 | 8253 | 7234483 |
|  PECO Energy Co., | PECO Energy Co., | PECO Energy Co., | PECO Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 06/15/50 | 6070 | 3802503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/15/49 | 3922 | 2573406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 03/15/51 | 1200 | 780633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 09/15/47 | 7507 | 5736347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/01/48 | 10494 | 8239119 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 05/15/52 | 1545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314354 |
|  PPL Electric Utilities Corp., | PPL Electric Utilities Corp., | PPL Electric Utilities Corp., | PPL Electric Utilities Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/49 | 4105 | 2729317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/01/47 (a) | 28190 | 22777955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/44 | 4450 | 3727027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/55 | 3935 | 3917677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 05/15/39 | 500 | 548402 |
|  Progress Energy, Inc., | Progress Energy, Inc., | Progress Energy, Inc., | Progress Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/30/31 | 23950 | 26897545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 03/01/31 | 8824 | 10110873 |
|  Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 06/15/46 | 9880 | 7180481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 06/15/28 | 2000 | 1990649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 06/15/48 | 7484 | 5949228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/44 | 165 | 139849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/01/53 | 4285 | 3992927 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/15/52 | 5156 | 3750920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/15/48 | 31545 | 25380616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 05/15/35 | 6997 | 7214452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 05/15/40 | 773 | 772402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/39 | 5700 | 6090734 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series RRR | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series RRR | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series RRR | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series RRR |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/01/47 | 25388 | 19372814 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series TTT | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series TTT | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series TTT | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series TTT |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 06/15/49 | 5875 | 4656304 |
|  SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.341% | 03/15/47 | 9180 | 9208122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.541% | 09/15/52 | 4683 | 4672250 |
|  Sempra, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/15/27 | 14765 | 14600100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 02/01/28 | 19265 | 18980237 |
|  Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 03/15/54 | 5000 | 5012260 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 02/01/50 (a) | 26242 | 18336390 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/47 | 28115 | 21136687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 03/15/42 | 7200 | 5735075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 10/01/43 | 1950 | 1659086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/40 (a) | 11962 | 11692260 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series 13-A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/43 | 8000 | 6143031 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 02/01/45 | 4330 | 3117513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/01/48 | 2460 | 1869004 |
|  Southern Co. (The), | Southern Co. (The), | Southern Co. (The), | Southern Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 07/01/36 | 13865 | 12986358 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A150

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  Southwestern Public Service Co., | Southwestern Public Service Co., | Southwestern Public Service Co., | Southwestern Public Service Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 08/15/47 | 4470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3357559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/41 | 550 | 490021 |
|  Tampa Electric Co., | Tampa Electric Co., | Tampa Electric Co., | Tampa Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 05/15/44 | 7325 | 6230855 |
|  Toledo Edison Co. (The), | Toledo Edison Co. (The), | Toledo Edison Co. (The), | Toledo Edison Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 05/15/37 | 1997 | 2172578 |
|  Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/43 | 1399 | 1146951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 02/15/44 | 1210 | 1046728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/27 | 2765 | 2752396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 09/15/47 | 710 | 544346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/52 | 22842 | 19246833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 08/15/43 | 1335 | 1198505 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 | 24065 | 23903482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 07/15/29 | 6970 | 6919578 |
|  Wisconsin Electric Power Co., | Wisconsin Electric Power Co., | Wisconsin Electric Power Co., | Wisconsin Electric Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/01/44 | 850 | 717051 |
|  Wisconsin Public Service Corp., | Wisconsin Public Service Corp., | Wisconsin Public Service Corp., | Wisconsin Public Service Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.752% | 11/01/44 | 5000 | 4487915 |
|  Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 12/01/26 | 5145 | 5114722 |
|  |  |  | 1363307385 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Fortive Corp., | Fortive Corp., | Fortive Corp., | Fortive Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 06/15/46 | 3225 | 2661552 |
|  **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 5007 | 4985119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 15700 | 13830719 |
|  |  |  | 18815838 |
|  **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
|  Republic Services, Inc., | Republic Services, Inc., | Republic Services, Inc., | Republic Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 03/01/40 | 5000 | 5519043 |
|  **Foods — 1.8%** | **Foods — 1.8%** | **Foods — 1.8%** | **Foods — 1.8%** |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/15/32 | 4920 | 4409379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 02/02/52 | 16656 | 12884645 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |  |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/01/56 | 8310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8279433 |
|  Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/26 | 3117 | 3102688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/01/39 | 3500 | 3201453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/15/45 | 15870 | 14551459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 08/01/39 | 5165 | 5843133 |
|  Kroger Co. (The), | Kroger Co. (The), | Kroger Co. (The), | Kroger Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 01/15/48 | 1753 | 1506949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/15/42 | 1150 | 1071949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 08/01/43 | 450 | 422926 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/01/44 | 22980 | 19094168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/01/54 | 11735 | 9208932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 07/16/40 | 6188 | 4446118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/01/55 | 34018 | 33976482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/01/65 | 2755 | 2767305 |
|  Nestle Holdings, Inc., | Nestle Holdings, Inc., | Nestle Holdings, Inc., | Nestle Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 09/24/38 | 20000 | 18017484 |
|  Sysco Corp., | Sysco Corp., | Sysco Corp., | Sysco Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 07/15/26 | 6265 | 6240395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/46 | 4255 | 3652832 |
|  Tyson Foods, Inc., | Tyson Foods, Inc., | Tyson Foods, Inc., | Tyson Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 06/02/27 | 14835 | 14733810 |
|  |  |  | 167411540 |
|  **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
|  International Paper Co., | International Paper Co., | International Paper Co., | International Paper Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/15/41 (a) | 3000 | 3110104 |
|  **Gas — 1.3%** | **Gas — 1.3%** | **Gas — 1.3%** | **Gas — 1.3%** |
|  Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 09/15/49 | 6650 | 4680676 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 02/15/44 | 2921 | 2629401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 02/01/45 | 2260 | 2247530 |
|  ONE Gas, Inc., | ONE Gas, Inc., | ONE Gas, Inc., | ONE Gas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/48 (a) | 14125 | 12047218 |
|  Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/29 | 12500 | 12220198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 08/01/43 | 5960 | 5316201 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A151

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Gas (cont'd.)** | **Gas (cont'd.)** | **Gas (cont'd.)** |  |
|  Southern California Gas Co., | Southern California Gas Co., | Southern California Gas Co., | Southern California Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 03/15/44 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165132 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series VV | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series VV | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series VV | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series VV |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 01/15/49 | 8650 | 7069178 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WW | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series WW |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 02/15/50 | 26720 | 20547773 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series XX | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series XX | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series XX | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series XX |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 02/01/30 | 1835 | 1729709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series UU | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series UU | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series UU | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series UU |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/01/48 | 11445 | 9141639 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/15/26 | 9414 | 9395951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 10/01/46 | 3975 | 3118368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 06/01/43 | 750 | 642998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 05/30/47 | 27369 | 22814872 |
|  |  |  | 115766844 |
|  **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
|  DH Europe Finance II Sarl, | DH Europe Finance II Sarl, | DH Europe Finance II Sarl, | DH Europe Finance II Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | 09/18/39 | 5215 | 4502732 |
|  Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 10/15/53 | 4685 | 5119965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/15/45 | 1 | 916 |
|  Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 10/15/41 (a) | 2485 | 1839675 |
|  |  |  | 11463288 |
|  **Healthcare-Services — 3.9%** | **Healthcare-Services — 3.9%** | **Healthcare-Services — 3.9%** | **Healthcare-Services — 3.9%** |
|  Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.829% | 08/15/28 (a) | 7005 | 6994585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.272% | 08/15/48 | 8950 | 7497340 |
|  Ascension Health, | Ascension Health, | Ascension Health, | Ascension Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.945% | 11/15/46 | 3338 | 2713495 |
|  Baylor Scott & White Holdings, | Baylor Scott & White Holdings, | Baylor Scott & White Holdings, | Baylor Scott & White Holdings, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.967% | 11/15/46 | 17663 | 14291729 |
|  Children's Hospital Corp. (The), | Children's Hospital Corp. (The), | Children's Hospital Corp. (The), | Children's Hospital Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.115% | 01/01/47 | 6650 | 5550158 |
|  Cigna Group (The), | Cigna Group (The), | Cigna Group (The), | Cigna Group (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 03/01/27 | 17240 | 17131084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/15/47 | 6870 | 5291711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 07/15/46 | 5065 | 4498894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 12/15/48 | 5308 | 4731731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/15/42 | 3650 | 3557199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 03/15/31 | 16605 | 15035492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/15/40 | 9125 | 7215127 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |  |
|  Cleveland Clinic Foundation (The), | Cleveland Clinic Foundation (The), | Cleveland Clinic Foundation (The), | Cleveland Clinic Foundation (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858% | 01/01/2114 (a) | 2875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439243 |
|  Dartmouth-Hitchcock Health, | Dartmouth-Hitchcock Health, | Dartmouth-Hitchcock Health, | Dartmouth-Hitchcock Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.178% | 08/01/48 | 12000 | 9352086 |
|  Duke University Health System, Inc., | Duke University Health System, Inc., | Duke University Health System, Inc., | Duke University Health System, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.920% | 06/01/47 | 3265 | 2629749 |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/15/51 | 3360 | 2396236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 09/15/49 | 8819 | 6490291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/42 | 2600 | 2336774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 01/15/43 | 1000 | 896285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 08/15/54 | 510 | 433915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 01/15/44 | 720 | 678463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 11/01/64 | 16830 | 16523728 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 07/15/31 | 3040 | 2723663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/15/52 | 3740 | 3051481 |
|  Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970% | 11/01/48 | 21125 | 16880831 |
|  Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/01/47 | 10969 | 9137107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 04/01/42 | 1000 | 944301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.002% | 06/01/51 (a) | 11245 | 7346061 |
|  Memorial Sloan-Kettering Cancer Center, | Memorial Sloan-Kettering Cancer Center, | Memorial Sloan-Kettering Cancer Center, | Memorial Sloan-Kettering Cancer Center, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.955% | 01/01/50 | 3405 | 2229361 |
|  MyMichigan Health, | MyMichigan Health, | MyMichigan Health, | MyMichigan Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.409% | 06/01/50 | 5230 | 3639157 |
|  Nationwide Children's Hospital, Inc., | Nationwide Children's Hospital, Inc., | Nationwide Children's Hospital, Inc., | Nationwide Children's Hospital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.556% | 11/01/52 (a) | 800 | 689949 |
|  New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063% | 08/01/56 | 640 | 499235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.954% | 08/01/2119 (a) | 2225 | 1526027 |
|  NYU Langone Hospitals, | NYU Langone Hospitals, | NYU Langone Hospitals, | NYU Langone Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.368% | 07/01/47 (a) | 12075 | 10557182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.784% | 07/01/44 | 7305 | 6655079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 13-A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 13-A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 07/01/43 | 700 | 716845 |
|  OhioHealth Corp., | OhioHealth Corp., | OhioHealth Corp., | OhioHealth Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.042% | 11/15/50 (a) | 1005 | 690249 |
|  Orlando Health Obligated Group, | Orlando Health Obligated Group, | Orlando Health Obligated Group, | Orlando Health Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.327% | 10/01/50 | 3300 | 2369273 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A152

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.089% | 10/01/48 | 2208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786632 |
|  PeaceHealth Obligated Group, | PeaceHealth Obligated Group, | PeaceHealth Obligated Group, | PeaceHealth Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.218% | 11/15/50 (a) | 2285 | 1500476 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 06/30/30 | 10560 | 9988865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 06/01/26 | 4715 | 4702408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/30/40 (a) | 1251 | 1294699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 07/01/37 | 1704 | 1943142 |
|  Roche Holdings, Inc., | Roche Holdings, Inc., | Roche Holdings, Inc., | Roche Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.607% | 12/13/51 | 9985 | 6096173 |
|  Southern Baptist Hospital of Florida, Inc., | Southern Baptist Hospital of Florida, Inc., | Southern Baptist Hospital of Florida, Inc., | Southern Baptist Hospital of Florida, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.857% | 07/15/45 | 3150 | 2799396 |
|  Sutter Health, | Sutter Health, | Sutter Health, | Sutter Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.695% | 08/15/28 | 2400 | 2382229 |
|  Texas Health Resources, | Texas Health Resources, | Texas Health Resources, | Texas Health Resources, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330% | 11/15/55 (a) | 5400 | 4521460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.328% | 11/15/50 | 5688 | 3260037 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 05/15/41 | 5000 | 3789828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 10/15/42 | 2060 | 1705576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 04/15/47 | 13715 | 11310023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 12/15/48 | 2000 | 1681479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 11/15/41 | 4601 | 4215858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 07/15/45 | 6770 | 6091760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/52 | 10905 | 9428480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/15/62 (a) | 7570 | 6560475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/15/63 | 35500 | 31818816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/15/54 (a) | 6532 | 6171535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/15/44 | 3255 | 3230113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 07/15/64 | 20375 | 19905386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/36 | 3945 | 4207441 |
|  |  |  | 358733403 |
|  **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |  |
|  SC Johnson & Son, Inc., | SC Johnson & Son, Inc., | SC Johnson & Son, Inc., | SC Johnson & Son, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/15/43 | 425 | 346560 |
|  **Insurance — 2.8%** | **Insurance — 2.8%** | **Insurance — 2.8%** |  |
|  Allstate Corp. (The), | Allstate Corp. (The), | Allstate Corp. (The), | Allstate Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, Series B, 3 Month SOFR + 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, Series B, 3 Month SOFR + 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, Series B, 3 Month SOFR + 3.200% | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, Series B, 3 Month SOFR + 3.200% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.051%(c) | 08/15/53 | 800 | 800394 |
|  Arch Capital Group US, Inc., | Arch Capital Group US, Inc., | Arch Capital Group US, Inc., | Arch Capital Group US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.144% | 11/01/43 | 8532 | 8104356 |
|  Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/15/55 | 2180 | 2092692 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |  |
|  Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 05/15/43 | 2895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576499 |
|  Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 12/15/51 | 8570 | 5458509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 12/15/61 | 10935 | 6725303 |
|  Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 10/15/52 | 15000 | 9523284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/15/50 | 5045 | 3516122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.868% | 06/01/44 | 14360 | 12712713 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 03/15/55 | 25995 | 26048248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 03/22/54 | 4130 | 4275802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 05/20/55 | 5600 | 5906716 |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 05/15/60 | 14999 | 10397302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.951% | 10/15/50 | 31115 | 23049281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.569% | 02/01/29 | 5880 | 5908757 |
|  Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 10/09/37 | 4385 | 4715496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/40 | 6248 | 7031006 |
|  Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 05/07/52 | 11395 | 7720338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/27 | 5000 | 4958887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 09/17/50 | 8815 | 6823569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 11/01/47 | 4479 | 3608182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/30/43 | 100 | 91409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/05/46 | 2360 | 2125849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/20/49 | 18590 | 16421661 |
|  Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., | Marsh & McLennan Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/15/55 | 9750 | 9389774 |
|  Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/15/34 | 1700 | 1896703 |
|  Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.270% | 05/15/47 | 26445 | 21828741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 09/15/44 | 350 | 319054 |
|  Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), | Travelers Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 07/24/55 (a) | 3115 | 3188789 |
|  Unum Group, | Unum Group, | Unum Group, | Unum Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/51 | 39768 | 30128883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/42 | 5540 | 5501781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 03/15/28 | 2707 | 2847370 |
|  W.R. Berkley Corp., | W.R. Berkley Corp., | W.R. Berkley Corp., | W.R. Berkley Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 08/01/44 | 2675 | 2398711 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A153

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |  |
|  XL Group Ltd. (Bermuda), | XL Group Ltd. (Bermuda), | XL Group Ltd. (Bermuda), | XL Group Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 12/15/43 | 2962 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2799646 |
|  |  |  | 260891827 |
|  **Internet — 2.9%** | **Internet — 2.9%** | **Internet — 2.9%** |  |
|  Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 11/06/64 | 13815 | 15431899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/15/65 | 1965 | 1848886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 11/15/45 | 45315 | 45080280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 11/15/55 | 30215 | 29665274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 11/15/75 | 13270 | 13076501 |
|  Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 05/12/51 (a) | 15769 | 10584941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/12/61 | 7231 | 4623123 |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 44755 | 47380616 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 (a) | 9838 | 9153772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/45 | 23935 | 23263076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/64 | 14972 | 13907936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 11/15/55 (a) | 23935 | 23011473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/65 | 35465 | 33879007 |
|  |  |  | 270906784 |
|  **Lodging — 0.7%** | **Lodging — 0.7%** | **Lodging — 0.7%** |  |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/34 | 13500 | 13175538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/27 | 12845 | 13067490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/37 | 10820 | 11076215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 06/15/26 | 22630 | 22531430 |
|  |  |  | 59850673 |
|  **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** |  |
|  Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 09/15/28 | 45076 | 45642718 |
|  **Media — 3.8%** | **Media — 3.8%** | **Media — 3.8%** |  |
|  Belo Corp., | Belo Corp., | Belo Corp., | Belo Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 09/15/27 (a) | 150 | 155911 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 06/01/52 | 20 | 12913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 03/01/50 | 50 | 37595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/01/38 | 13155 | 12110483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/01/47 | 45654 | 37577439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/63 | 11900 | 9393067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/48 | 41760 | 35873322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% | 10/23/45 | 23294 | 21911870 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |  |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887% | 11/01/51 | 48031 | $&nbsp;&nbsp;&nbsp;&nbsp;28117039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 11/01/56 | 56194 | 31601223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/01/39 | 54500 | 42584390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 07/15/46 | 4867 | 3377739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 02/01/50 (a) | 54000 | 36157246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/01/40 (a) | 14385 | 11846378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/01/38 | 18880 | 16435443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.969% | 11/01/47 | 20719 | 15508841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.999% | 11/01/49 | 9318 | 6870407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/48 | 123 | 92397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/15/64 | 60 | 53603 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/01/54 | 3506 | 3072396 |
|  Discovery Communications LLC, | Discovery Communications LLC, | Discovery Communications LLC, | Discovery Communications LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/15/29 | 3310 | 3203518 |
|  Paramount Global, | Paramount Global, | Paramount Global, | Paramount Global, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 06/01/28 | 2130 | 2082045 |
|  Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/41 | 5744 | 5038596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 11/15/40 | 8615 | 7976541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 05/01/37 | 2785 | 2840884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/15/39 | 3678 | 3719677 |
|  Walt Disney Co. (The), | Walt Disney Co. (The), | Walt Disney Co. (The), | Walt Disney Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 10/01/43 (a) | 9675 | 9670303 |
|  |  |  | 347321266 |
|  **Mining — 2.1%** | **Mining — 2.1%** | **Mining — 2.1%** |  |
|  AngloGold Ashanti Holdings PLC (Australia), | AngloGold Ashanti Holdings PLC (Australia), | AngloGold Ashanti Holdings PLC (Australia), | AngloGold Ashanti Holdings PLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/01/28 | 12250 | 11891065 |
|  Barrick Gold Corp. (Canada), | Barrick Gold Corp. (Canada), | Barrick Gold Corp. (Canada), | Barrick Gold Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 10/15/35 | 5000 | 5531966 |
|  Barrick International Barbados Corp. (Canada), | Barrick International Barbados Corp. (Canada), | Barrick International Barbados Corp. (Canada), | Barrick International Barbados Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 10/15/36 | 22700 | 24759732 |
|  Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/30/41 | 7751 | 7898558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/01/43 | 4583 | 4661786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 09/15/38 | 10946 | 12985736 |
|  Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 10/15/39 | 27086 | 28499851 |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/21/32 | 11300 | 11663066 |
|  Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 09/01/41 | 11304 | 12263307 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A154

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/33 | 9600 | $&nbsp;&nbsp;&nbsp;&nbsp;10480434 |
|  Rio Tinto Finance USA Ltd. (Australia), | Rio Tinto Finance USA Ltd. (Australia), | Rio Tinto Finance USA Ltd. (Australia), | Rio Tinto Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 11/02/40 | 860 | 854055 |
|  Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/21/42 | 785 | 672667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/22/42 | 1562 | 1450999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/14/55 (a) | 27390 | 27876118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/14/65 | 6370 | 6592722 |
|  South32 Treasury Ltd. (Australia), | South32 Treasury Ltd. (Australia), | South32 Treasury Ltd. (Australia), | South32 Treasury Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/14/32 (a) | 4800 | 4626446 |
|  Southern Copper Corp. (Mexico), | Southern Copper Corp. (Mexico), | Southern Copper Corp. (Mexico), | Southern Copper Corp. (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/16/40 | 8475 | 9566156 |
|  WMC Finance USA Ltd. (Australia), | WMC Finance USA Ltd. (Australia), | WMC Finance USA Ltd. (Australia), | WMC Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 05/15/33 | 2000 | 2136257 |
|  Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), | Yamana Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630% | 08/15/31 | 6059 | 5436464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/15/27 | 5811 | 5836888 |
|  |  |  | 195684273 |
|  **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** |  |
|  Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/14/29 | 4175 | 4062163 |
|  Siemens Financieringsmaatschappij NV (Germany), | Siemens Financieringsmaatschappij NV (Germany), | Siemens Financieringsmaatschappij NV (Germany), | Siemens Financieringsmaatschappij NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 03/11/41 | 4185 | 3166728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 05/27/45 | 4260 | 3750070 |
|  Siemens Funding BV (Germany), | Siemens Funding BV (Germany), | Siemens Funding BV (Germany), | Siemens Funding BV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/28/55 | 4415 | 4596197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 05/28/65 (a) | 4355 | 4535979 |
|  |  |  | 20111137 |
|  **Office/Business Equipment — 0.5%** | **Office/Business Equipment — 0.5%** | **Office/Business Equipment — 0.5%** |  |
|  CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% | 12/01/26 | 46065 | 45458785 |
|  **Oil & Gas — 7.2%** | **Oil & Gas — 7.2%** | **Oil & Gas — 7.2%** |  |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 12543 | 11502551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/30 | 3883 | 3753600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 | 4700 | 4534496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 10/01/54 (a) | 24215 | 21949345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/13/33 | 24010 | 25053722 |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/38 | 36354 | 38528209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 06/30/33 | 2000 | 2156489 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/15/37 | 3749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/01/39 | 2910 | 3195365 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/52 (a) | 16394 | 11390040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/37 | 2231 | 2167954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/15/47 | 42322 | 38835175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/15/39 | 11798 | 12965135 |
|  Chevron USA, Inc., | Chevron USA, Inc., | Chevron USA, Inc., | Chevron USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 11/15/43 | 1101 | 1101112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/41 | 3550 | 3873844 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.758% | 03/15/42 | 6810 | 5557622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/15/52 | 27200 | 19996145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% | 03/15/62 | 116 | 84387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 11/15/34 (a) | 847 | 812918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 11/15/44 | 1330 | 1125068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/35 (a) | 4765 | 4834796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 05/15/53 (a) | 10023 | 9343567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/55 (a) | 30100 | 28844860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 01/15/65 | 7275 | 7008040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 09/15/63 (a) | 12905 | 12465420 |
|  Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/42 | 3675 | 3183074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/45 (a) | 14051 | 12242041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 07/15/41 (a) | 21825 | 21137372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 06/15/28 (a) | 7125 | 7129950 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 12/01/26 | 11145 | 11065325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 03/24/51 (a) | 8785 | 7048836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/18/54 | 8913 | 8429882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 04/18/64 | 7000 | 6630263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/53 (a) | 29015 | 29355798 |
|  EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 04/01/35 | 4067 | 3786263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 01/15/36 | 12790 | 13144736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 07/15/55 (a) | 21430 | 21867725 |
|  Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 05/22/30 | 3260 | 3031787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/18/49 (a) | 6000 | 4202189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 04/06/40 | 1380 | 1167046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 05/15/43 | 2796 | 2344589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 08/17/40 | 22019 | 21889859 |
|  Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.095% | 08/16/49 | 13000 | 8890949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.567% | 03/06/45 | 4370 | 3427355 |
|  Hess Corp., | Hess Corp., | Hess Corp., | Hess Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 02/15/41 | 13500 | 13961975 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A155

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |  |
|  Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/15/54 (a) | 11375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9533133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/01/41 | 6214 | 6617455 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 02/15/47 (a) | 3000 | 2157274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 03/15/48 | 21150 | 15790746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 03/15/40 | 12322 | 12481258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 09/15/36 | 5522 | 5874871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/01/31 | 4290 | 4821412 |
|  Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 11/01/31 | 1000 | 1115908 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 02/12/48 | 2025 | 1589422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.690% | 01/23/50 | 12200 | 10935348 |
|  Phillips 66, | Phillips 66, | Phillips 66, | Phillips 66, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | 12/15/30 | 10600 | 9516008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 03/15/52 | 1380 | 898531 |
|  Phillips 66 Co., | Phillips 66 Co., | Phillips 66 Co., | Phillips 66 Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 10/01/26 | 11680 | 11647369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 02/15/45 | 500 | 424677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/01/46 | 810 | 707512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/55 (a) | 3059 | 2829535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 06/15/54 (a) | 21628 | 20361836 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/30 | 4820 | 4367035 |
|  Shell Finance US, Inc., | Shell Finance US, Inc., | Shell Finance US, Inc., | Shell Finance US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/10/46 | 3000 | 2427906 |
|  Suncor Energy, Inc. (Canada), | Suncor Energy, Inc. (Canada), | Suncor Energy, Inc. (Canada), | Suncor Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 12/01/34 | 1000 | 1057865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | 05/15/38 | 5051 | 5526204 |
|  TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455% | 02/19/29 | 17441 | 17175926 |
|  TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.425% | 09/10/64 (a) | 6760 | 6317127 |
|  Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 12/01/51 (a) | 9355 | 6473575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 06/01/28 | 25440 | 25563290 |
|  |  |  | 665249156 |
|  **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** | **Oil & Gas Services — 0.2%** |  |
|  Cameron International Corp., | Cameron International Corp., | Cameron International Corp., | Cameron International Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/15/38 | 4000 | 4591582 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas Services (cont'd.)** | **Oil & Gas Services (cont'd.)** | **Oil & Gas Services (cont'd.)** |  |
|  Halliburton Co., | Halliburton Co., | Halliburton Co., | Halliburton Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 08/01/43 | 9350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8251290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/15/45 (a) | 1835 | 1640884 |
|  |  |  | 14483756 |
|  **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |  |
|  Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.630% | 06/19/30 | 2715 | 2516462 |
|  Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), | Smurfit Westrock Financing DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418% | 01/15/35 | 5000 | 5137642 |
|  |  |  | 7654104 |
|  **Pharmaceuticals — 5.2%** | **Pharmaceuticals — 5.2%** | **Pharmaceuticals — 5.2%** |  |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 11/21/39 | 91680 | 81855158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 05/14/36 | 2500 | 2398755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 11/06/42 | 7200 | 6422715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/14/35 | 1280 | 1257421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 03/15/35 | 35638 | 35129551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/01/42 | 3115 | 2841494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 05/14/45 | 16174 | 14624440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/64 | 385 | 374382 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 11/13/40 | 11500 | 8186663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/15/52 | 3330 | 2448234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/62 (a) | 15215 | 11043356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/26/49 | 14610 | 11936264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 11/15/47 | 22307 | 18854189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 02/20/48 | 8519 | 7370670 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 08/15/29 | 57035 | 55058941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/25/28 (a) | 9442 | 9476929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 03/25/38 | 40326 | 38086074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/20/45 | 41205 | 37247910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 12/05/43 | 20115 | 18735781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 06/01/27 | 1000 | 1028967 |
|  Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 11/01/49 | 12000 | 8921312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/27/63 | 3000 | 2708161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/09/54 | 4775 | 4452675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 02/09/64 | 11435 | 10548439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 08/14/64 | 5880 | 5535519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 10/15/55 (a) | 1310 | 1321053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 10/15/65 (a) | 1790 | 1806287 |
|  GlaxoSmithKline Capital, Inc., | GlaxoSmithKline Capital, Inc., | GlaxoSmithKline Capital, Inc., | GlaxoSmithKline Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/15/38 | 10000 | 11221215 |
|  Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 09/01/40 (a) | 8585 | 6074288 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A156

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 01/15/38 | 4365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/03/37 | 6385 | 5805542 |
|  Merck & Co., Inc., | Merck & Co., Inc., | Merck & Co., Inc., | Merck & Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 12/10/51 (a) | 4188 | 2596925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 12/04/65 | 4950 | 4903569 |
|  Mylan, Inc., | Mylan, Inc., | Mylan, Inc., | Mylan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 11/29/43 | 4169 | 3587609 |
|  Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 09/23/26 | 110 | 109316 |
|  Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.025% | 07/09/40 | 2375 | 1814916 |
|  Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/46 | 41068 | 33782222 |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/22/40 | 4605 | 3533971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/22/50 | 5990 | 3990864 |
|  |  |  | 480930926 |
|  **Pipelines — 8.7%** | **Pipelines — 8.7%** | **Pipelines — 8.7%** |  |
|  Boardwalk Pipelines LP, | Boardwalk Pipelines LP, | Boardwalk Pipelines LP, | Boardwalk Pipelines LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 02/15/31 | 4460 | 4217834 |
|  Buckeye Partners LP, | Buckeye Partners LP, | Buckeye Partners LP, | Buckeye Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/01/27 | 20000 | 19773330 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714% | 08/15/63 | 9791 | 10600804 |
|  DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/29 | 6975 | 7139153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 04/01/44 | 7379 | 7139580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 08/16/30 | 6000 | 6934947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 11/03/36 | 10766 | 11448259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/15/37 | 17644 | 19230195 |
|  Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 12/15/44 | 915 | 787298 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/44 | 2755 | 2398899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 05/15/45 | 2875 | 2604786 |
|  Jr. Sub. Notes, Series G | Jr. Sub. Notes, Series G | Jr. Sub. Notes, Series G | Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 05/15/30 (oo) | 21530 | 22054411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 04/15/27 | 5000 | 5004421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 03/15/35 | 18317 | 17890125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/50 | 14285 | 11971045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 02/01/43 | 4450 | 4012677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/01/44 | 9735 | 8846332 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 04/15/47 | 1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 10/01/47 | 30794 | 27676959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/48 | 8083 | 7843404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 06/01/41 | 1275 | 1291889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 04/01/55 | 8980 | 8812064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/49 | 35265 | 34940892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 07/01/38 (a) | 11000 | 12743648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 06/15/38 | 19814 | 20211063 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/31/51 | 14570 | 10709247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 01/31/50 | 16790 | 13505882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/48 | 18060 | 14833575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 08/15/42 | 3930 | 3644583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 03/15/44 | 5775 | 5278438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 05/15/46 | 25127 | 22758721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 10/15/54 | 3110 | 2764491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 02/15/45 | 12537 | 11763808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 02/15/78 (a) | 7380 | 7333413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 02/15/42 | 5100 | 5207992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 10/15/39 | 3937 | 4240524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 09/01/40 | 7879 | 8789435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.099%(c) | 08/16/77 | 4312 | 4298117 |
|  Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 11/01/42 | 11190 | 9879594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/15/42 | 2010 | 1844087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/43 | 1176 | 1070790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 09/01/44 | 878 | 830807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/01/37 | 900 | 982674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/39 | 5545 | 5980742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 09/15/40 | 4370 | 4738688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 01/15/38 | 575 | 648529 |
|  Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 02/15/51 (a) | 2944 | 2056919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 02/15/46 | 1759 | 1581748 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/38 | 13187 | 12037861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 04/15/48 | 18002 | 14972603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 04/15/58 | 9705 | 7974601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/47 | 1445 | 1291793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 12/01/47 | 15735 | 14000459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/34 | 4932 | 5035482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/15/49 (a) | 33016 | 30355718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/01/55 (a) | 7535 | 7270820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 09/15/55 | 555 | 552410 |
|  Northwest Pipeline LLC, | Northwest Pipeline LLC, | Northwest Pipeline LLC, | Northwest Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/27 | 1162 | 1161794 |
|  ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 02/01/41 | 1325 | 1361962 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A157

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| CORPORATE BONDS (continued) | CORPORATE BONDS (continued) | CORPORATE BONDS (continued) | CORPORATE BONDS (continued) |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 09/15/43 | 18615 | &nbsp;&nbsp;&nbsp;&nbsp;18902111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 10/15/37 | 1742 | 1926308 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 03/15/30 (a) | 8745 | 8318846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 09/01/29 | 4705 | 4558549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 03/15/45 | 4130 | 3195331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 07/15/28 | 15725 | 15861070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 02/01/49 | 17700 | 14938949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/15/48 (a) | 4999 | 4509817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 1675 | 1782642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 11/15/32 | 3926 | 4202492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 09/01/53 (a) | 34031 | 35704271 |
|  Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 12/15/29 | 4215 | 4096880 |
|  Spectra Energy Partners LP, | Spectra Energy Partners LP, | Spectra Energy Partners LP, | Spectra Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/15/45 | 565 | 476712 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 03/15/33 (a) | 5000 | 5348052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 05/15/55 | 18305 | 18202968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/01/52 (a) | 9000 | 9060469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/15/53 | 5093 | 5322066 |
|  Tennessee Gas Pipeline Co. LLC, | Tennessee Gas Pipeline Co. LLC, | Tennessee Gas Pipeline Co. LLC, | Tennessee Gas Pipeline Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/30 | 4710 | 4444381 |
|  Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, | Transcontinental Gas Pipe Line Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 08/01/42 | 5603 | 4921602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 03/15/48 | 2100 | 1822361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/41 | 1544 | 1529086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/15/56 | 3555 | 3524187 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 | 8053 | 6949709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/15/48 | 19930 | 17574736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 04/01/33 | 1085 | 1150134 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/15/30 | 3770 | 3618730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/15/51 (a) | 11622 | 8095410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/15/27 (a) | 990 | 985998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 01/15/45 | 10477 | 9400617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 08/15/52 | 6804 | 6295011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/04/44 | 22544 | 21618282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/24/44 | 13955 | 13886616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 11/15/43 | 3434 | 3405892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 04/15/40 | 15935 | 17189750 |
|  |  |  | 800322170 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 03/20/27 | 4600 | 4591774 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) — 0.5%** | **Real Estate Investment Trusts (REITs) — 0.5%** | **Real Estate Investment Trusts (REITs) — 0.5%** | **Real Estate Investment Trusts (REITs) — 0.5%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/18/51 (a) | 3500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 05/15/54 (a) | 21480 | 20134665 |
|  Brandywine Operating Partnership LP, | Brandywine Operating Partnership LP, | Brandywine Operating Partnership LP, | Brandywine Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 10/01/29 (a) | 1265 | 1207361 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/15/29 | 6449 | 6421349 |
|  Simon Property Group LP, | Simon Property Group LP, | Simon Property Group LP, | Simon Property Group LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 09/13/49 | 1495 | 1030701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 07/15/50 | 4300 | 3234908 |
|  Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 01/15/31 | 3635 | 3380959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 01/15/30 | 5000 | 4796821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 04/15/28 (a) | 4620 | 4651566 |
|  |  |  | 46998560 |
|  **Retail — 1.4%** | **Retail — 1.4%** | **Retail — 1.4%** | **Retail — 1.4%** |
|  Alimentation Couche-Tard, Inc. (Canada), | Alimentation Couche-Tard, Inc. (Canada), | Alimentation Couche-Tard, Inc. (Canada), | Alimentation Couche-Tard, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 07/26/27 | 20000 | 19842374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/26/47 | 15758 | 13335334 |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 08/01/31 (a) | 4570 | 4038183 |
|  AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/18/29 | 9490 | 9349552 |
|  Dollar Tree, Inc., | Dollar Tree, Inc., | Dollar Tree, Inc., | Dollar Tree, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 05/15/28 | 29165 | 29202067 |
|  Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 04/15/50 | 1335 | 943035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 04/15/52 | 1845 | 1348156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 06/15/47 | 20500 | 16319445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 04/01/46 | 9395 | 7958875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/25/64 | 910 | 870530 |
|  Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 04/01/62 | 26140 | 20501906 |
|  Macy's Retail Holdings LLC, | Macy's Retail Holdings LLC, | Macy's Retail Holdings LLC, | Macy's Retail Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/15/42 | 1875 | 1537087 |
|  McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 05/26/45 | 5325 | 4690510 |
|  |  |  | 129937054 |
|  **Semiconductors — 1.5%** | **Semiconductors — 1.5%** | **Semiconductors — 1.5%** | **Semiconductors — 1.5%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/15/41 | 10000 | 8152837 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A158

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Semiconductors (cont'd.)** | **Semiconductors (cont'd.)** | **Semiconductors (cont'd.)** | **Semiconductors (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469% | 04/15/34 | 7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7217679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/15/35 | 25535 | 26167743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | 11/15/35 | 50673 | 43677761 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 01/25/36 | 1360 | 1424192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/25/35 | 8144 | 8642461 |
|  Intel Corp., | Intel Corp., | Intel Corp., | Intel Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734% | 12/08/47 | 5000 | 3555755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 08/05/52 | 2813 | 2326975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 08/05/62 | 5630 | 4577716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 02/10/53 | 35463 | 33063027 |
|  |  |  | 138806146 |
|  **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
|  Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.483% | 12/01/27 | 2467 | 2440656 |
|  **Software — 3.0%** | **Software — 3.0%** |  |  |
|  Microsoft Corp., | Microsoft Corp., | Microsoft Corp., | Microsoft Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/15/50 | 1800 | 1094191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.525% | 06/01/50 | 193864 | 118515373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.675% | 06/01/60 | 12836 | 7364861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.921% | 03/17/52 | 1201 | 788644 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 04/01/40 | 22600 | 16758288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 04/01/50 | 7300 | 4543948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 11/15/37 | 46350 | 37462102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 07/15/36 | 7996 | 6679570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 05/15/35 | 7346 | 6338037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/25/51 | 3165 | 2083024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/15/46 | 32902 | 22846373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/15/45 | 1300 | 936675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 07/08/34 | 2032 | 1836392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/15/55 | 7667 | 5301760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/27/64 | 8922 | 7136858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/06/53 | 19556 | 16270491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.900% | 11/09/52 | 1040 | 1028813 |
|  Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 09/15/28 (a) | 3885 | 3895735 |
|  Synopsys, Inc., | Synopsys, Inc., | Synopsys, Inc., | Synopsys, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/32 (a) | 11842 | 12091665 |
|  |  |  | 272972800 |
|  **Telecommunications — 3.2%** | **Telecommunications — 3.2%** | **Telecommunications — 3.2%** | **Telecommunications — 3.2%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 36400 | 28597178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/15/53 | 47937 | 32121224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 09/15/55 | 69667 | 46423197 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 09/15/59 | 82309 | &nbsp;&nbsp;&nbsp;&nbsp;54390090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 12/01/57 | 22245 | 15311610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 06/01/44 | 19400 | 16843206 |
|  Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 11/15/30 | 3000 | 2723808 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/15/41 | 27795 | 20705626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 02/15/51 | 24035 | 16066049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/40 | 3205 | 2875403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/15/50 | 4300 | 3544029 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 11/20/40 | 30555 | 21840048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.987% | 10/30/56 | 2320 | 1380557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 03/22/41 | 12000 | 9396136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/22/61 (a) | 8791 | 5938806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 03/01/52 (a) | 10878 | 8068712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/22/50 | 15566 | 11859120 |
|  |  |  | 298084799 |
|  **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** |
|  Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 04/01/45 | 3535 | 2969768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 09/01/42 | 8705 | 7735520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 03/15/42 | 10600 | 9486667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 03/15/43 | 11312 | 10073702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 09/01/44 | 2455 | 2182796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 09/01/45 | 3040 | 2747210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/01/41 | 1620 | 1589600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 09/01/43 | 3133 | 3038611 |
|  Canadian National Railway Co. (Canada), | Canadian National Railway Co. (Canada), | Canadian National Railway Co. (Canada), | Canadian National Railway Co. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/07/43 | 900 | 780593 |
|  Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/02/41 | 3135 | 2340184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/35 | 1645 | 1628924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 08/15/45 | 10000 | 9018765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 09/15/2115 | 14400 | 14400736 |
|  CSX Corp., | CSX Corp., | CSX Corp., | CSX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 11/01/26 | 5890 | 5827890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/54 | 8850 | 7449204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/30/42 | 4873 | 4503332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 05/01/37 | 1000 | 1098376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.220% | 04/30/40 | 531 | 583306 |
|  FedEx Corp., | FedEx Corp., | FedEx Corp., | FedEx Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 04/15/43 | 825 | 666443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 04/01/46 | 6975 | 5872730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/45 | 2925 | 2532237 |
|  Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 05/15/50 (a) | 7626 | 5020446 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A159

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.942% | 11/01/47 | 3667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2897067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 10/01/42 | 1140 | 947239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 08/15/52 | 1585 | 1231779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 05/15/2121 | 10745 | 7448418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 06/15/45 | 1700 | 1469177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 01/15/46 | 700 | 620595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 08/15/43 | 852 | 772390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.837% | 10/01/41 (a) | 1080 | 1020012 |
|  Union Pacific Corp., | Union Pacific Corp., | Union Pacific Corp., | Union Pacific Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.973% | 09/16/62 | 1400 | 821826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 08/15/46 | 4300 | 3129023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.799% | 04/06/71 | 22170 | 15223145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/01/55 | 4805 | 3604609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/15/59 | 5100 | 3784940 |
|  |  |  | 144517260 |
|  **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 06/15/26 | 4325 | 4273273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 11/15/26 | 4275 | 4245498 |
|  |  |  | 8518771 |
|  **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
|  American Water Capital Corp., | American Water Capital Corp., | American Water Capital Corp., | American Water Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/01/35 (a) | 7215 | 7439177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 09/01/55 | 5835 | 5850732 |
|  |  |  | 13289909 |
|  **TOTAL CORPORATE BONDS**<br>(cost $9,219,951,552) | **TOTAL CORPORATE BONDS**<br>(cost $9,219,951,552) | **TOTAL CORPORATE BONDS**<br>(cost $9,219,951,552) | 8219001531 |
| **MUNICIPAL BONDS — 1.9%** | **MUNICIPAL BONDS — 1.9%** | **MUNICIPAL BONDS — 1.9%** | **MUNICIPAL BONDS — 1.9%** |
|  **California — 0.2%** | **California — 0.2%** | **California — 0.2%** | **California — 0.2%** |
|  Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.263% | 04/01/49 | 7300 | 7725096 |
|  Los Angeles Department of Water & Power, Power System Revenue, | Los Angeles Department of Water & Power, Power System Revenue, | Los Angeles Department of Water & Power, Power System Revenue, | Los Angeles Department of Water & Power, Power System Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.603% | 07/01/50 | 8000 | 8584446 |
|  Regents of the University of California Medical Center Pooled Revenue, | Regents of the University of California Medical Center Pooled Revenue, | Regents of the University of California Medical Center Pooled Revenue, | Regents of the University of California Medical Center Pooled Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.563% | 05/15/53 | 4375 | 3728528 |
|  |  |  | 20038070 |
|  **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |
|  District of Columbia Water & Sewer Authority, | District of Columbia Water & Sewer Authority, | District of Columbia Water & Sewer Authority, | District of Columbia Water & Sewer Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.814% | 10/01/2114 | 5000 | 4313788 |
|  **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** | **Illinois — 0.1%** |
|  Illinois State Toll Highway Authority, | Illinois State Toll Highway Authority, | Illinois State Toll Highway Authority, | Illinois State Toll Highway Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.851% | 12/01/34 | 100 | 104051 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest <br>Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **Illinois (cont'd.)** | **Illinois (cont'd.)** | **Illinois (cont'd.)** | **Illinois (cont'd.)** |
|  State of Illinois, | State of Illinois, | State of Illinois, | State of Illinois, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 06/01/33 | 6636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6802711 |
|  |  |  | 6906762 |
|  **Michigan — 0.3%** | **Michigan — 0.3%** | **Michigan — 0.3%** | **Michigan — 0.3%** |
|  Michigan State University, | Michigan State University, | Michigan State University, | Michigan State University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.165% | 08/15/2122 | 5450 | 3946800 |
|  University of Michigan, | University of Michigan, | University of Michigan, | University of Michigan, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.454% | 04/01/2122 | 17144 | 13298108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.437% | 04/01/40 | 4670 | 3512274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.599% | 04/01/47 | 5000 | 4235852 |
|  |  |  | 24993034 |
|  **Missouri — 0.2%** | **Missouri — 0.2%** | **Missouri — 0.2%** | **Missouri — 0.2%** |
|  Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.652% | 08/15/57 | 19000 | 13820824 |
|  Missouri Highway & Transportation Commission, | Missouri Highway & Transportation Commission, | Missouri Highway & Transportation Commission, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.445% | 05/01/33 | 325 | 333365 |
|  |  |  | 14154189 |
|  **New Jersey — 0.4%** | **New Jersey — 0.4%** | **New Jersey — 0.4%** | **New Jersey — 0.4%** |
|  New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.102% | 01/01/41 | 29125 | 34003022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414% | 01/01/40 | 5145 | 6210788 |
|  |  |  | 40213810 |
|  **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
|  Ohio State University (The), | Ohio State University (The), | Ohio State University (The), | Ohio State University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 06/01/2111 | 1300 | 1085378 |
|  **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** |  |  |
|  Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.105% | 12/01/39 | 7575 | 8194188 |
|  University of Pittsburgh-of the Commonwealth System of Higher Education, | University of Pittsburgh-of the Commonwealth System of Higher Education, | University of Pittsburgh-of the Commonwealth System of Higher Education, | University of Pittsburgh-of the Commonwealth System of Higher Education, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.555% | 09/15/2119 | 5575 | 3473524 |
|  |  |  | 11667712 |
|  **Texas — 0.4%** | **Texas — 0.4%** | **Texas — 0.4%** | **Texas — 0.4%** |
|  Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.087% | 11/01/51 | 1025 | 840889 |
|  North Texas Tollway Authority, | North Texas Tollway Authority, | North Texas Tollway Authority, | North Texas Tollway Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.718% | 01/01/49 | 5410 | 5961561 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A160

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO (**CONTINUED) <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest <br>Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| MUNICIPAL BONDS (continued) | MUNICIPAL BONDS (continued) | MUNICIPAL BONDS (continued) | MUNICIPAL BONDS (continued) | MUNICIPAL BONDS (continued) |
|  **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** | **Texas (cont'd.)** |
|  Permanent University Fund - University of Texas System, | Permanent University Fund - University of Texas System, | Permanent University Fund - University of Texas System, | Permanent University Fund - University of Texas System, | Permanent University Fund - University of Texas System, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.376% | 07/01/47 |  | 16940 | &nbsp;&nbsp;&nbsp;&nbsp;12745453 |
|  Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.922% | 12/31/49 |  | 20700 | 16549306 |
|  |  |  |  | 36097209 |
|  **Virginia — 0.2%** | **Virginia — 0.2%** | **Virginia — 0.2%** | **Virginia — 0.2%** | **Virginia — 0.2%** |
|  University of Virginia, | University of Virginia, | University of Virginia, | University of Virginia, | University of Virginia, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.584% | 11/01/51 |  | 15810 | 9716337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.179% | 09/01/2117 |  | 10570 | 7791618 |
|  |  |  |  | 17507955 |
|  **TOTAL MUNICIPAL BONDS**<br>(cost $220,021,482) | **TOTAL MUNICIPAL BONDS**<br>(cost $220,021,482) | **TOTAL MUNICIPAL BONDS**<br>(cost $220,021,482) | **TOTAL MUNICIPAL BONDS**<br>(cost $220,021,482) | 176977907 |
| RESIDENTIAL MORTGAGE-BACKED SECURITY — 0.1% | RESIDENTIAL MORTGAGE-BACKED SECURITY — 0.1% | RESIDENTIAL MORTGAGE-BACKED SECURITY — 0.1% | RESIDENTIAL MORTGAGE-BACKED SECURITY — 0.1% | RESIDENTIAL MORTGAGE-BACKED SECURITY — 0.1% |
|  OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM23, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM23, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM23, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM23, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM23, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.872%(cc) | 10/25/65 |  | 11500 | 11501710 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $11,499,895) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $11,499,895) |  |  |  |
|  **U.S. TREASURY OBLIGATIONS — 0.8%** | **U.S. TREASURY OBLIGATIONS — 0.8%** | **U.S. TREASURY OBLIGATIONS — 0.8%** | **U.S. TREASURY OBLIGATIONS — 0.8%** | **U.S. TREASURY OBLIGATIONS — 0.8%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/15/51 (k) |  | 22290 | 12478917 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 10/31/32 (k) |  | 180 | 178116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 11/30/32 (h) |  | 50290 | 49739953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/15/35 (k) |  | 11325 | 11763844 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $76,460,327) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $76,460,327) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $76,460,327) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $76,460,327) | 74160830 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
|  **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** | **PREFERRED STOCKS — 0.2%** |
|  **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(oo) | &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(oo) | &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(oo) | 117000 | 2626650 |
|  **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust V, 5.450%(c), 3 Month SOFR + 4.052%, Series K, Maturing 03/15/26(oo) | &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust V, 5.450%(c), 3 Month SOFR + 4.052%, Series K, Maturing 03/15/26(oo) | &nbsp;&nbsp;&nbsp;&nbsp; SCE Trust V, 5.450%(c), 3 Month SOFR + 4.052%, Series K, Maturing 03/15/26(oo) | 565000 | 14232350 |
|  **TOTAL PREFERRED STOCKS**<br>(cost $17,050,000) | **TOTAL PREFERRED STOCKS**<br>(cost $17,050,000) | **TOTAL PREFERRED STOCKS**<br>(cost $17,050,000) | **TOTAL PREFERRED STOCKS**<br>(cost $17,050,000) | 16859000 |
|  **TOTAL LONG-TERM INVESTMENTS**<br>(cost $10,034,386,596) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $10,034,386,596) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $10,034,386,596) | **TOTAL LONG-TERM INVESTMENTS**<br>(cost $10,034,386,596) | 8979131629 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Value |
| SHORT-TERM INVESTMENTS — 5.5% | SHORT-TERM INVESTMENTS — 5.5% | SHORT-TERM INVESTMENTS — 5.5% |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 86220293 | $&nbsp;&nbsp;&nbsp;&nbsp;86220293 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $414,746,263; includes $413,463,516 of cash collateral for securities on loan)(b)(wb) | 414996697 | 414747699 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $500,966,556) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $500,966,556) | 500967992 |
|  **TOTAL INVESTMENTS—103.1%**<br>(cost $10,535,353,152) | **TOTAL INVESTMENTS—103.1%**<br>(cost $10,535,353,152) | 9480099621 |
|  **Liabilities in excess of other assets(z) — (3.1)%** | **Liabilities in excess of other assets(z) — (3.1)%** | (284337791) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $9195761830 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $405,529,352; cash collateral of $413,463,516 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

A161

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---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 12 | 2 Year U.S. Treasury Notes | Mar. 2026 | $2505469 | $830 |
| 5742 | 5 Year U.S. Treasury Notes | Mar. 2026 | 627627530 | (1332256) |
| 3684 | 10 Year U.S. Treasury Notes | Mar. 2026 | 414219750 | (1585679) |
| 1635 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 188050555 | (493990) |
|  |  |  |  | (3411095) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 491 | 10 Year Euro-Bund | Mar. 2026 | 73610850 | 1009352 |
| 5697 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 658537594 | 5033900 |
| 74 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 8732000 | (2421) |
| 55 | Euro Schatz Index | Mar. 2026 | 6902478 | 12232 |
|  |  |  |  | 6053063 |
|  |  |  |  | $2641968 |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | MSI | EUR | 41378 | $47785577 | $48648618 | $— | $(863041) |

---

#### Credit default swap agreement outstanding at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Value at<br>Trade Date | Value at<br>December 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |  |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 722292 | $(15759028) | $(16556024) | $(796996) |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling

**SEE NOTES TO FINANCIAL STATEMENTS.**

A162

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---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. <br>

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

---

| | | |
|:---|:---|:---|
| **Broker** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  BOS | $– | $7646305 |
|  MLC | – | 12257401 |
|  **Total** | $– | $19903706 |

---

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

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

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

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

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Commercial Mortgage-Backed Securities | $— | $480630651 | $— |
|  Corporate Bonds |  | 8219001531 |  |
|  Municipal Bonds |  | 176977907 |  |
|  Residential Mortgage-Backed Security |  | 11501710 |  |
|  U.S. Treasury Obligations |  | 74160830 |  |
|  Preferred Stocks | 16859000 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 500967992 |  |  |
|  **Total** | $517826992 | $8962272629 | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $6056314 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(3414346) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contract |  | (863041) |  |
|  Centrally Cleared Credit Default Swap Agreement |  | (796996) |  |
|  **Total** | $(3414346) | $(1660037) | $— |

---

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

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Electric | 14.8 |
|  Banks | 9.5 |
|  Pipelines | 8.7 |
|  Oil & Gas | 7.2 |

---

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (4.5% represents investments purchased with collateral from securities on loan) | 5.5 |
|  Pharmaceuticals | 5.2 |
|  Commercial Mortgage-Backed Securities | 5.2 |
|  Healthcare-Services | 3.9 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A163

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---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Media | 3.8 |
|  Telecommunications | 3.2 |
|  Software | 3 |
|  Internet | 2.9 |
|  Insurance | 2.8 |
|  Mining | 2.1 |
|  Municipal Bonds | 1.9 |
|  Foods | 1.8 |
|  Aerospace & Defense | 1.7 |
|  Beverages | 1.6 |
|  Transportation | 1.6 |
|  Semiconductors | 1.5 |
|  Chemicals | 1.5 |
|  Retail | 1.4 |
|  Commercial Services | 1.4 |
|  Computers | 1.3 |
|  Gas | 1.3 |
|  Auto Manufacturers | 1 |
|  Biotechnology | 0.9 |
|  U.S. Treasury Obligations | 0.8 |
|  Agriculture | 0.7 |
|  Lodging | 0.7 |
|  Airlines | 0.6 |
|  Building Materials | 0.5 |
|  Real Estate Investment Trusts (REITs) | 0.5 |

---

---

| | |
|:---|:---|
|  Machinery-Diversified | 0.5% |
|  Office/Business Equipment | 0.5 |
|  Miscellaneous Manufacturing | 0.2 |
|  Engineering & Construction | 0.2 |
|  Oil & Gas Services | 0.2 |
|  Financial Services | 0.2 |
|  Water | 0.1 |
|  Residential Mortgage-Backed Security | 0.1 |
|  Healthcare-Products | 0.1 |
|  Auto Parts & Equipment | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Packaging & Containers | 0.1 |
|  Environmental Control | 0.1 |
|  Real Estate | 0.1 |
|  Forest Products & Paper | 0.0 \* |
|  Electronics | 0.0 \* |
|  Capital Markets | 0.0 \* |
|  Shipbuilding | 0.0 \* |
|  Household Products/Wares | 0.0 \* |
|  | 103.1 |
|  Liabilities in excess of other assets | (3.1) |
|  | 100.0% |

---

\* Less than 0.05% 

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

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | Fair<br>Value | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | Fair<br>Value |
|  Credit contracts |  | $— | Due from/to broker-variation margin swaps | $796996 \* |
|  Foreign exchange contracts |  |  | Unrealized depreciation on OTC forward foreign currency exchange contracts | 863041 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 6056314 \* | Due from/to broker-variation margin futures | 3414346 \* |
|  |  | $6056314 |  | $5074383 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A164

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures | Forward<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Credit contracts | $— | $— | $(8060356) |
|  Foreign exchange contracts |  | (4372400) |  |
|  Interest rate contracts | 25500334 |  |  |
|  **Total** | $25500334 | $(4372400) | $(8060356) |

---

---

| | | | |
|:---|:---|:---|:---|
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Futures | Forward<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Credit contracts | $— | $— | $288860 |
|  Foreign exchange contracts |  | (1622960) |  |
|  Interest rate contracts | (1650869) |  |  |
|  **Total** | $(1650869) | $(1622960) | $288860 |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $1197177874 |
|  Futures Contracts - Short Positions (1) | 691427081 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 32266012 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 84643858 |
|  Credit Default Swap Agreements - Buy Protection (1) | 779893200 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Description | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | Collateral<br>Pledged/(Received)(2) | **Net**<br> **Amount** |
|  Securities on Loan | $405529352 | $(405529352) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Amounts of<br>Recognized<br>Assets(1) | Gross Amounts of<br>Recognized<br>Liabilities(1) | Net Amounts of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | Net Amount |
|  MSI | $– | $(863041) | $(863041) | $863041 | $— |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A165

------

<br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $405,529,352: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $10,034,386,596) | $8979131629.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $500,966,556) | 500967992.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $4) | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 111035415.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 27565273.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 21953.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 13157.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 93872.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 9618829295.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 413463516.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 3577146.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 2412392.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1915417.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 863041.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 448571.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 379556.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 7348.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 423067465.0 |
|  **NET ASSETS** | $9195761830.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $9195761830.0 |
|  Net asset value and redemption price per share, $9,195,761,830 / 640,285,950 outstanding shares of beneficial interest | $14.36 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $473471507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 2228108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | 926300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $560,713) | 561167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 477187082 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 46970641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 24157103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 466538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 173188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 116848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 63664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 10564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 253407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 72222293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (2698149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 69524144 |
|  **NET INVESTMENT INCOME (LOSS)** | 407662938 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(2766)) | (222884899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 25500334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (4372400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (8060356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (3128975) |
|  | (212946296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: | &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $6,549) | 431442696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (1650869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (1622960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 288860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 20073 |
|  | 428477800 |
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 215531504 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $623194442 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $407662938 | $442823312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (212946296) | (215490695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 428477800 | (204335949) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 623194442 | 22996668 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [1,529 and 0 shares, respectively] | 21954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [110,495,781 and 115,674,066 shares, respectively] | (1538147101) | (1557504147) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (1538125147) | (1557504147) |
|  **TOTAL INCREASE (DECREASE)** | (914930705) | (1534507479) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 10110692535 | 11645200014 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $9195761830 | $10110692535 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A166

------

<br> **AST MULTI-SECTOR FIXED INCOME PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $13.47 | $13.44 | $12.24 | $15.52 | $15.58 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.59 | 0.55 | 0.51 | 0.46 | 0.43 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.30 | (0.52) | 0.69 | (3.74) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.89 | 0.03 | 1.20 | (3.28) | (0.06) |
|  Net Asset Value, end of year | $14.36 | $13.47 | $13.44 | $12.24 | $15.52 |
|  **Total Return<sup>(b)</sup>** | 6.61% | 0.22% | 9.80% | (21.13)% | (0.39)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $9196 | $10111 | $11645 | $11992 | $16914 |
|  Average net assets (in millions) | $9663 | $10874 | $11628 | $13573 | $17448 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.72% | 0.72% | 0.72% | 0.73% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.75% | 0.74% | 0.74% | 0.73% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.22% | 4.07% | 4.09% | 3.52% | 2.83% |
|  Portfolio turnover rate<sup>(d)</sup> | 21% | 16% | 11% | 12% | 12% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A167

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 94.3%** | **LONG-TERM INVESTMENTS — 94.3%** | **LONG-TERM INVESTMENTS — 94.3%** |
|  **AFFILIATED MUTUAL FUNDS — 26.5%** | **AFFILIATED MUTUAL FUNDS — 26.5%** | **AFFILIATED MUTUAL FUNDS — 26.5%** |
|  **Domestic Equity — 22.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Growth Portfolio\* | 444559 | $49101498 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Value Portfolio\* | 751830 | 45884171 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Small-Cap Equity Portfolio\* | 155986 | 13430414 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Natural Resources Fund | 19422 | 1437203 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109853286 |
|  **Fixed Income — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio\* | 85875 | 672399 |
|  **International Equity — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST International Equity Portfolio\* | 592312 | 21133703 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund | 42349 | 869418 |
|  |  | 22003121 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $103,580,222)(wa) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $103,580,222)(wa) | 132528806 |
|  **COMMON STOCKS — 43.9%** | **COMMON STOCKS — 43.9%** | **COMMON STOCKS — 43.9%** |
|  **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 1423 | 330455 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 3100 | 355756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 85 | 48274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 870 | 188894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 36 | 20669 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 2070 | 696886 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 4650 | 1432340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 1940 | 397739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 30 | 10202 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 210 | 61650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 215 | 103989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 740 | 421955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 24689 | 381833 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 2790 | 511686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 264 | 15317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 773 | 269249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 22700 | 148324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 220 | 19177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 99 | 26707 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 60 | 79791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 400 | 120928 |
|  |  | 5641821 |
|  **Air Freight & Logistics — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 120 | 19291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 312 | 17012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 140 | 20861 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 760 | 219534 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 2730 | 270789 |
|  |  | 547487 |
|  **Automobile Components — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 4560 | 346971 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Automobile Components (cont'd.)** | **Automobile Components (cont'd.)** | **Automobile Components (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 2900 | $116804 |
|  |  | 463775 |
|  **Automobiles — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) | 954 | 103447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 23960 | 314355 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 5700 | 463524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 25700 | 252237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 14200 | 221621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 3134 | 217256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. (Japan) | 4200 | 90431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\*(a) | 7825 | 3519059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 12500 | 268464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450394 |
|  **Banks — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 570 | 19915 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 10535 | 112623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 14140 | 331685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 24519 | 288601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 4049 | 91577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 3444 | 75898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 16210 | 891550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 49527 | 317029 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 2930 | 277199 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 34500 | 175087 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 15337 | 187512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 8270 | 965026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 470 | 27453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 875 | 93397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 9190 | 189203 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 8400 | 367959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 750 | 35107 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 28906 | 454863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 4560 | 79116 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 8142 | 228857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 18717 | 129336 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 7330 | 2361873 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 3840 | 79258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 84091 | 111228 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 190 | 38281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 10900 | 172995 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 770 | 21650 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 37181 | 326162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 8422 | 158454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 5400 | 82961 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 1630 | 340230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 8270 | 224117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 2324 | 187091 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A168

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 8918 | $217603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 6200 | 199401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 3845 | 133402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 5000 | 246050 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 10700 | 570952 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 3471 | 287491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 12910 | 1203212 |
|  |  | 12301404 |
|  **Beverages — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 906 | 58148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp. (Class B Stock) | 150 | 3909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 7420 | 518732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 200 | 30660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. (Class A Stock) | 180 | 24833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 1510 | 42295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. (Class B Stock) | 170 | 7936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 6590 | 505255 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 3250 | 466440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658208 |
|  **Biotechnology — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc.(a) | 5620 | 1284114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 100 | 39765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 2180 | 713536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 233 | 196546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 1050 | 184790 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. (Australia) | 901 | 103688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 900 | 39447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc.(a) | 6550 | 803947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 1560 | 154081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 400 | 11796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 500 | 70915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 325 | 250858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 265 | 120140 |
|  |  | 3973623 |
|  **Broadline Retail — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 28640 | 6610685 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 2210 | 192491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 9100 | 200655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 1026 | 188887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 2232 | 138203 |
|  |  | 7330921 |
|  **Building Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 120 | 8026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 90 | 14330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 120 | 12347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 7200 | 380448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 1990 | 238302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 25 | 12139 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Building Products (cont'd.)** | **Building Products (cont'd.)** | **Building Products (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 250 | $15865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Boseki Co. Ltd. (Japan) | 900 | 58504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 2100 | 235011 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 1114 | 39139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 235 | 91462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105573 |
|  **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 95 | 46582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 1827 | 151001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp. (Class A Stock) | 200 | 32326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 5960 | 691896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 157 | 168043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 820 | 126395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 130 | 32630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 7830 | 782295 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 390 | 106501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc. (Class A Stock)\* | 230 | 52012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 6200 | 54336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 5908 | 227689 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 45 | 13059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 8070 | 192792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR\* | 100 | 16421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 630 | 553770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. (Class A Stock) | 500 | 32155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 1440 | 233222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 10430 | 273996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 4600 | 218822 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 760 | 96885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 355 | 181352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 5340 | 948010 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 75 | 43030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 4990 | 484679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 11900 | 99133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 200 | 27318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 2590 | 415928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 860 | 97266 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 1330 | 695045 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 6200 | 133610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 12600 | 165866 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 340 | 43863 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 1760 | 180189 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 8389 | 387359 |
|  |  | 8005476 |
|  **Chemicals — 0.5%** | **Chemicals — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 230 | 56815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 140 | 19802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 24800 | 220441 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 180 | 13921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 5170 | 346545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 840 | 19639 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 500 | 20100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 1100 | 288772 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A169

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 4800 | $119952 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 1010 | 68064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 1105 | 471161 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock) | 1160 | 50228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 380 | 9154 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 270 | 27664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 1445 | 468223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 5377 | 220038 |
|  |  | 2420519 |
|  **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 7892 | 120514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 370 | 69586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 1000 | 39150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 240 | 50863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 4240 | 254485 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 600 | 17836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 1500 | 149670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 430 | 94475 |
|  |  | 796579 |
|  **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 3430 | 449433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 1900 | 444353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 8570 | 660147 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 50 | 12763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 170 | 65164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 14529 | 93670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 19699 | 191711 |
|  |  | 1917241 |
|  **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Spain) | 680 | 67500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 1248 | 64878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 35 | 32665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 1288 | 184544 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 45 | 27531 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG (Germany) | 500 | 195741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 3000 | 111863 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 300 | 65211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 255 | 107625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. (Japan) | 800 | 75817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 1217 | 171211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104586 |
|  **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 700 | 87360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 355 | 221044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 150 | 42783 |
|  |  | 351187 |
|  **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 2000 | 90580 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 1675 | 619666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 3314 | 803181 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Consumer Finance (cont'd.)** | **Consumer Finance (cont'd.)** | **Consumer Finance (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 410 | $34207 |
|  |  | 1547634 |
|  **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 3672 | 61270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 1273 | 1097759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 2360 | 313337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 600 | 73806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 5175 | 212211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 5380 | 336142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonae SGPS SA (Portugal) | 9360 | 17729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 3430 | 252757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 900 | 87975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 45528 | 270747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. (Japan) | 3000 | 55120 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 2200 | 165704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 10240 | 1140838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085395 |
|  **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC(a) | 2700 | 22518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 80 | 14550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 1000 | 52970 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 620 | 24422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 90 | 18561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 590 | 22815 |
|  |  | 155836 |
|  **Distributors — 0.0%** | **Distributors — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 140 | 17215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 35 | 8006 |
|  |  | 25221 |
|  **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 30800 | 248556 |
|  **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 1356 | 90012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 40818 | 155627 |
|  |  | 245639 |
|  **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 22850 | 567594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 12292 | 400118 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOS SGPS SA (Portugal) | 2774 | 13076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 24634 | 105285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 18740 | 763280 |
|  |  | 1849353 |
|  **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA (Spain) | 90 | 19588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp.(a) | 310 | 20153 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 4390 | 506211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1035 | 365634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 840 | 98456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 420 | 25208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA (Spain) | 1134 | 40802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 38232 | 397511 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A170

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 490 | $| 45291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 270 |  | 19572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 440 |  | 29625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 1130 |  | 49257 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 8270 |  | 370248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 624 |  | 13512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 3200 |  | 50255 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 3600 |  | 289008 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 1630 |  | 259561 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 2440 |  | 39211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 120 |  | 10644 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 830 |  | 29067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 3020 |  | 263344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 640 |  | 47270 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989428 |
|  **Electrical Equipment — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 5834 |  | 430068 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 280 |  | 57487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 1120 |  | 356731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 630 |  | 83614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 900 |  | 99806 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 1165 |  | 761409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 40 |  | 5455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 55 |  | 24426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 4300 |  | 125374 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 800 |  | 81576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 815 |  | 317092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 178 |  | 48696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 2500 |  | 83225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 1864 |  | 261498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. (Class A Stock) | 1200 |  | 194412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S (Denmark) | 1375 |  | 37190 |
|  |  |  | 2968059 |
|  **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 2550 |  | 344607 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 440 |  | 59928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 3970 |  | 347613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 5343 |  | 253605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 130 |  | 29643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 780 |  | 158488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. (Japan) | 2900 |  | 59937 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 300 |  | 45069 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity PLC (Switzerland) | 310 |  | 70528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 45 |  | 22983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 3400 |  | 126412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 945 |  | 229465 |
|  |  |  | 1748278 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 1110 |  | 50549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 970 |  | 27412 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 1650 |  | 63327 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 1800 |  | 80208 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Energy Equipment & Services (cont'd.)** | **Energy Equipment & Services (cont'd.)** | **Energy Equipment & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 4025 | $77666 |
|  |  | 299162 |
|  **Entertainment — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anycolor, Inc. (Japan) | 500 | 15424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 240 | 49039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 190 | 27075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 13140 | 1232007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. (Japan) | 5500 | 134346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc.\* | 1100 | 119339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 20 | 11614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 400 | 102412 |
| &nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 80 | 16720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 8260 | 939740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 2650 | 76373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724089 |
|  **Financial Services — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 530 | 76723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 2364 | 53678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 5050 | 2538383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.\* | 620 | 40356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 65 | 19560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 5480 | 364201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 4020 | 270023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 790 | 61146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helia Group Ltd. (Australia) | 5675 | 20801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 330 | 14783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 5260 | 187443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 80 | 14598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 3245 | 1852506 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 5700 | 166710 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 2330 | 136025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 4195 | 1471229 |
|  |  | 7288165 |
|  **Food Products — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 530 | 30470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 1040 | 92643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell's Company (The) | 240 | 6689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 19970 | 345681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 511 | 46092 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 1910 | 88815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 150 | 27297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 350 | 8295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 800 | 88208 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 130 | 12715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 970 | 23522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 170 | 7121 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 300 | 20433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 1450 | 78053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 4007 | 397731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. | 7700 | 171941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc. (Class A Stock) | 340 | 19931 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A171

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Food Products (cont'd.)** | **Food Products (cont'd.)** | **Food Products (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 189500 | $211106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676743 |
|  **Gas Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 190 | 31850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italgas SpA (Italy) | 6695 | 74673 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 3600 | 288216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA (Spain) | 1716 | 52249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 4600 | 159836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 400 | 15858 |
|  |  | 622682 |
|  **Ground Transportation — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 14960 | 542300 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 80 | 15547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 260 | 75067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 220 | 34496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 8340 | 681462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 670 | 154984 |
|  |  | 1503856 |
|  **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 2780 | 348306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 80 | 12492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 510 | 9746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 500 | 97035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 6920 | 659822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The)\* | 240 | 19670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 430 | 28539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 1550 | 132137 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 254 | 80314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 6279 | 136423 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 500 | 41010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 270 | 20112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 600 | 91002 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 615 | 416066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 65 | 18476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 1585 | 897681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 4130 | 396728 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 150 | 36131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 150 | 11886 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 1100 | 278872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 365 | 128287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 240 | 21581 |
|  |  | 3882316 |
|  **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambea AB (Sweden), 144A | 1950 | 29839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 2380 | 489090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 200 | 67550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 6450 | 265418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 1000 | 275230 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 7800 | 619008 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 40 | 4544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 240 | 84132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 4292 | 205010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 2568 | 147125 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 265 | $| 123718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 130 |  | 9825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 120 |  | 30736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 80 |  | 20070 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 440 |  | 360928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 55 |  | 9545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 140 |  | 24294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 6469 |  | 97404 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 2630 |  | 868189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. (Class B Stock) | 40 |  | 8721 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740376 |
|  **Health Care REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 190 |  | 9299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 17920 |  | 288154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 2430 |  | 188033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 740 |  | 137351 |
|  |  |  | 622837 |
|  **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 12960 |  | 229781 |
|  **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc. (Class A Stock)\* | 470 |  | 63788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 8700 |  | 320682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 375 |  | 14518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 185 |  | 990736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 1240 |  | 37870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 5570 |  | 206090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 120 |  | 22082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 25 |  | 10420 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 410 |  | 92857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 930 |  | 263478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 13000 |  | 64101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 240 |  | 68940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 360 |  | 23432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 230 |  | 71355 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 1665 |  | 508874 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International\* | 190 |  | 6933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings<br>Ltd.\*(a) | 530 |  | 11830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 265 |  | 73914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 110 |  | 5636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 1260 |  | 106105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd.\* | 4600 |  | 328486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 90 |  | 10830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 1330 |  | 201202 |
|  |  |  | 3504159 |
|  **Household Durables — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc. | 290 |  | 41769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 190 |  | 38541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class A Stock) | 240 |  | 24672 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 3 |  | 21878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 8100 |  | 105009 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 2140 |  | 250936 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A172

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Household Durables (cont'd.)** | **Household Durables (cont'd.)** | **Household Durables (cont'd.)** | **Household Durables (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 6600 | $| 169297 |
|  |  |  | 652102 |
|  **Household Products — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 290 |  | 24316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 130 |  | 13108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 3930 |  | 310549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 1026 |  | 29499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 238 |  | 18113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 390 |  | 39347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 6100 |  | 874191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 1772 |  | 143389 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452512 |
|  **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 840 |  | 12046 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 1720 |  | 91137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaria Energia y Medio Ambiente SA (Spain)\* | 3030 |  | 64402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 360 |  | 58079 |
|  |  |  | 225664 |
|  **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 1900 |  | 304190 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 14500 |  | 98578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 11300 |  | 354386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 1620 |  | 316046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 1600 |  | 26907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 831 |  | 232744 |
|  |  |  | 1332851 |
|  **Industrial REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 5410 |  | 690641 |
|  **Insurance — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 425 |  | 18181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 8610 |  | 66954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 550 |  | 60649 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 14600 |  | 150279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 385 |  | 178015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 2920 |  | 607798 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 5520 |  | 472236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock) | 730 |  | 257602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 420 |  | 40286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 300 |  | 77637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 640 |  | 154144 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 7156 |  | 343352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 600 |  | 64254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 350 |  | 27895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 1700 |  | 530604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 200 |  | 32664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co. (Class A Stock) | 30 |  | 8600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 35 |  | 11877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 90 |  | 12587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 350 |  | 48230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 200 |  | 21062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 1250 |  | 231900 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 6350 | $501269 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 8200 | 192512 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 3009 | 232128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 5245 | 51925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 270 | 23817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 660 | 150295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 6885 | 105913 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 11365 | 150466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 4500 | 152740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 201 | 26701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 240 | 69614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 8856 | 212470 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp. | 380 | 26646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 95 | 31217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5344519 |
|  **Interactive Media & Services — 2.9%** | **Interactive Media & Services — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 16965 | 5310045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 14090 | 4421442 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 38600 | 102712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 2290 | 73944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 7000 | 4620630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 620 | 62273 |
|  |  | 14591046 |
|  **IT Services — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 2550 | 684165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 150 | 13088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 867 | 143964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 6540 | 542820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsu Soken, Inc. (Japan) | 2100 | 36707 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 40 | 8195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 600 | 16490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 80 | 20182 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc. (Class A Stock)\* | 140 | 17371 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 1620 | 479860 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 900 | 377721 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 8100 | 274068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 1400 | 43944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. (Japan) | 3800 | 78301 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 1200 | 40315 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 80 | 19436 |
|  |  | 2796627 |
|  **Leisure Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 730 | 59860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technogym SpA (Italy), 144A | 820 | 15475 |
|  |  | 75335 |
|  **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 340 | 46264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 160 | 9410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International, Inc.\* | 40 | 7979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemometec A/S (Denmark) | 156 | 16696 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A173

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 2710 | $620373 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 170 | 38320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 188 | 126753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medcap AB (Sweden)\* | 106 | 6312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 200 | 112330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 21 | 29278 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 589 | 26786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc. | 120 | 11610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 1105 | 640292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 60 | 22790 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 1180 | 324665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039858 |
|  **Machinery — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 2898 | 46329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 2010 | 1151469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 1700 | 313531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 145 | 74015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. (Japan) | 6300 | 198297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 570 | 265375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 140 | 27334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 811 | 16316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 400 | 22084 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 80 | 14235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 280 | 68964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 400 | 31688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 1100 | 34906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 1000 | 239640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 4700 | 114738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 40 | 9617 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTN Corp. (Japan) | 12000 | 28197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 470 | 41054 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 580 | 63516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 760 | 668010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 200 | 20828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 7819 | 252562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 51 | 18046 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 100 | 34600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 45 | 15507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 160 | 11885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 6660 | 235795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 210 | 44824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 1390 | 189290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 24000 | 64836 |
|  |  | 4317488 |
|  **Marine Transportation — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class A Stock) | 5 | 11469 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class B Stock) | 17 | 39007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 4000 | 55681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 2100 | 231378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 1500 | 45097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 6000 | 194350 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Marine Transportation (cont'd.)** | **Marine Transportation (cont'd.)** | **Marine Transportation (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 19000 | $67989 |
|  |  | 644971 |
|  **Media — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\* | 95 | 19831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 21260 | 635462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class A Stock) | 260 | 18998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class B Stock) | 130 | 8441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future PLC (United Kingdom) | 5650 | 40093 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class A Stock) | 450 | 11754 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class B Stock) | 110 | 3259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 351 | 28343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Skydance Corp. (Class B Stock)(a) | 220 | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 508 | 52755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The) (Class A Stock)\* | 530 | 20119 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 7804 | 35057 |
|  |  | 877060 |
|  **Metals & Mining — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 1310 | 60155 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 9623 | 290414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 3516 | 194773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 17580 | 147122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 9141 | 133664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 7490 | 380417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC (Mexico) | 5564 | 248101 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 1200 | 15299 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. (Japan) | 3100 | 38753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 2590 | 258612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 1177 | 20712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 2440 | 397988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pantoro Gold Ltd. (Australia)\* | 9448 | 30508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 683 | 66631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 2921 | 235290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 140 | 23723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542162 |
|  **Multi-Utilities — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 320 | 31955 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 730 | 27988 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 4460 | 311888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 390 | 38735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 930 | 54489 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 1450 | 187021 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 5564 | 105354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 11383 | 299024 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 7436 | 114057 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 7560 | 315705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 550 | 44165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra(a) | 1430 | 126255 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 380 | 40075 |
|  |  | 1696711 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A174

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Office REITs — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc.(a) | 150 | $10122 |
|  **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 310 | 7583 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 3213 | 18738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 1200 | 233268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 4937 | 752448 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 4570 | 427798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 860 | 22635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 7920 | 290110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 520 | 78172 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 18700 | 132304 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 4410 | 463094 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 710 | 38056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 1523 | 35915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 260 | 28694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp.(a) | 16410 | 1974779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Friedrich Vorwerk Group SE (Germany) | 441 | 41780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA (Portugal) | 2728 | 46977 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 3200 | 147456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan) | 2400 | 48001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 2180 | 59928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 330 | 53668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 800 | 32896 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 700 | 51450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 2040 | 263242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 4823 | 177738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 220 | 40590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 57 | 16372 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 1299 | 84692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 330 | 53721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 2060 | 123827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 3200 | 49896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5795828 |
|  **Passenger Airlines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 730 | 50662 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 37512 | 208282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 15187 | 104922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 2908 | 100261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 590 | 24385 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 350 | 39137 |
|  |  | 527649 |
|  **Personal Care Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock) | 680 | 71209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 2160 | 37260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) | 560 | 36589 |
|  |  | 145058 |
|  **Pharmaceuticals — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 19600 | 260867 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 1725 | 319227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 4850 | 261609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2559 | 2750106 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Pharmaceuticals (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 1443 | $| 293842 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 5466 |  | 134011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 6310 |  | 1305854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 6880 |  | 724189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 5080 |  | 700004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 1634 |  | 82874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 6100 |  | 84912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 21450 |  | 534105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 1655 |  | 683466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 1083 |  | 78632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 637 |  | 61633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Pharma Co. Ltd. (Japan)\* | 3900 |  | 57597 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 132 |  | 36779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 1380 |  | 17181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 1690 |  | 212636 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8599524 |
|  **Professional Services — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 740 |  | 190350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 120 |  | 26780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 65400 |  | 218436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 1327 |  | 30075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 5300 |  | 220374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 160 |  | 11066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 130 |  | 28207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 930 |  | 123188 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 1300 |  | 52260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 160 |  | 28864 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 3000 |  | 89190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 380 |  | 42629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 40 |  | 6374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 100 |  | 5619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 828 |  | 59922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 140 |  | 31317 |
|  |  |  | 1164651 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 810 |  | 130240 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 500 |  | 33620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 4800 |  | 91402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 1100 |  | 370117 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 477 |  | 34790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 2324 |  | 66883 |
|  |  |  | 727052 |
|  **Residential REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 140 |  | 25383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 130 |  | 14310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 410 |  | 25847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 50 |  | 13084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 2870 |  | 79757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 120 |  | 16669 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 360 |  | 13205 |
|  |  |  | 188255 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A175

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Retail REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 80 | $| 8064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 800 |  | 16216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 2793 |  | 110506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 2430 |  | 136979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 200 |  | 13806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 370 |  | 68491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield (France) | 792 |  | 86128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 95243 |  | 162151 |
|  |  |  | 602341 |
|  **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 4790 |  | 1025826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 1600 |  | 202317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 2550 |  | 691560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 1380 |  | 354646 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 862 |  | 928822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 14565 |  | 5040947 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 130 |  | 33960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 18680 |  | 689292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan)\* | 900 |  | 59900 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 371 |  | 450795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 5690 |  | 974014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 2900 |  | 246442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 600 |  | 38232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 4140 |  | 1181597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 50 |  | 45318 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 72990 |  | 13612635 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 260 |  | 56436 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 460 |  | 24909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 250 |  | 20413 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 1620 |  | 277101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan)\* | 11600 |  | 158883 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 100 |  | 9740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 160 |  | 10146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 590 |  | 114200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 990 |  | 171755 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26419886 |
|  **Software — 3.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 1510 |  | 528485 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 695 |  | 468305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 700 |  | 113498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 1730 |  | 512097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 1495 |  | 467307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\* | 100 |  | 18556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 265 |  | 124221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 380 |  | 51676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV\* | 2000 |  | 150880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 25 |  | 42266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 3110 |  | 246965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 14050 |  | 382019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 720 |  | 476942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 23435 |  | 11333635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 200 |  | 29512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 856 |  | 96760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 4030 |  | 785487 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Software (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 7100 | $| 1262025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 740 |  | 136308 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 120 |  | 20905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 410 |  | 182503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 3100 |  | 821221 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 925 |  | 224746 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 2770 |  | 424336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 200 |  | 93944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. (Japan) | 700 |  | 29073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 250 |  | 19588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 45 |  | 20428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc. (Class A Stock)\* | 260 |  | 55843 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19119531 |
|  **Specialized REITs — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 710 |  | 124655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 2680 |  | 238172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 380 |  | 58790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 105 |  | 80447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 250 |  | 32555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 350 |  | 29032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 1260 |  | 326970 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 130 |  | 25146 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 8310 |  | 233677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 860 |  | 20373 |
|  |  |  | 1169817 |
|  **Specialty Retail — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 500 |  | 103240 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 28 |  | 94962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 281 |  | 16573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 200 |  | 13386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co.\* | 150 |  | 63303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clas Ohlson AB (Sweden) (Class B Stock) | 599 |  | 19694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 700 |  | 131852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 2130 |  | 732933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 1280 |  | 84435 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 18196 |  | 20625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 56512 |  | 237890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.(a) | 3070 |  | 740361 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 925 |  | 84369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 400 |  | 63316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 1850 |  | 333259 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 4340 |  | 666667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 590 |  | 29506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 345 |  | 208729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 130 |  | 23217 |
|  |  |  | 3668317 |
|  **Technology Hardware, Storage & Peripherals — 2.6%** | **Technology Hardware, Storage & Peripherals — 2.6%** | **Technology Hardware, Storage & Peripherals — 2.6%** | **Technology Hardware, Storage & Peripherals — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 44870 |  | 12198358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) | 320 |  | 40282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 1500 |  | 36030 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 1110 |  | 24731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 1136 |  | 115324 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A176

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Technology Hardware, Storage & Peripherals (cont'd.)** | **Technology Hardware, Storage & Peripherals (cont'd.)** | **Technology Hardware, Storage & Peripherals (cont'd.)** | **Technology Hardware, Storage & Peripherals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 210 | $| 22489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 700 |  | 166166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC(a) | 250 |  | 68847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 570 |  | 16684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.(a) | 3070 |  | 528869 |
|  |  |  | 13217780 |
|  **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 300 |  | 7202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 951 |  | 205084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 150 |  | 15551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 115 |  | 23898 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 418 |  | 315062 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 1340 |  | 85371 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Switzerland) (Class A Stock)\* | 1800 |  | 83664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 432 |  | 47773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 230 |  | 81330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 1150 |  | 146936 |
|  |  |  | 1011871 |
|  **Tobacco — 0.3%** | **Tobacco — 0.3%** | **Tobacco — 0.3%** | **Tobacco — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 8250 |  | 475695 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 4045 |  | 229314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 6307 |  | 264832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 400 |  | 14377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 2710 |  | 434684 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418902 |
|  **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 900 |  | 129384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 1300 |  | 52169 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 400 |  | 78740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 7800 |  | 178407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 3700 |  | 109880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 7500 |  | 259594 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 60 |  | 48559 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 44 |  | 44398 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc.(a) | 1200 |  | 293568 |
|  |  |  | 1194699 |
|  **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 240 |  | 31320 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 6140 |  | 98648 |
|  |  |  | 129968 |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 4000 |  | 112213 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 520 |  | 105581 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 39232 | $| 52297 |
|  |  |  | 270091 |
|  **TOTAL COMMON STOCKS**<br>(cost $173,740,021) |  |  | 219687248 |
|  **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
|  **Automobiles — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 90 |  | 9591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 474 |  | 57846 |
|  |  |  | 67437 |
|  **Household Products — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 1450 |  | 118298 |
|  **TOTAL PREFERRED STOCKS**<br>(cost $169,523) |  |  | 185735 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 2.3%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 2.3%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 2.3%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 1500 |  | 1027410 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 3300 |  | 316899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 45640 |  | 10030759 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $10,475,227) |  |  | 11375068 |
|  **UNAFFILIATED FUND — 4.4%** | **UNAFFILIATED FUND — 4.4%** | **UNAFFILIATED FUND — 4.4%** | **UNAFFILIATED FUND — 4.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AB Global Bond Fund, Inc. | 3190897 |  | &nbsp;&nbsp;&nbsp;&nbsp;22208644 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $22,158,628) |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity <br>Date** | **Principal** <br>**Amount<br>(000)#** | |
|  **ASSET-BACKED SECURITIES — 4.1%** | **ASSET-BACKED SECURITIES — 4.1%** | **ASSET-BACKED SECURITIES — 4.1%** | **ASSET-BACKED SECURITIES — 4.1%** |
|  **Automobiles — 1.4%** | **Automobiles — 1.4%** | **Automobiles — 1.4%** | **Automobiles — 1.4%** |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 12/18/28 | 400 | 406277 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770% | 02/20/29 | 830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440% | 02/22/28 | 400 | 404790 |
|  BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.291% | 07/26/32 | 109 | 111196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.632% | 07/26/32 | 55 | 55538 |
|  Chase Auto Owner Trust, | Chase Auto Owner Trust, | Chase Auto Owner Trust, | Chase Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.460% | 04/25/28 | 200 | 200848 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 08/20/28 | 200 | 200316 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A177

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870%(cc) | 08/15/36 | 600 | 615298 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | 05/15/28 | 500 | 501593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.290% | 04/15/29 | 500 | 508844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.630% | 04/15/30 | 300 | 304981 |
|  GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% | 08/11/36 | 500 | 524751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520% | 03/11/37 | 600 | 609779 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 03/14/29 | 193 | 192749 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.960% | 11/15/28 | 130 | 130517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 04/15/30 | 300 | 303152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 09/15/31 | 200 | 201221 |
|  Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, | Toyota Auto Loan Extended Note Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 05/25/38 | 200 | 204009 |
|  Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 04/18/38 | 152 | 153577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 02/18/39 | 307 | 310504 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6778922 |
|  **Collateralized Loan Obligations — 2.5%** | **Collateralized Loan Obligations — 2.5%** | **Collateralized Loan Obligations — 2.5%** | **Collateralized Loan Obligations — 2.5%** |
|  AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%(c) | 04/20/37 | 1000 | 1003540 |
|  Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(c) | 04/20/37 | 1000 | 1003654 |
|  Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R2, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R2, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R2, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R2, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.163%(c) | 01/15/39 | 750 | 751199 |
|  CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.748%(c) | 01/25/37 | 1000 | 1001836 |
|  Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.610% (Cap N/A, Floor 1.610%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.494%(c) | 04/20/37 | 1000 | 1003525 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount<br>(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(c) | 04/20/37 | 1000 | $1003080 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-22A, Class AR2, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-22A, Class AR2, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-22A, Class AR2, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-22A, Class AR2, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.215%(c) | 01/15/38 | 505 | 506791 |
|  Ocean Trails CLO, | Ocean Trails CLO, | Ocean Trails CLO, | Ocean Trails CLO, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-10A, Class AR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-10A, Class AR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-10A, Class AR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-10A, Class AR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.205%(c) | 10/15/34 | 370 | 369871 |
|  Ocean Trails CLO Ltd. (United Kingdom), | Ocean Trails CLO Ltd. (United Kingdom), | Ocean Trails CLO Ltd. (United Kingdom), | Ocean Trails CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%(c) | 01/15/37 | 1000 | 1003076 |
|  Octagon Alto Ltd. (Cayman Islands), | Octagon Alto Ltd. (Cayman Islands), | Octagon Alto Ltd. (Cayman Islands), | Octagon Alto Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.024%(c) | 10/20/36 | 500 | 499847 |
|  PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.394%(c) | 04/16/37 | 1000 | 1000603 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.432%(c) | 04/17/37 | 1000 | 1002501 |
|  TICP CLO Ltd. (Cayman Islands), | TICP CLO Ltd. (Cayman Islands), | TICP CLO Ltd. (Cayman Islands), | TICP CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.388%(c) | 04/25/37 | 1000 | 1003564 |
|  Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.458%(c) | 04/25/37 | 1000 | 1003507 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12156594 |
|  **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** |
|  GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.880% | 06/25/59 | 46 | 45997 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | 10/14/34 | 70 | 70450 |
|  |  |  | 116447 |
|  **Equipment — 0.0%** | **Equipment — 0.0%** | **Equipment — 0.0%** | **Equipment — 0.0%** |
|  CCG Receivables Trust, | CCG Receivables Trust, | CCG Receivables Trust, | CCG Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.140% | 08/15/34 | 100 | 100216 |
|  **Home Equity Loans — 0.2%** | **Home Equity Loans — 0.2%** | **Home Equity Loans — 0.2%** | **Home Equity Loans — 0.2%** |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.846%(cc) | 08/25/44 | 166 | 167198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.344%(cc) | 09/25/44 | 282 | 283021 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A178

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.582%(cc) | 12/25/44 | 157 | 159177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.553%(cc) | 03/25/55 | 415 | 418864 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.294%(cc) | 10/25/63 | 98 | 99385 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127645 |
|  **Student Loan — 0.0%** | **Student Loan — 0.0%** | **Student Loan — 0.0%** | **Student Loan — 0.0%** |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.590% | 01/25/48 | 108 | 107093 |
|  **TOTAL ASSET-BACKED SECURITIES**<br>(cost $20,237,271) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $20,237,271) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $20,237,271) | 20386917 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 1.5%** |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.926% | 08/15/61 | 873 | 833347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | 09/15/62 | 809 | 766961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.275% | 12/15/64 | 1500 | 1318892 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.930% | 12/15/56 | 382 | 403210 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.770% | 12/15/56 | 800 | 837837 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.067% | 06/15/52 | 470 | 454614 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337% | 12/15/49 | 1077 | 1067387 |
|  MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, | MSWF Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.890% | 12/15/56 | 500 | 527048 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.787% | 10/15/52 | 200 | 190282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.194% | 06/15/53 | 1133 | 1058720 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $7,298,368) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $7,298,368) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $7,298,368) | 7458298 |
|  **CORPORATE BONDS — 5.0%** | **CORPORATE BONDS — 5.0%** | **CORPORATE BONDS — 5.0%** | **CORPORATE BONDS — 5.0%** |
|  **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | 02/04/26 | 470 | 469128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 03/01/38 | 833 | 701489 |
|  |  |  | 1170617 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 08/15/37 | 350 | $321840 |
|  **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/13/30 | 200 | 188614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/08/29 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204374 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 04/04/28 | 290 | 295257 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/23/27 | 230 | 232548 |
|  Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/27/28 | 285 | 288996 |
|  |  |  | 1209789 |
|  **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.552%(ff) | 03/14/28 | 400 | 406447 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%(ff) | 04/22/32 | 1258 | 1153818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288%(ff) | 04/25/34 | 300 | 309369 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.367%(ff) | 02/25/31 | 370 | 382062 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 | 925 | 839588 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | 01/10/29 | 325 | 331625 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%(ff) | 04/23/31 | 340 | 351056 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963%(ff) | 01/25/33 | 822 | 753902 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664%(ff) | 04/17/36 | 205 | 215525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 | 1000 | 896875 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%(ff) | 01/19/28 | 375 | 379612 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.068%(ff) | 04/30/41 | 365 | 283460 |
|  |  |  | 6303339 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A179

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/28 | 200 | $199374 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 04/30/30 | 200 | 208824 |
|  **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  Brink's Co. (The), | Brink's Co. (The), | Brink's Co. (The), | Brink's Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/27 | 125 | 124579 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 25 | 25679 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118139 |
|  Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.201% | 03/01/52 | 445 | 370380 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 150 | 140731 |
|  |  |  | 779508 |
|  **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
|  Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/14/27 | 550 | 547656 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/29 | 50 | 50036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 03/15/26 | 43 | 43221 |
|  |  |  | 640913 |
|  **Electric — 0.5%** | **Electric — 0.5%** | **Electric — 0.5%** | **Electric — 0.5%** |
|  Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/01/50 | 650 | 406186 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/31 | 225 | 210202 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 12/01/47 | 400 | 297781 |
|  Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 05/15/34 | 535 | 550641 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 300 | 299875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 | 535 | 531409 |
|  |  |  | 2296094 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 200 | $195376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 370 | 368383 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563759 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 100 | 103559 |
|  **Foods — 0.3%** | **Foods — 0.3%** | **Foods — 0.3%** | **Foods — 0.3%** |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/30 | 25 | 24171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 | 310 | 295456 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 565 | 580219 |
|  Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/15/30 | 500 | 460348 |
|  |  |  | 1360194 |
|  **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/15/63 | 195 | 174780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 06/15/35 | 30 | 31059 |
|  |  |  | 205839 |
|  **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 50 | 52797 |
|  **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
|  KB Home, | KB Home, | KB Home, | KB Home, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/15/31 | 175 | 165775 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/32 | 5 | 5144 |
|  |  |  | 170919 |
|  **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
|  Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.852% | 03/15/34 | 345 | 362090 |
|  **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
|  Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 11/15/32 | 20 | 20062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 11/15/35 | 60 | 60038 |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 217 | 229731 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A180

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Internet (cont'd.)** | **Internet (cont'd.)** | **Internet (cont'd.)** | **Internet (cont'd.)** |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 11/15/32 | 35 | 35287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/15/35 | 120 | 119908 |
|  |  |  | 465026 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/27 | 50 | 49943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/26 | 75 | 75093 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/01/49 | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137215 |
|  |  |  | 262251 |
|  **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
|  Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/33 | 560 | 611359 |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 145 | 149395 |
|  **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 675 | 619008 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 | 470 | 506850 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/29/30 | 250 | 253312 |
|  EQT Corp., | EQT Corp., | EQT Corp., | EQT Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/30 | 25 | 27497 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/31 | 275 | 260957 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840% | 01/23/30 | 130 | 132067 |
|  Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/18/27 | 900 | 908030 |
|  |  |  | 2707721 |
|  **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/22/50 | 315 | 209870 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines — 0.6%** | **Pipelines — 0.6%** | **Pipelines — 0.6%** | **Pipelines — 0.6%** |
|  DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/15/37 | 500 | $544950 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/45 | 350 | 310199 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 03/14/52 | 190 | 159920 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 620 | 659844 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/01/33 | 535 | 512058 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 02/01/30 | 565 | 553535 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740506 |
|  **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 07/01/30 | 670 | 660722 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 02/01/33 | 445 | 444532 |
|  Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 11/01/28 | 585 | 556679 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/27 | 240 | 242695 |
|  |  |  | 1904628 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 385 | 302470 |
|  **TOTAL CORPORATE BONDS**<br>(cost $24,610,513) | **TOTAL CORPORATE BONDS**<br>(cost $24,610,513) | **TOTAL CORPORATE BONDS**<br>(cost $24,610,513) | 25302681 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.8%** |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333%(cc) | 06/25/65 | 172 | 172701 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 06/25/62 | 217 | 200831 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.374%(c) | 10/25/43 | 35 | 35075 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.904%(cc) | 04/25/62 | 71 | 68348 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A181

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SE, IO, 30 Day Average SOFR x (1) + 5.836% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SE, IO, 30 Day Average SOFR x (1) + 5.836% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SE, IO, 30 Day Average SOFR x (1) + 5.836% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SE, IO, 30 Day Average SOFR x (1) + 5.836% (Cap 5.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.961%(c) | 04/25/44 | 1961 | $204112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/25/51 | 96 | 18239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.076%(c) | 08/25/52 | 1372 | 132812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 07/25/55 | 582 | 590046 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.024%(c) | 09/25/42 | 113 | 113434 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/25/52 | 177 | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD | &nbsp;&nbsp;&nbsp;&nbsp; Series 5269, Class AD |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/25/55 | 711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY | &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY | &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY | &nbsp;&nbsp;&nbsp;&nbsp; Series 5281, Class AY |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/25/52 | 203 | 167579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 06/25/55 | 376 | 381122 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/25/53 | 259 | 55210 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/50 | 116 | 19437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/20/51 | 160 | 21888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 03/20/52 | 297 | 5559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 331 | 8939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 272 | 8569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/20/52 | 212 | 4162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/51 | 827 | 88649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.032%(c) | 07/20/52 | 514 | 12695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 08/20/52 | 536 | 9529 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, | GS Mortgage-Backed Securities Corp. Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.050%(cc) | 11/25/29 | 195 | 194656 |
|  HOMES Trust, | HOMES Trust, | HOMES Trust, | HOMES Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.027%(cc) | 09/25/70 | 289 | 289466 |
|  OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM08, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM08, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM08, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM08, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.472%(cc) | 03/25/65 | 246 | 247924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM21, Class A1FC, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM21, Class A1FC, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM21, Class A1FC, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM21, Class A1FC, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.917%(cc) | 10/25/65 | 296 | 296337 |
|  PRET Trust, | PRET Trust, | PRET Trust, | PRET Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%(cc) | 06/25/64 | 174 | 167901 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%(cc) | 12/25/61 | 100 | 94074 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $4,060,577) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $4,060,577) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $4,060,577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4198161 |
|  **SOVEREIGN BONDS — 0.2%** | **SOVEREIGN BONDS — 0.2%** | **SOVEREIGN BONDS — 0.2%** | **SOVEREIGN BONDS — 0.2%** |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/19/28 | 150 | 153881 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/26/30 | 200 | 205403 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/19/30 | 200 | 206800 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/16/30 | 350 | 360528 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/13/28 | 215 | 219569 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/26/29 | 115 | 125124 |
|  **TOTAL SOVEREIGN BONDS**<br>(cost $1,212,444) | **TOTAL SOVEREIGN BONDS**<br>(cost $1,212,444) | **TOTAL SOVEREIGN BONDS**<br>(cost $1,212,444) | 1271305 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.2%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 920 | 750429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/35 | 120 | 115147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/50 | 2183 | 1948081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 806 | 723030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/37 | 92 | 89235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/48 | 1274 | 1200378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/53 | 492 | 471795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/47 | 809 | 804542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/53 | 1594 | 1596127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/53 | 525 | 525615 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/50 | 811 | 625490 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A182

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/31 | 79 | $76423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/32 | 168 | 160113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/01/50 | 1305 | 1064367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/32 | 94 | 90772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/32 | 106 | 102054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/32 | 100 | 96577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/35 | 339 | 325815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 430 | 367141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/51 | 1136 | 974936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 1161 | 997050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/36 | 421 | 408624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/51 | 135 | 119687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/52 | 604 | 576817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/52 | 432 | 413540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/52 | 148 | 145527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/52 | 125 | 122584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/52 | 698 | 699188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | TBA | 1000 | 1013983 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/20/50 | 445 | 368600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/20/51 | 214 | 177548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/20/46 | 143 | 130682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/20/47 | 149 | 135739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/20/43 | 736 | 684486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/20/46 | 652 | 606745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/20/47 | 642 | 618018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/20/48 | 386 | 371093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/20/48 | 514 | 510188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/20/52 | 396 | 388359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/20/53 | 63 | 62760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/20/54 | 227 | 234067 |
|  Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/55 | 130 | 129129 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $21,245,952) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $21,245,952) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $21,245,952) | &nbsp;&nbsp;&nbsp;&nbsp;21022481 |
|  **U.S. TREASURY OBLIGATIONS — 1.4%** | **U.S. TREASURY OBLIGATIONS — 1.4%** | **U.S. TREASURY OBLIGATIONS — 1.4%** |  |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/15/51 | 715 | 410455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 02/15/42 | 1200 | 884437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/42 | 290 | 242241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 05/15/53 | 565 | 457826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/42 | 865 | 793908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/52 | 405 | 351844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/15/54 | 1280 | 1159800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 08/15/43 | 240 | 229537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/15/55 | 100 | 96531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/45 (k) | 530 | 527930 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.090%(s) | 11/15/44 | 635 | 245064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.145%(s) | 11/15/43 (k) | 3000 | 1225119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%(s) | 05/15/41 | 360 | 171019 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $6,794,568) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $6,794,568) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $6,794,568) | 6795711 |
|  **TOTAL LONG-TERM INVESTMENTS—94.3%**<br>(cost $395,583,314) | **TOTAL LONG-TERM INVESTMENTS—94.3%**<br>(cost $395,583,314) | **TOTAL LONG-TERM INVESTMENTS—94.3%**<br>(cost $395,583,314) | 472421055 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | <br>Shares | <br>Shares | Value |
|  **SHORT-TERM INVESTMENTS — 6.9%** | **SHORT-TERM INVESTMENTS — 6.9%** | **SHORT-TERM INVESTMENTS — 6.9%** | **SHORT-TERM INVESTMENTS — 6.9%** | **SHORT-TERM INVESTMENTS — 6.9%** |
|  **AFFILIATED MUTUAL FUNDS — 6.6%** | **AFFILIATED MUTUAL FUNDS — 6.6%** | **AFFILIATED MUTUAL FUNDS — 6.6%** | **AFFILIATED MUTUAL FUNDS — 6.6%** | **AFFILIATED MUTUAL FUNDS — 6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 26898766 | $26898766 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $6,038,704; includes $6,024,949 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $6,038,704; includes $6,024,949 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $6,038,704; includes $6,024,949 of cash collateral for securities on loan)(b)(wa) | 6042330 | 6038705 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $32,937,470) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $32,937,470) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $32,937,470) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $32,937,470) | 32937471 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest <br>Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# |  |
|  **U.S. TREASURY OBLIGATION(k)(n) — 0.3%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.3%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.3%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.3%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.3%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | 03/05/26 |  | 1470 | 1461062 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,460,694) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,460,694) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,460,694) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,460,694) |  |
|  **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,301) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,301) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,301) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,301) | 1195 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $34,399,465) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $34,399,465) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $34,399,465) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $34,399,465) | 34399728 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.2**%<br>(cost $429,982,779) | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.2**%<br>(cost $429,982,779) | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.2**%<br>(cost $429,982,779) | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—101.2**%<br>(cost $429,982,779) | 506820783 |
|  **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $1,143) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $1,143) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $1,143) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $1,143) | (1149) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.2%**<br>(cost $429,981,636) | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.2%**<br>(cost $429,981,636) | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.2%**<br>(cost $429,981,636) | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—101.2%**<br>(cost $429,981,636) | 506819634 |
|  **Liabilities in excess of other assets(z) — (1.2)%** | **Liabilities in excess of other assets(z) — (1.2)%** | **Liabilities in excess of other assets(z) — (1.2)%** | **Liabilities in excess of other assets(z) — (1.2)%** | (5990173) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;500829461 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $5,847,332; cash collateral of $6,024,949 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A183

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations** | Interest<br>Rate | Maturity<br>Date | Settlement<br>Date | Principal<br>Amount<br>(000)# | Value |
|  Federal National Mortgage Assoc. | 2.000% | TBA | 01/14/26 | $(500) | $(404060) |
|  Federal National Mortgage Assoc. | 3.000% | TBA | 01/14/26 | (1000) | (884336) |
|  Government National Mortgage Assoc. | 2.000% | TBA | 01/22/26 | (250) | (206991) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br> (proceeds receivable $1,497,607) |  |  |  |  | $(1495387) |

---

#### Options Purchased:

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  | 70 | $— |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  | 140 |  |
|  **Total OTC Traded** (cost $156) |  |  |  |  |  |  | $— |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | **Counterparty** | Expiration<br>Date | Strike | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive**  | **Pay** | Notional<br>Amount<br>(000)# | Value |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/3.870% | 3.21%(A) | 195 | $1195 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.870% | 8.19%(A) | 195 |  |
|  **Total OTC Swaptions** (cost $1,145) | **Total OTC Swaptions** (cost $1,145) | **Total OTC Swaptions** (cost $1,145) |  |  |  |  |  | $1195 |
|  **Total Options Purchased** (cost $1,301) | **Total Options Purchased** (cost $1,301) | **Total Options Purchased** (cost $1,301) |  |  |  |  |  | $1195 |

---

#### Options Written:

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | Call/<br>Put | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Expiration<br>Date | Strike | **Receive** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pay**  | Notional<br>Amount<br>(000)# | Value |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.870% | 195 | $(695) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.870% | 195 | (454) |
|  **Total Options Written** (premiums received $1,143) | **Total Options Written** (premiums received $1,143) | **Total Options Written** (premiums received $1,143) |  |  |  |  |  | $(1149) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A184

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br>**of**<br>**Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 5 | 2 Year U.S. Treasury Notes | Mar. 2026 | $1043945 | $252 |
| 55 | 5 Year U.S. Treasury Notes | Mar. 2026 | 6011758 | (16505) |
| 20 | 10 Year U.S. Treasury Notes | Mar. 2026 | 2248750 | (339) |
| 21 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 2415328 | (6031) |
| 29 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 3422000 | (46295) |
| 137 | Mini MSCI EAFE Index | Mar. 2026 | 19879385 | 120620 |
| 12 | S&P 500 E-Mini Index | Mar. 2026 | 4135500 | 6296 |
| 1 | S&P Mid Cap 400 E-Mini Index | Mar. 2026 | 332520 | (4582) |
|  |  |  |  | 53416 |
|  **Short Position:** | **Short Position:** |  |  |  |
| 8 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 924750 | 6466 |
|  |  |  |  | $59882 |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Euro, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | MSI | EUR 305 | $354746 | $358059 | $3313 | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Euro, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | MSI | EUR 482 | $556615 | $566668 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(10053) |
|  |  |  |  |  | $3313 | $(10053) |

---

#### Credit default swap agreement outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br> Rate | Notional<br>Amount<br>(000)#(3) | Implied Credit<br>Spread at<br>December 31,<br>2025(4) | Value at<br>Trade Date | Value at<br>December 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000 %(Q) | 7330 | 0.500% | $158388 | $168014 | $9626 |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the

**SEE NOTES TO FINANCIAL STATEMENTS.**

A185

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. <br>

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Interest rate swap agreements outstanding at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional** <br> **Amount**<br> **(000)#** | **Termination**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed** <br> **Rate** | **Floating**<br> **Rate** | Value at<br>Trade Date | Value at<br>December 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |  |
| 1745 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.870% | $— | $(10031) | $(10031) |
| 240 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% | 44 | (2358) | (2402) |
| 3570 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.870% | 605 | 57022 | 56417 |
| 2225 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.870% | (2366) | (61669) | (59303) |
| 505 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 3.870% |  | (10838) | (10838) |
| 280 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 127811 | 137955 | 10144 |
| 220 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 3217 | 8760 | 5543 |
| 385 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 22732 | 22732 |
|  |  |  |  | $129311 | $141573 | $12262 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing <br>Rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | **Termination<br>Date** | Long (Short)<br>Notional<br>Amount<br>(000)#(1) | Fair<br>Value | **Upfront<br>Premiums<br>Paid<br> (Received)**  | **Unrealized<br>Appreciation**<br> **(Depreciation)(2)**  |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day SOFR<br> -54bps(T)/<br> 3.330% | JPM | 03/17/26 | (2389) | $80834 | $— | $80834 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br> +26bps(T)/<br> 3.900% | JPM | 05/04/26 | 3765 | (68817) |  | (68817) |
|  |  |  |  |  | $12017 | $— | $12017 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums Paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums Received | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
|  OTC Swap Agreements | $— | $— | $80834 | $(68817) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A186

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  BOS | $– | $366242 |
|  MLC | – | 677491 |
|  MSC | – | 1461062 |
|  **Total** | $– | $2504795 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $109853286 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 672399 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | 22003121 |  |  |
|  Common Stocks | 186232847 | 33454401 |  |
|  Preferred Stocks |  | 185735 |  |
|  Unaffiliated Exchange-Traded Funds | 11375068 |  |  |
|  Unaffiliated Fund | 22208644 |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 6778922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 12156594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 116447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 100216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 1127645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loan |  | 107093 |  |
|  Commercial Mortgage-Backed Securities |  | 7458298 |  |
|  Corporate Bonds |  | 25302681 |  |
|  Residential Mortgage-Backed Securities |  | 4198161 |  |
|  Sovereign Bonds |  | 1271305 |  |
|  U.S. Government Agency Obligations |  | 21022481 |  |
|  U.S. Treasury Obligations |  | 6795711 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 32937471 |  |  |
|  U.S. Treasury Obligation |  | 1461062 |  |
|  Options Purchased |  | 1195 |  |
|  **Total** | $385282836 | $121537947 | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $— | $(1149) | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $133634 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contract |  | 3313 |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 9626 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A187

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  Centrally Cleared Interest Rate Swap Agreements | $— | $94836 | $— |
|  OTC Total Return Swap Agreement |  | 80834 |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133634 | $188609 | $— |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $— | $(1495387) | $— |
|  Futures Contracts | (73752) |  |  |
|  OTC Forward Foreign Currency Exchange Contract |  | (10053) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (82574) |  |
|  OTC Total Return Swap Agreement |  | (68817) |  |
|  **Total** | $(73752) | $(1656831) | $— |

---

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forward foreign currency exchange contracts and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (1.2% represents investments purchased with collateral from securities on loan) | 33.1 |
|  Semiconductors & Semiconductor Equipment | 5.3 |
|  Unaffiliated Fund | 4.4 |
|  U.S. Government Agency Obligations | 4.2 |
|  Software | 3.8 |
|  Banks | 3.8 |
|  Interactive Media & Services | 2.9 |
|  Technology Hardware, Storage & Peripherals | 2.6 |
|  Automobiles | 2.5 |
|  Collateralized Loan Obligations | 2.5 |
|  Unaffiliated Exchange-Traded Funds | 2.3 |
|  Pharmaceuticals | 1.7 |
|  U.S. Treasury Obligations | 1.7 |
|  Capital Markets | 1.6 |
|  Commercial Mortgage-Backed Securities | 1.5 |
|  Broadline Retail | 1.5 |
|  Financial Services | 1.5 |
|  Aerospace & Defense | 1.3 |
|  Oil, Gas & Consumable Fuels | 1.2 |
|  Insurance | 1.2 |
|  Machinery | 0.9 |
|  Residential Mortgage-Backed Securities | 0.8 |
|  Consumer Staples Distribution & Retail | 0.8 |
|  Biotechnology | 0.8 |
|  Health Care Equipment & Supplies | 0.8 |
|  Health Care Providers & Services | 0.8 |
|  Specialty Retail | 0.7 |
|  Hotels, Restaurants & Leisure | 0.7 |
|  Electric Utilities | 0.6 |
|  Electrical Equipment | 0.6 |
|  IT Services | 0.6 |
|  Pipelines | 0.6 |
|  Entertainment | 0.5 |
|  Oil & Gas | 0.5 |
|  Chemicals | 0.5 |

---

---

| | |
|:---|:---|
|  Metals & Mining | 0.5 |
|  Electric | 0.5 |
|  Life Sciences Tools & Services | 0.4 |
|  Communications Equipment | 0.4 |
|  Real Estate Investment Trusts (REITs) | 0.4 |
|  Diversified Telecommunication Services | 0.4 |
|  Electronic Equipment, Instruments & Components | 0.4 |
|  Multi-Utilities | 0.3 |
|  Food Products | 0.3 |
|  Beverages | 0.3 |
|  Household Products | 0.3 |
|  Consumer Finance | 0.3 |
|  Ground Transportation | 0.3 |
|  Tobacco | 0.3 |
|  Foods | 0.3 |
|  Industrial Conglomerates | 0.3 |
|  Media | 0.3 |
|  Sovereign Bonds | 0.2 |
|  Auto Manufacturers | 0.2 |
|  Trading Companies & Distributors | 0.2 |
|  Specialized REITs | 0.2 |
|  Professional Services | 0.2 |
|  Home Equity Loans | 0.2 |
|  Building Products | 0.2 |
|  Construction & Engineering | 0.2 |
|  Textiles, Apparel & Luxury Goods | 0.2 |
|  Commercial Services & Supplies | 0.2 |
|  Commercial Services | 0.2 |
|  Real Estate Management & Development | 0.1 |
|  Industrial REITs | 0.1 |
|  Household Durables | 0.1 |
|  Marine Transportation | 0.1 |
|  Diversified Financial Services | 0.1 |
|  Health Care REITs | 0.1 |
|  Gas Utilities | 0.1 |
|  Mining | 0.1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A188

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Retail REITs | 0.1% |
|  Engineering & Construction | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  Passenger Airlines | 0.1 |
|  Internet | 0.1 |
|  Automobile Components | 0.1 |
|  Construction Materials | 0.1 |
|  Agriculture | 0.1 |
|  Telecommunications | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Diversified REITs | 0.1 |
|  Hotel & Resort REITs | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.0 \* |
|  Healthcare-Services | 0.0 \* |
|  Building Materials | 0.0 \* |
|  Residential REITs | 0.0 \* |
|  Home Builders | 0.0 \* |

---

---

| | |
|:---|:---|
|  Containers & Packaging | 0.0 |
|  Multi-National | 0.0 |
|  Personal Care Products | 0.0 |
|  Water Utilities | 0.0 |
|  Consumer Loans | 0.0 |
|  Student Loan | 0.0 |
|  Equipment | 0.0 |
|  Leisure Products | 0.0 |
|  Holding Companies-Diversified | 0.0 |
|  Distributors | 0.0 |
|  Office REITs | 0.0 |
|  Options Purchased | 0.0 |
|  | 101.2 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (1.2) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Statement of<br>Assets and<br> Liabilities Location | Fair<br>Value | Statement of<br>Assets and<br> Liabilities Location | Fair<br>Value |
|  Credit contracts | Due from/to broker-variation<br>margin swaps | $9626 \* |  | $— |
|  Equity contracts | Due from/to broker-variation<br>margin futures | 126916 \* | Due from/to broker-variation<br>margin futures | 4582 \* |
|  Foreign exchange contracts | Unrealized appreciation on OTC<br>forward foreign currency<br>exchange contracts | 3313 | Unrealized depreciation on OTC<br>forward foreign currency<br>exchange contracts | 10053 |
|  Interest rate contracts | Due from/to broker-variation<br>margin futures | 6718 \* | Due from/to broker-variation<br>margin futures | 69170 \* |
|  Interest rate contracts | Due from/to broker-variation<br>margin swaps | 94836 \* | Due from/to broker-variation<br>margin swaps | 82574 \* |
|  Interest rate contracts | Unaffiliated investments | 1195 | Options written outstanding, at<br>value | 1149 |
|  Interest rate contracts | Unrealized appreciation on OTC<br>swap agreements | 80834 | Unrealized depreciation on OTC<br>swap agreements | 68817 |
|  |  | $323438 |  | $236345 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A189

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Options<br>Purchased(1) | **Options<br> Written**  | Futures | Forward<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Credit contracts | $— | $— | $— | $— | $163062 |
|  Equity contracts |  |  | 5854402 |  |  |
|  Foreign exchange contracts |  |  |  | (49446) |  |
|  Interest rate contracts | 637 | 519 | (49307) |  | (1074601) |
|  **Total** | $637 | $519 | $5805095 | $(49446) | $(911539) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Options<br>Purchased(2) | **Options<br> Written**  | Futures | Forward<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Credit contracts | $— | $— | $— | $— | $11363 |
|  Equity contracts |  |  | 708659 |  |  |
|  Foreign exchange contracts |  |  |  | (11095) |  |
|  Interest rate contracts | (1889) | 1920 | 115648 |  | 978387 |
|  **Total** | $(1889) | $1920 | $824307 | $(11095) | $989750 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $345 |
|  Options Written (2) | 858000 |
|  Futures Contracts - Long Positions (2) | 48365375 |
|  Futures Contracts - Short Positions (2) | 1430972 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 480230 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 1019681 |
|  Credit Default Swap Agreements - Sell Protection (2) | 4012800 |
|  Interest Rate Swap Agreements (2) | 16966600 |
|  Total Return Swap Agreements (2) | 8573312 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Description | Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | **Net**<br> **Amount** |
|  Securities on Loan | $5847332 | $(5847332) | $— |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A190

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Amounts of<br>Recognized<br>Assets(1) | Gross Amounts of<br>Recognized<br>Liabilities(1) | Net Amounts of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | **<u>Net Amount</u>** |
|  BNP | $1195 | $(1149) | $&nbsp;&nbsp;&nbsp;&nbsp;46 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;46 |
|  JPM | 80834 | (68817) | 12017 | – | 12017 |
|  MSI | 3313 | (10053) | (6740) | – | (6740) |
|  | $85342 | $(80019) | $5323 | $– | $5323 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A191

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<br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $5,847,332: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $293,465,087) | $341354506.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $136,517,692) | 165466277.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $79,474) | 79493.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3625722.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 799324.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 301147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 80834.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 3313.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 2120.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 560.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 9321.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 511722621.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 6024949.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 1744227.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $1,497,607) | 1495387.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 919392.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 234279.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 169734.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 131587.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 75798.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 68817.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 15445.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 10053.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $1,143) | 1149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 940.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liability | 925.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 10893160.0 |
|  **NET ASSETS** | $500829461.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $500829461.0 |
|  Net asset value and redemption price per share, $500,829,461 / 16,434,164 outstanding shares of beneficial interest | $30.47 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $5604310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $136,202 foreign withholding tax, of which $20,544 is reimbursable by an affiliate) | 4664829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1565936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $5,563) | 6300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 11841375 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 4024170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 1394446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 247477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 44978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 40513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 17150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 10971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 70305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 5860349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reimbursement | (989316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver | (352599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4518434 |
|  **NET INVESTMENT INCOME (LOSS)** | 7322941 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $23,598,223) | 67377741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 5805095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (49446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (911539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 61657 |
|  | 72284027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(485164)) | (7912564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 824307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (11095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 989750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 24749 |
|  | (6082933) |
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 66201094 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $73524035 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7322941 | $10583683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 72284027 | 115008964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (6082933) | (9153697) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 73524035 | 116438950 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [90,111 and 153,867 shares, respectively] | 2637368 | 3948705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [9,438,701 and 13,956,314 shares, respectively] | (259783064) | (356518526) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** | (257145696) | (352569821) |
|  **TOTAL INCREASE (DECREASE)** | (183621661) | (236130871) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 684451122 | 920581993 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $500829461 | $684451122 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A192

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<br> **AST QUANTITATIVE MODELING PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $26.55 | $23.26 | $19.80 | $24.37 | $21.11 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.37 | 0.32 | 0.31 | 0.18 | (0.06) |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.55 | 2.97 | 3.15 | (4.75) | 3.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.92 | 3.29 | 3.46 | (4.57) | 3.26 |
|  Net Asset Value, end of year | $30.47 | $26.55 | $23.26 | $19.80 | $24.37 |
|  **Total Return<sup>(b)</sup>** | 14.76% | 14.14% | 17.47% | (18.75)% | 15.44% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $501 | $684 | $921 | $1023 | $1464 |
|  Average net assets (in millions) | $558 | $838 | $980 | $1191 | $1449 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.81% | 0.75% | 0.76% | 0.59% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.05% | 1.02% | 1.01% | 0.74% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.31% | 1.26% | 1.46% | 0.85% | (0.26)% |
|  Portfolio turnover rate<sup>(d)</sup> | 95% | 92% | 147% | 316% | 9% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A193

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#### NOTES TO FINANCIAL STATEMENTS OF

#### ADVANCED SERIES TRUST
1. Organization

Advanced Series Trust (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust operates as a series company and as of December 31, 2025 consisted of 33 separate portfolios. The information presented in these financial statements pertains only to the 16 portfolios listed below (each, a "Portfolio" and collectively, the "Portfolios") together with their investment objective(s). Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

Shares of each Portfolio may be purchased only by separate accounts of participating insurance companies for investing assets which are attributable to variable annuity contracts and variable life insurance policies (the "Participating Insurance Companies"). These separate accounts place orders to purchase and redeem shares of the Portfolios primarily based upon the amount of premium payments to be invested, and the amount of surrender and transfer requests to be effected on a specific day under the variable annuity contracts and variable life insurance policies.

The AST Government Money Market Portfolio seeks to maintain a stable $1.00 net asset value ("NAV"). The Board of Trustees has determined that the AST Government Money Market Portfolio, as a "government money market fund," is not subject to liquidity fees. The Board has reserved its ability to change this determination with respect to liquidity fees, but such change would become effective only after providing appropriate prior notice to shareholders.

The Portfolios have the following investment objectives:

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| | |
|:---|:---|
| Portfolio | Investment Objective |
|  AST Bond Portfolio 2026 | Highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  ("Bond Portfolio 2026") | Highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  AST Bond Portfolio 2027 | Highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  ("Bond Portfolio 2027") | Highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  AST Bond Portfolio 2028 | Highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  ("Bond Portfolio 2028") | Highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  AST Bond Portfolio 2029 | Highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  ("Bond Portfolio 2029") | Highest total return for a specific period of time, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  AST Bond Portfolio 2030 |  |
|  ("Bond Portfolio 2030") | ("Bond Portfolio 2030") |
|  AST Bond Portfolio 2031 |  |
|  ("Bond Portfolio 2031") | ("Bond Portfolio 2031") |
|  AST Bond Portfolio 2032 |  |
|  ("Bond Portfolio 2032") | ("Bond Portfolio 2032") |
|  AST Bond Portfolio 2033 |  |
|  ("Bond Portfolio 2033") | ("Bond Portfolio 2033") |
|  AST Bond Portfolio 2034 |  |
|  ("Bond Portfolio 2034") | ("Bond Portfolio 2034") |
|  AST Bond Portfolio 2035 |  |
|  ("Bond Portfolio 2035") | ("Bond Portfolio 2035") |
|  AST Bond Portfolio 2036 |  |
|  ("Bond Portfolio 2036") | ("Bond Portfolio 2036") |
|  AST Core Fixed Income Portfolio<br> ("Core Fixed Income") | Maximize total return, consistent with prudent investment management and liquidity needs, by investing to obtain the average duration specified for the Core Fixed Income Portfolio. |
|  AST Government Money Market Portfolio<br> ("Government Money Market") | High current income and to maintain high levels of liquidity |

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B1

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| | |
|:---|:---|
| Portfolio | Investment Objective |
|  AST Investment Grade Bond Portfolio<br> ("Investment Grade Bond") | Maximize total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  AST Multi-Sector Fixed Income Portfolio<br> ("Multi-Sector Fixed Income") | Maximize total return, consistent with preservation of capital. Total return is comprised of current income and capital appreciation. |
|  AST Quantitative Modeling Portfolio<br> ("Quantitative Modeling") | High potential return while attempting to mitigate downside risk during adverse market cycles. |

---

2. Accounting Policies

The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Trust in the preparation of the Portfolios' financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Trust and the Portfolios consistently follow such policies in the preparation of their financial statements.

The Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Portfolios' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Portfolios, as listed in the Portfolios' Statement of Additional Information, act as each Portfolio's chief operating decision maker ("CODM"). The CODM has determined that each Portfolio has a single operating segment as the CODM monitors the operating results of each Portfolio as a whole and the Portfolios' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Portfolios' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Portfolio, which is consistent with the results presented in the Portfolio's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Portfolios' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust's Board of Trustees (the "Board") has approved the Portfolios' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments") and/orAST Investment Services, Inc., the co-managers of the Portfolio, as applicable (collectively, the "Investment Manager" or "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit each Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios' foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

B2

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Various inputs determine how the Portfolios' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

The Government Money Market Portfolio values all of its securities of sufficient credit quality at amortized cost, which approximates fair value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. These securities are categorized as Level 2 of the fair value hierarchy.

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

Private debt/loans are generally valued at prices obtained by independent valuation providers. Such valuation providers typically utilize the income approach as the primary methodology, but may use other fair value approaches based on facts and circumstances. Valuations received from the independent valuation providers are reviewed by the Valuation Designee to ensure the valuations are in accordance with the Funds' valuation policies and procedures as well as all relevant valuation and accounting standards. Private debt/loans are generally classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to

B3

------

discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, of the applicable Portfolios in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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*Options:* Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market exposure. The Portfolios' principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised. Certain Portfolios entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as "variation margin", based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Portfolios each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of

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Investments.

*Interest Rate Swaps:* Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios' maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract's remaining life.

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be "short the credit" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Portfolio's maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

*Total Return Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios' maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

*Floating Rate and Other Loans:* Certain Portfolios invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the

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Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.

*Repurchase Agreements:* Certain Portfolios entered into repurchase agreements. In connection with transactions in repurchase agreements with United States financial institutions, it is each Portfolio's policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Portfolio may be delayed or limited.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The Trust, on behalf of each Portfolio is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between each Portfolio and the counterparty permits each Portfolio to offset amounts payable by each Portfolio to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Portfolio to cover each Portfolios' exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Trust, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio's custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio's net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio's counterparties to elect early termination could impact the Portfolio's future derivative activity.

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In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants and Rights:* Certain Portfolios held warrants and rights acquired either through a direct purchase or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Portfolios until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

*Payment-In-Kind:*Certain Portfolios invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

*Delayed-Delivery Transactions:* Certain Portfolios purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value ("NAV"). The Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Portfolio forfeit their eligibility to realize future gains (losses) with respect to the security.

*Securities Lending:* Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolios. Upon termination of the loan, the borrower will return to the Portfolios securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolios have the right to repurchase the securities in the open market using the collateral.

The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolios also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Mortgage Dollar Rolls:* Certain Portfolios entered into mortgage dollar rolls in which the Portfolios sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Portfolios forgo principal and interest paid on the securities. The Portfolios are compensated by the interest earned on the cash proceeds of the initial

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sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Portfolios maintain a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Portfolios are subject to the risk that the market value of the securities the Portfolios are obligated to repurchase under the agreement may decline below the repurchase price.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolios become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

*Taxes:* For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes that is not a "publicly traded partnership" as defined in Section 7704 of the Internal Revenue Code of 1986, as amended (the "Code") for US federal income tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Participating Insurance Companies. Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio's understanding of the applicable country's tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. ("Prudential") as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

*Distributions:* Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. Distributions are recorded on the ex-date.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Trust, on behalf of the Portfolios, has entered into investment management agreements with the Investment Manager which provide that the Investment Manager will furnish each Portfolio with investment advice, investment management and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolios. The Investment Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Investment Manager out of the management fee that it receives from the Portfolios.

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| | |
|:---|:---|
| Portfolio | Subadviser(s) |
| Bond Portfolio 2026, Bond Portfolio 2027, | PGIM Fixed Income ("PFI") (a business unit of PGIM, Inc.); PGIM |
| Bond Portfolio 2028, Bond Portfolio 2029, | Limited (an indirect, wholly-owned subsidiary of PGIM, Inc.) |
| Bond Portfolio 2030, Bond Portfolio 2031, |  |
| Bond Portfolio 2032, Bond Portfolio 2033, |  |
| Bond Portfolio 2034, Bond Portfolio 2035, |  |
| Bond Portfolio 2036 |  |
| Core Fixed Income | PFI; PGIM Limited; Wellington Management Company LLP;<br>J.P. Morgan Investment Management Inc.; Prior to July 1,<br>2025, Western Asset Management Company, LLC; Western<br>Asset Management Company Limited |
| Government Money Market | PFI |
| Investment Grade Bond | PFI; PGIM Limited |
| Multi-Sector Fixed Income | PFI; PGIM Limited |

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| | |
|:---|:---|
| Portfolio | Subadviser(s) |
| Quantitative Modeling | Jennison Associates LLC ("Jennison" a wholly-owned subsidiary of PGIM, Inc.); PFI; PGIM Limited; PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions" (a wholly-owned business unit of PGIM, Inc.))\* |

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\* The asset allocation strategy for the Portfolio is determined by the Investment Manager and PGIM Quantitative Solutions, as described in the Portfolio's Prospectus. During the period ended December 31, 2025, Jennison was not allocated assets to manage.

*Management Fees and Expense Limitations:* The Investment Manager receives a management fee, accrued daily and payable monthly, based on the annual rates specified below, using the value of each Portfolio's average daily net assets at the respective annual rate specified below. The Investment Manager pays each subadviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable by the Portfolios to the Investment Manager under the agreements are reflected in the Statement of Operations.

The Investment Manager has contractually agreed to waive a portion of its management fee and/or reimburse certain Portfolios so that management fees plus other annual ordinary operating expenses, excluding taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales, do not exceed the percentage stated below of the Portfolio's average daily net assets unless otherwise noted. Fees and/or expenses waived and/or reimbursed by the Investment Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Investment Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable.

Each voluntary waiver/reimbursement, if any, may be modified or terminated by the Investment Manager at any time without notice.

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| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee | **Effective <br>Management Fee, <br>before any waivers <br>and/or expense <br>reimbursements**  | Effective <br>Management Fee, <br>after any waivers <br>and/or expense <br>reimbursements | Effective <br>Management Fee, <br>after any waivers <br>and/or expense <br>reimbursements |
| Bond Portfolio 2026\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.14 | % |
| Bond Portfolio 2027\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.24 | % |
| Bond Portfolio 2028\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.39 | % |
| Bond Portfolio 2029\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% |  | # |
| Bond Portfolio 2030\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.33 | % |
| Bond Portfolio 2031\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.42 | % |

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| | | | | |
|:---|:---|:---|:---|:---|
| Portfolio | Management Fee | Effective<br>Management Fee,<br> before any waivers <br>and/or expense<br>reimbursements | Effective<br>Management Fee,<br>after any waivers<br>and/or expense<br>reimbursements | Effective<br>Management Fee,<br>after any waivers<br>and/or expense<br>reimbursements |
| Bond Portfolio 2032\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.41 | % |
| Bond Portfolio 2033\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% |  | # |
| Bond Portfolio 2034\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% |  | # |
| Bond Portfolio 2035\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% |  | # |
| Bond Portfolio 2036\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% |  | # |
| Core Fixed Income | 0.4125% first $10 billion;<br> 0.3925% in excess of $10 billion | 0.41% | 0.41 | % |
| Government Money Market | 0.3000% first $3.25 billion;<br> 0.2925% on next $2.75 billion;<br> 0.2625% on next $4 billion;<br> 0.2425% in excess of $10 billion | 0.30% | 0.30 | % |
| Investment Grade Bond\* | 0.4925% first $500 million;<br> 0.4725% on next $4.5 billion;<br> 0.4625% on next $5 billion;<br> 0.4525% in excess of $10 billion | 0.47% | 0.47 | % |
| Multi-Sector Fixed Income | 0.5325% first $300 million;<br> 0.5225% on next $200 million;<br> 0.5125% on next $250 million;<br> 0.5025% on next $2.5 billion;<br> 0.4925% on next $2.75 billion;<br> 0.4625% on next $4 billion;<br> 0.4425% on next $2.5 billion;<br> 0.4225% on next $2.5 billion;<br> 0.4025% on next $5 billion;<br> 0.3825% in excess of $20 billion | 0.49% | 0.46 | % |
| Quantitative Modeling | 0.7225% first $500 million;<br> 0.7125% on next $250 million;<br> 0.7025% on next $2.5 billion;<br> 0.6925% on next $2.75 billion;<br> 0.6625% on next $4 billion;<br> 0.6425% in excess of $10 billion | 0.72% | 0.54 | % |

---

---

| | |
|:---|:---|
| Portfolio | **Fee Waivers and/or**<br> **Expense Limitations** |
| Bond Portfolio 2026, Bond Portfolio 2027,<br> Bond Portfolio 2028, Bond Portfolio 2029,<br> Bond Portfolio 2030, Bond Portfolio 2031,<br> Bond Portfolio 2032, Bond Portfolio 2033,<br> Bond Portfolio 2034, Bond Portfolio 2035,<br> Bond Portfolio 2036 | contractually waive 0.02% <br> through June 30, 2026; <br> contractually limit expenses to 0.91% <br> through June 30, 2026  |
| Investment Grade Bond | contractually limit expenses to 0.99% <br> through June 30, 2026  |

---

B11

------

---

| | |
|:---|:---|
| Portfolio | **Fee Waivers and/or**<br> **Expense Limitations** |
| Multi-Sector Fixed Income | contractually limit expenses to 0.7195% <br> through June 30, 2026  |
| Quantitative Modeling | contractually waive 0.02% <br> through June 30, 2026<sup>(a)</sup>  |

---

\* Management fees are calculated based on an aggregation of net assets of Bond Portfolio 2026, Bond Portfolio 2027, Bond Portfolio 2028, Bond Portfolio 2029, Bond Portfolio 2030, Bond Portfolio 2031, Bond Portfolio 2032, Bond Portfolio 2033, Bond Portfolio 2034, Bond Portfolio 2035, Bond Portfolio 2036 and Investment Grade Bond.

<sup>#</sup> The waivers and/or expense reimbursements exceeded the effective management fee rate for the current period due to expense limitations described above.

<sup>(a)</sup> The Investment Manager and Prudential Annuities Distributors, Inc. ("PAD") have agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the management and distribution fee they receive from other portfolios of the Trust and funds of other affiliated investment companies due to the Portfolio's investment in any such portfolios/funds. The Investment Manager has also agreed to waive a portion of its investment management fee equal to the amount of the management fee received by the subadviser due to the Portfolio's investment in any fund managed or subadvised by the Subadviser.

The Trust, on behalf of the Portfolios, has entered into an agreement with PAD, which serves as the distributor for the shares of each Portfolio. The Trust, on behalf of the Portfolios, has adopted a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940Act (the "12b-1 Plan") for the shares of each Portfolio. Under the 12b-1 Plan, the shares of each covered Portfolio are charged an annual fee, primarily to compensate PAD and its affiliates for providing various administrative and distribution services to each covered Portfolio. The annual shareholder services and distribution fee (the "12b-1 fee") for each covered Portfolio's shares is 0.25% of the average daily net assets of the Portfolios. The 12b-1 fee is waived for the assets of Quantitative Modeling Portfolio that are invested in other Portfolios.

PAD has contractually agreed to reduce its 12b-1 fees for each of the Bond Portfolio 2026, Bond Portfolio 2027, Bond Portfolio 2028, Bond Portfolio 2029, Bond Portfolio 2030, Bond Portfolio 2031, Bond Portfolio 2032, Bond Portfolio 2033, Bond Portfolio 2034, Bond Portfolio 2035, Bond Portfolio 2036 and Investment Grade Bond Portfolio (collectively, the "Bond Portfolios"), so that the effective distribution and service fee rate paid by each Bond Portfolio is reduced based on the average daily net assets of each Bond Portfolio. The contractual waiver does not include an expiration or termination date as it is contractually guaranteed by PAD on a permanent basis, and the Investment Manager and PAD cannot terminate or otherwise modify the waiver. The contractual waiver is calculated as follows for each Bond Portfolio:

---

| | |
|:---|:---|
| Average Daily Net Assets of Portfolio | **Distribution and Service Fee** <br> **Rate Including Waiver**  |
| Up to and including $300 million | 0.25% (no waiver) |
| Over $300 million up to and including $500 million | 0.23% |
| Over $500 million up to and including $750 million | 0.22% |
| Over $750 million | 0.21% |

---

AST Investment Services, Inc., PGIM Investments, PAD, PGIM, Inc., PGIM Limited, PGIM Quantitative Solutions and Jennison are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

#### a.) Related Parties
Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

Certain officers and a Trustee of the Trust are officers, employees or directors of the Investment Manager. The Trust pays no compensation directly to its officers, employees or any Trustee who receives compensation from the Investment Manager, a subadviser or their respective affiliates. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Portfolios bear all other costs and expenses.

The Portfolios may invest their overnight sweep cash in the PGIM Core Government Money Market Fund, a series of the Prudential Government Money Market Fund, Inc. and/or in the PGIM Core Ultra Short Bond Fund, a series of Prudential

B12

------

Investment Portfolios 2 (together with PGIM Core Government Money Market Fund, the "Core Funds"), each registered under the 1940 Act and managed by PGIM Investments. The Portfolios may invest their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Funds and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Funds and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income from securities lending, net", respectively.

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended December 31, 2025, no Rule 17a-7 transactions were entered into by the Portfolios.

#### b.) Foreign Withholding Tax Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies ("RICs"). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, "excess withholding tax").

Prudential instituted a process in consultation with the Trust's independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios' partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as "Payable to affiliate" on the Statement of Assets and Liabilities and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as "Receivable from affiliate" on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as "Tax reclaim receivable" on the Statement of Assets and Liabilities. To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| Portfolio | 2025 Payments |
| Quantitative Modeling | $20544 |

---

The following amounts have been paid by Prudential for excess withholding taxes related to timing differences as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| Portfolio | 2025 Payments |
| Quantitative Modeling | $16615 |

---

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| Portfolio | **Cost of**<br> **Purchases** | Proceeds<br>from Sales |
| Bond Portfolio 2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29017496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20290656 |

---

B13

------

---

| | | |
|:---|:---|:---|
| Portfolio | Cost of<br>Purchases | Proceeds<br>from Sales |
| Bond Portfolio 2027 | $3549350 | $10680568 |
| Bond Portfolio 2028 | 436371 | 13507587 |
| Bond Portfolio 2029 | 93862 | 2911013 |
| Bond Portfolio 2030 | 1879384 | 9669024 |
| Bond Portfolio 2031 | 15194710 | 27570513 |
| Bond Portfolio 2032 | 9134982 | 16750026 |
| Bond Portfolio 2033 |  | 62264 |
| Bond Portfolio 2034 | 20776647 | 17365652 |
| Bond Portfolio 2035 | 11176919 | 9297154 |
| Bond Portfolio 2036 | 5451791 | 153298 |
| Core Fixed Income | 7171422101 | 7182229103 |
| Government Money Market |  |  |
| Investment Grade Bond | 5626668166 | 6572275088 |
| Multi-Sector Fixed Income | 1442523245 | 2429301688 |
| Quantitative Modeling | 409445382 | 649405610 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended December 31, 2025, is presented as follows:

#### Bond Portfolio 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |  |
|  <br> AST Target Maturity Central Portfolio<sup>\*</sup> | <br> AST Target Maturity Central Portfolio<sup>\*</sup> | <br> AST Target Maturity Central Portfolio<sup>\*</sup> | <br> AST Target Maturity Central Portfolio<sup>\*</sup> | <br> AST Target Maturity Central Portfolio<sup>\*</sup> | <br> AST Target Maturity Central Portfolio<sup>\*</sup> | <br> AST Target Maturity Central Portfolio<sup>\*</sup> |  |  |
| $19135743 | $29017496 | $20290656 | $2070831 | $347625 | $30281039 | 2703664 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |  |  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |  |  |  |
| $904891 | $8466438 | $8575145 | $— | $— | $796184 | 796184 | $39340 | $— |
| $20040634 | $37483934 | $28865801 | $2070831 | $347625 | $31077223 |  | $39340 | $— |
|  <br> **Bond Portfolio 2027** | <br> **Bond Portfolio 2027** | <br> **Bond Portfolio 2027** | <br> **Bond Portfolio 2027** |  |  |  |  |  |
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |  |  |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |  |  |  |  |  |
| $38562806 | $3549350 | $10680568 | $2190224 | $663338 | $34285150 | 3061174 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |  |  |  |
| $1706131 | $7778471 | $8570728 | $— | $— | $913874 | 913874 | $42068 | $— |
| $40268937 | $11327821 | $19251296 | $2190224 | $663338 | $35199024 |  | $42068 | $— |

---

B14

------

#### Bond Portfolio 2028

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  <br> AST Target Maturity Central Portfolio<sup>\*</sup> | <br> AST Target Maturity Central Portfolio<sup>\*</sup> | <br> AST Target Maturity Central Portfolio<sup>\*</sup> | <br> AST Target Maturity Central Portfolio<sup>\*</sup> |  |  |  |  |  |
| <br> $65826018 | $436371 | $13507587 | $3612791 | $981645 | $57349238 | 5120468 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |  |  |  |
| $2254964 | $7680401 | $8299876 | $— | $— | $1635489 | 1635489 | $87321 | $— |
| $68080982 | $8116772 | $21807463 | $3612791 | $981645 | $58984727 |  | $87321 | $— |
|  <br> **Bond Portfolio 2029** | <br> **Bond Portfolio 2029** | <br> **Bond Portfolio 2029** | <br> **Bond Portfolio 2029** |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |  |  |  |  |  |
| $6218524 | $93862 | $2911013 | $104305 | $313109 | $3818787 | &nbsp;&nbsp;&nbsp;&nbsp;340963 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |  |  |  |
| $137022 | $619912 | $690052 | $— | $— | $66882 | &nbsp;&nbsp;&nbsp;&nbsp;66882 | $4345 | $— |
| $6355546 | $713774 | $3601065 | $104305 | $313109 | $3885669 |  | $4345 | $— |
|  <br> **Bond Portfolio 2030** | <br> **Bond Portfolio 2030** | <br> **Bond Portfolio 2030** | <br> **Bond Portfolio 2030** |  |  |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |  |  |  |  |  |
| $51224440 | $1879384 | $9669024 | $3074938 | $570202 | $47079940 | 4203566 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |  |  |  |
| $1164449 | $4747580 | $4282070 | $— | $— | $1629959 | 1629959 | $77926 | $— |
| $52388889 | $6626964 | $13951094 | $3074938 | $570202 | $48709899 |  | $77926 | $— |
|  <br> **Bond Portfolio 2031** | <br> **Bond Portfolio 2031** | <br> **Bond Portfolio 2031** | <br> **Bond Portfolio 2031** | <br> **Bond Portfolio 2031** | <br> **Bond Portfolio 2031** |  |  |  |
| **Value,<br>Beginning<br>of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |  |  |  |  |  |
| $70676947 | $15194710 | $27570513 | $4045716 | $800319 | $63147179 | 5638141 | $111646 | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |  |  |  |
| $721563 | $8952815 | $7698223 | $— | $— | $1976155 | 1976155 | $— | $— |
| $71398510 | $24147525 | $35268736 | $4045716 | $800319 | $65123334 |  | $111646 | $— |

---

B15

------

#### Bond Portfolio 2032

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |  |  |  |  |  |
| $67169099 | $9134982 | $16750026 | $4266800 | $603685 | $64424540 | 5752191 | $92861 | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |  |  |  |
| $1170236 | $9716650 | $8803181 | $— | $— | $2083705 | 2083705 | $— | $— |
| $68339335 | $18851632 | $25553207 | $4266800 | $603685 | $66508245 |  | $92861 | $— |
|  <br> **Bond Portfolio 2033** | <br> **Bond Portfolio 2033** | <br> **Bond Portfolio 2033** | <br> **Bond Portfolio 2033** |  |  |  |  |  |
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |  |  |  |  |  |
| $4004817 | $— | $62264 | $300813 | $1849 | $4245215 | &nbsp;&nbsp;&nbsp;&nbsp;379037 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |  |  |  |
| $46530 | $802088 | $742028 | $— | $— | $106590 | 106590 | $3362 | $— |
| $4051347 | $802088 | $804292 | $300813 | $1849 | $4351805 |  | $3362 | $— |
|  <br> **Bond Portfolio 2034** | <br> **Bond Portfolio 2034** | <br> **Bond Portfolio 2034** | <br> **Bond Portfolio 2034** |  |  |  |  |  |
| **Value,<br>Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |  |  |  |  |  |
| $6474437 | $20776647 | $17365652 | $561362 | $(135188) | $10311606 | &nbsp;&nbsp;&nbsp;&nbsp;920679 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |  |  |  |
| $24439 | $2362953 | $2188024 | $— | $— | $199368 | &nbsp;&nbsp;&nbsp;&nbsp;199368 | $7611 | $— |
| $6498876 | $23139600 | $19553676 | $561362 | $(135188) | $10510974 |  | $7611 | $— |
|  <br> **Bond Portfolio 2035** | <br> **Bond Portfolio 2035** | <br> **Bond Portfolio 2035** | <br> **Bond Portfolio 2035** | <br> **Bond Portfolio 2035** | <br> **Bond Portfolio 2035** |  |  |  |
| **Value,<br>Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |  |  |  |  |  |
| $4964605 | $11176919 | $9297154 | $418142 | $(102266) | $7160246 | &nbsp;&nbsp;&nbsp;&nbsp;639308 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |  |  |  |
| $44861 | $2952969 | $2868425 | $— | $— | $129405 | &nbsp;&nbsp;&nbsp;&nbsp;129405 | $5012 | $— |
| $5009466 | $14129888 | $12165579 | $418142 | $(102266) | $7289651 |  | $5012 | $— |

---

B16

------

#### Bond Portfolio 2036

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> | AST Target Maturity Central Portfolio<sup>\*</sup> |  |  |  |  |  |
| $— | $5451791 | $153298 | $357328 | $(1684) | $5654137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504834 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |  |  |  |
| $— | $6687827 | $6519104 | $— | $— | $168723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168723 | $5393 | $— |
| $— | $12139618 | $6672402 | $357328 | $(1684) | $5822860 |  | $5393 | $— |
|  <br> **Core Fixed Income** | <br> **Core Fixed Income** | <br> **Core Fixed Income** | <br> **Core Fixed Income** |  |  |  |  |  |
| **Value,<br>Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |
|  AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> |  |  |  |  |  |
| $— | $218521629 | $— | $10471652 | $— | $228993281 | 19162618 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> |  |  |  |
| $107623645 | $938490791 | $999846355 | $— | $— | $46268081 | 46268081 | $2636240 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;40766962 | &nbsp;&nbsp;&nbsp;&nbsp;480970066 | &nbsp;&nbsp;&nbsp;&nbsp;450541954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp;71197646 | 71240390 | &nbsp;&nbsp;&nbsp;&nbsp;126157<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $148390607 | $1419460857 | $1450388309 | $227 | $2345 | $117465727 |  | $2762397 | $— |
| $148390607 | $1637982486 | $1450388309 | $10471879 | $2345 | $346459008 |  | $2762397 | $— |
| <br> **Investment Grade Bond** | <br> **Investment Grade Bond** | <br> **Investment Grade Bond** | <br> **Investment Grade Bond** |  |  |  |  |  |
| **Value,<br>Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |  |
|  AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> |  |  |  |  |  |
| $436729799 | $654500000 | $899400000 | $10026626 | $24538019 | $226394444 | 19432999 | $— | $— |
|  AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> |  |
| 2133596938 | 2196247799 | 3034078183 | 65027949 | 77244744 | 1438039247 | 120338012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $2570326737 | $2850747799 | $3933478183 | $75054575 | $101782763 | $1664433691 |  | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;255895353 | 4569990052 | 4814223804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11661601 | 11661601 | 9433106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;154998616 | 2935776228 | 2970441688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24198) | &nbsp;&nbsp;&nbsp;&nbsp;120319890 | 120392125 | &nbsp;&nbsp;&nbsp;&nbsp;566043<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $410893969 | $7505766280 | $7784665492 | $10932 | $(24198) | $131981491 |  | $9999149 | $— |
| $2981220706 | $10356514079 | $11718143675 | $75065507 | $101758565 | $1796415182 |  | $9999149 | $— |

---

B17

------

#### Multi-Sector Fixed Income

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |  |  |  |
| $— | $628755468 | $542535175 | $— | $— | $86220293 | 86220293 | $679508 | $— |
|  PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> |  |  |  |
| 87365247 | &nbsp;&nbsp;&nbsp;&nbsp;863429007 | &nbsp;&nbsp;&nbsp;&nbsp;950794254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1548600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |  |  |  |
| 291031032 | 2458289409 | 2334576525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2766) | 414747699 | 414996697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560713<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $378396279 | $3950473884 | $3827905954 | $6549 | $(2766) | $500967992 |  | $2788821 | $— |
| <br> **Quantitative Modeling** | <br> **Quantitative Modeling** | <br> **Quantitative Modeling** | <br> **Quantitative Modeling** | <br> **Quantitative Modeling** | <br> **Quantitative Modeling** | <br> **Quantitative Modeling** | <br> **Quantitative Modeling** |  |
| **Value,<br>Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |  |
|  AST International Equity Portfolio<sup>\*</sup> | AST International Equity Portfolio<sup>\*</sup> | AST International Equity Portfolio<sup>\*</sup> | AST International Equity Portfolio<sup>\*</sup> |  |  |  |  |  |
| $29502313 | $2727026 | $18345661 | $2215778 | $5034247 | $21133703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592312 | $— | $— |
|  AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> |  |  |  |  |  |
| 65035551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413072 | &nbsp;&nbsp;&nbsp;&nbsp;27334210 | (4461626) | 12448711 | 49101498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> |  |  |  |  |  |
| 53746530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7158497 | &nbsp;&nbsp;&nbsp;&nbsp;21752014 | 2395470 | 4335688 | 45884171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> |  |  |  |  |  |
| 19216037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7970441 | &nbsp;&nbsp;&nbsp;&nbsp;(849951) | 1548341 | 13430414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1143096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269514 | &nbsp;&nbsp;&nbsp;&nbsp;42002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42349 | &nbsp;&nbsp;&nbsp;&nbsp;10234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175348 | &nbsp;&nbsp;&nbsp;&nbsp;135236 | &nbsp;&nbsp;&nbsp;&nbsp;147118 | &nbsp;&nbsp;&nbsp;&nbsp;1437203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19422 | &nbsp;&nbsp;&nbsp;&nbsp;17775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3151778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5533169 | &nbsp;&nbsp;&nbsp;&nbsp;37926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $171795305 | $24000989 | $86380357 | $(485165) | $23598034 | $132528806 |  | $28009 | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |  |  |  |  |  |
| 33276079 | &nbsp;&nbsp;&nbsp;&nbsp;428899067 | &nbsp;&nbsp;&nbsp;&nbsp;435276380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 26898766 | 26898766 | 1537927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |  |  |  |
| 15494478 | &nbsp;&nbsp;&nbsp;&nbsp;128019223 | &nbsp;&nbsp;&nbsp;&nbsp;137475186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;6038705 | &nbsp;&nbsp;&nbsp;&nbsp;6042330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $48770557 | $556918290 | $572751566 | $1 | $189 | $32937471 |  | $1543490 | $— |
| $220565862 | $580919279 | $659131923 | $(485164) | $23598223 | $165466277 |  | $1571499 | $— |

---

\* Non-income producing security.

(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wa) Represents investments in Funds affiliated with the Manager.

(wb) Represents an investment in a Fund affiliated with the Manager.

B18

------

6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership's income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio's adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Investment Manager has analyzed the Portfolios' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2025 are subject to such review.

7. Borrowings

The Trust, on behalf of the Portfolios, (excluding the Government Money Market), along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
|  | Current SCA | Prior SCA |
|  **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 | $1200000000 |
|  **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
|  **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent |

---

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Investment Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Portfolios indicated below utilized the SCA during the year ended December 31, 2025. The average balance outstanding is for the number of days the Portfolios utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Portfolio | Average<br>Balance<br> Outstanding | Weighted<br>Average<br>Interest Rates | Number<br>of Days<br>Outstanding | Maximum<br>Balance<br>Outstanding | Balance<br>Outstanding at<br>December 31, 2025 |
| Core Fixed Income | $5850500 | 5.43% | 2 | $11452000 | $— |
| Multi-Sector Fixed Income | 7638000 | 5.44 | 1 | 7638000 |  |

---

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust's Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios with a par value of $0.001 per share. As of December 31, 2025, all Portfolios offer only a single share class to investors.

As of December 31, 2025, the following number of shares of the Portfolios were owned of record directly or by other

B19

------

Portfolios as part of their investments by insurance affiliates of Prudential.

---

| | | |
|:---|:---|:---|
| Portfolio | Number of Shares | Percentage of<br>Outstanding Shares |
| Bond Portfolio 2026 | 863663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.8% |
| Bond Portfolio 2027 | 500863 | 17.0 |
| Bond Portfolio 2028 | 1370884 | 27.9 |
| Bond Portfolio 2029 | 310350 | 92.1 |
| Bond Portfolio 2030 | 1219715 | 29.5 |
| Bond Portfolio 2031 | 3881175 | 59.0 |
| Bond Portfolio 2032 | 4046947 | 51.6 |
| Bond Portfolio 2033 | 510270 | 100.0 |
| Bond Portfolio 2034 | 890514 | 91.1 |
| Bond Portfolio 2035 | 603713 | 85.4 |
| Bond Portfolio 2036 | 550381 | 97.3 |
| Core Fixed Income | 194000135 | 67.1 |
| Government Money Market | 307088742 | 40.1 |
| Investment Grade Bond | 477848429 | 69.8 |
| Multi-Sector Fixed Income | 640285950 | 100.0 |
| Quantitative Modeling | 15472100 | 94.2 |

---

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

---

| | | |
|:---|:---|:---|
| Portfolio | **Number of**<br> **Shareholders** | **Percentage of**<br> **Outstanding Shares** |
| Affiliated: |  |  |
| Bond Portfolio 2026 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.3% |
| Bond Portfolio 2027 | 1 | 12.7 |
| Bond Portfolio 2028 | 2 | 27.9 |
| Bond Portfolio 2029 | 1 | 91.9 |
| Bond Portfolio 2030 | 2 | 29.5 |
| Bond Portfolio 2031 | 2 | 59.0 |
| Bond Portfolio 2032 | 2 | 51.6 |
| Bond Portfolio 2033 | 2 | 100.0 |
| Bond Portfolio 2034 | 2 | 87.5 |
| Bond Portfolio 2035 | 2 | 84.9 |
| Bond Portfolio 2036 | 1 | 97.2 |
| Core Fixed Income | 2 | 67.1 |
| Government Money Market | 1 | 35.2 |
| Investment Grade Bond | 2 | 69.8 |
| Multi-Sector Fixed Income | 2 | 100.0 |
| Quantitative Modeling | 2 | 94.1 |
| Unaffiliated: |  |  |
| Bond Portfolio 2026 | 1 | 64.4 |
| Bond Portfolio 2027 | 1 | 82.9 |
| Bond Portfolio 2028 | 1 | 72.1 |
| Bond Portfolio 2029 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| Bond Portfolio 2030 | 1 | 70.4 |
| Bond Portfolio 2031 | 1 | 40.8 |
| Bond Portfolio 2032 | 1 | 48.4 |
| Bond Portfolio 2033 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Bond Portfolio 2034 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;8.9 |

---

B20

------

---

| | | |
|:---|:---|:---|
| Portfolio | **Number of**<br> **Shareholders** | **Percentage of**<br> **Outstanding Shares**  |
|  **Unaffiliated:** |  |  |
|  Bond Portfolio 2035 | 1 | 14.6% |
|  Bond Portfolio 2036 |  |  |
|  Core Fixed Income | 1 | 32.8 |
|  Government Money Market | 1 | 59.8 |
|  Investment Grade Bond | 1 | 30.1 |
|  Multi-Sector Fixed Income |  |  |
|  Quantitative Modeling | 1 | 5.9 |

---

9. Risks of Investing in the Portfolios

Each Portfolio's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Risks | Bond<br>Portfolio<br>2026 | **Bond**<br> **Portfolio<br>2027** | **Bond**<br> **Portfolio<br>2028** | **Bond** <br> **Portfolio <br>2029**  |
|  Adjustable and Floating-Rate Securities |  |  |  |  |
|  Asset Allocation |  |  |  |  |
|  Asset Transfer Program | X | X | X | X |
|  Asset-Backed and/or Mortgage-Backed Securities | X | X | X | X |
|  Blend Style |  |  |  |  |
|  Collateralized Debt Obligations (CDO) |  |  |  |  |
|  Commodity |  |  |  |  |
|  Credit | X | X | X | X |
|  Currency | X | X | X | X |
|  Derivatives | X | X | X | X |
|  Emerging Markets |  |  |  |  |
|  Equity and Equity-Related Securities | X | X | X | X |
|  Equity Securities |  |  |  |  |
|  Exchange-Traded Funds (ETF) |  |  |  |  |
|  Expense | X | X | X | X |
|  Fixed Income Securities | X | X | X | X |
|  Focus |  |  |  |  |
|  Foreign Investment | X | X | X | X |
|  Fund of Funds | X | X | X | X |
|  High Yield | X | X | X | X |
|  Interest Rate | X | X | X | X |
|  Liquidity Allocation |  |  |  |  |
|  Liquidity and Valuation | X | X | X | X |
|  Market and Management | X | X | X | X |
|  Portfolio Turnover |  |  |  |  |
|  Prepayment or Call |  |  |  |  |
|  Quantitative Model |  |  |  |  |
|  Redemption |  |  |  |  |
|  Regulatory | X | X | X | X |
|  Selection |  |  |  |  |
|  Sovereign Debt Securities | X | X | X | X |
|  US Government Securities | X | X | X | X |
|  Yield |  |  |  |  |

---

B21

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Risks | Bond<br>Portfolio<br>2030 | **Bond**<br> **Portfolio<br>2031** | **Bond**<br> **Portfolio<br>2032** | **Bond**<br> **Portfolio<br>2033** |
|  Adjustable and Floating-Rate Securities |  |  |  |  |
|  Asset Allocation |  |  |  |  |
|  Asset Transfer Program | X | X | X | X |
|  Asset-Backed and/or Mortgage-Backed Securities | X | X | X | X |
|  Blend Style |  |  |  |  |
|  Collateralized Debt Obligations (CDO) |  |  |  |  |
|  Commodity |  |  |  |  |
|  Credit | X | X | X | X |
|  Currency | X | X | X | X |
|  Derivatives | X | X | X | X |
|  Emerging Markets |  |  |  |  |
|  Equity and Equity-Related Securities | X | X | X | X |
|  Equity Securities |  |  |  |  |
|  Exchange-Traded Funds (ETF) |  |  |  |  |
|  Expense | X | X | X | X |
|  Fixed Income Securities | X | X | X | X |
|  Focus |  |  |  |  |
|  Foreign Investment | X | X | X | X |
|  Fund of Funds | X | X | X | X |
|  High Yield | X | X | X | X |
|  Interest Rate | X | X | X | X |
|  Liquidity Allocation |  |  |  |  |
|  Liquidity and Valuation | X | X | X | X |
|  Market and Management | X | X | X | X |
|  Portfolio Turnover |  |  |  |  |
|  Prepayment or Call |  |  |  |  |
|  Quantitative Model |  |  |  |  |
|  Redemption |  |  |  |  |
|  Regulatory | X | X | X | X |
|  Selection |  |  |  |  |
|  Sovereign Debt Securities | X | X | X | X |
|  US Government Securities | X | X | X | X |
|  Yield |  |  |  |  |
| Risks | Bond<br>Portfolio<br>2034 | **Bond**<br> **Portfolio<br>2035** | **Bond**<br> **Portfolio<br>2036** | Core<br>Fixed<br>Income |
|  Adjustable and Floating-Rate Securities |  |  |  |  |
|  Asset Allocation |  |  |  |  |
|  Asset Transfer Program | X | X | X | X |
|  Asset-Backed and/or Mortgage-Backed Securities | X | X | X | X |
|  Blend Style |  |  |  |  |
|  Collateralized Debt Obligations |  |  |  | X |
|  Commodity |  |  |  |  |
|  Credit | X | X | X | X |
|  Currency | X | X | X | X |
|  Derivatives | X | X | X | X |
|  Emerging Markets |  |  |  |  |
|  Equity Securities |  |  |  |  |

---

B22

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Risks | Bond<br>Portfolio<br>2034 | **Bond**<br> **Portfolio<br>2035** | **Bond**<br> **Portfolio<br>2036** | **Core**<br> **Fixed<br>Income** |
|  Equity and Equity-Related Securities | X | X | X | X |
|  Exchange-Traded Funds (ETF) |  |  |  | X |
|  Expense | X | X | X | X |
|  Fixed Income Securities | X | X | X | X |
|  Focus |  |  |  |  |
|  Foreign Investment | X | X | X | X |
|  Fund of Funds | X | X | X | X |
|  High Yield | X | X | X | X |
|  Interest Rate | X | X | X | X |
|  Liquidity Allocation |  |  |  |  |
|  Liquidity and Valuation | X | X | X | X |
|  Market and Management | X | X | X | X |
|  Portfolio Turnover |  |  |  | X |
|  Prepayment or Call |  |  |  | X |
|  Quantitative Model |  |  |  |  |
|  Redemption |  |  |  | X |
|  Regulatory | X | X | X | X |
|  Selection |  |  |  |  |
|  Sovereign Debt Securities | X | X | X |  |
|  US Government Securities | X | X | X |  |
|  Yield |  |  |  |  |
| Risks | Government<br>Money<br>Market | Investment<br>Grade<br>Bond | Multi-<br>Sector<br>Fixed<br>Income | Quantitative<br>Modeling |
|  Adjustable and Floating-Rate Securities | X |  |  |  |
|  Asset Allocation |  |  |  | X |
|  Asset Transfer Program | X | X |  | X |
|  Asset-Backed and/or Mortgage-Backed Securities |  | X | X | X |
|  Blend Style |  |  |  | X |
|  Collateralized Debt Obligations |  |  |  |  |
|  Commodity |  |  |  | X |
|  Credit | X | X | X | X |
|  Currency |  |  | X | X |
|  Derivatives |  | X | X | X |
|  Emerging Markets |  |  | X | X |
|  Equity and Equity-Related Securities |  | X | X |  |
|  Equity Securities |  |  |  | X |
|  Exchange-Traded Funds (ETF) |  | X |  |  |
|  Expense | X | X | X | X |
|  Fixed Income Securities | X | X | X | X |
|  Focus |  |  | X |  |
|  Foreign Investment |  | X | X | X |
|  Fund of Funds |  |  |  | X |
|  High Yield |  |  | X | X |
|  Interest Rate | X | X | X | X |
|  Liquidity Allocation |  |  |  | X |
|  Liquidity and Valuation | X | X | X | X |

---

B23

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Risks | Government<br>Money<br>Market | Investment<br>Grade<br>Bond | Multi-<br>Sector<br>Fixed<br>Income | Quantitative<br>Modeling |
|  Market and Management | X | X | X | X |
|  Portfolio Turnover |  | X |  | X |
|  Prepayment or Call | X | X |  |  |
|  Quantitative Model |  |  |  | X |
|  Redemption |  | X |  |  |
|  Regulatory | X | X | X | X |
|  Selection |  |  | X |  |
|  Sovereign Debt Securities |  |  |  |  |
|  US Government Securities | X |  | X |  |
|  Yield | X |  |  |  |

---

*Adjustable and Floating-Rate Securities Risk:* The value of adjustable and floating-rate securities may lag behind the value of fixed-rate securities when interest rates change. Adjustable and floating rate securities generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as quickly as interest rates in general. Conversely, adjustable and floating-rate securities generally will not increase in value as much as fixed rate debt instruments if interest rates decline. Adjustable and floating-rate securities are also subject to credit risk, market risk, and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Portfolio to dispose of them if the issuer defaults.

*Asset Allocation Risk:* The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

*Asset Transfer Program Risk:* Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. The formulas may result in transfers between your selected portfolios and this Portfolio and/or transfers between this Portfolio and a bond portfolio with a different maturity date. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all of the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

*Asset-Backed and/or Mortgage-Backed Securities Risk:* Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to "subprime" borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

*Blend Style Risk:* A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to

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above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other mutual funds.

*Collateralized Debt Obligations Risk (CDO):* The risks of an investment in a CDO, which can include collateralized loan obligations (CLOs), depend largely on the quality and type of the collateral and the tranche of the CDO in which the Portfolio invests. Investments in CDOs may be illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Portfolio may invest in CDOs that are subordinate to other classes of the issuer's securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

*Commodity Risk:* The value of a commodity-linked investment is affected by, among other things, overall market movements, factors affecting a particular industry or commodity, and changes in interest and exchange rates and may be more volatile than traditional equity and debt securities. The value of the commodities underlying commodity-linked instruments may be subject to various economic and non-economic factors, such as drought, floods or other weather conditions, livestock disease, insufficient storage capacity, embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, tariffs, war and international economic, political, and regulatory developments.

*Credit Risk:* This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

*Currency Risk:* Currency risk is the risk that fluctuations in exchange rates will adversely affect the market value of a Portfolio's investments, including the risk that the currencies in which the Portfolio's investments are traded or in which the Portfolio receives income will decline in value relative to the US dollar. The overall impact on a Portfolio's holdings can be significant, and long-lasting, depending on the currencies represented in the portfolio and how each foreign currency appreciates or depreciates in relation to the US dollar and whether currency positions are hedged. Further, since exchange rate movements are volatile, a Portfolio's attempt at hedging could be unsuccessful, and it is not possible to effectively hedge the currency risks of many emerging market countries.

*Emerging Markets Risk*: The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political, and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the manager or a Portfolio's subadviser(s) to evaluate local companies or their potential impact on a Portfolio's performance. Characteristics of emerging market economies can include heavy economic dependence on international aid, agriculture or exports (particularly

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commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that depart from norms for developed countries, and generally less liquid markets. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility, and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions including, but not limited to, Asia, Latin America, the Middle East, Southern Europe, Eastern Europe, Africa and the region comprising the former Soviet Union. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased liquidity, custody of assets, different settlement and clearance procedures, and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Equity and Equity-Related Securities Risk:* From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. The value of a particular equity or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

*Equity Securities Risk:* The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

*Exchange-Traded Funds (ETF) Risk:* An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

*Expense Risk:* The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table in the Portfolio's prospectus for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

*Fixed Income Securities Risk:* Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

*Focus Risk:* The Portfolio focuses or may focus its investments in particular countries, regions, industries, sectors, markets, or types of investments and may accumulate large positions in such areas. As a result, the Portfolio invests in the securities of a small number of issuers and has greater exposure to adverse developments affecting those issuers and a resulting decline in the market price of those issuers' securities as compared to a portfolio that invests in the securities of a larger number of issuers.

*Foreign Investment Risk:* Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those

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in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

*Fund of Funds Risk*: In addition to the risks associated with the investment in an underlying portfolio, the Portfolio is exposed to the investment objectives, investment risks, and investment performance of the underlying portfolios. The Portfolio is also subject to a potential conflict of interest between the Portfolio and its investment manager(s) and subadviser(s), which could impact the Portfolio. Moreover, the Portfolio will incur its pro rata share of the relevant underlying portfolios' expenses, which will reduce the Portfolio's performance.

*High Yield Risk:* Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield" securities or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

*Liquidity Allocation Risk:* A Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities, as applicable, and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

*Liquidity and Valuation Risk:* The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

*Market and Management Risk:* Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its services providers adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

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*Portfolio Turnover Risk:* A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

*Prepayment or Call Risk:* Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

*Quantitative Model Risk:* The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

*Redemption Risk:* A Portfolio that serves as an underlying fund for a fund of funds is subject to certain risks. When a fund of funds reallocates or rebalances its investments, an underlying fund may experience relatively large redemptions or investments. These transactions may cause the Portfolio serving as the underlying fund to sell portfolio securities to meet such redemptions, or to invest cash from such investments, at times that it would not otherwise do so, and may as a result increase transaction costs or adversely affect Portfolio performance.

*Regulatory Risk:* The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

*Selection Risk:* The subadviser will actively manage the Portfolio by applying investment techniques and risk analyses in making investment decisions. There can be no guarantee that these investment decisions will produce the desired results and the Portfolio may underperform the market, the relevant indices, or other funds with similar investment objectives and strategies as a result of such investment decisions.

*Sovereign Debt Securities Risk:* Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

*US Government Securities Risk:* US Government securities may be adversely affected by changes in interest rates, a default by, or further downgrades in the credit quality rating of, the US Government, and may not be backed by the full faith and credit of the US Government.

*Yield Risk:* The amount of income received by a Portfolio will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low, the Portfolio's expenses could absorb all or a significant portion of the Portfolio's income. If interest rates increase, the Portfolio's yield may not increase proportionately. For example, the Portfolio's investment manager may discontinue any temporary voluntary fee limitation.

10. Reorganization

On August 23, 2024, the Board approved Agreements and Plans of Reorganization (the "Plans") which provided for the transfer of all the assets of AST Global Bond Portfolio ("Global Bond"), and AST High Yield Bond Portfolio ("High Yield Bond") (the "Merged Portfolios") for shares of Core Fixed Income (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolios, respectively. Shareholders approved the Plan at a meeting on December 18, 2024 and the reorganization took place at the close of business on February 7, 2025.

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On the reorganization date, the Merged Portfolios had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

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| | | |
|:---|:---|:---|
| Merged Portfolios | Total Investment<br>Value | Total Investment<br>Cost |
|  Global Bond | $245198059 | $245076214 |
|  High Yield Bond | 224872606 | 230105306 |

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The purpose of the transaction was to combine three portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on February 7, 2025:

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| | | |
|:---|:---|:---|
| Merged Portfolios |  | Shares |
|  Global Bond |  | 23064733 |
|  High Yield Bond |  | 18460908 |
| Acquiring Portfolio | Shares | Value |
|  Core Fixed Income | 37993531 | $514812343 |

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For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolios were carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation (depreciation) immediately before the acquisition were as follows:

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| | | |
|:---|:---|:---|
| Merged Portfolios | Unrealized<br>Appreciation<br>(Depreciation)<br>on Investments | Net Assets |
|  Global Bond | $121845 | $269954244 |
|  High Yield Bond | (5232700) | 244858099 |
| Acquiring Portfolio |  | Net Assets |
|  Core Fixed Income |  | $3794677985 |

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Assuming the acquisition had been completed on January 1, 2025, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2025 would have been as follows:

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| | | | |
|:---|:---|:---|:---|
| Acquiring Portfolio | Net<br>investment<br>income (a) | Net realized and<br>unrealized gain<br>on investments (b) | Net increase in<br>net assets resulting<br>from operations |
|  Core Fixed Income | $159901586 | $129936910 | $289838496 |

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(a) Net investment income as reported in the Statement of Operations (year ended December 31, 2025) of the Acquiring Portfolio, plus net investment income from the Merged Portfolios pre-merger as follows: Global Bond $937,608, and High Yield Bond $1,360,626.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (year ended December 31, 2025) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolios pre-merger as follows: Global Bond $682,493, and High Yield Bond $2,017,256.

Since both the Merged Portfolios and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolios that have been included in the Acquiring Portfolio's Statement of Operations since February 7, 2025.

11. Recent Accounting Pronouncement and Regulatory Developments

During the reporting period, the Portfolios adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Portfolios did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

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12. Subsequent Event

Each Portfolio's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of December 31, 2025.

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Advanced Series Trust and Shareholders of AST Bond Portfolio 2026, AST Bond Portfolio 2027, AST Bond Portfolio 2028, AST Bond Portfolio 2029, AST Bond Portfolio 2030, AST Bond Portfolio 2031, AST Bond Portfolio 2032, AST Bond Portfolio 2033, AST Bond Portfolio 2034, AST Bond Portfolio 2035, AST Bond Portfolio 2036, AST Core Fixed Income Portfolio, AST Government Money Market Portfolio, AST Investment Grade Bond Portfolio, AST Multi-Sector Fixed Income Portfolio and AST Quantitative Modeling Portfolio

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the portfolios listed in the table below (sixteen of the portfolios constituting Advanced Series Trust, hereafter collectively referred to as the "Portfolios") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios listed in the table below as of December 31, 2025, the results of each of their operations and the changes in each of their net assets, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

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| |
|:---|
| &nbsp;&nbsp;&nbsp; AST Bond Portfolio 2026 <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; AST Bond Portfolio 2027 <sup>(1)</sup><br> AST Bond Portfolio 2035 <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; AST Bond Portfolio 2028 <sup>(1)</sup><br> AST Bond Portfolio 2036 <sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; AST Bond Portfolio 2029 <sup>(1)</sup><br> AST Core Fixed Income Portfolio <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; AST Bond Portfolio 2030 <sup>(1)</sup><br> AST Government Money Market Portfolio <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; AST Bond Portfolio 2031 <sup>(1)</sup><br> AST Investment Grade Bond Portfolio <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; AST Bond Portfolio 2032 <sup>(1)</sup><br> AST Multi-Sector Fixed Income Portfolio <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; AST Bond Portfolio 2033 <sup>(1)</sup><br> AST Quantitative Modeling Portfolio <sup>(1)</sup> |

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(1) Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31, 2025 and 2024

(2) Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the year ended December 31, 2025 and the period January 2, 2024 (commencement of operations) through December 31, 2024

(3) Statement of operations and statement of changes in net assets for the period January 2, 2025 (commencement of operations) through December 31, 2025

#### Basis for Opinions
These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agents, issuers of privately held securities, agent banks and brokers; when replies were not received from transfer agents, issuers of privately held securities, agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in the Prudential Insurance Portfolios complex since 2020.

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| |
|:---|
| Appendix A — unaudited |
| AST Target Maturity Central Portfolio\* |

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**Investment Objective** — The highest total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation.

Portfolio Holdings (As of 12/31/2025)

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| | |
|:---|:---|
|  **Types of Investments** | % of Net Asset |
|  U.S. Government Agency Obligations | 27.9% |
|  Corporate Bonds | 32.2% |
|  Commercial Mortgage-Backed | 9.9% |
|  Asset-Backed | 16.3% |
|  Residential Mortgage-Backed Securities | 4.1% |
|  U.S. Treasury Obligations | 5.1% |
|  Sovereign Bonds | 2.3% |

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| | | |
|:---|:---|:---|
|  **Ten Largest Holdings** | Asset Class/Line of Business | % of Net Assets |
|  Goldman Sachs Group, Inc. (The) | Corporate Bonds | 1.5% |
|  JPMorgan Chase & Co. | Corporate Bonds | 1.3% |
|  U.S. Treasury Bonds | U.S. Treasury Obligations | 1.3% |
|  BANK | Commercial Mortgage-Backed Securities | 1.2% |
|  Federal Home Loan Mortgage Corp. | U.S. Government Agency Obligations | 1.1% |
|  Benchmark Mortgage Trust | Commercial Mortgage-Backed Securities | 1.0% |
|  U.S. Treasury Bonds | U.S. Treasury Obligations | 1.0% |
|  Federal Home Loan Mortgage Corp. | U.S. Government Agency Obligations | 1.0% |
|  ATLX Trust | Residential Mortgage-Backed Securities | 0.9% |
|  Wells Fargo & Co. | Corporate Bonds | 0.9% |

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|:---|:---|
|  **Credit Quality\*\*** | % of Total Investments |
|  AAA | 26.6% |
|  AA | 35.9% |
|  A | 14.9% |
|  BBB | 18.1% |
|  BB | 0.9% |
|  B | 0.2% |
|  NR | 0.5% |
|  Cash/Cash Equivalents | 2.9% |
|  Total Investments | 100.0% |

---

\* The AST Target Maturity Central Portfolio ("TMC Portfolio") is available for investment only by the AST Target Maturity Bond Portfolios. Additional information on the TMC Portfolio's investment holdings can be found in the TMC Portfolio's reports filed with the Securities and Exchange Commission on Form N-CSR and in the TMC Portfolio's holdings filed quarterly on Form N-PORT, and are available at <u>www.sec.gov/edgar</u>.

\*\* Credit quality ratings shown above reflect the middle rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investor Service, Inc. (Moody's), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch) if ratings differ. Where applicable, ratings are converted to the comparable S&P/Fitch rating category to illustrate credit rating breakdowns. These NRSROs are independent, and are widely used. The Not Rated (NR) category consists of securities that have not been rated by a NRSRO. Unrated investments do not necessarily indicate low credit quality. Ratings category may include derivative instruments that could have a negative value. Credit quality ratings are subject to change.

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

## Advanced Series Trust

### FINANCIAL STATEMENTS AND OTHER INFORMATION

### December 31, 2025

---

| | |
|:---|:---|
| ![LOGO](g880168dsp001.jpg) | <br> **AST Balanced Asset Allocation Portfolio**<br>**AST Multi-Asset Diversified Portfolio (formerly,**<br>**AST Advanced Strategies Portfolio)**<br>**AST PGIM Aggressive Multi-Asset Portfolio**<br>**(formerly, AST Prudential Growth Allocation Portfolio)**<br>**AST Preservation Asset Allocation Portfolio** |

---

![LOGO](g880168dsp001a.jpg)

------

Advanced Series Trust **Table of Contents** Financial Statements and Other Information December 31, 2025 <br> <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>        

∎ **FORM N-CSR ITEM 7 - FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

---

| | | |
|:---|:---|:---|
| Section A | [Schedule of Investments, Financial Statements, and Financial Highlights](#edgar880168_1) |  |
|  | [Glossary](#edgar880168_2) | A1 |
|  | [AST Balanced Asset Allocation Portfolio](#edgar880168_3) | A3 |
|  | [AST Multi-Asset Diversified Portfolio](#edgar880168_4) | A72 |
|  | [AST PGIM Aggressive Multi-Asset Portfolio](#edgar880168_5) | A115 |
|  | [AST Preservation Asset Allocation Portfolio](#edgar880168_6) | A177 |
| Section B | [Notes to Financial Statements](#edgar880168_7) |  |
| Section C | [Report of Independent Registered Public Accounting Firm](#edgar880168_8) |  |

---

∎ **[OTHER INFORMATION - FORM N-CSR ITEMS 8-11](#edgar880168_9)** 

**This report may include financial information pertaining to certain portfolios that are not available through the variable life insurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuity prospectus to determine which portfolios are available to you.** 

------

<br> ***Glossary*** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following abbreviations are used in the Portfolios' descriptions:

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Chinese Renminbi

COP Colombian Peso

CZK Czech Koruna

DKK Danish Krone

---

| | |
|:---|:---|
| EUR | Euro  |

---

GBP British Pound

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Nuevo Sol

PHP Philippine Peso

PLN Polish Zloty

RON Romanian Leu

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD New Taiwanese Dollar

USD US Dollar

ZAR South African Rand

144A — Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

A — Annual payment frequency for swaps

ADR — American Depositary Receipt

BABs — Build America Bonds

BARC — Barclays Bank PLC

BATE — CBOE- Europe – BXE Order Books

BBR — New Zealand Bank Bill Rate

BBSW — Australian Bank Bill Swap Reference Rate

BNP — BNP Paribas S.A.

BNY — Bank of New York Mellon

BOA — Bank of America, N.A.

BOS — BofA Securities, Inc.

BROIS — Brazil Overnight Index Swap

BTP — Buoni del Tesoro Poliennali

BUBOR — Budapest Interbank Offered Rate

CDX — Credit Derivative Index

CIBOR — Copenhagen Interbank Offered Rate

CITI — Citibank, N.A.

CLO — Collateralized Loan Obligation

CLOIS — Sinacofi Chile Interbank Rate Average

CMBX — Commercial Mortgage-Backed Index

CME — Chicago Mercantile Exchange

CMS — Constant Maturity Swap

CMT — Constant Maturity Treasury

CORRA — Canadian Overnight Repo Rate Average

CVA — Certificate Van Aandelen (Bearer)

DAC — Designated Activity Company

DB — Deutsche Bank AG

EAFE — Europe, Australasia, Far East

EMTN — Euro Medium Term Note

ETF — Exchange-Traded Fund

EURIBOR — Euro Interbank Offered Rate

EuroSTR — Euro Short-Term Rate

FHLMC — Federal Home Loan Mortgage Corporation

GDR — Global Depositary Receipt

GMTN — Global Medium Term Note

GS — Goldman Sachs & Co. LLC

GSI — Goldman Sachs International

HSBC — HSBC Bank PLC

iBoxx — Bond Market Indices

IO — Interest Only (Principal amount represents notional)

JPM — JPMorgan Chase Bank N.A.

KLIBOR — Kuala Lumpur Interbank Offered Rate

KWCDC — Korean Won Certificate of Deposit

LME — London Metal Exchange

LP — Limited Partnership

M — Monthly payment frequency for swaps

ML — Merrill Lynch International

MLC — Merrill Lynch Capital Services, Inc.

MPLE — Maple Bonds

MS — Morgan Stanley

MSC — Morgan Stanley & Co. LLC

MSCI — Morgan Stanley Capital International

MSI — Morgan Stanley & Co. International PLC

**SEE NOTES TO FINANCIAL STATEMENTS.**

A1

------

<br> ***Glossary (CONTINUED)*** <br>

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
MTN — Medium Term Note

N/A — Not Applicable

NASDAQ — National Association of Securities Dealers Automated Quotations

NIBOR — Norwegian Interbank Offered Rate

NYSE — New York Stock Exchange

OAT — Obligations Assimilables du Tresor

OTC — Over-the-counter

PIK — Payment-in-Kind

PJSC — Public Joint-Stock Company

PRFC — Preference Shares

PRI — Primary Rate Interface

PRIBOR — Prague Interbank Offered Rate

Q — Quarterly payment frequency for swaps

RBC — Royal Bank of Canada

RBOB — Reformulated Gasoline Blendstock for Oxygen Blending

REITs — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

RFUCCT — Refinitiv USD IBOR Consumer Cash Fallbacks Term

S — Semiannual payment frequency for swaps

S&P — Standard & Poor's

SARON — Swiss Average Rate Overnight

SCB — Standard Chartered Bank

SG — Societe Generale

SHIR — Shekel Overnight Interest Rate

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

SORA — Singapore Overnight Rate Average

SPDR — Standard & Poor's Depositary Receipts

SSB — State Street Bank & Trust Company

STIBOR — Stockholm Interbank Offered Rate

STRIPs — Separate Trading of Registered Interest and Principal of Securities

T — Swap payment upon termination

TAIBOR — Taiwan Interbank Offered Rate

TD — The Toronto-Dominion Bank

THOR — Thai Overnight Repurchase Rate

TIPS — Treasury Inflation-Protected Securities

TONAR — Tokyo Overnight Average Rate

TSX — Toronto Stock Exchange

UAG — UBS AG

UBS — UBS Securities LLC

ULSD — Ultra-Low Sulfur Diesel

USOIS — United States Overnight Index Swap

UTS — Unit Trust Security

WBC — Westpac Banking Corp.

WIBOR — Warsaw Interbank Offered Rate

WTI — West Texas Intermediate

XAMS — Amsterdam Stock Exchange

XETR — Frankfurt Stock Exchange

XJSE — Johannesburg Stock Exchange

XLON — London Stock Exchange

XNGS — NASDAQ Global Select Exchange

**SEE NOTES TO FINANCIAL STATEMENTS.**

A2

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 91.3%** | **LONG-TERM INVESTMENTS — 91.3%** |  |
|  **AFFILIATED MUTUAL FUNDS — 27.0%** | **AFFILIATED MUTUAL FUNDS — 27.0%** |  |
|  **Domestic Equity — 9.9%** | **Domestic Equity — 9.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Growth Portfolio\* | 12704096 | $1403167443 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Value Portfolio\* | 8670019 | 529131264 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Small-Cap Equity Portfolio\* | 4229943 | 364198113 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Natural Resources Fund | 22643 | 1675560 |
|  |  | 2298172380 |
|  **Fixed Income — 16.9%** | **Fixed Income — 16.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 322469221 | 3853507191 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio\* | 7429856 | 58175776 |
|  |  | 3911682967 |
|  **International Equity — 0.2%** | **International Equity — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund | 2266234 | 46525775 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Emerging Markets Equity Opportunities Fund | 615812 | 12143818 |
|  |  | 58669593 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $5,410,490,913)(wa) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $5,410,490,913)(wa) | 6268524940 |
|  **COMMON STOCKS — 35.9%** | **COMMON STOCKS — 35.9%** |  |
|  **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 103849 | 24116229 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 111900 | 12841644 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC (United Kingdom) | 194462 | 4475554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 29884 | 6488414 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 8878 | 1534473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 3621 | 2078911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA (Brazil), ADR | 104267 | 6711667 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 73995 | 24911157 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 141525 | 43593946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. (South Korea) | 1183 | 772558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 77514 | 15891920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA (Italy) | 58664 | 3355613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 7100 | 3434057 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 3477 | 1441314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 58283 | 33233549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 6308 | 11508282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 733752 | 11347997 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 151518 | 27788401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 25812 | 1497618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 58910 | 20519359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 883000 | 5769606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 16599 | 4477843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 12625 | 3816790 |
|  |  | 271606902 |
|  **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 28388 | 4563655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 151271 | 8248158 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S (Denmark) | 1833 | 461653 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 21400 | 6181604 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Air Freight & Logistics (cont'd.)** | **Air Freight & Logistics (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 56700 | $5624073 |
|  |  | 25079143 |
|  **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. (Japan) | 59200 | 1109187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 151800 | 11550462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aumovio SE (Germany)\* | 16434 | 825186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. (Japan) | 90400 | 2033935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 32991 | 1093526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 108600 | 4374113 |
|  |  | 20986409 |
|  **Automobiles — 0.8%** | **Automobiles — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) | 38420 | 4166087 |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (China) (Class H Stock) | 137130 | 1675833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (Italy) | 2479 | 921232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co.(a) | 594200 | 7795904 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 292811 | 23811391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 670500 | 6580738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 376200 | 5871401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. (India) | 41527 | 1715026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 95891 | 6647365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 153364 | 1679444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. (Japan) | 103400 | 2226329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. (Japan) | 22500 | 336498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 208651 | 93834528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 862200 | 18517553 |
|  |  | 175779329 |
|  **Banks — 2.7%** | **Banks — 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 99194 | 3465728 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 1165984 | 12464776 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 357834 | 8651572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 593936 | 13932087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 1206154 | 14197024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 213051 | 4818589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 183901 | 4052756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 962992 | 52964560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC (Ireland) | 54405 | 1040512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 3687494 | 23604124 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 226518 | 21430198 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 833000 | 4227468 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA (Italy) | 54040 | 730214 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 1218908 | 14902522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 281555 | 32854653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | 11024 | 465264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 94429 | 10079263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 184662 | 3801799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 79007 | 3945317 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 195510 | 8564248 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 28472 | 3199968 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A3

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Banks (cont'd.)** | **Banks (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG (Austria) | 16899 | $2026350 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA (Italy) | 55952 | 1449691 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 2278473 | 35853917 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 801597 | 22531476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 795697 | 5498350 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 215604 | 69471921 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | 29531 | 3846000 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 132200 | 2728608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 5569530 | 7366894 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 38070 | 7670344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 1492600 | 23689165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 70500 | 2572867 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 157084 | 4416692 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 1230669 | 10795776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 466381 | 8774614 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 315714 | 5285052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 256500 | 3940667 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 117636 | 24554162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp.(a) | 330500 | 8956550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. (Japan) | 361000 | 3435897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia)\*^ | 192384 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 97241 | 7828291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 283329 | 6913353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 533600 | 17161331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 81190 | 1176244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 189770 | 6584080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 257208 | 12657206 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 215247 | 11485580 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 137472 | 11386352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 621190 | 57894908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | 165086 | 4236359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 16226 | 2268719 |
|  |  | 637850058 |
|  **Beverages — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 96776 | 6211185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. (Japan)(a) | 250200 | 2622547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S (Denmark) (Class B Stock) | 5263 | 688840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 193396 | 13520314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 10000 | 1533000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United Kingdom) | 55200 | 5006640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 20062 | 1037879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 104748 | 2257101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. (Japan) | 90800 | 1359186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 201900 | 15479673 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Beverages (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 80948 | $11617657 |
|  |  | 61334022 |
|  **Biotechnology — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc.(a) | 237130 | 54181834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\*(a) | 7653 | 3043215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 55084 | 18029544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 9770 | 8241423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 6737 | 5665480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 43100 | 7585169 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. (Australia) | 47368 | 5451180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 34200 | 1498986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Denmark)\* | 2524 | 782400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 179100 | 21982734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 50600 | 4997762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 24400 | 3460652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 14587 | 11259268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (Sweden)\* | 34746 | 1246933 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 2800 | 1364300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 15251 | 6914193 |
|  |  | 155705073 |
|  **Broadline Retail — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China), ADR(a) | 19674 | 2883815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 847797 | 195688504 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 91400 | 7960940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 341000 | 7519050 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 717 | 1444224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 34967 | 6437431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. (Japan) | 228000 | 1358174 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc. (China), ADR\*(a) | 15316 | 1736681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 125057 | 7743402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 36955 | 4714349 |
|  |  | 237486570 |
|  **Building Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB (Sweden) (Class B Stock) | 50093 | 1935135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belimo Holding AG (Switzerland) | 875 | 854931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 286749 | 15151817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 61723 | 6276730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 74708 | 8946283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 26600 | 1688036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 88500 | 9904035 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 78180 | 2746767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 16827 | 6549068 |
|  |  | 54052802 |
|  **Capital Markets — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 93895 | 4117187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 4800 | 1383744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 6918 | 3392172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 50041 | 4135878 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A4

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp. (Class A Stock) | 19092 | $3085840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 237423 | 27562436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 2282 | 2442516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 93965 | 14483765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 257232 | 25700049 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 12964 | 3540209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 117900 | 1033251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 212240 | 8179547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 230900 | 5516201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR\* | 16317 | 2679415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 24348 | 21401892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 75502 | 3950367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc.(a) | 12833 | 2235380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd. (China) (Class A Stock) | 677270 | 2291285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 24300 | 3935628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 355300 | 9333731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 226600 | 10779362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. (Japan) | 45800 | 488849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (Switzerland) | 5808 | 453784 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC (United Kingdom) | 34371 | 4134436 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 3600 | 1285812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | 11582 | 1565078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 225155 | 39971767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 7500 | 1629825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 152200 | 14783186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 390400 | 3252215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 59000 | 8058810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG (Switzerland) | 3797 | 4658849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 85600 | 13746504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 19616 | 2218570 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc.(a) | 30800 | 16095772 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 151600 | 3266982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC (United Kingdom) | 397859 | 2174883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 295100 | 3884677 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 20000 | 2047600 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 381823 | 17630525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock) | 95800 | 3192056 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. (Brazil) (Class A Stock) | 139767 | 2287986 |
|  |  | 308008021 |
|  **Chemicals — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 21722 | 4082736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc.(a) | 23787 | 5875865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 605700 | 5383915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp.(a) | 36400 | 1538992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 163000 | 10925890 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc.(a) | 59402 | 2387960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 70300 | 4487249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 20400 | 5355408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG (Germany) | 87411 | 1364144 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances,<br>Inc.(a) | 59800 | 4029922 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Chemicals (cont'd.)** | **Chemicals (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG (Germany) | 78194 | $1602306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 26524 | 11309568 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock)(a) | 64300 | 2784190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 155000 | 907313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. (Japan) | 13800 | 328574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. (Australia) | 318079 | 5137307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 29000 | 9396870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 115400 | 3584457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 125043 | 5117011 |
|  |  | 85599677 |
|  **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 326626 | 4987683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 127500 | 2194784 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. (Canada)(a) | 42000 | 4320540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 15728 | 3333235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 25000 | 1500500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 90945 | 1446309 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 83900 | 2494070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 71600 | 7144248 |
|  |  | 27421369 |
|  **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 72240 | 9465607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 70400 | 16464448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 354823 | 27332016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 582770 | 3757161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 547152 | 5324905 |
|  |  | 62344137 |
|  **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Spain) | 51867 | 5148595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 66234 | 3443199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 30894 | 4426475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 12925 | 837420 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG (Germany) | 4525 | 1771455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 91700 | 3419265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 9200 | 3882952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Sweden) (Class B Stock) | 64893 | 1768226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. (Japan) | 40500 | 3838222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 81317 | 11439928 |
|  |  | 39975737 |
|  **Construction Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 63901 | 7940434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 4698 | 1217990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 43015 | 4187524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc.(a) | 6500 | 4047290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 28629 | 8165563 |
|  |  | 25558801 |
|  **Consumer Finance — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc.(a) | 142400 | 6449296 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 87133 | 32234854 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A5

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Consumer Finance (cont'd.)** | **Consumer Finance (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 117737 | $28534739 |
|  |  | 67218889 |
|  **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. (Japan) | 22000 | 347536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 57672 | 962291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 170956 | 2443519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 36305 | 31307254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 27000 | 3584790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 12800 | 1574528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group Ltd. (Australia) | 530244 | 1292806 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Health International, Inc. (China), 144A\* | 116967 | 837691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ (Finland) (Class B Stock) | 15144 | 341714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 180720 | 7410766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 191200 | 11946176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC (United Kingdom) | 195469 | 869844 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. (Japan) | 164900 | 2855010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp.(a) | 65200 | 4804588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 17800 | 1739950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 2224081 | 13226230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. (Japan) | 47500 | 872734 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\*(a) | 91900 | 6921908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 457904 | 51015085 |
|  |  | 144354420 |
|  **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 79000 | 4184630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 14462 | 1489152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 10004 | 2063125 |
|  |  | 7736907 |
|  **Distributors — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group (Belgium) | 4250 | 765516 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 52200 | 1576440 |
|  |  | 2341956 |
|  **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 1060400 | 8557428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC (United Kingdom) | 134538 | 1902237 |
|  |  | 10459665 |
|  **Diversified REITs — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 28907 | 1918862 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) (Australia) | 423925 | 1529769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group (Australia) | 1544500 | 2105280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 745072 | 2840745 |
|  |  | 8394656 |
|  **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 793399 | 19708031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 613558 | 19971961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ (Finland) | 24468 | 1084319 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (Class A Stock)\*^ | 51000 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. (Hong Kong), UTS | 273000 | 404247 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Diversified Telecommunication Services (cont'd.)** | **Diversified Telecommunication Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 724102 | $| 3383523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP (Belgium) | 124400 |  | 1033108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. (Singapore) | 225000 |  | 796050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA (Norway) | 24131 |  | 350972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 637072 |  | 2722825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 2187829 |  | 7098549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 594973 |  | 24233250 |
|  |  |  | 80786840 |
|  **Electric Utilities — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA (Spain) | 3330 |  | 724739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp.(a) | 17166 |  | 1115962 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc.(a) | 132600 |  | 15290106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 66600 |  | 1026074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 32305 |  | 11412387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 11200 |  | 1312752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 37500 |  | 2250750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA/NV (Belgium) | 8172 |  | 1051596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA (Spain)(a) | 54075 |  | 1945656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 2149773 |  | 22351911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp.(a) | 73169 |  | 6763011 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp.(a) | 242800 |  | 10870156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 374128 |  | 8101141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 141900 |  | 2228496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury NZ Ltd. (New Zealand) | 180815 |  | 673629 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc.(a) | 289582 |  | 23247643 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 53500 |  | 8519340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. (Australia) | 100100 |  | 764414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 181805 |  | 15853396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 370483 |  | 3941458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 52957 |  | 3911404 |
|  |  |  | 143356021 |
|  **Electrical Equipment — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 251254 |  | 18521829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 56003 |  | 17837515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. (Japan) | 30643 |  | 2323814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 36600 |  | 4058773 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 31100 |  | 20326027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 10056 |  | 1371337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 36104 |  | 5367321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 207100 |  | 6038385 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIDEC Corp. (Japan) | 30500 |  | 414130 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 81000 |  | 8259570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA (Italy) | 27643 |  | 2757592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 31639 |  | 12309786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 42727 |  | 11689050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 83700 |  | 2786373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 109136 |  | 15310534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. (Class A Stock) | 38700 |  | 6269787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S (Denmark) | 109475 |  | 2960995 |
|  |  |  | 138602818 |
|  **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 127916 |  | 17286568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 14800 |  | 2731636 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A6

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 167122 | $14633202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. (Taiwan) | 74750 | 2280171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 154571 | 7336693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 2900 | 1049003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 21200 | 4307628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. (Japan) | 206600 | 2896265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. (Japan) | 244800 | 5059516 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. (Japan) | 88600 | 1253491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp.(a) | 171900 | 6391242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 19300 | 4686426 |
|  |  | 69911841 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 244603 | 11139221 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 184604 | 8225954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 38020 | 733629 |
|  |  | 20098804 |
|  **Entertainment — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 333006 | 31222642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. (Japan) | 96600 | 2359600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 146956 | 9921671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc.\* | 19600 | 2126404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 15942 | 9257679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 7200 | 1843416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group (China), ADR | 121671 | 2132893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 394181 | 44845972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 205800 | 5931156 |
|  |  | 109641433 |
|  **Financial Services — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Netherlands), 144A\* | 1862 | 3002614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 175555 | 3986244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 111701 | 56146508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 56784 | 1255265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 247420 | 16443533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 89700 | 6025149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 8008 | 358745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 307038 | 10941483 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC (United Kingdom) | 211591 | 814585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 106059 | 60546962 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 238600 | 6978402 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 113100 | 6602778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 82738 | 2077046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. (Class A Stock)\*(a) | 21382 | 1346424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 116494 | 40855611 |
|  |  | 217381349 |
|  **Food Products — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA(a) | 23400 | 2084472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 678000 | 11736180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 57345 | 5172467 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Food Products (cont'd.)** | **Food Products (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 210200 | $9774300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 25900 | 2855734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.(a) | 22400 | 938336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (Netherlands) (XAMS)\* | 18417 | 294700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (Netherlands) (BATE)\* | 29405 | 466719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc.<br>(Class A Stock)(a) | 136302 | 7337137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA (Norway) | 25092 | 603586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 223427 | 22177168 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 4341000 | 4835935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. (Japan)(a) | 143300 | 3006719 |
|  |  | 71283453 |
|  **Gas Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co.(a) | 47000 | 3762820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA (Spain) | 57350 | 1746213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 130100 | 4520569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 814853 | 5414595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 41000 | 1625423 |
|  |  | 17069620 |
|  **Ground Transportation — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. (Canada) | 26852 | 2655757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (Canada) | 9804 | 721868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. (Japan) | 32900 | 911330 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 442900 | 16055125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 8225 | 2374722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 312689 | 25549818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 79433 | 18374442 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. (Japan) | 116441 | 2320105 |
|  |  | 68963167 |
|  **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 59989 | 7516022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 27881 | 5410866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 145600 | 13882960 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 116100 | 1327023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 113282 | 9657290 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 47365 | 14976715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 179146 | 3892294 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc.(a) | 17406 | 1427640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 65800 | 9979860 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 17900 | 12109887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 9000 | 2558160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 44000 | 24919840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC. | 184614 | 17734021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 161029 | 2678066 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 42900 | 10876008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 21827 | 7671536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. (Japan) | 50900 | 739840 |
|  |  | 147358028 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A7

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 72000 | $14796000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 6808 | 2299402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 255700 | 10522055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 38052 | 10473052 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 279437 | 22176120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 13697 | 1453800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 96078 | 4589220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 72659 | 4162765 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 9400 | 7710726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 10133 | 1758380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 317039 | 4773651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 9400 | 1867968 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 87557 | 28903441 |
|  |  | 115486580 |
|  **Health Care REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 700200 | 11259216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc.(a) | 122260 | 9460479 |
|  |  | 20719695 |
|  **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 12381 | 2763811 |
|  **Hotel & Resort REITs — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 245000 | 4343850 |
|  **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain) | 28419 | 2103320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 298200 | 10991652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 54389 | 2105637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 4500 | 24098985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 170659 | 6314383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 263797 | 8358421 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 12591 | 2851610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd. (India)\* | 1096299 | 3397412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (Sweden), 144A | 7830 | 531669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 19200 | 5439552 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED (France) | 18060 | 499915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 484000 | 2386516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 20800 | 1353872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. (The) (Australia) | 146778 | 504324 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (India)\*(a) | 10390 | 853227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 9728 | 3018015 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 84653 | 25872496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 20442 | 1047367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 33800 | 2383914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. (China), ADR | 35343 | 2541515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd.\* | 196100 | 14003501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 76543 | 11579425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. (Japan) | 8200 | 469889 |
|  |  | 132706617 |
|  **Household Durables — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC (Ireland) | 1146084 | 2788194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 289700 | 3755682 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 55400 | 6496204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. (Japan) | 44300 | 988477 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Household Durables (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 645000 | $| 16544888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 32472 |  | 4390864 |
|  |  |  | 34964309 |
|  **Household Products — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The)(a) | 14400 |  | 1451952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 151111 |  | 11940791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 72720 |  | 2090800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 7017 |  | 534038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 122511 |  | 17557051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 95909 |  | 7760894 |
|  |  |  | 41335526 |
|  **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 92900 |  | 1332186 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 84181 |  | 4460486 |
|  |  |  | 5792672 |
|  **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 64615 |  | 10344862 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd.<br>(United Kingdom) | 578000 |  | 3929511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. (Japan) | 3000 |  | 840597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 476200 |  | 14934380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 49800 |  | 9715482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 90100 |  | 1515235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 79762 |  | 22339469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd. (Hong Kong) (Class A Stock) | 142500 |  | 1148743 |
|  |  |  | 64768279 |
|  **Industrial REITs — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 249365 |  | 31833936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC (United Kingdom) | 320304 |  | 3103147 |
|  |  |  | 34937083 |
|  **Insurance — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 39783 |  | 1701832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 487537 |  | 3791235 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 969600 |  | 9980184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 22818 |  | 10550525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 72300 |  | 15049245 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 183800 |  | 15724090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co.(a) | 50994 |  | 13196737 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV (Netherlands) | 101372 |  | 7212699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 32600 |  | 7851710 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 494187 |  | 23711608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 35600 |  | 3812404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 77668 |  | 24241736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 367700 |  | 3055796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 39497 |  | 1758801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 1639 |  | 3523276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 69999 |  | 12986214 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 324982 |  | 25654079 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 252400 |  | 5925601 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A8

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Insurance (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 16218 | $10672846 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 94536 | 7292945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Financial Ltd. (Israel) | 23700 | 980210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 284672 | 2818208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 38268 | 8714389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 521644 | 8024490 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 739976 | 9796872 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 5422 | 1524450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 150600 | 5111698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 15453 | 2574310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 36084 | 4793362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 96100 | 3552443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 22814 | 6617429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 226311 | 5429574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 9577 | 7246942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274877940 |
|  **Interactive Media & Services — 2.0%** | **Interactive Media & Services — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 618814 | 193688782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 360339 | 113074378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC (United Kingdom), 144A | 93450 | 737261 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. (Australia) | 30438 | 623409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 26776 | 44636 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 844700 | 2247703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 212160 | 140044694 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. (Australia) | 3327 | 405578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 25082 | 2519234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 71346 | 5475345 |
|  |  | 458861020 |
|  **IT Services — 0.5%** | **IT Services — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 78594 | 21086770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 37133 | 6165869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 196400 | 16301200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 150300 | 4130682 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp.(a) | 57005 | 16885451 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 31000 | 13010390 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 253100 | 8563767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. (Japan) | 38600 | 1468908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 81700 | 2564455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. (Japan) | 199100 | 4102576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 76500 | 12314205 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 42900 | 1441251 |
|  |  | 108035524 |
|  **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. (Japan) | 67400 | 1793924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 24000 | 1968000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. (Japan) | 9800 | 1024796 |
|  |  | 4786720 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 85707 | $19620046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE (Luxembourg) | 9940 | 726897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 9845 | 6637695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 3600 | 2021940 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 53500 | 2433016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech (France) | 1584 | 389065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 33007 | 19125906 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 24900 | 6850986 |
|  |  | 57805551 |
|  **Machinery — 0.7%** | **Machinery — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (France)\* | 230811 | 6809367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class A Stock) | 49025 | 872771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 140046 | 2238876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 54178 | 31036951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 62000 | 11434660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 11000 | 5614950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. (Japan) | 68100 | 2143494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG (Germany) | 35690 | 1545825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 36437 | 16963974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 34049 | 6647727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 26092 | 524934 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 92000 | 3580250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 64256 | 1379576 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG (Germany) | 5333 | 360416 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. (South Korea) | 2078 | 732389 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. (Japan) | 53600 | 942320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 50000 | 1586623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (Finland) (Class B Stock) | 12500 | 885537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 11400 | 2731896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 46400 | 1406336 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. (Japan) | 220600 | 4438821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 312800 | 7636211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 28200 | 24786672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 239000 | 7719961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 1520 | 537840 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 6900 | 2387406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 178780 | 6329637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 60914 | 8295269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 1181100 | 3190732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164761421 |
|  **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class A Stock) | 190 | 435813 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class B Stock) | 564 | 1294127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 124000 | 1726108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\*(a) | 74600 | 8219428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 56100 | 1686613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 103800 | 3362247 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 1036000 | 3707217 |
|  |  | 20431553 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A9

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Media — 0.1%** | **Media — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 715636 | $21390360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa PLC (United Kingdom) | 28594 | 339274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 32413 | 3366016 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 501214 | 2251571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27347221 |
|  **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada) | 15704 | 2662299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC (South Africa) | 43122 | 1783635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC (Chile) | 88208 | 3874582 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 39148 | 1797657 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 484185 | 14612283 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. (Australia) | 21117 | 337187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 90127 | 4992700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC (Ivory Coast) (TSX) | 18741 | 965075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC (Ivory Coast) (XLON) | 12750 | 666156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 421363 | 3526278 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia)\* | 94949 | 2545716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 316435 | 4627070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 181000 | 9192990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC (Mexico) | 114125 | 5088886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC (Australia)\* | 1218001 | 6658399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. (Congo (Democratic Republic)) (Class A Stock)\* | 133010 | 1512722 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 137500 | 1752972 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. (Japan) | 157700 | 1971419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 98200 | 9805270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 552200 | 2259632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA (Norway) | 43195 | 333430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 131192 | 2308671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 70500 | 11499255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 33823 | 3299625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 117567 | 9470145 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. (Australia) | 317340 | 751178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale SA (Brazil), ADR | 210320 | 2740470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. (South Africa) | 4949 | 413031 |
|  |  | 111448733 |
|  **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 41600 | 4154176 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc.(a) | 146647 | 5622446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC (United Kingdom) | 1012900 | 2309473 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 139411 | 9749011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.(a) | 80315 | 4705656 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 589285 | 11158065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 247494 | 6501507 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 526083 | 8069314 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 264670 | 11052619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 31206 | 2505842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 115200 | 10171008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA (France) | 17038 | 592880 |
|  |  | 76591997 |
|  **Office REITs — 0.0%** | **Office REITs — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA (France)  | 18100 | 1719004 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. (Canada) | 66739 | $1252070 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 1237635 | 7217842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 334900 | 5665643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 68820 | 13377920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 213676 | 32566359 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 269718 | 25248302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 117900 | 4318677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | 37453 | 1792221 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 458000 | 3240398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (Italy) | 35074 | 664867 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 173363 | 18204849 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 29220 | 1566192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 99014 | 2334931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 18224 | 2011201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp.(a) | 425793 | 51239930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA (Portugal) | 99258 | 1709256 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 94000 | 4331520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. (Japan) | 254100 | 1923861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan)(a) | 111800 | 2236060 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC (Russia)\*^ | 9456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 65300 | 8426312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA (Spain) | 137100 | 2558070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 771624 | 28436081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 181729 | 13353447 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 177350 | 11562867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 112113 | 6739112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 167706 | 2614975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254592963 |
|  **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. (Japan) | 36000 | 683701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 25900 | 1797460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (Germany) | 120584 | 1184610 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Group SA (United Kingdom) | 997046 | 5536009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 1008397 | 6966699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 156059 | 5380539 |
|  |  | 21549018 |
|  **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock)(a) | 38363 | 4017373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. (Japan) | 19600 | 782267 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (France) | 18900 | 8114072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. (Japan) | 33000 | 480246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XLON) | 130689 | 8538852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XAMS) | 81856 | 5355811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR(a) | 114786 | 7507004 |
|  |  | 34795625 |
|  **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 398400 | 5302512 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 164419 | 30427273 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A10

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 114166 | $10495280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Germany) | 147982 | 6418832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 204699 | 11041464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 24000 | 1259078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\*(a) | 66740 | 1510326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 85492 | 91876543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 69793 | 14212148 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 359236 | 8807467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 73349 | 1529102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 183811 | 38039686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 147232 | 15497640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 212530 | 29285783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 271065 | 13748004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 20600 | 1536918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan) | 24200 | 1368733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 613319 | 15271643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 68974 | 28484212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, ADR(a) | 39597 | 2042017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 56018 | 4067253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 139893 | 13535379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR(a) | 64749 | 3137737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. (Japan) | 90500 | 1638034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 22800 | 708288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. (Israel), ADR\* | 44600 | 1391966 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 25980 | 7238719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 54600 | 6869772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366741809 |
|  **Professional Services — 0.2%** | **Professional Services — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 27776 | 7144820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 1169900 | 3907466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 128390 | 2909777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp.(a) | 164300 | 6831594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 40700 | 5391122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kanzhun Ltd. (China), ADR | 34913 | 711527 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 158400 | 4709232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 98100 | 5512394 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 26959 | 1086092 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (Switzerland) | 7400 | 846176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 15337 | 1109937 |
|  |  | 40160137 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 19000 | 3055010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 208500 | 3970252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 95000 | 3155788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 39000 | 13122330 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 37529 | 2737212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. (Japan) | 25000 | 627649 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 163616 | $4708765 |
|  |  | 31377006 |
|  **Residential REITs — 0.0%** | **Residential REITs — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.(a) | 7770 | 1408779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 35322 | 3888246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 48000 | 1333920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 11137 | 1547040 |
|  |  | 8177985 |
|  **Retail REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 66467 | 2629788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.(a) | 53500 | 3015795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 1332342 | 3724413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield (France) | 17905 | 1947113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 1414877 | 2408832 |
|  |  | 13725941 |
|  **Semiconductors & Semiconductor Equipment — 3.7%** | **Semiconductors & Semiconductor Equipment — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 165017 | 35340041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 96965 | 12261023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 95404 | 25873565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 30511 | 7841022 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XAMS) | 36126 | 38926494 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XNGS) | 6283 | 6721930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 429074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148502511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 70006 | 3054429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 559400 | 20641860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan)\* | 71500 | 4758685 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 7900 | 9599132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 197393 | 33789734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan) | 1800 | 342977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 60300 | 5124294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 103100 | 29425771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 4272 | 1428100 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 2142130 | 399507245 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 63410 | 13763775 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc.(a) | 22108 | 3781573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan)\* | 400300 | 5482850 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 16800 | 1636393 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. (South Korea) | 6223 | 2818261 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV (Singapore) | 122581 | 3203669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Co. Ltd. (Taiwan), ADR | 102389 | 31114993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 14700 | 2845332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 49027 | 8505694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 12500 | 2784092 |
|  |  | 859075445 |
|  **Software — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 43598 | 15258864 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 22649 | 15261349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 29100 | 4718274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 51800 | 15333318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 36600 | 11440428 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A11

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Software (cont'd.)** | **Software (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\*(a) | 10800 | $2004048 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 8437 | 3763408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 52096 | 7084535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV\* | 102000 | 7694880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 27000 | 2144070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc.(a) | 337200 | 9168468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 30549 | 20236269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 714061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345334182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 7600 | 1121456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 19131 | 2162511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 131150 | 25562446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (Japan) | 7200 | 605153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 174900 | 31088475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 11771 | 5239625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) (United Kingdom) | 38496 | 559905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 68100 | 18040371 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 83363 | 20254586 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 119000 | 18229610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. (Japan)(a) | 37400 | 1553307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc.\* | 16000 | 1380640 |
|  |  | 585240178 |
|  **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 37276 | 6544547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 90300 | 8024961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc.(a) | 10726 | 1659420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 107378 | 4798723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage(a) | 49598 | 12870681 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 65100 | 1830612 |
|  |  | 35728944 |
|  **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 6400 | 1321472 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 400 | 1356600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 54756 | 3229502 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 31900 | 1232616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 7800 | 2828189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 41415 | 7800929 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB (Sweden) (Class B Stock) | 45050 | 902977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 51624 | 17763818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 149002 | 9828870 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 2495320 | 2828413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 1198310 | 5044348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.(a) | 199784 | 48179909 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 43963 | 4009865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 11500 | 1820335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 36400 | 6557096 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 175903 | 27020460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 9800 | 5929098 |
|  |  | 147654497 |
|  **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1306183 | 355098912 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Technology Hardware, Storage & Peripherals (cont'd.)** | **Technology Hardware, Storage & Peripherals (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) | 62714 | $7894438 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. (Japan) | 47900 | 1016362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 200535 | 4816851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 35265 | 3580034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) | 72969 | 6115889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 30600 | 7263828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC(a) | 12107 | 3334147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.(a) | 101100 | 17416497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (China) (Class B Stock), 144A\* | 287581 | 1451373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407988331 |
|  **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 11143 | 2205044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (Finland)\* | 41000 | 1531350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 228900 | 5495081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA (Italy) | 46232 | 5302703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 80246 | 17305134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA (France) | 3234 | 8029539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA (France) | 4650 | 1624886 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 21166 | 15953571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (Italy) | 60965 | 3896896 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 39406 | 2510556 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Switzerland) (Class A Stock)\* | 123673 | 5748321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 14987 | 1657353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 11507 | 4068990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 47700 | 6094629 |
|  |  | 81424053 |
|  **Tobacco — 0.2%** | **Tobacco — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 226600 | 13065756 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 185541 | 10518441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 260003 | 10917572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 97800 | 3515158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc.(a) | 90052 | 14444341 |
|  |  | 52461268 |
|  **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 34300 | 4930968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC (United Kingdom) | 28659 | 1953948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 27199 | 1413532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 14361 | 3183998 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 7600 | 1496060 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 616500 | 7790595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 87800 | 2445230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 620300 | 14187927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 268100 | 7961856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 184000 | 6368701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 43700 | 1473529 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 6095 | 4932805 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc.(a) | 42900 | 10495056 |
|  |  | 68634205 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A12

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (Spain), 144A | 85374 | $| 2385423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE (France) | 122831 |  | 2267342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Group (Australia), UTS | 255723 |  | 2420060 |
|  |  |  | 7072825 |
|  **Water Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 79838 |  | 1282712 |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. (Japan) | 205500 |  | 3556733 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. (Japan) | 487200 |  | 668905 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 461700 |  | 12952226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 133138 |  | 2230940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 5057775 |  | 6742061 |
|  |  |  | 26150865 |
|  **TOTAL COMMON STOCKS**<br> (cost $6,625,935,776) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8322066830 |
|  **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |  |  |
|  **Automobiles — 0.0%** | **Automobiles — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 3636 |  | 387454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE (Germany) (PRFC) | 9744 |  | 454610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 15725 |  | 1919060 |
|  |  |  | 2761124 |
|  **Household Products — 0.0%** | **Household Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 58957 |  | 4809997 |
|  **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority, Series A, 2.216%(c), U.S. Treasury 30-YR CMT + 0.840%, Maturing 05/01/29 | 1587 |  | 38723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority, Series D, 2.134%(c), U.S. Treasury 30-YR CMT + 0.940%, Maturing 06/01/28 | 3538 |  | 85089 |
|  |  |  | 123812 |
|  **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (Germany) (PRFC) | 16547 |  | 4764949 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $11,562,408) |  |  | 12459882 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.4%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.4%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.4%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional Core Fixed Income ETF | 3280935 |  | 139636594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional International Core Equity Market ETF | 4188492 |  | 159623430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Equity Market ETF | 18661469 |  | 1384121156 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 117574 |  | 10518170 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 372424 |  | 255088095 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF | 1208548 |  | 116359001 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 683996 |  | 65684136 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 285196 |  | 134983267 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 1713559 |  | 360430000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Shares** | **Value** |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Gold MiniShares Trust\* | &nbsp;&nbsp;&nbsp;&nbsp; SPDR Gold MiniShares Trust\* | 1110211 | 94778713 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Health Care Select Sector SPDR ETF | &nbsp;&nbsp;&nbsp;&nbsp; State Street Health Care Select Sector SPDR ETF | 566885 | 87753798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 1289507 | 283407848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term Corporate Bond ETF(a) | &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term Corporate Bond ETF(a) | 108089 | 9052454 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $2,847,245,005) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $2,847,245,005) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101436662 |
|  |  | **Units** |  |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |  |  |
|  **Interactive Media & Services** | **Interactive Media & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 50081 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |  |
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal**<br>**Amount**<br> **(000)#** |  |
|  **ASSET-BACKED SECURITIES — 4.9%** | **ASSET-BACKED SECURITIES — 4.9%** | **ASSET-BACKED SECURITIES — 4.9%** | **ASSET-BACKED SECURITIES — 4.9%** |
|  **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 500 | 515502 |
|  Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.374%(c) | 12/26/31 | 98 | 98681 |
|  Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670% | 08/15/28 | 500 | 503811 |
|  Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 08/15/31 | 205 | 206092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | 08/15/31 | 230 | 232000 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560% | 04/22/30 | 230 | 231502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 03/20/30 | 417 | 419640 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | 06/15/27 | 364 | 361516 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.110% | 05/15/34 | 1425 | 1396023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 08/15/35 | 2585 | 2636610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 02/15/36 | 400 | 414590 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | 05/15/28 | 800 | 802550 |
|  GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.740% | 08/15/31 | 599 | 601417 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A13

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% | 04/16/29 | 200 | 202756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 03/17/31 | 100 | 103358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 09/15/31 | 340 | 342075 |
|  |  |  | 9068123 |
|  **Collateralized Loan Obligations — 4.8%** | **Collateralized Loan Obligations — 4.8%** | **Collateralized Loan Obligations — 4.8%** | **Collateralized Loan Obligations — 4.8%** |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.387%(c) | 07/22/37 | 13000 | 13043388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(c) | 07/15/37 | 1750 | 1755786 |
|  Aqueduct European CLO DAC (Ireland), | Aqueduct European CLO DAC (Ireland), | Aqueduct European CLO DAC (Ireland), | Aqueduct European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class A, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class A, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class A, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class A, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.284%(c) | 01/18/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15298741 |
|  Ares CLO Ltd. (Cayman Islands), | Ares CLO Ltd. (Cayman Islands), | Ares CLO Ltd. (Cayman Islands), | Ares CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56A, Class BR2, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56A, Class BR2, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56A, Class BR2, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-56A, Class BR2, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.558%(c) | 01/25/38 | 23800 | 23874742 |
|  Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.779%(c) | 04/15/32 | 3609 | 4237577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229%(c) | 04/15/38 | 986 | 1156485 |
|  Aurium CLO DAC (Ireland), | Aurium CLO DAC (Ireland), | Aurium CLO DAC (Ireland), | Aurium CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1RR, 144A, 3 Month EURIBOR + 0.930% (Cap N/A, Floor 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1RR, 144A, 3 Month EURIBOR + 0.930% (Cap N/A, Floor 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1RR, 144A, 3 Month EURIBOR + 0.930% (Cap N/A, Floor 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1RR, 144A, 3 Month EURIBOR + 0.930% (Cap N/A, Floor 0.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.965%(c) | 06/22/34 | 5000 | 5877730 |
|  Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.179%(c) | 04/15/39 | 1235 | 1453816 |
|  Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 04/20/37 | 20500 | 20492901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.394%(c) | 07/20/37 | 24000 | 24075710 |
|  Barings CLO Ltd., | Barings CLO Ltd., | Barings CLO Ltd., | Barings CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.382%(c) | 03/31/38 | 20000 | 20070518 |
|  Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(c) | 01/20/38 | 5000 | 5019415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class BR, 144A, 3 Month SOFR + 1.740% (Cap N/A, Floor 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class BR, 144A, 3 Month SOFR + 1.740% (Cap N/A, Floor 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class BR, 144A, 3 Month SOFR + 1.740% (Cap N/A, Floor 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class BR, 144A, 3 Month SOFR + 1.740% (Cap N/A, Floor 1.740%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.624%(c) | 01/20/38 | 10000 | 10032249 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), | Benefit Street Partners CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16A, Class A1R2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16A, Class A1R2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16A, Class A1R2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16A, Class A1R2, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.202%(c) | 01/17/38 | 5000 | $5017250 |
|  BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.626%(c) | 04/15/31 | 2877 | 3365096 |
|  Broad River BSL Funding CLO Ltd. (Cayman Islands), | Broad River BSL Funding CLO Ltd. (Cayman Islands), | Broad River BSL Funding CLO Ltd. (Cayman Islands), | Broad River BSL Funding CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%(c) | 07/20/34 | 4000 | 4001636 |
|  Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999%(c) | 10/15/35 | 10510 | 12332788 |
|  Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08A, Class B, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08A, Class B, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08A, Class B, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08A, Class B, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.558%(c) | 01/25/37 | 15500 | 15562468 |
|  CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.748%(c) | 01/25/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14025701 |
|  Crown Point CLO Ltd. (Cayman Islands), | Crown Point CLO Ltd. (Cayman Islands), | Crown Point CLO Ltd. (Cayman Islands), | Crown Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.114%(c) | 10/20/31 | 191 | 190890 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1RR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1RR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1RR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1RR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.859%(c) | 07/15/34 | 5000 | 5862659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.949%(c) | 08/26/32 | 5567 | 6542502 |
|  Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-05A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-05A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-05A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-05A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.228%(c) | 01/25/38 | 35000 | 35117145 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.234%(c) | 10/20/37 | 30500 | 30605704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class AR, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.202%(c) | 01/17/38 | 3750 | 3764696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.412%(c) | 04/17/37 | 25000 | 25088313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(c) | 03/22/38 | 18000 | 18027018 |
|  Empower CLO Ltd. (Cayman Islands), | Empower CLO Ltd. (Cayman Islands), | Empower CLO Ltd. (Cayman Islands), | Empower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.274%(c) | 10/20/37 | 10000 | 10037254 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A14

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-11A, Class A1R, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-11A, Class A1R, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-11A, Class A1R, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-11A, Class A1R, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%(c) | 10/20/37 | 2335 | $2344128 |
|  Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.305%(c) | 04/15/34 | 2930 | 2931167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.324%(c) | 10/20/31 | 390 | 389817 |
|  Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.965%(c) | 10/15/30 | 2027 | 2026720 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254%(c) | 10/19/38 | 39000 | 45794025 |
|  ICG US CLO Ltd. (Cayman Islands), | ICG US CLO Ltd. (Cayman Islands), | ICG US CLO Ltd. (Cayman Islands), | ICG US CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.152%(c) | 04/17/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35021868 |
|  Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.659%(c) | 07/15/31 | 2027 | 2381215 |
|  Invesco US CLO Ltd. (United Kingdom), | Invesco US CLO Ltd. (United Kingdom), | Invesco US CLO Ltd. (United Kingdom), | Invesco US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.427%(c) | 04/22/37 | 705 | 706058 |
|  Jamestown CLO Ltd. (Cayman Islands), | Jamestown CLO Ltd. (Cayman Islands), | Jamestown CLO Ltd. (Cayman Islands), | Jamestown CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.924%(c) | 10/20/34 | 5000 | 4997148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A2RR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A2RR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A2RR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A2RR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.434%(c) | 10/20/34 | 37850 | 37925053 |
|  Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.477%(c) | 04/22/37 | 20000 | 20072580 |
|  KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-54A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-54A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-54A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-54A, Class A, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.225%(c) | 01/15/38 | 18500 | 18566804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.184%(c) | 10/20/34 | 1020 | 1020680 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.435%(c) | 04/15/37 | 3360 | 3371841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.384%(c) | 04/18/37 | 29750 | 29841222 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.384%(c) | 04/20/37 | 2550 | $2558358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.168%(c) | 01/25/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20576773 |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(c) | 10/12/30 | 433 | 433303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.286%(c) | 07/15/31 | 104 | 104528 |
|  Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.494%(c) | 07/20/38 | 17500 | 20573069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A2, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A2, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A2, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A2, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.704%(c) | 07/20/38 | 6500 | 7640497 |
|  Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), | Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(c) | 10/19/38 | 54750 | 54947116 |
|  NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.984%(c) | 07/20/37 | 9500 | 9508416 |
|  Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.334%(c) | 07/19/37 | 15000 | 15050850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.091%(c) | 11/13/31 | 957 | 958088 |
|  OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(c) | 01/20/38 | 33250 | 33370997 |
|  OHA Credit Partners (Cayman Islands), | OHA Credit Partners (Cayman Islands), | OHA Credit Partners (Cayman Islands), | OHA Credit Partners (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class AR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.234%(c) | 10/18/37 | 10500 | 10536690 |
|  OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%(c) | 04/15/31 | 165 | 165220 |
|  Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.399%(c) | 01/15/38 | 15250 | 17957289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.259%(c) | 10/15/39 | 16500 | 19389889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.376%(c) | 07/15/38 | 1189 | 1400489 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A15

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.996%(c) | 07/20/34 | 810 | $810062 |
|  Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.346%(c) | 10/15/34 | 7500 | 7502866 |
|  Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.266%(c) | 10/17/38 | 4000 | 4702994 |
|  PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%(c) | 07/15/31 | 71 | 70609 |
|  Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.235%(c) | 04/25/38 | 895 | 1053743 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.285%(c) | 09/06/37 | 30000 | 30115089 |
|  Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.306%(c) | 10/20/31 | 1241 | 1241397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.974%(c) | 01/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34972738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.441%(c) | 03/31/38 | 15000 | 15057096 |
|  Rockford Tower Europe CLO DAC (Ireland), | Rockford Tower Europe CLO DAC (Ireland), | Rockford Tower Europe CLO DAC (Ireland), | Rockford Tower Europe CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.309%(c) | 07/15/38 | 4500 | 5291874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.285%(c) | 10/25/37 | 2020 | 2378572 |
|  RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.169%(c) | 04/15/40 | 1250 | 1477978 |
|  Sculptor CLOI Ltd. (Cayman Islands), | Sculptor CLOI Ltd. (Cayman Islands), | Sculptor CLOI Ltd. (Cayman Islands), | Sculptor CLOI Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class B1R, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class B1R, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class B1R, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 28A, Class B1R, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.484%(c) | 01/20/35 | 20000 | 20025446 |
|  Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.614%(c) | 02/15/37 | 35000 | 41170384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.274%(c) | 04/20/38 | 12500 | 14693646 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.190%(c) | 01/26/31 | 83 | $83561 |
|  St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.866%(c) | 01/17/32 | 4685 | 5497597 |
|  St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.895%(c) | 04/25/30 | 947 | 1110236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.761%(c) | 02/20/30 | 5030 | 5905819 |
|  Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.105%(c) | 10/15/31 | 1016 | 1016740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.115%(c) | 04/16/31 | 129 | 129405 |
|  TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), | TCW CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.934%(c) | 04/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20226680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(c) | 01/20/38 | 12500 | 12542250 |
|  Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.199%(c) | 10/15/38 | 37500 | 44160965 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.676%(c) | 04/15/37 | 15000 | 17685111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276%(c) | 04/15/38 | 25000 | 29281430 |
|  Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 01/20/37 | 35000 | 35017150 |
|  Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.084%(c) | 01/20/32 | 44 | 43741 |
|  Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.158%(c) | 04/25/37 | 8250 | 8259304 |
|  Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.246%(c) | 07/18/31 | 1573 | 1572659 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A16

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.223%(c) | 10/17/32 | 349 | $348676 |
|  |  |  | 1121937894 |
|  **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** |
|  Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.790% | 05/17/51 | 710 | 714964 |
|  Foundation Finance Trust, | Foundation Finance Trust, | Foundation Finance Trust, | Foundation Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560% | 08/15/52 | 1404 | 1407393 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520% | 12/27/60 | 485 | 486127 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 11/20/31 | 255 | 248480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 10/20/34 | 1527 | 1539439 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/14/35 | 230 | 226671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/14/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.490% | 06/14/38 | 300 | 317059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740% | 09/15/36 | 200 | 206552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.520% | 09/15/36 | 200 | 207203 |
|  UPG HI Issuer Trust, | UPG HI Issuer Trust, | UPG HI Issuer Trust, | UPG HI Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/25/47 | 295 | 294874 |
|  |  |  | 7197487 |
|  **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** |
|  NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.024%(c) | 03/15/32 | 1100 | 1489532 |
|  **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%(c) | 05/25/34 | 20 | 18630 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.346%(c) | 03/25/43 | 10 | 10491 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.618%(c) | 03/20/54 | 20 | 20520 |

---

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| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** |
|  Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%(c) | 08/25/33 | 17 | $17365 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | 05/25/44 | 613 | 621886 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | 01/25/64 | 57 | 57424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | 02/25/64 | 54 | 54958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.290%(cc) | 05/25/64 | 185 | 186929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(cc) | 09/25/64 | 343 | 343416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.167%(cc) | 09/25/64 | 533 | 533556 |
|  |  |  | 1865175 |
|  **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** |
|  Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/25/44 | 449 | 450475 |
|  NMABS Issuer I LLC, | NMABS Issuer I LLC, | NMABS Issuer I LLC, | NMABS Issuer I LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140% | 11/22/55 | 682 | 681024 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% | 07/17/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/17/42 | 730 | 708076 |
|  Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.720% | 04/20/44 | 233 | 234112 |
|  |  |  | 3217304 |
|  **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.446%(c) | 02/25/34 | 5 | 4724 |
|  Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.574%(c) | 10/25/34 | 11 | 11245 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.896%(c) | 11/25/34 | — (r) | 116 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%(c) | 01/25/35 | 10 | 9555 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A17

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** |
|  Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.786%(c) | 09/25/34 | 39 | $41262 |
|  |  |  | 66902 |
|  **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | 11/16/48 | 43 | 41198 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | 05/15/46 | 79 | 76740 |
|  |  |  | 117938 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $1,119,434,068) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $1,119,434,068) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $1,119,434,068) | 1144960355 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.5%** |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254% | 07/15/60 | 104 | 102561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | 08/15/61 | 394 | 392440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | 09/15/62 | 526 | 498525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.985% | 04/15/54 | 525 | 494524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.438% | 06/15/63 | 230 | 203455 |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884% | 08/15/57 | 3360 | 3518906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | 10/15/57 | 1980 | 2040376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646% | 04/15/58 | 5730 | 5992312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.452% | 07/15/58 | 9250 | 9606526 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | 08/15/52 | 334 | 319681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.014% | 07/15/57 | 360 | 378241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.208% | 09/15/57 | 700 | 719420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.659% | 05/15/58 | 3630 | 3800426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C36, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.517% | 08/15/58 | 7100 | 7406136 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.268% | 04/15/54 | 2955 | 2699852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602% | 08/15/57 | 1600 | 1662536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.277% | 09/15/57 | 1300 | 1338166 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity<br> Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.909%(cc) | 11/15/57 | 3610 | 3794093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%(cc) | 08/15/58 | 4250 | 4416548 |
|  BFLD Trust, | BFLD Trust, | BFLD Trust, | BFLD Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%(c) | 06/15/42 | 1800 | 1799997 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.739% | 02/15/57 | 760 | 787224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.857% | 02/15/57 | 6145 | 6418392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316% | 09/15/57 | 4085 | 4200935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.669% | 07/15/58 | 9400 | 9832017 |
|  BPR Trust, | BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.565%(c) | 09/15/38 | 300 | 299636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.215%(c) | 09/15/38 | 600 | 599271 |
|  BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.155%(c) | 11/15/41 | 863 | 630557 |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.202% | 12/09/41 | 2000 | 1898723 |
|  BXMT Ltd. (Cayman Islands), | BXMT Ltd. (Cayman Islands), | BXMT Ltd. (Cayman Islands), | BXMT Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(c) | 10/18/42 | 800 | 795817 |
|  Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.624% | 11/15/52 | 943 | 894687 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171% | 08/15/50 | 345 | 339411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.657% | 08/15/57 | 916 | 870830 |
|  CENT, | CENT, | CENT, | CENT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(cc) | 07/10/40 | 2200 | 2226758 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 11/10/49 | 361 | 359443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | 12/10/54 | 334 | 331793 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.209% | 10/12/50 | 312 | 307177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.620% | 08/10/56 | 385 | 364282 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A18

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | 10/10/49 | 441 | 437757 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | 09/15/37 | 130 | 119417 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.191% | 11/15/50 | 295 | 291082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959% | 08/15/51 | 270 | 269012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.763% | 09/15/52 | 145 | 137355 |
|  CSTL Commercial Mortgage Trust, | CSTL Commercial Mortgage Trust, | CSTL Commercial Mortgage Trust, | CSTL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560%(cc) | 11/10/42 | 1244 | 1239967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.144%(cc) | 11/10/42 | 210 | 209169 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632% | 08/10/49 | 305 | 303553 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.335%(cc) | 03/25/26 | 2618 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.725%(cc) | 07/25/31 | 22635 | 775801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.259%(cc) | 07/25/26 | 80 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.559%(cc) | 12/25/27 | 200 | 1868 |
|  FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.197%(cc) | 05/25/52 | 700 | 694849 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749% | 09/10/52 | 850 | 807156 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248% | 07/05/33 | 647 | 614650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.116%(cc) | 07/05/33 | 1000 | 21938 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005% | 07/15/52 | 60 | 56945 |
|  One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516% | 09/15/54 | 195 | 181004 |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.364%(c) | 03/15/36 | 150 | 149515 |
|  PRM7 Trust, | PRM7 Trust, | PRM7 Trust, | PRM7 Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.363%(cc) | 11/10/42 | 1100 | 1084704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.941%(cc) | 11/10/42 | 265 | 262407 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | 08/15/51 | 440 | 435501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.344% | 04/15/52 | 385 | 379283 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 07/15/50 | 320 | 316106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210% | 11/15/50 | 575 | 565597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.920% | 06/15/51 | 1469 | 1460822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749% | 03/15/52 | 121 | 120459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643% | 08/15/52 | 244 | 232228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.626% | 04/15/54 | 140 | 126571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.065%(c) | 05/15/31 | 388 | 387731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% | 07/15/57 | 1800 | 1884515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C2, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.920%(cc) | 11/15/57 | 3715 | 3910655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.096% | 01/15/58 | 2500 | 2647162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590% | 07/15/58 | 7710 | 8052103 |
|  WHARF Commercial Mortgage Trust, | WHARF Commercial Mortgage Trust, | WHARF Commercial Mortgage Trust, | WHARF Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DC, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.349%(cc) | 07/15/40 | 166 | 170579 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $110,080,101) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $110,080,101) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $110,080,101) | 110692289 |
|  **CORPORATE BONDS — 4.5%** | **CORPORATE BONDS — 4.5%** | **CORPORATE BONDS — 4.5%** | **CORPORATE BONDS — 4.5%** |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
|  ATI, Inc., | ATI, Inc., | ATI, Inc., | ATI, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 08/15/30 | 625 | 659132 |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/01/28 | 260 | 255610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/01/31 | 1525 | 1465419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040% | 05/01/27 | 1190 | 1202152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.388% | 05/01/31 | 635 | 688965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.528% | 05/01/34 | 490 | 542070 |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/28 | 3375 | 3382796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/15/33 | 335 | 353194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 02/01/29 | 125 | 130139 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A19

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** |
|  TransDigm, Inc., | TransDigm, Inc., | TransDigm, Inc., | TransDigm, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 03/01/32 | 1330 | 1383596 |
|  |  |  | 10063073 |
|  **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 06/15/31 | 1062 | 1230115 |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259% | 03/25/28 | 191 | 183762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.343% | 08/02/30 | 113 | 122128 |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/20/35 | 1625 | 1707856 |
|  |  |  | 3243861 |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  American Airlines 2016-3 Class A Pass Through Trust, | American Airlines 2016-3 Class A Pass Through Trust, | American Airlines 2016-3 Class A Pass Through Trust, | American Airlines 2016-3 Class A Pass Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 04/15/30 | 86 | 82462 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/20/26 | 13 | 13367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/20/29 | 1835 | 1866193 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/20/28 | 490 | 492022 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;2378 | 2376651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 507 | 504204 |
|  |  |  | 5334899 |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  Kontoor Brands, Inc., | Kontoor Brands, Inc., | Kontoor Brands, Inc., | Kontoor Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/15/29 | 979 | 933632 |
|  Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/15/29 | 160 | 147876 |
|  |  |  | 1081508 |
|  **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
|  American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 06/27/28 | 800 | 942834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/27/31 | 2500 | 2928255 |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/12/32 | 700 | 617411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/43 | 15 | 11863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 10/01/28 | 420 | 444546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/22/30(a) | 740 | 857436 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 02/16/28 | 200 | 192512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/13/30 | 1365 | 1287291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/28/27 | 630 | 632108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.730% | 09/05/30 | 820 | 833001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 05/17/27 | 600 | 609077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 11/07/29 | 1600 | 1642141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.798% | 11/07/28 | 385 | 403631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | 05/12/28 | 355 | 370390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200% | 06/10/30 | 311 | 332977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.066% | 08/21/30 | 1500 | 1774364 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/06/29 | 1955 | 1986082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 01/07/30 | &nbsp;&nbsp;&nbsp;&nbsp;2850 | 2942705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 07/15/29 | 930 | 964074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 04/04/32 | 1545 | 1608852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/06/30(a) | 620 | 651507 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 09/26/29 | 1145 | 1150831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/01/27 | 1040 | 1053195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/30/28 | 775 | 796836 |
|  Volkswagen Financial Services NV (Germany), | Volkswagen Financial Services NV (Germany), | Volkswagen Financial Services NV (Germany), | Volkswagen Financial Services NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 04/13/27 | 300 | 398443 |
|  Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/17/29(oo) | 1800 | 2079589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.493%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/30(oo) | 500 | 605228 |
|  Volkswagen Leasing GmbH (Germany), | Volkswagen Leasing GmbH (Germany), | Volkswagen Leasing GmbH (Germany), | Volkswagen Leasing GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 07/19/29 | 390 | 420369 |
|  |  |  | 28537548 |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 275 | 287061 |
|  Dana, Inc., | Dana, Inc., | Dana, Inc., | Dana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 06/15/28 | 650 | 649555 |
|  Forvia SE (France), | Forvia SE (France), | Forvia SE (France), | Forvia SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 06/15/30 | 270 | 329600 |
|  IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/15/29 | 260 | 322467 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/29 | 600 | 621532 |
|  Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/33 | 395 | 410223 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A20

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/32 | 665 | 681191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 | 9590 | 9631791 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZF Europe Finance BV (Germany), | &nbsp;&nbsp;&nbsp;&nbsp; ZF Europe Finance BV (Germany), | &nbsp;&nbsp;&nbsp;&nbsp; ZF Europe Finance BV (Germany), | &nbsp;&nbsp;&nbsp;&nbsp; ZF Europe Finance BV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/12/30 | 300 | 370442 |
|  |  |  | 13303862 |
|  **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** |
|  Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/17/34 | 1000 | 1130008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 06/29/29 | 800 | 860789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 05/25/30 | 300 | 316844 |
|  Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 11/02/31 | 3500 | 537222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 10/27/30 | 25720 | 3984065 |
|  AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/30/29(oo) | 690 | 875759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%(ff) | 07/23/29 | 220 | 269185 |
|  Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.101%(ff) | 02/03/33 | 2800 | 3428950 |
|  Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/23/29 | 2330 | 2803893 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/19/29(oo) | 1140 | 1269550 |
|  Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/20/31(oo) | 600 | 735059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%(ff) | 09/13/30 | 300 | 366072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/08/29 | 800 | 1001769 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/21/28(oo) | 1490 | 1647955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.565% | 01/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;4800 | 4996780 |
|  Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/15/31 | 1400 | 1670916 |
|  Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/30/28 | 200 | 229270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/30 | 200 | 225462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/22/33 | 260 | 267855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 10/13/28 | 200 | 219565 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 03/13/35 | 700 | $828530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/08/27 | 300 | 361399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/13/32 | 800 | 974344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 03/18/37 | 500 | 595074 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/26/30(oo) | 620 | 628391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;1759 | 1585745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.468%(ff) | 01/23/35 | 1160 | 1208293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.819%(ff) | 09/15/29 | 1822 | 1899690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.933%(ff) | 09/15/27 | 305 | 308898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | 07/23/31 | 7085 | 6364206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087%(ff) | 06/14/29 | 1050 | 1001207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496%(ff) | 02/13/31 | 1670 | 1555447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%(ff) | 03/08/37 | 259 | 244422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/12/36(a) | 3605 | 3759147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.425%(ff) | 08/15/35 | 570 | 582991 |
|  Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/10/30(oo) | 710 | 871203 |
|  Bank of Queensland Ltd. (Australia), | Bank of Queensland Ltd. (Australia), | Bank of Queensland Ltd. (Australia), | Bank of Queensland Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 07/30/29 | 1630 | 1946535 |
|  Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 02/04/33 | 900 | 1055543 |
|  Banque Federative du Credit Mutuel SA (France), | Banque Federative du Credit Mutuel SA (France), | Banque Federative du Credit Mutuel SA (France), | Banque Federative du Credit Mutuel SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 06/16/32 | 600 | 713144 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.476%(ff) | 11/11/29 | 725 | 727394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.090%(ff) | 11/06/29 | 600 | 860620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.437%(ff) | 11/02/33 | 375 | 428554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/17/33 | 160 | 190844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%(ff) | 03/22/31 | 600 | 701755 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/16/29(oo) | 1175 | 1237933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | 11/19/30 | 1180 | 1212289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.052%(ff) | 01/13/31 | 1675 | 1583230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%(ff) | 01/23/27 | 2100 | 2465748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.176%(ff) | 01/09/30 | 620 | 635136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(ff) | 03/31/32 | 800 | 933432 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A21

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.716%(ff) | 01/18/30 | 2920 | $3022000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | 01/14/31 | 2690 | 2806490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.612%(ff) | 10/19/27 | 505 | 514160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%(ff) | 10/19/29 | 740 | 784363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.003%(ff) | 10/19/34 | 410 | 455545 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/24/32(oo) | 400 | 493706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%(ff) | 09/13/27 | &nbsp;&nbsp;&nbsp;&nbsp;2155 | 2192226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673%(ff) | 03/15/30 | 700 | 726407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 11/14/30 | 300 | 381331 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/30 | 2800 | 2796270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/05/26 | 1500 | 1507795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 2000 | 2103850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/12/31 | 800 | 971527 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/18/26(oo) | 850 | 847462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 06/03/31 | 90 | 83395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976%(ff) | 11/05/30 | 2170 | 2066495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.493%(ff) | 10/22/34 | 1900 | 2189294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412%(ff) | 03/31/31 | 1210 | 1209702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.503%(ff) | 09/11/31 | 413 | 414116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%(ff) | 09/19/30 | 800 | 806050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 02/13/30 | 2175 | 2232346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 09/11/36 | 276 | 278895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 06/11/35 | 210 | 217222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/29/27 | 370 | 372366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | 02/13/35 | 155 | 161224 |
|  Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982%(ff) | 01/30/30 | 343 | 357892 |
|  Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 07/16/32 | 1900 | 2289844 |
|  Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/14/26 | 400 | 262536 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%(ff) | 09/23/34(a)(oo) | 250 | 254063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/23/29(oo) | 700 | 868601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/23/28(oo) | 800 | 1005849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/09/29 | 5030 | 5129290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.316%(ff) | 10/03/29 | 740 | 778890 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.631%(ff) | 09/11/28 | 740 | $745439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.818%(ff) | 09/25/33 | 250 | 249570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 04/20/28 | 200 | 222991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 03/05/29 | 600 | 678309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 11/28/34 | 200 | 237800 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.613%(ff) | 10/02/30 | 1085 | 1093028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;2940 | 3054172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(ff) | 11/09/28 | 300 | 363984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(ff) | 06/21/30 | 250 | 310033 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | 01/07/28 | 585 | 574820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%(ff) | 08/04/31 | 580 | 585863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999%(ff) | 09/11/30 | 520 | 527428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.819%(ff) | 11/20/29 | 680 | 724443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%(ff) | 02/17/27 | 2100 | 2461790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(ff) | 02/13/31 | 1500 | 1762165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%(ff) | 02/10/34 | 1145 | 1256786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 06/24/32 | 1500 | 1779134 |
|  Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 02/26/30 | 2080 | 1274917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/09/28 | 250 | 165991 |
|  Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.339%(ff) | 07/27/29 | 900 | 947558 |
|  First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 02/16/26 | 1000 | 1169218 |
|  Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%(ff) | 05/21/27 | 1300 | 1306095 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/10/26(oo) | 825 | 815610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.948%(ff) | 10/21/27 | 2586 | 2541576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%(ff) | 01/27/32 | 2155 | 1913707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%(ff) | 03/15/28 | 1615 | 1605696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.691%(ff) | 06/05/28 | 2010 | 1999765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814%(ff) | 04/23/29 | 120 | 119284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%(ff) | 05/01/29 | 210 | 210388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.369%(ff) | 10/21/31 | 1425 | 1422038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.482%(ff) | 08/23/28 | 745 | 750020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | 10/23/30 | 4765 | 4830253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.939%(ff) | 10/21/36 | 1060 | 1052476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%(ff) | 07/23/30 | 250 | 256150 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A22

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/17/30(oo) |  | 970 | $921500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.206%(ff) | 08/17/29 |  | 615 | 584527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(ff) | 07/22/28 | GBP | 1385 | 1831021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%(ff) | 11/19/28 |  | 600 | 610277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546%(ff) | 03/04/30 |  | 600 | 621820 |
|  ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/16/26(oo) |  | 770 | 773095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%(ff) | 03/25/29 |  | 550 | 558075 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/30/28(oo) | EUR | 700 | 860237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(ff) | 09/16/32 | EUR | 2300 | 2747057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/20/33 |  | 600 | 660240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/23/29 |  | 1610 | 1588280 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%(ff) | 02/04/32 |  | 60 | 53502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%(ff) | 06/01/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;1230 | 1174054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522%(ff) | 04/22/31 |  | 4112 | 3829826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%(ff) | 11/08/32 |  | 415 | 374385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%(ff) | 04/22/32 |  | 182 | 166373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%(ff) | 10/15/30 |  | 2519 | 2389657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.109%(ff) | 04/22/41 |  | 1740 | 1366691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.702%(ff) | 05/06/30 |  | 311 | 306326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.603%(ff) | 10/22/30 |  | 1865 | 1890809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.851%(ff) | 07/25/28 |  | 425 | 430408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%(ff) | 01/23/28 |  | 770 | 777908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%(ff) | 07/22/35 |  | 375 | 387121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956%(ff) | 05/13/31 |  | 2042 | 1927705 |
|  KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/27/30(oo) | EUR | 600 | 724638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.454%(ff) | 09/23/31 |  | 735 | 732139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%(ff) | 10/16/30 |  | 600 | 610466 |
|  KeyCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 10/01/29 |  | 480 | 453225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.789%(ff) | 06/01/33 |  | 210 | 209869 |
|  Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/25/26(oo) |  | 630 | 627480 |
|  Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/27/31(a)(oo) |  | 1255 | 1292650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.087%(ff) | 11/26/28 |  | 375 | 381795 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 05/14/32 | 185 | $222429 |
|  M&T Bank Corp., | M&T Bank Corp., | M&T Bank Corp., | M&T Bank Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.082%(ff) | 03/13/32 | 171 | 181898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.385%(ff) | 01/16/36 | 211 | 214394 |
|  MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/29/28 | 1000 | 1041250 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.197%(ff) | 01/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;2550 | 2626861 |
|  Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.422%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/13/36(a) | 2000 | 2067367 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.406%(ff) | 10/29/27 | 925 | 1069352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.495%(ff) | 10/26/29 | 590 | 648416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | 10/18/30 | 3290 | 3329018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/29(a) | 1915 | 1954500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(ff) | 01/16/30 | 785 | 806289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/15/31 | 550 | 566953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 07/20/29 | 580 | 598560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.587%(ff) | 01/18/36 | 2590 | 2708001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 04/02/32 | 200 | 146260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | 01/22/31 | 1340 | 1257450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749%(ff) | 11/07/36 | 2900 | 3350722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 | 270 | 242156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | 01/21/33 | 430 | 392462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | 04/21/34 | 240 | 246930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(ff) | 07/21/34 | 131 | 136257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.831%(ff) | 04/19/35 | 65 | 69081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.356%(ff) | 10/22/31 | 989 | 985902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.948%(ff) | 01/19/38 | 761 | 802119 |
|  Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(ff) | 05/26/28 | 1000 | 1019708 |
|  Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.465%(ff) | 11/19/31 | 360 | 360760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.734%(ff) | 07/18/31 | 695 | 704438 |
|  National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146% | 02/05/31 | 3500 | 4163522 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 05/18/29 | 1430 | 1453515 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%(ff) | 10/21/32 | 460 | 468269 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A23

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | 07/21/36 | 125 | $128735 |
|  QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/01/28 | 450 | 298240 |
|  Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.320%(ff) | 09/22/29 | 401 | 401191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%(ff) | 09/11/30 | &nbsp;&nbsp;&nbsp;&nbsp;1125 | 1137152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.136%(ff) | 09/22/36 | 200 | 198610 |
|  Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/12/31 | 3500 | 4138458 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%(ff) | 06/09/32 | 1000 | 903016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%(ff) | 01/19/28 | 1032 | 1044691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 04/13/29 | 2805 | 2871136 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.456%(ff) | 01/14/27 | 990 | 987129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608%(ff) | 01/12/28 | 1100 | 1082752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(ff) | 10/15/30 | 1100 | 1120053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.545%(ff) | 01/21/29 | 400 | 410412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%(ff) | 08/12/36 | 1075 | 1097457 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240% | 04/15/30 | 2000 | 2069180 |
|  Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.666% | 09/08/31 | 1000 | 1217809 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.964%(ff) | 10/23/36 | 720 | 712382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(ff) | 01/26/34 | 90 | 91673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(ff) | 01/24/35 | 60 | 63162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%(ff) | 06/08/34 | 100 | 106309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.123%(ff) | 10/28/33 | 120 | 129597 |
|  TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.704% | 02/18/30 | 1600 | 1867271 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.009%(ff) | 05/21/32 | 3350 | 4032492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.384%(ff) | 01/23/30 | 360 | 372734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%(ff) | 01/23/35 | 40 | 42235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.836%(ff) | 06/12/34 | 285 | 303869 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/13/28(oo) | 700 | 767375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/13/33(oo) | 735 | 861788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.305%(ff) | 02/02/27 | 425 | 423923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.364%(ff) | 01/30/27 | 1035 | 1032716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | 05/14/32 | 1000 | 926444 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.398%(ff) | 09/23/31 | 380 | 377944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.010%(ff) | 03/23/37 | 410 | 406766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 01/18/33 | 355 | 340944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%(ff) | 01/14/28 | 1220 | 1405714 |
|  UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146% | 06/21/31 | 2440 | 2879234 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%(ff) | 06/03/32 | 620 | 574798 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/36(a) | &nbsp;&nbsp;&nbsp;&nbsp;1350 | 1345681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%(ff) | 04/23/31 | 1145 | 1181359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.211%(ff) | 12/03/35 | 1325 | 1353912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(ff) | 01/24/31 | 450 | 465762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%(ff) | 01/23/35 | 160 | 166806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.303%(ff) | 10/23/29 | 365 | 385751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.491%(ff) | 10/23/34 | 155 | 171650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%(ff) | 03/02/33 | 1015 | 946648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 | 249 | 261293 |
|  |  |  | 252690059 |
|  **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/01/53 | 355 | 312385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/02/43 | 255 | 256416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 | 419 | 409241 |
|  |  |  | 978042 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/29/28 | 530 | 641330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/29/32 | 400 | 495254 |
|  CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/09/30 | 1885 | 1942526 |
|  Griffon Corp., | Griffon Corp., | Griffon Corp., | Griffon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/28 | 707 | 708236 |
|  Holcim Finance Luxembourg SA (Switzerland), | Holcim Finance Luxembourg SA (Switzerland), | Holcim Finance Luxembourg SA (Switzerland), | Holcim Finance Luxembourg SA (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 04/23/31 | 400 | 407936 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 12/15/27 | 1200 | 1046766 |
|  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/01/32 | 2050 | 2100375 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 2575 | 2679531 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A24

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/33 | 330 | 344579 |
|  Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/28 | 1870 | 1880256 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;2164 | 2092231 |
|  |  |  | 14339020 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Advancion Sciences, Inc., | Advancion Sciences, Inc., | Advancion Sciences, Inc., | Advancion Sciences, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 9.250% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 9.250% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 9.250% or PIK 10.000% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, Cash coupon 9.250% or PIK 10.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 11/01/26 | 33 | 28784 |
|  Alpek SAB de CV (Mexico), | Alpek SAB de CV (Mexico), | Alpek SAB de CV (Mexico), | Alpek SAB de CV (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/18/29 | 250 | 233516 |
|  Celanese US Holdings LLC, | Celanese US Holdings LLC, | Celanese US Holdings LLC, | Celanese US Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 11/15/28 | 316 | 330556 |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/01/43 | 540 | 483146 |
|  INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 03/15/29 | 270 | 250416 |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/02/54 | 1130 | 1248627 |
|  Synthomer PLC (United Kingdom), | Synthomer PLC (United Kingdom), | Synthomer PLC (United Kingdom), | Synthomer PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/02/29 | 270 | 278936 |
|  |  |  | 2853981 |
|  **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
|  Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), | Coronado Finance Pty Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 10/01/29 | 2700 | 2454543 |
|  **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
|  Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.550% | 10/31/31 | 100 | 101349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/31/29 | 700 | 833543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/30/32 | 900 | 1072836 |
|  Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 02/15/31 | 1883 | 1985405 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/29 | 800 | 792035 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/28 | 1240 | 1219044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/28 | 1370 | 1346559 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;1160 | $1049073 |
|  Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), | Autostrade per l'Italia SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/25/32 | 100 | 109188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/14/33 | 485 | 612971 |
|  Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/15/31 | 3370 | 3581953 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 3385 | 3476928 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 1698 | 1986131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/25/30 | 1000 | 1310881 |
|  Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 06/15/28 | 1300 | 1524246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/15/32 | 1700 | 1949772 |
|  Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 05/15/28 | 700 | 735695 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/17/31 | 1470 | 1798822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/15/35 | 445 | 442588 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/30 | 1750 | 1840618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/33(a) | 700 | 741914 |
|  Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), | Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), | Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), | Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 11/15/28 | 250 | 260937 |
|  Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 08/09/35 | 820 | 822504 |
|  Service Corp. International, | Service Corp. International, | Service Corp. International, | Service Corp. International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 10/15/32 | 590 | 601600 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 3845 | 3607417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/31 | 86 | 82305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28(a) | 620 | 620489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/30(a) | 1265 | 1282136 |
|  Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 06/15/31 | 76 | 69789 |
|  Williams Scotsman, Inc., | Williams Scotsman, Inc., | Williams Scotsman, Inc., | Williams Scotsman, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/15/29 | 300 | 309390 |
|  |  |  | 36168118 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A25

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  Fortress Intermediate 3, Inc., | Fortress Intermediate 3, Inc., | Fortress Intermediate 3, Inc., | Fortress Intermediate 3, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/31 | 895 | $934107 |
|  Gartner, Inc., | Gartner, Inc., | Gartner, Inc., | Gartner, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 06/15/29 | 485 | 468138 |
|  McAfee Corp., | McAfee Corp., | McAfee Corp., | McAfee Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 02/15/30 | 2545 | 2221178 |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 04/01/29 | 1761 | 1912777 |
|  |  |  | 5536200 |
|  **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
|  Velocity Vehicle Group LLC, | Velocity Vehicle Group LLC, | Velocity Vehicle Group LLC, | Velocity Vehicle Group LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 06/01/29 | 565 | 536470 |
|  Windsor Holdings III LLC, | Windsor Holdings III LLC, | Windsor Holdings III LLC, | Windsor Holdings III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/15/30 | 1675 | 1770843 |
|  |  |  | 2307313 |
|  **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/15/35 | 220 | 217316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/06/28 | 450 | 465532 |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%(ff) | 07/20/33 | 255 | 259519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%(ff) | 04/25/36 | 230 | 243011 |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/30/30 | 1140 | 1171202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/29 | 760 | 786486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/29 | 2710 | 2807560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/04/28 | 300 | 312570 |
|  Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.624%(ff) | 10/30/31 | 220 | 248569 |
|  Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%(ff) | 11/14/36 | 900 | 896066 |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 04/01/32 | 1390 | 1466438 |
|  LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/20/27 | 165 | 168198 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/29 | 1050 | 1050754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 03/15/26 | 896 | 900601 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/29 | 665 | 649817 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/31 | 950 | 954690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;1646 | 1753102 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.841% | 09/21/28 | 1300 | 1467093 |
|  Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | 05/15/28 | 2000 | 2251160 |
|  REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 09/01/26 | 520 | 512850 |
|  Stellantis Financial Services US Corp., | Stellantis Financial Services US Corp., | Stellantis Financial Services US Corp., | Stellantis Financial Services US Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 09/15/30 | 1440 | 1461587 |
|  |  |  | 20044121 |
|  **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** |
|  AES Corp. (The), | AES Corp. (The), | AES Corp. (The), | AES Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 01/15/31 | 540 | 489525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 07/15/30 | 120 | 117056 |
|  Brazos Securitization LLC, | Brazos Securitization LLC, | Brazos Securitization LLC, | Brazos Securitization LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.014% | 03/01/34 | 215 | 217162 |
|  Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 07/22/28 | 1100 | 1243028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/19/30 | 200 | 234450 |
|  Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 02/28/34 | 336 | 297300 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/01/31 | 391 | 377412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/15/28 | 1496 | 1496813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 845 | 844332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 | 1035 | 1050226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 | 5144 | 5144924 |
|  CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 12/02/26 | 500 | 578792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/30/33 | 900 | 1062736 |
|  Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | 10/20/35 | 1466 | 1509336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672% | 10/20/35 | 971 | 1003890 |
|  Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.010% | 01/20/33 | 895 | 937790 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, Series 16U, 6 Month SOFR + 0.923% | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, Series 16U, 6 Month SOFR + 0.923% | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, Series 16U, 6 Month SOFR + 0.923% | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, Series 16U, 6 Month SOFR + 0.923% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.591%(c) | 12/15/36 | 733 | 681017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/29/36 | 1368 | 1267884 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A26

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/15/42 | 184 | $184848 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 02/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;1235 | 1243128 |
|  DTE Energy Co., | DTE Energy Co., | DTE Energy Co., | DTE Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 10/01/35 | 643 | 642851 |
|  Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 06/15/53 | 336 | 349609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/29 | 369 | 375250 |
|  EDP SA (Portugal), | EDP SA (Portugal), | EDP SA (Portugal), | EDP SA (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/26/28 | 300 | 362107 |
|  Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/01/27(oo) | 1000 | 1146860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/17/29(oo) | 400 | 481801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/17/32(oo) | 400 | 488947 |
|  Enel Finance America LLC (Italy), | Enel Finance America LLC (Italy), | Enel Finance America LLC (Italy), | Enel Finance America LLC (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 07/12/41 | 650 | 468245 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/30/55 | 860 | 836756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/32 | 600 | 609197 |
|  Energuate Trust 2 0 (Guatemala), | Energuate Trust 2 0 (Guatemala), | Energuate Trust 2 0 (Guatemala), | Energuate Trust 2 0 (Guatemala), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 09/15/35 | 300 | 298983 |
|  EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (Colombia), | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (Colombia), | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (Colombia), | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 12/30/30 | 300 | 278595 |
|  Engie SA (France), | Engie SA (France), | Engie SA (France), | Engie SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 01/11/30 | 900 | 1082691 |
|  Entergy Corp., | Entergy Corp., | Entergy Corp., | Entergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%(ff) | 06/15/56 | 95 | 95030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 12/01/54 | 951 | 999478 |
|  Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 06/01/54 | 240 | 241995 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 09/15/54 | 70 | 67943 |
|  Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 4800 | 4965000 |
|  EUSHI Finance, Inc., | EUSHI Finance, Inc., | EUSHI Finance, Inc., | EUSHI Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 04/01/56 | 427 | 426292 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%(ff) | 12/15/54 | 300 | 315450 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 04/01/49 | 300 | 255459 |
|  Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.874%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/26(oo) | 1300 | 1522092 |
|  India Clean Energy Holdings (India), | India Clean Energy Holdings (India), | India Clean Energy Holdings (India), | India Clean Energy Holdings (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/18/27 | 250 | 242500 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/22/32 | &nbsp;&nbsp;&nbsp;&nbsp;1230 | 1153432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 12/15/27 | 1740 | 1839685 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 07/01/43 | 340 | 328199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/14/30 | 260 | 245398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/33 | 780 | 805008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/09/34 | 70 | 73028 |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 03/01/32 | 480 | 431460 |
|  Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.156%(c) | 07/24/26 | 2100 | 2447955 |
|  MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 11/18/27 | 200 | 225333 |
|  National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 09/01/28 | 600 | 660712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/16/29 | 740 | 893294 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 08/15/55 | 120 | 123895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/54 | 460 | 490603 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/28 | 1721 | 1723899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/29 | 230 | 219849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/31 | 1378 | 1287371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/32 | 489 | 456941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/29 | 201 | 201542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/28(oo) | 1711 | 1863680 |
|  NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/01/27 | 2200 | 2575926 |
|  Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.577%(s) | 04/11/31 | 4000 | 2425466 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A27

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 08/01/27 | 515 | $499270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/31 | 1461 | 1314970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 03/01/26 | 150 | 149564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 12/01/27 | 265 | 260667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 08/01/40 | 310 | 235131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 12/01/47 | 740 | 550894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;1580 | 1573717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/01/50 | 60 | 50804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/15/29 | 60 | 61932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/15/34 | 270 | 280712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 06/15/32 | 235 | 246183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/15/35 | 835 | 877199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/15/33 | 180 | 191056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/15/34 | 930 | 1035183 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 11/05/31 | 2000 | 2099213 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 03/15/55(a) | 790 | 822834 |
|  Puget Sound Energy, Inc., | Puget Sound Energy, Inc., | Puget Sound Energy, Inc., | Puget Sound Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 09/15/49 | 480 | 325694 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/53 | 60 | 56801 |
|  SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.453% | 03/15/36 | 988 | 992899 |
|  Sempra, | Sempra, | Sempra, | Sempra, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 04/01/56 | 315 | 321909 |
|  Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%(ff) | 12/15/55 | 645 | 641381 |
|  Southern Power Co., | Southern Power Co., | Southern Power Co., | Southern Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 07/15/43(a) | 150 | 143142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/01/30 | 101 | 100839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/01/35 | 271 | 268259 |
|  Texas Electric Market Stabilization Funding M LLC, | Texas Electric Market Stabilization Funding M LLC, | Texas Electric Market Stabilization Funding M LLC, | Texas Electric Market Stabilization Funding M LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.147% | 08/01/51 | 4840 | 4859466 |
|  Texas Electric Market Stabilization Funding N LLC, | Texas Electric Market Stabilization Funding N LLC, | Texas Electric Market Stabilization Funding N LLC, | Texas Electric Market Stabilization Funding N LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.966% | 02/01/44 | 750 | 737233 |
|  Trinidad Generation UnLtd. (Trinidad & Tobago), | Trinidad Generation UnLtd. (Trinidad & Tobago), | Trinidad Generation UnLtd. (Trinidad & Tobago), | Trinidad Generation UnLtd. (Trinidad & Tobago), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 06/16/33 | 200 | 207188 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | 12/15/26(oo) | 3907 | 3960452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | 10/15/26(oo) | 6239 | 6373921 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | 01/15/29(oo) | 5710 | 6292905 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 3547 | 3545520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/15/27 | 1094 | 1094639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/15/32 | 515 | 542264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;2230 | 2364775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 10/15/30 | 101 | 100886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/35 | 243 | 241755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 12/30/34 | 555 | 571231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/34 | 180 | 188917 |
|  |  |  | 101188861 |
|  **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
|  Emerson Electric Co., | Emerson Electric Co., | Emerson Electric Co., | Emerson Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/15/31 | 3500 | 4086907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/37 | 2200 | 2534637 |
|  WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/15/29 | 625 | 646135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 03/15/32 | 470 | 492239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 06/15/28 | 446 | 452877 |
|  |  |  | 8212795 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Fortive Corp., | Fortive Corp., | Fortive Corp., | Fortive Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 02/13/26 | 372 | 437634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 08/15/29 | 750 | 899767 |
|  Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/17/32 | 700 | 832515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/02/34 | 265 | 319055 |
|  Sensata Technologies, Inc., | Sensata Technologies, Inc., | Sensata Technologies, Inc., | Sensata Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/31 | 1665 | 1564159 |
|  |  |  | 4053130 |
|  **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
|  India Green Power Holdings (India), | India Green Power Holdings (India), | India Green Power Holdings (India), | India Green Power Holdings (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/22/27 | 260 | 253481 |
|  **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
|  ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (Chile), | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (Chile), | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (Chile), | ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 02/03/30(a) | 250 | 257500 |
|  Bioceanico Sovereign Certificate Ltd. (Paraguay), | Bioceanico Sovereign Certificate Ltd. (Paraguay), | Bioceanico Sovereign Certificate Ltd. (Paraguay), | Bioceanico Sovereign Certificate Ltd. (Paraguay), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.288%(s) | 06/05/34 | 1137 | 928084 |
|  Cellnex Finance Co. SA (Spain), | Cellnex Finance Co. SA (Spain), | Cellnex Finance Co. SA (Spain), | Cellnex Finance Co. SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 01/15/29 | 200 | 223396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/15/33 | 3000 | 3139635 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A28

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Engineering & Construction (cont'd.)** | **Engineering & Construction (cont'd.)** | **Engineering & Construction (cont'd.)** | **Engineering & Construction (cont'd.)** |
|  IHS Holding Ltd. (Nigeria), | IHS Holding Ltd. (Nigeria), | IHS Holding Ltd. (Nigeria), | IHS Holding Ltd. (Nigeria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 11/29/28 | 250 | 248230 |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 1645 | 1606968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 600 | 528562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 355 | 346792 |
|  TAV Havalimanlari Holding A/S (Turkey), | TAV Havalimanlari Holding A/S (Turkey), | TAV Havalimanlari Holding A/S (Turkey), | TAV Havalimanlari Holding A/S (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 12/07/28 | 250 | 260625 |
|  TopBuild Corp., | TopBuild Corp., | TopBuild Corp., | TopBuild Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 02/15/32 | 249 | 236602 |
|  |  |  | 7776394 |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/29 | 2025 | 1943779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 5275 | 5462718 |
|  Churchill Downs, Inc., | Churchill Downs, Inc., | Churchill Downs, Inc., | Churchill Downs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 05/01/31 | 1060 | 1099401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/30 | 3065 | 3093223 |
|  Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/29 | 700 | 685467 |
|  Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 01/15/27 | 1046 | 1044547 |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 03/01/30 | 1065 | 946276 |
|  Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 07/01/32 | 2600 | 2757751 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/01/29 | 46 | 46261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/15/31(a) | 630 | 682807 |
|  |  |  | 17762230 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/31 | 930 | 973812 |
|  **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/31/31 | 300 | 303528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/31/34 | 415 | 416558 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/15/27 |  | 825 | 806679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 09/15/28(a) |  | 4715 | 4646295 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | EUR | 3247 | 3706168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/14/30 | GBP | 2939 | 3679359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | EUR | 3350 | 3815279 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/36 |  | &nbsp;&nbsp;&nbsp;&nbsp;1140 | 1156906 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/30 |  | 647 | 625559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 |  | 874 | 832997 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 |  | 430 | 441582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/01/45 |  | 100 | 100868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/01/55 |  | 780 | 779048 |
|  Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 07/03/31 | CAD | 2600 | 1960311 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/31 |  | 1075 | 1019053 |
|  |  |  |  | 24290190 |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/20/27 |  | 75 | 75397 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | 11/30/54 |  | 610 | 635378 |
|  Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 06/01/50 |  | 139 | 95616 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/33 |  | 510 | 540883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 09/30/51 |  | 60 | 38952 |
|  Terega SA (France), | Terega SA (France), | Terega SA (France), | Terega SA (France), | Terega SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 09/17/30 | EUR | 1300 | 1360735 |
|  |  |  |  | 2746961 |
|  **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
|  American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 03/08/28 | EUR | 300 | 342935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/08/34 | EUR | 2300 | 2646550 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A29

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Products (cont'd.)** | **Healthcare-Products (cont'd.)** | **Healthcare-Products (cont'd.)** | **Healthcare-Products (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/08/29 | 390 | 464885 |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/29(a) | 3190 | 3207764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/01/29 | 2795 | 2732832 |
|  Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 10/15/30 | 3200 | 3750449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 10/15/29 | 1000 | 1206394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/15/36 | 400 | 474626 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/13/31 | &nbsp;&nbsp;&nbsp;&nbsp;1340 | 1397737 |
|  Stryker Corp., | Stryker Corp., | Stryker Corp., | Stryker Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 09/11/32 | 180 | 211572 |
|  |  |  | 16435744 |
|  **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
|  Concentra Health Services, Inc., | Concentra Health Services, Inc., | Concentra Health Services, Inc., | Concentra Health Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/32(a) | 845 | 885333 |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/31 | 150 | 138488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/30 | 2605 | 2534944 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 07/15/31 | 320 | 286701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/30 | 640 | 615608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/29 | 710 | 707476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 11/15/32 | 468 | 464494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/47 | 250 | 236396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 04/01/34 | 120 | 125178 |
|  IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/01/29 | 1005 | 1059614 |
|  LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 01/15/29 | 3000 | 2940220 |
|  Sutter Health, | Sutter Health, | Sutter Health, | Sutter Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.164% | 08/15/33 | 400 | 411540 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/01/29 | 550 | 542292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 1710 | 1679309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/28 | 855 | 856322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 11/01/27 | 1541 | 1540927 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/33(h) | 1225 | 1216032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/34(h) | 1625 | 1651100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 04/15/53 | 1930 | 1744716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/15/53 | 1985 | 2004220 |
|  |  |  | 21640910 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
|  Benteler International AG (Austria), | Benteler International AG (Austria), | Benteler International AG (Austria), | Benteler International AG (Austria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 06/15/31 | 255 | $321028 |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 14600 | 15416847 |
|  |  |  | 15737875 |
|  **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 08/01/29 | 134 | 128286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/15/28 | 2294 | 2295271 |
|  Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 | 50 | 50011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/29(a) | 1108 | 1129954 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/15/30 | 506 | 471966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 09/15/27 | 741 | 740170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/29 | 2165 | 2087320 |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/01/28 | 500 | 497997 |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/01/30 | 1774 | 1721472 |
|  Meritage Homes Corp., | Meritage Homes Corp., | Meritage Homes Corp., | Meritage Homes Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/06/27 | 2190 | 2204532 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 08/01/30 | 805 | 810066 |
|  |  |  | 12137045 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/30(a) | 440 | 429935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/32(a) | 220 | 212699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/01/28 | 950 | 995115 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 02/01/32 | 534 | 501124 |
|  SWF Holdings I Corp., | SWF Holdings I Corp., | SWF Holdings I Corp., | SWF Holdings I Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/06/29 | 223 | 89206 |
|  |  |  | 2228079 |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Acrisure LLC/Acrisure Finance, Inc., | Acrisure LLC/Acrisure Finance, Inc., | Acrisure LLC/Acrisure Finance, Inc., | Acrisure LLC/Acrisure Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 02/01/29 | 2040 | 2116426 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A30

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
|  Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 12/31/32 | &nbsp;&nbsp;&nbsp;&nbsp;1335 | 1385998 |
|  BUPA Finance PLC (United Kingdom), | BUPA Finance PLC (United Kingdom), | BUPA Finance PLC (United Kingdom), | BUPA Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/12/30 | 370 | 465805 |
|  Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 08/06/35 | 2000 | 280298 |
|  Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 04/05/29 | 1545 | 1521713 |
|  Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/24/29 | 1000 | 1026926 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/03/31 | 815 | 768596 |
|  Hanwha Life Insurance Co. Ltd. (South Korea), | Hanwha Life Insurance Co. Ltd. (South Korea), | Hanwha Life Insurance Co. Ltd. (South Korea), | Hanwha Life Insurance Co. Ltd. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/24/55(a) | 244 | 253370 |
|  Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%(ff) | 09/30/41 | 700 | 775083 |
|  Lincoln Financial Global Funding, | Lincoln Financial Global Funding, | Lincoln Financial Global Funding, | Lincoln Financial Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 01/13/30 | 780 | 806252 |
|  Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 05/16/44 | 500 | 665998 |
|  |  |  | 10066465 |
|  **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 3447 | 3649223 |
|  Booking Holdings, Inc., | Booking Holdings, Inc., | Booking Holdings, Inc., | Booking Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/09/31 | 800 | 936036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/15/29 | 465 | 568424 |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/01/33 | 996 | 1026198 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/15/35 | 900 | 899310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 | 300 | 279135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/45 | 630 | 612314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 11/15/55 | 510 | 490322 |
|  Rakuten Group, Inc. (Japan), | Rakuten Group, Inc. (Japan), | Rakuten Group, Inc. (Japan), | Rakuten Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.250% | 02/15/27 | 680 | 725132 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/35 | 1605 | 1593100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 09/15/54 | 90 | 85555 |
|  |  |  | 10864749 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  Gaci First Investment Co. (Saudi Arabia), | Gaci First Investment Co. (Saudi Arabia), | Gaci First Investment Co. (Saudi Arabia), | Gaci First Investment Co. (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/14/30 | &nbsp;&nbsp;&nbsp;&nbsp;2560 | $2586368 |
|  MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 03/10/27 | 1200 | 1369717 |
|  TVF Varlik Kiralama A/S (Turkey), | TVF Varlik Kiralama A/S (Turkey), | TVF Varlik Kiralama A/S (Turkey), | TVF Varlik Kiralama A/S (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 01/23/30 | 930 | 964875 |
|  |  |  | 4920960 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 | 745 | 771157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33 | 1320 | 1372304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 09/15/31 | 2100 | 2213505 |
|  Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/33 | 635 | 649434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/15/35 | 635 | 651048 |
|  Vale Overseas Ltd. (Brazil), | Vale Overseas Ltd. (Brazil), | Vale Overseas Ltd. (Brazil), | Vale Overseas Ltd. (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 02/25/56 | 317 | 316302 |
|  |  |  | 5973750 |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/01/30 | 75 | 76022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/01/32 | 1450 | 1484756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 02/15/29 | 1215 | 1289917 |
|  NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 03/15/28 | 1555 | 1594326 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/28 | 520 | 529191 |
|  |  |  | 4974212 |
|  **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
|  Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/18/26 | 1875 | 1865293 |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/37 | 1145 | 1172114 |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/15/28 | 2009 | 2003536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/32(a) | 1800 | 1853874 |
|  Studio City Finance Ltd. (Macau), | Studio City Finance Ltd. (Macau), | Studio City Finance Ltd. (Macau), | Studio City Finance Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/29 | 300 | 288816 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A31

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Lodging (cont'd.)** | **Lodging (cont'd.)** | **Lodging (cont'd.)** | **Lodging (cont'd.)** |
|  Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 12/15/29 | 250 | 247745 |
|  |  |  | 7431378 |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/01/30 | 300 | 313023 |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 09/01/28 | 850 | 904310 |
|  Regal Rexnord Corp., | Regal Rexnord Corp., | Regal Rexnord Corp., | Regal Rexnord Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 02/15/26 | 390 | 390656 |
|  Stevens Holding Co., Inc., | Stevens Holding Co., Inc., | Stevens Holding Co., Inc., | Stevens Holding Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 10/01/26 | 180 | 179818 |
|  |  |  | 1787807 |
|  **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/01/29 | 245 | 242258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/32(a) | 265 | 237871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/01/31 | 105 | 96491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/34(a) | 655 | 557647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/30 | 50 | 47105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;1548 | 1480870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/28 | 90 | 89261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/27 | 315 | 314642 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 620 | 580148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 02/01/32 | 400 | 344228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 04/01/31 | 1227 | 1104170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 210 | 149288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 06/01/52 | 723 | 466808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 03/01/50 | 133 | 100003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/53(a) | 380 | 300583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% | 02/01/34 | 460 | 485025 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 11/01/56 | 360 | 202449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 07/15/36 | 300 | 255680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 11/01/39 | 540 | 421937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/15/64 | 330 | 294819 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 09/01/34 | 105 | 103267 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/31 | 1600 | 968686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/01/30 | 425 | 261335 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/28 | 725 | 526659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 1625 | 1391264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/01/29 | 235 | 155262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/01/30 | 1550 | 553446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/30 | 1000 | 367000 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/29(x) | 85 | 75533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/28(x) | 210 | 202651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/26(x) | 7439 | 7346491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 12/01/28(a)(x) | 1335 | 1306229 |
|  DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/27(x) | 2150 | 2237309 |
|  Globo Comunicacao e Participacoes SA (Brazil), | Globo Comunicacao e Participacoes SA (Brazil), | Globo Comunicacao e Participacoes SA (Brazil), | Globo Comunicacao e Participacoes SA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/22/30 | 2150 | 2101625 |
|  Gray Media, Inc., | Gray Media, Inc., | Gray Media, Inc., | Gray Media, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/31 | 3262 | 2446630 |
|  Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 11/15/40 | 90 | 83330 |
|  Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;3075 | 3183914 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/30 | 2000 | 2416200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/30 | 1100 | 1358684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 05/15/29 | 675 | 878021 |
|  VZ Secured Financing BV (Netherlands), | VZ Secured Financing BV (Netherlands), | VZ Secured Financing BV (Netherlands), | VZ Secured Financing BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/32 | 2075 | 1875281 |
|  |  |  | 37610100 |
|  **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
|  Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/05/34 | 525 | 551413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 09/21/32 | 900 | 1115598 |
|  Aris Mining Corp. (Colombia), | Aris Mining Corp. (Colombia), | Aris Mining Corp. (Colombia), | Aris Mining Corp. (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 10/31/29 | 250 | 260857 |
|  Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 10/01/30 | 444 | 471668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 10/01/31 | 2985 | 3290664 |
|  Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.763% | 04/14/27 | 1000 | 1002500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A32

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** |
|  Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 03/01/29 | EUR | 400 | 439270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.154% | 04/29/31 | EUR | 420 | 508764 |
|  Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371% | 04/04/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | 1731510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634% | 04/04/34 |  | 640 | 668328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/06/30 |  | 150 | 161264 |
|  Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 02/15/28 |  | 797 | 802057 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/01/32 |  | 915 | 969241 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/30/30 |  | 1080 | 1043852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/30/30 |  | 1550 | 1608666 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14625652 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Alstom SA (France), | Alstom SA (France), | Alstom SA (France), | Alstom SA (France), | Alstom SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.868%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/29/29(oo) | EUR | 200 | 248314 |
|  Avient Corp., | Avient Corp., | Avient Corp., | Avient Corp., | Avient Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 11/01/31 |  | 535 | 550080 |
|  Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/17/28 | EUR | 900 | 1074117 |
|  Maxam Prill Sarl (Luxembourg), | Maxam Prill Sarl (Luxembourg), | Maxam Prill Sarl (Luxembourg), | Maxam Prill Sarl (Luxembourg), | Maxam Prill Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/15/30 | EUR | 275 | 329356 |
|  Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/30 | EUR | 2400 | 2803162 |
|  |  |  |  | 5005029 |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 10/08/29 |  | 250 | 255910 |
|  African Export-Import Bank (The) (Supranational Bank), | African Export-Import Bank (The) (Supranational Bank), | African Export-Import Bank (The) (Supranational Bank), | African Export-Import Bank (The) (Supranational Bank), | African Export-Import Bank (The) (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.994% | 09/21/29 |  | 250 | 236172 |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/13/30 | EUR | 1300 | 1565735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/16/29 | GBP | 600 | 816591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 |  | 670 | 690308 |
|  European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 01/30/37 | CAD | 300 | 220659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.422%(s) | 05/28/37 | CAD | 400 | 180595 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Multi-National (cont'd.)** | **Multi-National (cont'd.)** | **Multi-National (cont'd.)** | **Multi-National (cont'd.)** |
|  Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 07/15/27 | 600 | 623216 |
|  International Bank for Reconstruction & Development (Supranational Bank), | International Bank for Reconstruction & Development (Supranational Bank), | International Bank for Reconstruction & Development (Supranational Bank), | International Bank for Reconstruction & Development (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.621%(s) | 03/31/27 | 1500 | 1431445 |
|  |  |  | 6020631 |
|  **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
|  Zebra Technologies Corp., | Zebra Technologies Corp., | Zebra Technologies Corp., | Zebra Technologies Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/01/32 | 765 | 791686 |
|  **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 810 | 742810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/13/28 | 665 | 684559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/13/33 | 385 | 401736 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 11/01/27 | 35 | 44479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 10/15/32 | 565 | 584460 |
|  BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/22/29(oo) | 1360 | 1596826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/18/35(oo) | 880 | 904200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/01/33(oo) | 795 | 842700 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/37 | 222 | 215726 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 07/01/28 | 235 | 242359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 | 1355 | 1418927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/31(a) | 100 | 103804 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% | 03/15/62 | 150 | 109121 |
|  Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 02/15/55 | 453 | 435502 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 04/01/32 | 2210 | 2145026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 02/15/28 | 1534 | 1582101 |
|  Diamond Foreign Asset Co./Diamond Finance LLC, | Diamond Foreign Asset Co./Diamond Finance LLC, | Diamond Foreign Asset Co./Diamond Finance LLC, | Diamond Foreign Asset Co./Diamond Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 10/01/30 | 1145 | 1212566 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/30/30 | 265 | 272650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/18/27 | 455 | 461744 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A33

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 01/19/29 | 250 | $268163 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/29 | 1900 | 1902747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/15/30 | 1276 | 1295401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29 | 1851 | 1853505 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/29 | 1400 | 1381565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/30 | 1558 | 1511705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/31 | 1275 | 1209891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/32 | 1436 | 1350911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 11/01/33 | 895 | 912729 |
|  KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/14/33 | 2050 | 1849490 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | 07/15/30 | 1770 | 2042433 |
|  Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/15/28 | 460 | 473492 |
|  Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 04/15/27 | 1300 | 1316406 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 10/01/29 | 600 | 798660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/16/34 | 1200 | 1604397 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/26/29 | 200 | 236509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 01/28/31 | 2275 | 2201973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 | 6096 | 6078504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.690% | 01/23/50 | 1715 | 1537223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | 02/07/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3560388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/21/27 | 466 | 540627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 06/02/29 | 3740 | 4009691 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649% | 04/29/31 | 1220 | 1139643 |
|  Sunoco LP, | Sunoco LP, | Sunoco LP, | Sunoco LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 05/01/29 | 805 | 839354 |
|  Tecpetrol SA (Argentina), | Tecpetrol SA (Argentina), | Tecpetrol SA (Argentina), | Tecpetrol SA (Argentina), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 11/03/30 | 350 | 347552 |
|  Tengizchevroil Finance Co. International Ltd. (Kazakhstan), | Tengizchevroil Finance Co. International Ltd. (Kazakhstan), | Tengizchevroil Finance Co. International Ltd. (Kazakhstan), | Tengizchevroil Finance Co. International Ltd. (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 08/15/30 | 300 | 277689 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/27(oo) | 1360 | 1547231 |
|  Transocean International Ltd., | Transocean International Ltd., | Transocean International Ltd., | Transocean International Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 05/15/29 | 1655 | 1661703 |
|  Valaris Ltd., | Valaris Ltd., | Valaris Ltd., | Valaris Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 04/30/30 | 930 | 965368 |
|  Vital Energy, Inc., | Vital Energy, Inc., | Vital Energy, Inc., | Vital Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% | 10/15/30 | 1200 | 1255667 |
|  |  |  | 60118880 |
|  **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/30(a) | 1200 | 1108100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5625 | 5788244 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 04/15/30 | 3700 | 3762297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/32 | 1550 | 1595689 |
|  Graphic Packaging International LLC, | Graphic Packaging International LLC, | Graphic Packaging International LLC, | Graphic Packaging International LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/30(a) | 870 | 820335 |
|  Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, | Sealed Air Corp./Sealed Air Corp. US, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 02/01/28 | 415 | 421895 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13496560 |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
|  1261229 BC Ltd., | 1261229 BC Ltd., | 1261229 BC Ltd., | 1261229 BC Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | 04/15/32 | 245 | 255256 |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/21/49 | 150 | 123707 |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 08/01/28 | 550 | 553884 |
|  Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/30/28 | 578 | 505629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/15/29 | 844 | 642799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/30/30 | 2669 | 1872357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/15/31 | 657 | 421301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/15/29 | 3574 | 2859200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/15/28 | 107 | 96835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/01/28 | 169 | 150832 |
|  Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828% | 06/07/32 | 200 | 239441 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A34

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| CORPORATE BONDS (continued) | CORPORATE BONDS (continued) | CORPORATE BONDS (continued) |  |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |  |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 11/13/50 | 150 | 88855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/22/54 | 515 | 506243 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/15/34 | 100 | 102538 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/20/45 | 140 | 126555 |
|  Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 02/26/29 | 2000 | 2360288 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/30/31(a) | 425 | 352197 |
|  Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/17/35 | 320 | 323596 |
|  |  |  | 11581513 |
|  **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/29 | 1700 | 1700858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 02/01/32 | 475 | 492600 |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/31/32 | 680 | 627564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/29 | 390 | 391156 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | 08/15/30 | 480 | 508114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.962% | 02/15/55 | 175 | 172460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 685 | 733270 |
|  DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/15/37 | 1035 | 1128046 |
|  Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/08/33 | 1070 | 1127047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 07/15/77 | 290 | 287793 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 02/01/31 | 875 | 909707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 02/15/56 | 2322 | 2315407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/30(oo) | 1684 | 1725018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/26(oo) | 2610 | 2623133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 10/01/47 | 790 | 710034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/15/34 | 300 | 308495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 09/01/34 | 270 | 277920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 12/01/30 | 815 | 880586 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| CORPORATE BONDS (continued) | CORPORATE BONDS (continued) | CORPORATE BONDS (continued) |  |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 01/15/36 | 480 | $488534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 02/15/78 | 320 | 317980 |
|  Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/25/31 | 1900 | 2208349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 06/29/30 | 800 | 957808 |
|  Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.103% | 08/23/42 | 200 | 208750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853% | 02/23/36 | 925 | 965635 |
|  MPLX LP, | MPLX LP, | MPLX LP, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 03/01/27 | 326 | 326162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/47 | 675 | 603433 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/24/27 | 780 | 782530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 11/01/28 | 435 | 451963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 500 | 532132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 01/15/31 | 80 | 85878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 01/15/28 | 180 | 183680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/30 | 710 | 761326 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;1095 | 1155511 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/28 | 1412 | 1413020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/31/30 | 1920 | 1935135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 02/15/29 | 1770 | 1829178 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/15/35 | 65 | 66610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/35 | 1265 | 1295872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 03/01/29 | 510 | 536914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/30/34 | 265 | 289475 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/28 | 240 | 240105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/30 | 1875 | 1904633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/15/29 | 317 | 320796 |
|  Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/15/79 | 670 | 664372 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 40 | 37572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 975 | 887113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/15/30 | 1730 | 1749717 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/30/29(oo) | 7890 | 6234485 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A35

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| CORPORATE BONDS (continued) | CORPORATE BONDS (continued) | CORPORATE BONDS (continued) | CORPORATE BONDS (continued) |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 02/01/29 | 2265 | 2350470 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 02/01/30 | 825 | 808259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/01/28 | 245 | 245894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/50 | 297 | 254692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 01/15/29 | 235 | 247392 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/15/27 | 589 | 586619 |
|  |  |  | 50847202 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 01/20/29 | 955 | 1050268 |
|  Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 05/04/28 | 400 | 449080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/20/30 | 200 | 216892 |
|  Corp. Inmobiliaria Vesta SAB de CV (Mexico), | Corp. Inmobiliaria Vesta SAB de CV (Mexico), | Corp. Inmobiliaria Vesta SAB de CV (Mexico), | Corp. Inmobiliaria Vesta SAB de CV (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/30/33 | 300 | 302885 |
|  Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 03/03/27 | 463 | 535417 |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 02/01/29 | 540 | 524263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/01/28 | 3565 | 3580372 |
|  Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 07/15/27 | 2035 | 2353985 |
|  Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/15/31 | 400 | 358776 |
|  P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 01/26/29 | 500 | 562128 |
|  Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160% | 01/25/28 | 2000 | 290269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 08/14/27 | 7000 | 1013589 |
|  Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 09/14/34 | 300 | 279757 |
|  |  |  | 11517681 |
|  **Real Estate Investment Trusts (REITs) — 0.2%** | **Real Estate Investment Trusts (REITs) — 0.2%** | **Real Estate Investment Trusts (REITs) — 0.2%** | **Real Estate Investment Trusts (REITs) — 0.2%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 05/15/36 | 190 | 187854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/35(a) | 1380 | 1403045 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/27 | 2108 | 2103215 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| CORPORATE BONDS (continued) | CORPORATE BONDS (continued) | CORPORATE BONDS (continued) | CORPORATE BONDS (continued) |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 07/01/30 | 394 | $388544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/15/29 | 1075 | 1070391 |
|  CFE Fibra E (Mexico), | CFE Fibra E (Mexico), | CFE Fibra E (Mexico), | CFE Fibra E (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 09/23/40 | 298 | 296096 |
|  Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 01/15/32 | 1600 | 1607697 |
|  Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/01/31 | 500 | 437324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/28 | 554 | 534648 |
|  Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/01/35 | 1135 | 1168407 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 | 790 | 755654 |
|  Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 06/03/27 | 800 | 927860 |
|  Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 01/15/31 | 245 | 227079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/15/35 | 2100 | 2144833 |
|  Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/15/31 | 270 | 236016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/01/35 | 670 | 661752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 08/15/30 | 321 | 333796 |
|  Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/26/31 | 2600 | 3001498 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/31 | 675 | 490853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 08/01/29 | 280 | 234859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/27 | 2262 | 2183757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 02/15/32 | 100 | 106856 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/01/30 | 1800 | 1845113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/01/28 | 3400 | 3401367 |
|  Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, | Prologis Euro Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/23/33 | 340 | 424886 |
|  Prologis LP, | Prologis LP, | Prologis LP, | Prologis LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/15/33 | 1400 | 1026366 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 06/20/31 | 4900 | 5710339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 07/06/30 | 3030 | 3786401 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A36

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/29 | GBP | 800 | $1093285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 12/05/31 | GBP | 585 | 819747 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/32 |  | 1570 | 1628828 |
|  SBA Communications Corp., | SBA Communications Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 02/01/29 |  | 2725 | 2604307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/27 |  | 1245 | 1233574 |
|  SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/10/27 | EUR | 600 | 714907 |
|  Starwood Property Trust, Inc., | Starwood Property Trust, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 07/15/26 |  | 975 | 966919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/15/30 |  | 1125 | 1172946 |
|  Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/04/30(oo) | EUR | 800 | 961812 |
|  VICI Properties LP, | VICI Properties LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/15/30 |  | 700 | 708373 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/30 |  | 10 | 9711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/01/26 |  | 30 | 30007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/26 |  | 130 | 130065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/15/28 |  | 435 | 435808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/27 |  | 5 | 5056 |
|  WP Carey, Inc., | WP Carey, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 07/23/32 | EUR | 900 | 1085490 |
|  |  |  |  | 50297341 |
|  **Retail — 0.1%** | **Retail — 0.1%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/15/28 |  | 429 | 422290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 06/15/29 |  | 785 | 806964 |
|  Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/31/32 | EUR | 450 | 545365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 08/31/32 | GBP | 550 | 765860 |
|  Carvana Co., | Carvana Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/30 |  | 2372 | 2486492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/31 |  | 8098 | 9138871 |
|  EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | 11/30/28 | EUR | 3500 | 4442750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 11/30/28 |  | 3555 | 3854651 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 01/15/29 |  | 50 | 48577 |
|  Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/01/29 |  | 425 | 402521 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/01/31 |  | 1161 | $1074002 |
|  Lithia Motors, Inc., | Lithia Motors, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/01/29 |  | 1800 | 1740139 |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/32 |  | 670 | 699997 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/31 |  | 1068 | 1025559 |
|  |  |  |  | 27454038 |
|  **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |  |  |  |
|  Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/20/27(oo) | GBP | 600 | 806748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/20/30(oo) | GBP | 600 | 842016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 09/05/29 | EUR | 330 | 391196 |
|  |  |  |  | 2039960 |
|  **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |  |  |  |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 02/15/28 |  | 294 | 282251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/33(h) |  | 1060 | 933993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469% | 04/15/34 |  | 418 | 381897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 02/15/30 |  | 540 | 543580 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 01/25/37 |  | 1040 | 1093529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/25/35 |  | 1005 | 1066512 |
|  Marvell Technology, Inc., | Marvell Technology, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/31(a) |  | 890 | 824391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/35 |  | 1071 | 1103217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/15/33 |  | 120 | 128287 |
|  Micron Technology, Inc., | Micron Technology, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 11/01/35 |  | 63 | 67253 |
|  |  |  |  | 6424910 |
|  **Software — 0.0%** | **Software — 0.0%** |  |  |  |
|  CoreWeave, Inc., | CoreWeave, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/31(a) |  | 1850 | 1690362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 06/01/30 |  | 1675 | 1557941 |
|  Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 02/15/31 |  | 380 | 376818 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/27/54 |  | 103 | 83430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/03/55 |  | 448 | 395914 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A37

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
|  Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/15/30 | 395 | 396660 |
|  Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/14/32 | 450 | 436370 |
|  |  |  | 4937495 |
|  **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
|  Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/29 | 2970 | 2067862 |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 03/25/26 | 720 | 716276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 147 | 115489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/30/31 | 850 | 1030245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 11/01/35 | 780 | 770441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/01/45 | 270 | 260074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 11/01/54 | 625 | 599678 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/01/32(x) | 402 | 417328 |
|  EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/29(x) | 11250 | 12425678 |
|  Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 05/17/33 | 400 | 395262 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/30 | 1460 | 1485636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/28 | 1675 | 1679543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 | 2266 | 2269162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 03/15/31 | 975 | 1027072 |
|  Iliad Holding SAS (France), | Iliad Holding SAS (France), | Iliad Holding SAS (France), | Iliad Holding SAS (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/15/28 | 200 | 202532 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/15/29 | 1000 | 981570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 | 2220 | 2271947 |
|  Millicom International Cellular SA (Guatemala), | Millicom International Cellular SA (Guatemala), | Millicom International Cellular SA (Guatemala), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/25/29 | 270 | 270945 |
|  NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.876% | 07/16/30 | 870 | 885720 |
|  Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/15/29 | 1366 | 1391173 |
|  Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 12/01/31 | 100 | 116412 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/15/28 |  | 3320 | 3563381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 03/15/32 |  | 1218 | 1473687 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/15/41 |  | 55 | 40972 |
|  Turkcell Iletisim Hizmetleri A/S (Turkey), | Turkcell Iletisim Hizmetleri A/S (Turkey), | Turkcell Iletisim Hizmetleri A/S (Turkey), | Turkcell Iletisim Hizmetleri A/S (Turkey), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 04/11/28 |  | 250 | 252265 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/31/29 | GBP | 1300 | 1658147 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 10/01/31 |  | 450 | 472310 |
|  |  |  |  | 38840807 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/05/30 | EUR | 1450 | 1841883 |
|  Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/18/29(oo) | EUR | 500 | 547411 |
|  Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.398% | 10/07/33 | CHF | 700 | 872368 |
|  Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/14/27 | EUR | 700 | 834190 |
|  La Poste SA (France), | La Poste SA (France), | La Poste SA (France), | La Poste SA (France), | La Poste SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 07/18/29 | EUR | 500 | 530485 |
|  Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/05/34 |  | 1266 | 1309922 |
|  Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350% | 06/20/29 | EUR | 100 | 107945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% | 12/19/36 | EUR | 205 | 200509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 05/25/32 | EUR | 2000 | 2153966 |
|  SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 05/29/37 | EUR | 300 | 273355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 06/01/35 | CAD | 800 | 596904 |
|  Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/02/29 | EUR | 1400 | 1584083 |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 02/15/30 |  | 3575 | 3329900 |
|  XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 06/01/31 |  | 175 | 182514 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A38

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/01/32 | 495 | 520879 |
|  |  |  | 14886314 |
|  **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 07/01/29 | 780 | 801602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/24/26 | 490 | 492329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 08/01/28 | 350 | 364455 |
|  |  |  | 1658386 |
|  **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
|  Aegea Finance Sarl (Brazil), | Aegea Finance Sarl (Brazil), | Aegea Finance Sarl (Brazil), | Aegea Finance Sarl (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 01/20/31 | 800 | 842472 |
|  **TOTAL CORPORATE BONDS**<br> (cost $1,018,039,731) | **TOTAL CORPORATE BONDS**<br> (cost $1,018,039,731) |  | 1039389633 |
|  **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.466%(c) | 01/28/32 | 1546 | 1551923 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.739%(c) | 11/17/28 | 963 | 942935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.989%(c) | 11/17/28 | 4175 | 4098222 |
|  |  |  | 6593080 |
|  **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
|  Hudson River Trading LLC, | Hudson River Trading LLC, | Hudson River Trading LLC, | Hudson River Trading LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.486%(c) | 03/18/30 | 1745 | 1751854 |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%(c) | 11/03/32 | 1625 | 1920108 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | 01/02/28 | 199 | 68966 |
|  **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** |
|  Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.769%(c) | 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7079123 |
|  The Boots Group (United Kingdom), | The Boots Group (United Kingdom), | The Boots Group (United Kingdom), | The Boots Group (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.476%(c) | 08/31/32 | 1450 | 1969186 |
|  |  |  | 9048309 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.829%(c) | 07/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8050 | $9505297 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $27,359,637) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $27,359,637) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $27,359,637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28887614 |
|  **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** |
|  **California — 0.0%** | **California — 0.0%** | **California — 0.0%** | **California — 0.0%** |
|  City of Los Angeles Department of Airports, | City of Los Angeles Department of Airports, | City of Los Angeles Department of Airports, | City of Los Angeles Department of Airports, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.582% | 05/15/39 | 225 | 242541 |
|  **Oklahoma — 0.0%** | **Oklahoma — 0.0%** | **Oklahoma — 0.0%** | **Oklahoma — 0.0%** |
|  Oklahoma Development Finance Authority, | Oklahoma Development Finance Authority, | Oklahoma Development Finance Authority, | Oklahoma Development Finance Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.135% | 12/01/33 | 3693 | 3671214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 2022-PSO, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.623% | 06/01/44 | 3285 | 3167330 |
|  |  |  | 6838544 |
|  **TOTAL MUNICIPAL BONDS**<br> (cost $6,926,315) | **TOTAL MUNICIPAL BONDS**<br> (cost $6,926,315) | **TOTAL MUNICIPAL BONDS**<br> (cost $6,926,315) | 7081085 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** |
|  Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.115%(cc) | 01/25/66 | 443 | 391459 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(cc) | 12/25/64 | 154 | 136290 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | 07/01/51 | 1024 | 848269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | 06/25/64 | 388 | 386234 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | 08/25/50 | 667 | 590346 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.124%(c) | 03/25/42 | 130 | 137850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.124%(c) | 03/25/42 | 100 | 104851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.824%(c) | 09/25/45 | 481 | 481326 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A, 1 Month SOFR + 0.814% (Cap 7.000%, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A, 1 Month SOFR + 0.814% (Cap 7.000%, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A, 1 Month SOFR + 0.814% (Cap 7.000%, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A, 1 Month SOFR + 0.814% (Cap 7.000%, Floor 0.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/27/37 | 65 | 63244 |
|  Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.324%(c) | 04/25/34 | 47 | 46611 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A39

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/25/32 | —(r) | 32 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.974%(c) | 09/25/41 | 430 | 433434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.224%(c) | 12/25/41 | 200 | 201708 |
|  Flagstar Mortgage Trust, | Flagstar Mortgage Trust, | Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.438%(cc) | 05/25/48 | 2380 | 2250582 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/15/43 | 53 | 7786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/25/49 | 69 | 13992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/25/50 | 324 | 51451 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.906%(cc) | 10/25/50 | 560 | 488131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | 11/25/51 | 778 | 643783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | 02/25/52 | 803 | 667183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%(cc) | 07/25/65 | 295 | 288015 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 05/25/50 | 206 | 186496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.676%(c) | 08/25/50 | 106 | 100758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 08/25/50 | 176 | 158959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(cc) | 10/25/50 | 247 | 215907 |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%(cc) | 11/25/70 | 1939 | 1943226 |
|  Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.774%(c) | 04/25/34 | 96 | 96929 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.779%(cc) | 08/25/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 06/25/48 | 164 | 153130 |
|  Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.027%(cc) | 11/25/55 | 198 | 189789 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | 03/25/58 | 44 | 43401 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.846%(c) | 10/25/59 | 14 | $13536 |
|  UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | 09/25/51 | 804 | 665711 |
|  Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.155%(cc) | 01/25/66 | 196 | 178098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.218%(cc) | 09/25/66 | 403 | 352160 |
|  Vista Point Securitization Trust, | Vista Point Securitization Trust, | Vista Point Securitization Trust, | Vista Point Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.475%(cc) | 04/25/65 | 309 | 299843 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $14,614,123) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $14,614,123) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $14,614,123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13359962 |
|  **SOVEREIGN BONDS — 1.8%** | **SOVEREIGN BONDS — 1.8%** | **SOVEREIGN BONDS — 1.8%** | **SOVEREIGN BONDS — 1.8%** |
|  Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 03/20/34 | 1500 | 1708374 |
|  Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.034% | 01/16/42 | 1000 | 1031649 |
|  Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 05/06/31 | 1500 | 1578504 |
|  Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/21/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310 | 3912210 |
|  Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220% | 04/26/35 | 230 | 275819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.690% | 10/28/34 | 200 | 247863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 11/30/41 | 500 | 690606 |
|  Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | 06/10/27 | 1600 | 1966946 |
|  Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 05/18/34 | 1025 | 983037 |
|  Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 07/22/31 | 100 | 102881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/25/32 | 500 | 589021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 05/25/34 | 900 | 1044093 |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | 02/15/28 | 4530 | 4530362 |
|  Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/27/33 | 430 | 541341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/27/33 | 720 | 906432 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A40

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 09/23/29 | EUR | 900 | $1108093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12.5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12.5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12.5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12.5 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 05/13/36 | EUR | 275 | 353074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 13Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 13Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 13Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 13Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 13Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/05/37 |  | 630 | 625590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 09/23/50 | EUR | 50 | 32876 |
|  Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 04/18/30 | EUR | 9065 | 10653871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 10/10/30 | EUR | 4920 | 5715674 |
|  Bundesrepublik Deutschland Bundesanleihe (Germany), | Bundesrepublik Deutschland Bundesanleihe (Germany), | Bundesrepublik Deutschland Bundesanleihe (Germany), | Bundesrepublik Deutschland Bundesanleihe (Germany), | Bundesrepublik Deutschland Bundesanleihe (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 08/15/35 | EUR | 8210 | 9447739 |
|  Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 03/09/29 | CAD | 600 | 445871 |
|  Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 01/27/32 |  | 4200 | 3763200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/14/32 | EUR | 573 | 683490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/09/31 | EUR | 200 | 240446 |
|  China Government Bond (China), | China Government Bond (China), | China Government Bond (China), | China Government Bond (China), | China Government Bond (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 07/04/36 | CNH | 500 | 84505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/29/43 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/30/35 | CNH | 5000 | 847941 |
|  China Government International Bond (China), | China Government International Bond (China), | China Government International Bond (China), | China Government International Bond (China), | China Government International Bond (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 11/25/30 | EUR | 1460 | 1530120 |
|  City of Milan (Italy), | City of Milan (Italy), | City of Milan (Italy), | City of Milan (Italy), | City of Milan (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.019% | 06/29/35 | EUR | 1415 | 1686835 |
|  City of Montreal (Canada), | City of Montreal (Canada), | City of Montreal (Canada), | City of Montreal (Canada), | City of Montreal (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 09/01/28 | CAD | 500 | 365925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/01/38 | CAD | 700 | 465102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 12/01/43 | CAD | 700 | 488522 |
|  City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 07/30/53 | CAD | 800 | 530058 |
|  City of Toronto (Canada), | City of Toronto (Canada), | City of Toronto (Canada), | City of Toronto (Canada), | City of Toronto (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 09/24/39 | CAD | 300 | 178601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/28/35 | CAD | 900 | 607590 |
|  City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 10/18/52 | CAD | 1500 | 909288 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 09/19/28 | EUR | 1920 | 2236077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/19/32 | EUR | 510 | 575378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/45 |  | 2105 | 1542965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/19/36 | EUR | 740 | 816382 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 06/19/29 | 100 | $112121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 03/04/33 | 200 | 205674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410727 |
|  Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 01/21/40 | 2900 | 2530482 |
|  Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 04/14/34 | 211440 | 10586862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/11/32 | 19140 | 940420 |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050% | 02/03/31 | 200 | 214788 |
|  Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/17/30 | 3070 | 3122190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/17/30 | 2320 | 2359440 |
|  Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/30/35 | 437 | 382706 |
|  Egypt Government International Bond (Egypt), | Egypt Government International Bond (Egypt), | Egypt Government International Bond (Egypt), | Egypt Government International Bond (Egypt), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.300% | 09/30/33 | 540 | 554677 |
|  El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.650% | 06/15/35 | 295 | 305838 |
|  Emirate of Dubai Government International Bonds (United Arab Emirates), | Emirate of Dubai Government International Bonds (United Arab Emirates), | Emirate of Dubai Government International Bonds (United Arab Emirates), | Emirate of Dubai Government International Bonds (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 09/09/50 | 295 | 222918 |
|  Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/12/32 | 255 | 313236 |
|  European Union (Supranational Bank), | European Union (Supranational Bank), | European Union (Supranational Bank), | European Union (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 07/04/34 | 2700 | 3219976 |
|  Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/15/30 | 540 | 517320 |
|  French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 02/25/31 | 450 | 524932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/25/30 | 337 | 397038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/25/49 | 666 | 634665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/25/55 | 494 | 467111 |
|  Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.097% | 08/01/38 | 3000 | 3050550 |
|  Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/36 | 733 | 766909 |
|  Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/04/35 | 9400 | 9723427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 06/15/34 | 126 | 148619 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A41

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/54 | EUR | 753 | $860398 |
|  Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/17/34 | EUR | 125 | 160300 |
|  Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 06/07/33 | CNH | 4000 | 615772 |
|  Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/24/35 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6352301 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/26/36 |  | 200 | 199836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 05/22/28 |  | 200 | 207560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/16/29 |  | 200 | 203775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/25/52 |  | 200 | 212000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/16/34 | EUR | 3315 | 3931084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/28/32 | EUR | 2290 | 2348617 |
|  Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 04/15/28 | EUR | 1000 | 1107523 |
|  Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% | 03/12/33 | EUR | 1100 | 1071788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% | 10/30/31 | EUR | 300 | 313983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 10/31/35 | CNH | 5000 | 713703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/15/37 | EUR | 3000 | 3534414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/14/28 | EUR | 4080 | 4900302 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 01/18/32 | EUR | 100 | 99385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 01/18/27 | EUR | 100 | 115912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 10/21/34 | GBP | 200 | 297430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/19/30 |  | 2423 | 2505382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/12/34 |  | 600 | 622194 |
|  Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/29 | EUR | 958 | 1141227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 07/01/29 | EUR | 465 | 560637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/15/31 | EUR | 3890 | 4714951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 11/01/33 | EUR | 560 | 708141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.600% | 08/01/31 | EUR | 5680 | 5892167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 08/01/35 | EUR | 22306 | 26613041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 02/01/35 | EUR | 30 | 36480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 10/01/40 | EUR | 1600 | 1868597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 10/01/39 | EUR | 178 | 216261 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950% | 03/01/37 | EUR | 910 | $809837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/01/38 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11444406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 03/01/35 | EUR | 65 | 76293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 10/01/54 | EUR | 20247 | 23594676 |
|  Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/30/32 | EUR | 875 | 997533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 03/22/48 | EUR | 2545 | 2702160 |
|  Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 03/20/52 | JPY | 219300 | 823369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 09/20/54 | JPY | 49900 | 244008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 12/20/54 | JPY | 532800 | 2727813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 03/20/55 | JPY | 1205000 | 6310687 |
|  Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/20/43 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248450 | 6516119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 09/20/45 | JPY | 100000 | 615129 |
|  Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/30/34 | EUR | 185 | 181947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 11/09/28 | EUR | 1670 | 1942958 |
|  Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.124% | 03/18/29 | EUR | 2330 | 2770417 |
|  Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 03/17/31 | EUR | 600 | 601136 |
|  Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 06/01/32 | EUR | 700 | 769728 |
|  Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/16/29 | EUR | 1200 | 1509634 |
|  Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/26/33 | MXN | 112500 | 5813062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 05/29/31 | MXN | 145760 | 7795924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/23/34 | MXN | 110500 | 5691847 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 01/17/30 | EUR | 2600 | 2769829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 08/12/36 | EUR | 735 | 690953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/19/29 | EUR | 2150 | 2515310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/19/34 | EUR | 1230 | 1443689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/19/38 | EUR | 770 | 900660 |
|  Morocco Government International Bond (Morocco), | Morocco Government International Bond (Morocco), | Morocco Government International Bond (Morocco), | Morocco Government International Bond (Morocco), | Morocco Government International Bond (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 12/15/27 |  | 9700 | 9312000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A42

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/20/35 | AUD | 3510 | $2263826 |
|  Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 10/28/27 |  | 900 | 935667 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160% | 01/23/30 |  | 200 | 187200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870% | 07/23/60 |  | 1025 | 677013 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 03/11/33 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;2655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632632 |
|  Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% | 02/03/29 | EUR | 1520 | 1663049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 04/28/33 | EUR | 1170 | 1162989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/04/32 | EUR | 900 | 1071229 |
|  Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.470%(cc) | 10/20/40 |  | 1000 | 895020 |
|  Province of Alberta (Canada), | Province of Alberta (Canada), | Province of Alberta (Canada), | Province of Alberta (Canada), | Province of Alberta (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 06/01/50 | CAD | 500 | 283404 |
|  Province of British Columbia (Canada), | Province of British Columbia (Canada), | Province of British Columbia (Canada), | Province of British Columbia (Canada), | Province of British Columbia (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 06/18/52 | CAD | 1000 | 519870 |
|  Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/05/50 | CAD | 1500 | 859022 |
|  Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 06/01/45 | CAD | 1000 | 618301 |
|  Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 06/02/33 | CAD | 7906 | 5808667 |
|  Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/01/33 | CAD | 9550 | 6951907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/01/45 | CAD | 102 | 63399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/01/48 | CAD | 1500 | 910568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.694%(s) | 10/01/39 | CAD | 535 | 208964 |
|  Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 06/02/48 | CAD | 1000 | 594633 |
|  Queensland Treasury Corp. (Australia), | Queensland Treasury Corp. (Australia), | Queensland Treasury Corp. (Australia), | Queensland Treasury Corp. (Australia), | Queensland Treasury Corp. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 33 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 33 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 33 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 33 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/14/33 | AUD | 1000 | 727525 |
|  Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.088% | 03/31/43 | EUR | 1307 | 1438487 |
|  Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/31/34 | EUR | 1618 | 2111860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/04/28 | GBP | 1436 | 2002572 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 10/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | $384777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/17/49 | 690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/06/51 | 998 | 731360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/33 | 567 | 601162 |
|  Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/14/33 | 1210 | 1472231 |
|  Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 01/31/30 | 51505 | 3179316 |
|  Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 12/11/55(a) | 902 | 892980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/30/49 | 1350 | 1139063 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.624% | 05/26/30 | 35 | 40502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/18/28 | 1450 | 1799466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/29/35 | 45 | 46092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 07/13/30 | 2000 | 2118944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/29/35 | 45 | 46092 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/09/39 | 1175 | 1087772 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 12/01/30 | 4800 | 4184400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/15/27 | 1875 | 2192482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/26/33 | 2270 | 2434575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 05/26/28 | 880 | 911277 |
|  SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 01/22/31 | 2300 | 2680785 |
|  Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/23/35 | 400 | 477396 |
|  Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS76 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS76 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS76 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS76 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 08/07/45 | 53 | 56699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/11/33 | 300 | 369040 |
|  Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/19/33 | 1400 | 1450120 |
|  Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 10/31/50 | 6300 | 3953955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 10/31/40 | 440 | 371899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 10/31/52 | 600 | 460254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 10/31/35 | 3675 | 4289658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 10/31/34 | 1058 | 1268654 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A43

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 07/30/43 | EUR | 368 | 411937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/31/54 | EUR | 9430 | 10867793 |
|  Spain Government International Bond (Spain), | Spain Government International Bond (Spain), | Spain Government International Bond (Spain), | Spain Government International Bond (Spain), | Spain Government International Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/06/29 | GBP | 100 | 138068 |
|  Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 11/06/35 |  | 436 | 470989 |
|  Transport for London (United Kingdom), | Transport for London (United Kingdom), | Transport for London (United Kingdom), | Transport for London (United Kingdom), | Transport for London (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 12/19/31 | GBP | 1200 | 1601365 |
|  Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 09/15/33 | AUD | 4220 | 2302124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 11/20/34 | AUD | 1000 | 523982 |
|  United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/07/35 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31080 | 41957546 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $411,837,502) | **TOTAL SOVEREIGN BONDS**<br> (cost $411,837,502) | **TOTAL SOVEREIGN BONDS**<br> (cost $411,837,502) | **TOTAL SOVEREIGN BONDS**<br> (cost $411,837,502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418749591 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 |  | 1053 | 899874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/50 |  | 270 | 230048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 |  | 1152 | 995427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/42 |  | 1 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/01/42 |  | 1 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/40 |  | 1 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/40 |  | 2 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/40 |  | 1 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/47 |  | 1 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/39 |  | 206 | 208481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/50 |  | 5927 | 5881665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/33 |  | —(r) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/33 |  | —(r) | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/33 |  | —(r) | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/33 |  | 1 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/33 |  | 1 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/35 |  | —(r) | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/40 |  | 2 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/40 |  | 1 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/41 |  | 1 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/52 |  | 2591 | 2598714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/55 |  | 1299 | 1300201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/52 |  | 349 | 355759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/53 |  | 2970 | 3022042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/53 |  | 6477 | 6586373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/54 |  | 7433 | 7538204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/55 |  | 984 | 1002560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/55 |  | 1533 | 1561048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/32 |  | —(r) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/33 |  | 1 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/37 |  | —(r) | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/38 |  | 1 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/53 |  | 3391 | 3508246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/54 |  | 673 | 691607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/32 |  | 180 | 203545 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 05/01/54 | 2655 | 2770559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 | 1865 | 2123418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/01/32 | —(r) | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/01/32 | —(r) | 304 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(c) | 02/01/35 | —(r) | 443 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.715%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.715%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.715%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.715%, Floor 1.815%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.146%(c) | 01/01/37 | 1 | 802 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.848% (Cap 10.048%, Floor 1.848%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.848% (Cap 10.048%, Floor 1.848%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.848% (Cap 10.048%, Floor 1.848%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.848% (Cap 10.048%, Floor 1.848%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384%(c) | 03/01/36 | 1 | 724 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.219%(c) | 12/01/36 | —(r) | 166 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.934% (Cap 10.453%, Floor 1.934%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.934% (Cap 10.453%, Floor 1.934%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.934% (Cap 10.453%, Floor 1.934%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.934% (Cap 10.453%, Floor 1.934%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.933%(c) | 02/01/37 | —(r) | 374 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.032% (Cap 11.126%, Floor 2.032%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.032% (Cap 11.126%, Floor 2.032%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.032% (Cap 11.126%, Floor 2.032%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.032% (Cap 11.126%, Floor 2.032%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.398%(c) | 11/01/36 | 1 | 1116 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.589%(c) | 02/01/37 | —(r) | 492 |
|  Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.317%(c) | 10/01/36 | —(r) | 90 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 | 73 | 62523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/50 | 5448 | 4710231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/51 | 1997 | 1703412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/51 | 1857 | 1583568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 1086 | 926037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 5581 | 4804062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 303 | 258212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 721 | 619697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/27 | 1 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/27 | 1 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/27 | 1 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/43 | 2 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/44 | 1 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/46 | 1550 | 1406545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/47 | 902 | 814370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/34 | 2 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/43 | 118 | 112126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/52 | 945 | 878956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 | 5188 | 4825841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/39 | 79 | 79405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/40 | 142 | 142862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 326 | 323426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/34 | 1 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/34 | 1 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/37 | 1 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/53 | 2916 | 2919948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 | 3063 | 3066287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/53 | 4672 | 4674199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/54 | 1180 | 1179734 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A44

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.310% | 08/01/41 | 20 | $| 20434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/36 | 1 |  | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/36 | 1 |  | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/36 | 1 |  | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/36 | 1 |  | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/01/37 | 1 |  | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/41 | —(r) |  | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/53 | 2323 |  | 2363585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/53 | 3904 |  | 3968627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/55 | 454 |  | 460271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/32 | 1 |  | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/01/33 | 1 |  | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/33 | 2 |  | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/34 | 14 |  | 14513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/34 | 1 |  | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/34 | 1 |  | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/34 | 60 |  | 62377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/36 | —(r) |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/36 | 1 |  | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/37 | —(r) |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/37 | 2 |  | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/37 | —(r) |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/37 | 1 |  | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/38 | 21 |  | 22102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/38 | 1 |  | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/39 | 1 |  | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/52 | 584 |  | 605049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/52 | 583 |  | 602059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/54 | 3063 |  | 3182760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/54 | 6086 |  | 6323417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/01/32 | 1 |  | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 12/01/32 | 1 |  | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 07/01/36 | —(r) |  | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/01/36 | 1 |  | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/01/36 | 21 |  | 22631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 11/01/36 | 1 |  | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 12/01/36 | 1 |  | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 11/15/30 | 855 |  | 964109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.793% | 02/01/39 | 5 |  | 5050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/01/31 | —(r) |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 04/01/32 | —(r) |  | 19 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.215%(c) | 12/01/35 | 1 |  | 776 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.317%(c) | 07/01/35 | —(r) |  | 414 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.280%(c) | 08/01/37 | —(r) |  | 464 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.857% (Cap 11.111%, Floor 1.857%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.857% (Cap 11.111%, Floor 1.857%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.857% (Cap 11.111%, Floor 1.857%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.857% (Cap 11.111%, Floor 1.857%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.857% (Cap 11.111%, Floor 1.857%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.453%(c) | 08/01/36 | 1 |  | 986 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.392%(c) | 12/01/35 | —(r) |  | 221 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/20/49 | 287 | $| 249115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/15/43 | 1 |  | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/20/43 | 161 |  | 148949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/20/44 | 17 |  | 15730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/20/45 | 973 |  | 888978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/20/50 | 122 |  | 109809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6134835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/20/42 | 128 |  | 120634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/20/43 | 87 |  | 82062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/20/44 | 1 |  | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/20/46 | 1 |  | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/20/47 | 735 |  | 684831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/20/49 | —(r) |  | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/20/49 | 1 |  | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/20/49 | 2 |  | 1759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/20/26 | —(r) |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/20/40 | 12 |  | 11529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/41 | 14 |  | 13163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/20/41 | 54 |  | 52686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/20/47 | 153 |  | 147885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/39 | 1 |  | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/20/39 | 1 |  | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/20/40 | 100 |  | 100725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/15/40 | 1 |  | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/15/40 | —(r) |  | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/15/40 | 1 |  | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/20/41 | 138 |  | 139214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/20/41 | 328 |  | 330680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/20/41 | —(r) |  | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/20/41 | 10 |  | 10281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/20/41 | 2 |  | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/20/41 | 119 |  | 119644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/20/42 | 1 |  | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/20/43 | 1 |  | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/20/44 | 1 |  | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/20/44 | 1 |  | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/20/45 | 1 |  | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/20/46 | 1 |  | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/20/46 | 1 |  | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/15/33 | 1 |  | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/15/39 | 2 |  | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/20/39 | 1 |  | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/15/40 | 2 |  | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/20/48 | 46 |  | 46210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/20/32 | —(r) |  | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/20/34 | 1 |  | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/20/48 | 1 |  | 752 |
|  U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 10/15/30 | 556 |  | 545296 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $106,550,849) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $106,550,849) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $106,550,849) |  | 107505758 |
|  **U.S. TREASURY OBLIGATIONS — 2.7%** | **U.S. TREASURY OBLIGATIONS — 2.7%** | **U.S. TREASURY OBLIGATIONS — 2.7%** | **U.S. TREASURY OBLIGATIONS — 2.7%** | **U.S. TREASURY OBLIGATIONS — 2.7%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/15/51 | 25710 |  | 14393583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 08/15/49 | 913 |  | 573763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 02/15/42 | 20445 |  | 15068604 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A45

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/51(h)(k) | 10500 | $6629766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 05/15/49 | 5900 | 4240625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 08/15/42 | 14860 | 12572953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/15/48 | 5040 | 3993413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/42 | 45214 | 41497974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/44(h)(k) | 97430 | 89559483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/53 | 816 | 723690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 08/15/43 | 3285 | 3141795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/44(h) | 10340 | 10167128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/44(h)(k) | 8170 | 8016812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/43 | 20162 | 20190353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/45 | 8815 | 8780566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 08/15/45 | 455 | 460048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/45(h) | 26815 | 27564982 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/30/29 | 4 | 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/30/26 | 270 | 269821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/31/27 | 21390 | 21395849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/15/33 | 12295 | 11953045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/31/30 | 22165 | 22076686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/28(k) | 8725 | 8772715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 10/31/32 | 19580 | 19375022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/31/27 | 22415 | 22529702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/30/30 | 2670 | 2690442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/31/30 | 19445 | 19694139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/30/32 | 16575 | 16679889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/31/32 | 780 | 784509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/31/32 | 12990 | 13165568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/26(h)(k) | 71605 | 72041343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/15/35 | 26530 | 26770428 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.262%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/41(k) | 11760 | 5499762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.862%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/41(h)(k) | 38770 | 18417750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | 05/15/46 | 1615 | 575273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.605%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/44(k) | 26280 | 10427246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.751%(s) | 05/15/43 | 11945 | 5030038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.795%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/42(k) | 29250 | 12688063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.868%(s) | 02/15/41 | 5730 | 2760910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(s) | 08/15/48 | 1420 | 451543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | 11/15/45 | 455 | 166207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.967%(s) | 02/15/39 | 1135 | 616050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.007%(s) | 05/15/39 | 1130 | 604276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.021%(s) | 08/15/39 | 1125 | 592691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/39(k) | 1125 | 584033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.046%(s) | 11/15/43 | 5950 | 2429820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.056%(s) | 02/15/40 | 1120 | 572460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.069%(s) | 05/15/40 | 1120 | 565180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.095%(s) | 08/15/40 | 1120 | 555741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.104%(s) | 11/15/40 | 1115 | 545293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.156%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/42(k) | 26110 | 11832417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.158%(s) | 11/15/41 | 1115 | 513354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.183%(s) | 05/15/42 | 1115 | 497881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%(s) | 08/15/42 | 1110 | 487977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.208%(s) | 02/15/43 | 1110 | 474260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220%(s) | 02/15/45 | 2695 | 1028165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.239%(s) | 02/15/44 | 1115 | 448668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.239%(s) | 08/15/44 | 1115 | 435795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.245%(s) | 08/15/45 | 7250 | 2685769 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.246%(s) | 11/15/44 |  | 1115 | $| 430309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.247%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/43(k) |  | 26115 |  | 10821153 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $628,781,988) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $628,781,988) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $628,781,988) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $628,781,988) |  | 618516735 |
|  **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  | 26599 |
|  **TOTAL LONG-TERM INVESTMENTS, BEFORE<br>LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $18,338,858,416) | **TOTAL LONG-TERM INVESTMENTS, BEFORE<br>LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $18,338,858,416) | **TOTAL LONG-TERM INVESTMENTS, BEFORE<br>LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $18,338,858,416) | **TOTAL LONG-TERM INVESTMENTS, BEFORE<br>LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $18,338,858,416) |  | 21193657936 |
|  **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $0) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $0) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $0) | &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $0) |  | (21454) |
|  **TOTAL LONG-TERM INVESTMENTS, NET OF<br>LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $18,338,858,416) | **TOTAL LONG-TERM INVESTMENTS, NET OF<br>LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $18,338,858,416) | **TOTAL LONG-TERM INVESTMENTS, NET OF<br>LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $18,338,858,416) | **TOTAL LONG-TERM INVESTMENTS, NET OF<br>LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $18,338,858,416) |  | 21193636482 |
|  |  |  | **Shares** |  |  |
|  **SHORT-TERM INVESTMENTS — 9.8%** | **SHORT-TERM INVESTMENTS — 9.8%** | **SHORT-TERM INVESTMENTS — 9.8%** | **SHORT-TERM INVESTMENTS — 9.8%** | **SHORT-TERM INVESTMENTS — 9.8%** | **SHORT-TERM INVESTMENTS — 9.8%** |
|  **AFFILIATED MUTUAL FUNDS — 9.4%** | **AFFILIATED MUTUAL FUNDS — 9.4%** | **AFFILIATED MUTUAL FUNDS — 9.4%** | **AFFILIATED MUTUAL FUNDS — 9.4%** | **AFFILIATED MUTUAL FUNDS — 9.4%** | **AFFILIATED MUTUAL FUNDS — 9.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 1872855888 |  | 1872855888 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<br>(cost $294,926,245; includes $293,841,271 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<br>(cost $294,926,245; includes $293,841,271 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<br>(cost $294,926,245; includes $293,841,271 of cash collateral for securities on loan)(b)(wa) | 295103307 |  | 294926245 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $2,167,782,133) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $2,167,782,133) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $2,167,782,133) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $2,167,782,133) |  | 2167782133 |
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity** <br> **Date** |  | **Principal**<br>**Amount** <br> **(000)#** |  |  |
|  **U.S. TREASURY OBLIGATIONS(n) — 0.4%** | **U.S. TREASURY OBLIGATIONS(n) — 0.4%** | **U.S. TREASURY OBLIGATIONS(n) — 0.4%** | **U.S. TREASURY OBLIGATIONS(n) — 0.4%** | **U.S. TREASURY OBLIGATIONS(n) — 0.4%** | **U.S. TREASURY OBLIGATIONS(n) — 0.4%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.632% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/23/26(h) |  | 150 |  | 148366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/26(k) |  | 100000 |  | 99391997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.809% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/20/26(h) |  | 410 |  | 409276 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $99,924,448) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $99,924,448) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $99,924,448) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $99,924,448) |  | 99949639 |
|  **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,400,536) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,400,536) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,400,536) |  |  | 658870 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $2,269,107,117) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $2,269,107,117) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $2,269,107,117) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $2,269,107,117) |  | 2268390642 |
|  **TOTAL INVESTMENTS, BEFORE SHORT-TERM<br>OPTIONS WRITTEN—101.1%**<br> (cost $20,607,965,533) | **TOTAL INVESTMENTS, BEFORE SHORT-TERM<br>OPTIONS WRITTEN—101.1%**<br> (cost $20,607,965,533) | **TOTAL INVESTMENTS, BEFORE SHORT-TERM<br>OPTIONS WRITTEN—101.1%**<br> (cost $20,607,965,533) | **TOTAL INVESTMENTS, BEFORE SHORT-TERM<br>OPTIONS WRITTEN—101.1%**<br> (cost $20,607,965,533) |  | 23462027124 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A46

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
|  | **Value** |
|  **OPTIONS WRITTEN\*~ — (0.0)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $2,082,359) | $(1444261) |
|  **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN—101.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $20,605,883,174) | 23460582863 |
|  **Liabilities in excess of other assets(z) — (1.1)%** | (258245299) |
|  **NET ASSETS — 100.0%** | $23202337564 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $5 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $285,265,133; cash collateral of $293,841,271 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par. (s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Issuer** | <br>**Acquisition**<br>**Date** |<br>**Original**<br>**Cost** |<br>**Market**<br>**Value** | **Percentage**<br>**of**<br>**Net Assets** |
|  Diamond Sports Group LLC\* | 01/02/25 | $70103 | $44636 | 0.0% |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  | 1 | 0.0 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25-08/13/25 | 406500 | 417328 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 07/09/21 | 83984 | 75533 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 06/15/22 | 156333 | 202651 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 07/09/21-09/09/25 | 7612027 | 7346491 | 0.0 |
|  DISH DBS Corp., Sr. Sec'd. Notes, 144A, 5.750%, 12/01/28(a) | 09/09/24-09/26/24 | 1119780 | 1306229 | 0.0 |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 01/17/23-02/20/24 | 2213625 | 2237309 | 0.0 |
|  EchoStar Corp., Sr. Sec'd. Notes, 10.750%, 11/30/29 | 05/19/25-05/29/25 | 11383188 | 12425678 | <u>0.1</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $23045540 | $24055856 | <u>0.1</u>% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Call/**<br>**Put** |<br>**Expiration**<br>**Date** |<br> **Strike** |<br>**Contracts** | **Notional**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  10 Year U.S. Treasury Notes Futures | Put | 02/20/26 | $111.00 | 450 | 450 | $105469 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $154,688) |  |  |  |  |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A47

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Notional** | **Notional** | |
| | **Call/** | | | | | **Amount** | **Amount** | |
| <br>**Description** | **Put**  |<br>**Counterparty** |<br>**Expiration**<br>**Date** |<br>**Strike** |<br>**Contracts** | **(000)#** | **(000)#** |<br>**Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  |  | 4102 | $3 |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  |  | 23952 | 19 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  |  | 8205 | 7 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  |  | 47905 | 38 |
|  10-Year 30 CMS Curve CAP | Call | BARC | 07/15/26 | 0.32% |  | EUR | 17280 | 13779 |
|  Currency Option EUR vs CZK | Call | MSI | 01/08/26 | 26.00 |  | EUR | 3095 |  |
|  Currency Option EUR vs CZK | Call | CITI | 01/20/26 | 26.00 |  | EUR | 3051 | 3 |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 5.00 |  | EUR | 1579 | 1 |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 99.00 |  | EUR | 13730 | 5911 |
|  Currency Option USD vs MXN | Call | CITI | 01/08/26 | 18.31 |  |  | 14361 | 6525 |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 99.00 |  |  | 4657 | 565 |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 99.00 |  |  | 12487 | 3583 |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 99.00 |  |  | 3619 | 2228 |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 99.00 |  |  | 3563 | 2113 |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 35.00 |  |  | 3565 | 131 |
|  Currency Option USD vs ZAR | Call | CITI | 01/08/26 | 17.07 |  |  | 7181 | 1991 |
|  10-Year 30 CMS Curve FLOOR | Put | BARC | 07/15/26 | 0.16% |  | EUR | 17280 | 1557 |
|  Currency Option EUR vs PLN | Put | JPM | 01/20/26 | 4.20 |  | EUR | 4737 | 7648 |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3500.00 |  |  | 3581 | 8 |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3300.00 |  |  | 3565 | 21 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 25696 |  |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 7111 |  |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 17.00 |  |  | 14361 | 24 |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 15.50 |  |  | 7181 | 9 |
|  **Total OTC Traded** (cost $253,118) |  |  |  |  |  |  |  | $46164 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **OTC Swaptions**<br>**Description** | <br>**Call/**<br>**Put** | <br><br>**Counterparty** | <br>**Expiration**<br>**Date** | <br><br>**Strike** | <br><br>**Receive** | <br><br>**Pay** | <br>**Notional**<br>**Amount**<br>**(000)#** | <br><br>**Value** |
|  1-Year Interest Rate Swap, 02/06/27 | Call | MSI | 02/04/26 | 2.81% | 2.81%(T) | 1 Day SOFR(T)/<br> 3.870% | 21880 | $408 |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 3.61% | 1 Day SOFR(A)/ 3.870% | 3.61%(A) | 11390 | 26590 |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 7.22% | 1 Day SOFR(A)/ 3.870% | 7.22%(A) | 11390 | 9 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.870% | 3.21%(A) | 63625 | 389971 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.870% | 3.21%(A) | 11545 | 70762 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.870% | 8.19%(A) | 63625 | 31 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.870% | 8.19%(A) | 11545 | 6 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 7290 | 1013 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 11950 | 1660 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.58% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 262150 | 43386 |
|  **Total OTC Swaptions** (cost $992,730) | **Total OTC Swaptions** (cost $992,730) | **Total OTC Swaptions** (cost $992,730) |  |  |  |  |  | $533836 |
|  **Total Options Purchased** (cost $1,400,536) | **Total Options Purchased** (cost $1,400,536) | **Total Options Purchased** (cost $1,400,536) | **Total Options Purchased** (cost $1,400,536) |  |  |  |  | $685469 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A48

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Written:

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br> **Put** | **Counterparty** | **Expiration**<br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike**  | **Contracts** | **Notional**<br>**Amount**<br> **(000)#** | **Notional**<br>**Amount**<br> **(000)#** | **Value** |
|  10-Year 30 CMS Curve CAP | Call | BARC | 07/15/26 | 0.52% |  | EUR | 17280 | $(2955) |
|  Currency Option EUR vs CZK | Call | MSI | 01/08/26 | 24.30 |  | EUR | 3095 | (1152) |
|  Currency Option EUR vs CZK | Call | CITI | 01/20/26 | 24.40 |  | EUR | 3051 | (1831) |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 4.29 |  | EUR | 1579 | (1191) |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 52.75 |  | EUR | 13730 | (78382) |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 43.65 |  |  | 4657 | (10204) |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 43.75 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12487 | (49052) |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 43.75 |  |  | 3619 | (22617) |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 44.50 |  |  | 3563 | (18811) |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 30.60 |  |  | 3565 | (99319) |
|  10-Year 30 CMS Curve FLOOR | Put | BARC | 07/15/26 | 0.07% |  | EUR | 17280 | (3146) |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3800.00 |  |  | 3581 | (33332) |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3800.00 |  |  | 3565 | (40251) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 16407 | (61) |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 18.25 |  |  | 14361 | (184026) |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 17.01 |  |  | 7181 | (191791) |
|  **Total OTC Traded** (premiums received $849,530) | **Total OTC Traded** (premiums received $849,530) | **Total OTC Traded** (premiums received $849,530) |  |  |  |  |  | $(738121) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  1-Year Interest Rate Swap, 02/06/27 | Call | MSI | 02/04/26 | 2.37% | 1 Day SOFR(T)/<br>3.870% | 2.37%(T) | 43760 | $(70) |
|  CDX.NA.IG.45.V1, 12/20/30 | Call | JPM | 01/21/26 | 0.50% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 262150 | &nbsp;&nbsp;&nbsp;&nbsp;(123855) |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 3.86% | 3.86%(A) | 1 Day SOFR(A)/ 3.870% | 11390 | (14164) |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 4.11% | 4.11%(A) | 1 Day SOFR(A)/ 3.870% | 11390 | (7290) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.870% | 63625 | (226702) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.870% | 11545 | (41136) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.870% | 63625 | (148147) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.870% | 11545 | (26882) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 7290 | (22170) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 11950 | (36343) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 146000 | (8591) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 15340 | (903) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 56890 | (2946) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 8560 | (443) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BNP | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 12280 | (568) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 262150 | (12119) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A49

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receive**  | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | CITI | 04/15/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 78620 | $(55265) |
|  **Total OTC Swaptions** (premiums received $1,232,829) | **Total OTC Swaptions** (premiums received $1,232,829) | **Total OTC Swaptions** (premiums received $1,232,829) | **Total OTC Swaptions** (premiums received $1,232,829) |  |  |  |  | $(727594) |
|  **Total Options Written** (premiums received $2,082,359) | **Total Options Written** (premiums received $2,082,359) | **Total Options Written** (premiums received $2,082,359) | **Total Options Written** (premiums received $2,082,359) | **Total Options Written** (premiums received $2,082,359) |  |  |  | $(1465715) |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 216 | 3 Month Euro EURIBOR | Dec. 2026 | $62124950 | $(123358) |
| 144 | 3 Month EuroSTR | Mar. 2026 | 41487498 | (1323) |
| 1592 | 2 Year U.S. Treasury Notes | Mar. 2026 | 332392187 | (61416) |
| 27 | 5 Year Canadian Government Bonds | Mar. 2026 | 2228575 | (14754) |
| 7179 | 5 Year U.S. Treasury Notes | Mar. 2026 | 784698370 | (2081222) |
| 48 | 10 Year Australian Treasury Bonds | Mar. 2026 | 3507081 | 7985 |
| 43 | 10 Year Canadian Government Bonds | Mar. 2026 | 3787935 | (41040) |
| 51 | 10 Year Euro-Bund | Mar. 2026 | 7645933 | (104333) |
| 20 | 10 Year Japanese Bonds | Mar. 2026 | 16906282 | (125064) |
| 165 | 10 Year Korean Treasury Bonds | Mar. 2026 | 12933810 | 78192 |
| 92 | 10 Year U.K. Gilt | Mar. 2026 | 11330922 | 54336 |
| 3668 | 10 Year U.S. Treasury Notes | Mar. 2026 | 412420750 | (2049218) |
| 1771 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 203692681 | (529176) |
| 2715 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 313837032 | (2505217) |
| 838 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 98884000 | (1729478) |
| 957 | Euro Schatz Index | Mar. 2026 | 120103125 | (113115) |
| 1176 | Mini MSCI EAFE Index | Mar. 2026 | 170643480 | 1035396 |
| 581 | Russell 2000 E-Mini Index | Mar. 2026 | 72566900 | (1622181) |
| 1558 | S&P 500 E-Mini Index | Mar. 2026 | 536925750 | 1071861 |
|  |  |  |  | (8853125) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 329 | 3 Month CME SOFR | Mar. 2026 | 79217031 | (39651) |
| 216 | 3 Month Euro EURIBOR | Dec. 2028 | 61801300 | 88781 |
| 286 | 2 Year U.S. Treasury Notes | Mar. 2026 | 59713672 | 25648 |
| 376 | 3 Year Australian Treasury Bonds | Mar. 2026 | 26345864 | (26860) |
| 294 | 5 Year Euro-Bobl | Mar. 2026 | 40134303 | 177561 |
| 568 | 5 Year U.S. Treasury Notes | Mar. 2026 | 62085064 | 187825 |
| 209 | 10 Year Euro-Bund | Mar. 2026 | 31333336 | 100367 |
| 303 | 10 Year U.S. Treasury Notes | Mar. 2026 | 34068563 | 225303 |
| 520 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 59808127 | 204200 |
| 62 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 7166813 | 64661 |
| 187 | 30 Year Euro Buxl | Mar. 2026 | 24200235 | 173060 |
| 37 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 4366000 | 61943 |
| 91 | British Pound Currency | Mar. 2026 | 7654238 | (68968) |
| 85 | Canadian Dollar Currency | Mar. 2026 | 6215200 | (101755) |
| 933 | Euro Currency | Mar. 2026 | 137384250 | (857383) |
| 4 | Euro-BTP Italian Government Bond | Mar. 2026 | 564942 | (4043) |
| 118 | Euro-OAT | Mar. 2026 | 16722649 | 50604 |
|  |  |  |  | 261293 |
|  |  |  |  | $(8591832) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A50

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Bond forward contract outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase Bond**<br> **Forwards** | **Counterparty** | **Settlement<br>Date** | **Notional<br>Amount<br>(000)#** | **Strike<br>Price** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** |  |  |
|  U.S. Treasury Bond 2.000%, 02/15/2050 | CITI | 06/12/26 | 83815 | $59.75 | $50082306 | $49338932 | $— | $(743374) |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 1325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6980 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 958 | 625804 | 639648 | 13844 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | AUD | 671 | 438177 | 448100 | 9923 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | AUD | 122 | 80982 | 81362 | 380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | AUD | 3442 | 2275887 | 2297286 | 21399 |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 125909 | 23094750 | 22778864 |  | (315886) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | GBP | 63 | 85613 | 85580 |  | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | GBP | 1390 | 1857940 | 1873498 | 15558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | GBP | 2276 | 2977783 | 3067812 | 90029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | GBP | 2029 | 2709209 | 2734705 | 25496 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | CAD | 1567 | 1123595 | 1142695 | 19100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CAD | 694 | 493847 | 506232 | 12385 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | CLP | 1792527 | 1967000 | 1992790 | 25790 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CNH | 5597 | 795289 | 803433 | 8144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | CNH | 5706 | 811077 | 819152 | 8075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | CITI | CNH | 11989 | 1698053 | 1723026 | 24973 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | COP | 30915301 | 7903695 | 7975063 | 71368 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 76223 | 3665000 | 3709123 | 44123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | CZK | 18708 | 910994 | 911112 | 118 |  |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | DKK | 13011 | 2059607 | 2056421 |  | (3186) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | DKK | 5511 | 872148 | 870953 |  | (1195) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 9258 | 10894921 | 10891923 |  | (2998) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 3149 | 3633347 | 3704563 | 71216 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 1571 | 1846000 | 1848585 | 2585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 615 | 722701 | 723320 | 619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | EUR | 1951 | 2282450 | 2295006 | 12556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 11048 | 12998396 | 12997111 |  | (1285) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 4674 | 5490927 | 5498090 | 7163 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 26657 | 31407877 | 31359851 |  | (48026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 7958 | 9295725 | 9361554 | 65829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 4213 | 4964114 | 4956523 |  | (7591) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 2504 | 2918708 | 2945939 | 27231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 1361 | 1590432 | 1601695 | 11263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 475 | 554194 | 559365 | 5171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 2556 | 3018288 | 3014045 |  | (4243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | EUR | 437 | 514679 | 514823 | 144 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A51

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | CITI | HKD | 36099 | $4652132 | $&nbsp;&nbsp;&nbsp;&nbsp;4645107 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(7025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | HKD | 13403 | 1727211 | 1724658 |  | (2553) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | HUF | 783800 | 2354000 | 2393046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | HUF | 1353180 | 4083000 | 4131440 | 48440 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 918912 | 10140000 | 10151156 | 11156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 552998 | 6101000 | 6108926 | 7926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 439537 | 4833000 | 4855536 | 22536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 2581367 | 28390070 | 28516177 | 126107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | UAG | INR | 2581367 | 28466461 | 28516177 | 49716 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 228039000 | 13623215 | 13630504 | 7289 |  |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | ILS | 9039 | 2741908 | 2838096 | 96188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | ILS | 2734 | 833608 | 858585 | 24977 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 1544918 | 10263818 | 9882296 |  | (381522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 187848 | 1247989 | 1201599 |  | (46390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | JPY | 347873 | 2222553 | 2225219 | 2666 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | JPY | 6112 | 39470 | 39097 |  | (373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 551725 | 3666416 | 3529190 |  | (137226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | CITI | JPY | 173547 | 1110415 | 1112147 | 1732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 223254 | 1458051 | 1430683 |  | (27368) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 217153 | 1398443 | 1391589 |  | (6854) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 183997 | 1183760 | 1179112 |  | (4648) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | MSI | JPY | 1304486 | 8477430 | 8359567 |  | (117863) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | MXN | 9977 | 545469 | 552858 | 7389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | MXN | 4329 | 236037 | 239919 | 3882 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | TWD | 73883 | 2334000 | 2348564 | 14564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | TWD | 103496 | 3314000 | 3289908 |  | (24092) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 185141 | 5943700 | 5885206 |  | (58494) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 113371 | 3639000 | 3603812 |  | (35188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 108670 | 3494000 | 3454383 |  | (39617) |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | NZD | 1064 | 612060 | 612903 | 843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | NZD | 21080 | 12262882 | 12148100 |  | (114782) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | NZD | 3927 | 2272114 | 2262993 |  | (9121) |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | NOK | 23517 | 2317966 | 2332334 | 14368 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 23588 | 6991814 | 6997146 | 5332 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 173815 | 2958000 | 2935929 |  | (22071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 210337 | 3559000 | 3552824 |  | (6176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 170182 | 2874336 | 2874567 | 231 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 4920 | 1365015 | 1370158 | 5143 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | CITI | SGD | 5832 | 4519817 | 4549909 | 30092 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | SGD | 1508 | 1168894 | 1176133 | 7239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | SGD | 4095 | 3200000 | 3202306 | 2306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | SGD | 2477 | 1931000 | 1936452 | 5452 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A52

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Singapore Dollar (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 2601 | $2028000 | $2033843 | $5843 | $— |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | ZAR | 117655 | 6961710 | 7093927 | 132217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR | 31118 | 1811000 | 1868724 | 57724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | ZAR | 43869 | 2575074 | 2634513 | 59439 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | KRW | 2465685 | 1703767 | 1709989 | 6222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | KRW | 14105522 | 9629000 | 9795864 | 166864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW | 1995161 | 1358500 | 1385580 | 27080 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | SEK | 63691 | 6870022 | 6926064 | 56042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | SEK | 24314 | 2643365 | 2651606 | 8241 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | SEK | 71111 | 7695569 | 7755272 | 59703 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | CHF | 2599 | 3308285 | 3307771 |  | (514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | CHF | 648 | 825047 | 824779 |  | (268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CHF | 15629 | 19834282 | 19892321 | 58039 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | THB | 52355 | 1660326 | 1664060 | 3734 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/12/26 | BOA | TRY | 156041 | 3576000 | 3602302 | 26302 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 128878 | 2924648 | 2952407 | 27759 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 119672 | 2722913 | 2741521 | 18608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | TRY | 109462 | 2490894 | 2507628 | 16734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BOA | TRY | 156195 | 3567000 | 3578221 | 11221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | TRY | 119672 | 2721241 | 2741521 | 20280 |  |
|  |  |  |  | $440915979 | $441387525 | 1898134 | (1426588) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at**<br>**Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | AUD | 419 | $272141 | $279845 | $— | $(7704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 2577 | 1679064 | 1719852 |  | (40788) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | WBC | AUD | 198 | 129255 | 132081 |  | (2826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | AUD | 4783 | 3086156 | 3192314 |  | (106158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | AUD | 19588 | 13064267 | 13073754 |  | (9487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | AUD | 63 | 42119 | 42361 |  | (242) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13531 | 2483000 | 2447982 | &nbsp;&nbsp;&nbsp;&nbsp;35018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | GBP | 83 | 112616 | 112377 | 239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | GBP | 38650 | 51684200 | 52096280 |  | (412080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 10751 | 14290749 | 14490972 |  | (200223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 7950 | 10567537 | 10715595 |  | (148058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 961 | 1262388 | 1295128 |  | (32740) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | GBP | 1696 | 2263153 | 2285592 |  | (22439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | GBP | 1701 | 2274433 | 2292701 |  | (18268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | GBP | 3119 | 4189558 | 4203673 |  | (14115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | GBP | 1041 | 1400234 | 1403067 |  | (2833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | GBP | 10557 | 14179740 | 14227424 |  | (47684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | GBP | 10278 | 13722271 | 13851827 |  | (129556) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A53

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at**<br>**Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 1172 | $838534 | $854141 | $— | $(15607) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | CAD | 170 | 121658 | 123937 |  | (2279) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | WBC | CAD | 7805 | 5586726 | 5689852 |  | (103126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CAD | 13609 | 9714697 | 9925259 |  | (210562) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CAD | 26259 | 19115669 | 19150695 |  | (35026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CAD | 1563 | 1136320 | 1139645 |  | (3325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | CAD | 92 | 66694 | 67084 |  | (390) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | CAD | 22 | 16095 | 16333 |  | (238) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 12178327 | 13238463 | 13538899 |  | (300436) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | CNH | 11298 | 1605679 | 1623816 |  | (18137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 103228 | 14690324 | 14866723 |  | (176399) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 28319 | 4030086 | 4078479 |  | (48393) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | COP | 8492758 | 2162000 | 2190833 |  | (28833) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 56172 | 2718000 | 2733393 |  | (15393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 349462 | 16780735 | 17005377 |  | (224642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | CZK | 50890 | 2463000 | 2476372 |  | (13372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | CZK | 43024 | 2089000 | 2093593 |  | (4593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | CZK | 230882 | 11191769 | 11235083 |  | (43314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CZK | 18747 | 907613 | 913027 |  | (5414) |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | DKK | 25040 | 3956544 | 3957497 |  | (953) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 689 | 804144 | 810301 |  | (6157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | EUR | 697 | 819354 | 819595 |  | (241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | EUR | 1740 | 2016665 | 2046538 |  | (29873) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 1952 | 2278914 | 2295962 |  | (17048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 130978 | 152239118 | 154086210 |  | (1847092) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 44999 | 52303236 | 52937822 |  | (634586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 12870 | 15106326 | 15140569 |  | (34243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 2611 | 3012374 | 3072230 |  | (59856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | EUR | 33748 | 39431179 | 39702495 |  | (271316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | EUR | 2453 | 2835309 | 2886285 |  | (50976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 166123 | 195230053 | 195431106 |  | (201053) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 2075 | 2422213 | 2441585 |  | (19372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 1247 | 1459879 | 1467145 |  | (7266) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 546 | 638328 | 642760 |  | (4432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 98234 | 115121106 | 115564658 |  | (443552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 33918 | 39748659 | 39901807 |  | (153148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | EUR | 98234 | 114796443 | 115564657 |  | (768214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 766 | 905371 | 903919 | 1452 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | EUR | 8113 | 9566128 | 9568753 |  | (2625) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | HUF | 2532785 | 7721163 | 7732932 |  | (11769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 1309576 | 3986000 | 3998313 |  | (12313) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 814258 | 2445000 | 2486040 |  | (41040) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | JPY | 356346 | 2275646 | 2279417 |  | (3771) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | JPY | 354149 | 2273274 | 2265365 | 7909 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | JPY | 1965052 | 12649227 | 12569743 | &nbsp;&nbsp;&nbsp;&nbsp;79484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | JPY | 23323 | 148635 | 149190 |  | (555) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | JPY | 99241 | 638636 | 634809 | 3827 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A54

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at**<br>**Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Japanese Yen (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | CITI | JPY | 129825 | $847858 | $831964 | $15894 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | WBC | JPY | 162430 | 1055530 | 1040906 | 14624 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | MXN | 183102 | 10123832 | 10146670 |  | (22838) |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | NZD | 1962 | 1136320 | 1130943 | 5377 |  |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | NOK | 436 | 43212 | 43202 | 10 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 7315 | 2163000 | 2169975 |  | (6975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 6768 | 2005458 | 2007519 |  | (2061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 4785 | 1414500 | 1419431 |  | (4931) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 21817 | 5980000 | 6076199 |  | (96199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 10666 | 2909000 | 2970704 |  | (61704) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 15733 | 4289893 | 4381861 |  | (91968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 6846 | 1874286 | 1906687 |  | (32401) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | PLN | 6497 | 1785714 | 1809462 |  | (23748) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | SGD | 13775 | 10690668 | 10732096 |  | (41428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 88953 | 69135556 | 69554598 |  | (419042) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | ZAR | 8836 | 529851 | 532762 |  | (2911) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 62324 | 3708982 | 3742807 |  | (33825) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | KRW | 2469107 | 1706775 | 1712362 |  | (5587) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | KRW | 2710604 | 1851000 | 1882434 |  | (31434) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 27401066 | 18710696 | 19029221 |  | (318525) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CHF | 1822 | 2269936 | 2306101 |  | (36165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | CHF | 8628 | 10890574 | 10918301 |  | (27727) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | CHF | 397 | 501468 | 502540 |  | (1072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | CHF | 301 | 381389 | 381209 | 180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CHF | 667 | 846838 | 848963 |  | (2125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | CHF | 749 | 949970 | 952824 |  | (2854) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 425592 | 13509142 | 13587037 |  | (77895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | THB | 89484 | 2849000 | 2856778 |  | (7778) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | THB | 69219 | 2209000 | 2209819 |  | (819) |
|  |  |  |  | $1208374315 | $1216628444 | 164014 | (8418143) |
|  |  |  |  |  |  | $2062148 | $(9844731) |

---

#### Cross currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **In Exchange<br>For (000)** | **In Exchange<br>For (000)** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |  | | | | |
|  01/22/26 | Buy | AUD | 3428 | EUR | 1953 | $— | $(8988) | BNP |
|  01/22/26 | Buy | CZK | 16836 | EUR | 690 | 7232 |  | MSI |
|  01/22/26 | Buy | PLN | 2950 | EUR | 697 | 1962 |  | MSI |
|  01/22/26 | Buy | SEK | 21187 | EUR | 1951 | 9127 |  | BNP |
|  |  |  |  |  |  | $18321 | $(8988) |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A55

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Credit default swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination** <br>**Date** | **Fixed**<br> **Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Arab Republic of Egypt | 12/20/30 | 1.000 %(Q) | 500 | $36527 | $239 | $36288 | DB |
|  Dominican Republic | 12/20/30 | 1.000 %(Q) | 500 | 9300 | 239 | 9061 | DB |
|  Emirate of Abu Dhabi | 12/20/30 | 1.000 %(Q) | 500 | (16723) | 239 | (16962) | DB |
|  Federal Republic of Nigeria | 12/20/30 | 1.000 %(Q) | 500 | 43924 | 239 | 43685 | DB |
|  Federation of Malaysia | 12/20/30 | 1.000 %(Q) | 500 | (14247) | 239 | (14486) | DB |
|  Federative Republic of Brazil | 12/20/30 | 1.000 %(Q) | 2250 | 37495 | 1076 | 36419 | DB |
|  Kingdom of Bahrain | 12/20/30 | 1.000 %(Q) | 500 | 17927 | 239 | 17688 | DB |
|  Kingdom of Morocco | 12/20/30 | 1.000 %(Q) | 500 | (7178) | 239 | (7417) | DB |
|  Kingdom of Saudi Arabia | 12/20/30 | 1.000 %(Q) | 2250 | (34011) | 1076 | (35087) | DB |
|  People's Republic of China | 12/20/30 | 1.000 %(Q) | 2250 | (58454) | 1076 | (59530) | DB |
|  Republic of Argentina | 12/20/30 | 1.000 %(Q) | 500 | 105345 | 239 | 105106 | DB |
|  Republic of Chile | 12/20/30 | 1.000 %(Q) | 1000 | (26417) | 478 | (26895) | DB |
|  Republic of Colombia | 12/20/30 | 1.000 %(Q) | 1500 | 70456 | 717 | 69739 | DB |
|  Republic of Indonesia | 12/20/30 | 1.000 %(Q) | 1750 | (25133) | 837 | (25970) | DB |
|  Republic of Ivory Coast | 12/20/30 | 1.000 %(Q) | 500 | 33001 | 239 | 32762 | DB |
|  Republic of Panama | 12/20/30 | 1.000 %(Q) | 750 | 8032 | 359 | 7673 | DB |
|  Republic of Peru | 12/20/30 | 1.000 %(Q) | 750 | (10322) | 359 | (10681) | DB |
|  Republic of Philippines | 12/20/30 | 1.000 %(Q) | 750 | (14898) | 359 | (15257) | DB |
|  Republic of South Africa | 12/20/30 | 1.000 %(Q) | 2250 | 34438 | 1076 | 33362 | DB |
|  Republic of Turkey | 12/20/30 | 1.000 %(Q) | 2250 | 101557 | 1076 | 100481 | DB |
|  Sultanate of Oman | 12/20/30 | 1.000 %(Q) | 500 | (7339) | 239 | (7578) | DB |
|  United Mexican States | 12/20/30 | 1.000 %(Q) | 2250 | (10963) | 1076 | (12039) | DB |
|  |  |  |  | $272317 | $11955 | $260362 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** |
|  CDX.EM.44.V1 | 12/20/30 | 1.000%(Q) | 25000 | 1.242% | $(261879) | $(14344) | $(247535) DB |

---

\*\* The Portfolio entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Portfolio bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed** <br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront**<br> **Premiums**<br> **Paid**<br> (Received) | **Unrealized**<br> **Appreciation**<br> (Depreciation) | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |
|  China Development Bank | 06/20/29 | 1.000%(Q) |  | 795 | $(17112) | $(5640) | $(11472) | JPM |
|  Industrial & Commercial Bank of China Ltd. | 06/20/29 | 1.000%(Q) |  | 795 | (17824) | (4926) | (12898) | JPM |
|  Israel Electric Corp. Ltd. | 03/20/32 | 1.000%(Q) |  | 800 | 2767 | 29562 | (26795) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) |  | 9700 | (135753) | (64591) | (71162) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) |  | 485 | (6788) | 5134 | (11922) | BNP |
|  Republic of France | 12/20/30 | 0.250%(Q) |  | 830 | (4310) | (2464) | (1846) | BARC |
|  Republic of Italy | 12/20/27 | 1.000%(Q) | EUR | 700 | (15863) | (9895) | (5968) | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) |  | 1245 | (41418) | (46707) | 5289 | BARC |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) |  | 2000 | (14588) | 35647 | (50235) | GSI |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) |  | 1600 | (11671) | 92857 | (104528) | JPM |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A56

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Credit default swap agreements outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination** <br>**Date** | **Fixed**<br> **Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) | 1200 | $(8753) | $68156 | $(76909) | MSI |
|  |  |  |  | $(271313) | $97133 | $(368446) |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at**<br>**December 31,**<br>**2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Alphabet, Inc. | 06/20/30 | 1.000%(Q) |  | 1140 | 0.348% | $31186 | $28082 | $3104 | GSI |
|  Bank of Nova Scotia | 12/20/26 | 1.000%(Q) |  | 571 | 0.138% | 4890 | 3972 | 918 | CITI |
|  Barclays Bank PLC | 06/20/26 | 1.000%(Q) | EUR | 705 | 0.215% | 3295 | 2633 | 662 | GSI |
|  Citigroup, Inc. | 12/20/26 | 1.000%(Q) |  | 3855 | 0.284% | 27571 | 25756 | 1815 | GSI |
|  Federative Republic of Brazil | 06/20/26 | 1.000%(Q) |  | 450 | 0.488% | 1203 | 1252 | (49) | BARC |
|  HSBC Bank PLC | 12/20/26 | 1.000%(Q) |  | 282 | 0.166% | 2340 | 2295 | 45 | MSI |
|  Kingdom of Norway | 12/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—%(Q) |  | 900 | 0.047% | (409) | (434) | 25 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000%(Q) |  | 235 | 0.231% | 459 | 388 | 71 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000%(Q) |  | 235 | 0.238% | 903 | 810 | 93 | CITI |
|  Kingdom of Spain | 06/20/26 | 1.000%(Q) | EUR | 636 | 0.028% | 3635 | 3379 | 256 | BARC |
|  Kingdom of Spain | 06/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—%(Q) | EUR | 500 | 0.028% | (76) | (55) | (21) | BARC |
|  Nomura Holdings, Inc. | 06/20/26 | 1.000%(Q) |  | 1474 | 0.242% | 5640 | 5177 | 463 | BARC |
|  Oracle Corp. | 06/20/30 | 1.000%(Q) |  | 510 | 1.367% | (7385) | 10382 | (17767) | GSI |
|  People's Republic of China | 06/20/29 | 1.000%(Q) |  | 1590 | 0.367% | 33433 | 13709 | 19724 | JPM |
|  Republic of Estonia | 12/20/26 | 1.000%(Q) |  | 250 | 0.199% | 1995 | 458 | 1537 | JPM |
|  Republic of France | 12/20/30 | 0.250%(Q) |  | 830 | 0.298% | (1768) | (5075) | 3307 | BARC |
|  Republic of France | 06/20/34 | 0.250%(Q) |  | 855 | 0.538% | (17704) | (15958) | (1746) | CITI |
|  Republic of France | 12/20/34 | 0.250%(Q) |  | 20000 | 0.566% | (475587) | (542493) | 66906 | BOA |
|  Republic of France | 12/20/34 | 0.250%(Q) |  | 2655 | 0.566% | (63134) | (57062) | (6072) | BOA |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 1870 | 0.590% | (50003) | (63328) | 13325 | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 1330 | 0.590% | (35564) | (45041) | 9477 | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) |  | 1245 | 0.281% | 41418 | 35000 | 6418 | BARC |
|  Republic of Italy | 12/20/34 | 1.000%(Q) |  | 470 | 0.542% | 16427 | (2620) | 19047 | CITI |
|  Republic of Italy | 12/20/34 | 1.000%(Q) |  | 470 | 0.542% | 16427 | (2620) | 19047 | CITI |
|  Republic of Panama | 06/20/26 | 1.000%(Q) |  | 339 | 0.459% | 953 | 791 | 162 | CITI |
|  Republic of Romania | 12/20/26 | 1.000%(Q) |  | 93 | 0.379% | 581 | 444 | 137 | BOA |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000%(Q) |  | 918 | 0.115% | 8068 | 7827 | 241 | MSI |
|  Slovak Republic | 12/20/27 | 1.000%(Q) |  | 330 | 0.155% | 5446 | 5244 | 202 | BARC |
|  Standard Chartered PLC | 12/20/26 | 1.000%(Q) |  | 273 | 0.187% | 2209 | 2169 | 40 | MSI |
|  State of Qatar | 12/20/26 | 1.000%(Q) |  | 565 | 0.084% | 5137 | 4766 | 371 | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250%(Q) | EUR | 2425 | 0.049% | 2900 | 1754 | 1146 | BARC |
|  |  |  |  |  |  | $(435514) | $(578398) | $142884 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A57

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied Credit**<br>**Spread at**<br>**December 31,**<br>**2025(4)** | **Value at**<br>**Trade Date** | **Value at**<br>**December 31,**<br>**2025** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 25600 | 0.500% | $572716 | $586791 | $14075 |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 104020 | 0.500% | 2191037 | 2384296 | 193259 |
|  |  |  |  |  | $2763753 | $2971087 | $207334 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br> Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |  |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500%(M) | 2250 \* | $(25436) | $(28139) |  | $2703 | CITI |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500%(M) | 2000 \* | (22609) | (48649) |  | 26040 | CITI |
|  CMBX.NA.18.AAA | 12/17/57 | 0.500%(M) | 6400 \* | 11631 | 7474 |  | 4157 | GSI |
|  |  |  |  | $(36414) | $(69314) |  | $32900 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A58

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Interest rate swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |
|  AUD | 815 | 12/03/27 | 2.600%(S) | 6 Month BBSW(2)(S)/ 4.121% | $(12034) | $(17228) | $(5194) |
|  AUD | 2175 | 12/03/28 | 2.650%(S) | 6 Month BBSW(2)(S)/ 4.121% | (43157) | (68776) | (25619) |
|  AUD | 3735 | 12/03/30 | 2.750%(S) | 6 Month BBSW(2)(S)/ 4.121% | (112614) | (191586) | (78972) |
|  AUD | 1785 | 12/03/31 | 2.750%(S) | 6 Month BBSW(2)(S)/ 4.121% | 111381 | (111895) | &nbsp;&nbsp;&nbsp;&nbsp;(223276) |
|  AUD | 2860 | 12/03/32 | 2.850%(S) | 6 Month BBSW(2)(S)/ 4.121% | (130157) | (200912) | (70755) |
|  AUD | 3690 | 12/03/33 | 2.800%(S) | 6 Month BBSW(1)(S)/ 4.121% | 280176 | 308827 | 28651 |
|  AUD | 7285 | 12/03/34 | 2.850%(S) | 6 Month BBSW(2)(S)/ 4.121% | (486971) | (673731) | (186760) |
|  AUD | 4180 | 11/07/35 | 4.330%(S) | 6 Month BBSW(2)(S)/ 4.121% |  | (93749) | (93749) |
|  AUD | 160 | 12/03/38 | 2.900%(S) | 6 Month BBSW(2)(S)/ 4.121% | (15459) | (20848) | (5389) |
|  AUD | 530 | 12/03/52 | 2.900%(S) | 6 Month BBSW(2)(S)/ 4.121% | (49212) | (113676) | (64464) |
|  CAD | 3505 | 12/03/26 | 2.550%(S) | 1 Day CORRA(2)(S)/ 2.300% | 562 | (2178) | (2740) |
|  CAD | 4265 | 12/03/27 | 3.650%(S) | 1 Day CORRA(2)(S)/ 2.300% | 43340 | 71680 | 28340 |
|  CAD | 775 | 12/03/28 | 3.550%(S) | 1 Day CORRA(2)(S)/ 2.300% | (2142) | 15606 | 17748 |
|  CAD | 2890 | 12/03/29 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.300% | 49962 | 64617 | 14655 |
|  CAD | 1215 | 12/03/30 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.300% | (3983) | 29761 | 33744 |
|  CAD | 2030 | 12/03/34 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.300% | 57598 | 48256 | (9342) |
|  CAD | 3430 | 12/03/35 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.300% | 90123 | 75636 | (14487) |
|  CAD | 915 | 12/03/50 | 3.350%(S) | 1 Day CORRA(2)(S)/ 2.300% | 15040 | (22919) | (37959) |
|  CHF | 1500 | 08/10/31 | (0.220)%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | (64090) | (64090) |
|  CHF | 1495 | 03/20/34 | 1.258%(A) | 1 Day SARON(1)(A)/ (0.079)% | (117193) | (128027) | (10834) |
|  CHF | 250 | 05/08/34 | 2.000%(A) | 1 Day SARON(2)(A)/ (0.079)% | 17290 | 42065 | 24775 |
|  CHF | 730 | 12/13/34 | 0.371%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | (18161) | (18161) |
|  CHF | 3495 | 05/08/35 | 2.000%(A) | 1 Day SARON(2)(A)/ (0.079)% | 610705 | 623684 | 12979 |
|  CHF | 3245 | 07/04/35 | 0.519%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | (30788) | (30788) |
|  CLP | 278800 | 08/12/26 | 3.620%(S) | 1 Day CLOIS(2)(S)/ 4.500% |  | (2979) | (2979) |
|  CNH | 30000 | 03/04/26 | 1.765%(Q) | 7 Day China Fixing Repo Rates(1)(Q)/ 1.800% |  | (1699) | (1699) |
|  CNH | 109540 | 08/20/26 | 2.440%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | (89) | 107868 | 107957 |
|  CNH | 60000 | 12/06/27 | 2.820%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 224464 | 224464 |
|  CNH | 6425 | 04/26/28 | 2.790%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 29029 | 29029 |
|  CNH | 35760 | 05/11/28 | 2.600%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 54314 | 137530 | 83216 |
|  CNH | 13300 | 06/01/28 | 2.473%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 45059 | 45059 |
|  CNH | 519630 | 05/10/29 | 2.650%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 2699141 | 2805067 | 105926 |
|  CNH | 26210 | 05/15/29 | 2.027%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 2664 | 61785 | 59121 |
|  CNH | 17000 | 11/11/29 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 6525 | (5276) | (11801) |
|  CNH | 5000 | 12/12/29 | 1.496%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | (1786) | (1786) |
|  CNH | 72580 | 05/11/30 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | (42439) | (31900) | 10539 |
|  CNH | 163000 | 06/11/30 | 1.447%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | (128998) | (128998) |
|  CNH | 30000 | 11/20/30 | 1.585%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | (82) | (82) |
|  CZK | 25000 | 08/12/26 | 2.062%(A) | 6 Month PRIBOR(2)(S)/ 3.540% |  | (17895) | (17895) |
|  DKK | 4500 | 04/08/32 | 1.581%(A) | 6 Month CIBOR(2)(S)/ 2.237% | (20754) | (47925) | (27171) |
|  DKK | 3000 | 07/10/34 | 3.200%(A) | 6 Month CIBOR(2)(S)/ 2.237% | 26421 | 8814 | (17607) |
|  DKK | 1700 | 07/10/35 | 3.200%(A) | 6 Month CIBOR(2)(S)/ 2.237% | 7362 | 3884 | (3478) |
|  EUR | 3520 | 04/23/26 | 3.076%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (45863) | (45863) |
|  EUR | 1495 | 10/11/29 | 2.101%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 6052 | 6052 |
|  EUR | 9605 | 05/11/31 | 2.650%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | (237919) | (221733) | 16186 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A59

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |  |
|  EUR | 11050 | 05/11/32 | 2.600%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | $(347011) | $(183106) | $163905 |
|  EUR | 2870 | 03/20/33 | 2.996%(A) | 6 Month EURIBOR(2)(S)/ 2.107% |  | 114501 | 114501 |
|  EUR | 65 | 03/20/34 | 2.560%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 201 | 265 | 64 |
|  EUR | 6885 | 05/11/34 | 2.650%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 168865 | 79430 | (89435) |
|  EUR | 2055 | 03/20/38 | 2.982%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | (26580) | (26580) |
|  EUR | 950 | 11/24/41 | 0.565%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | 244141 | 244141 |
|  EUR | 950 | 11/24/41 | 0.600%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% |  | (239632) | (239632) |
|  EUR | 2303 | 11/25/41 | 0.629%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | 579064 | 579064 |
|  EUR | 2303 | 11/25/41 | 0.663%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% |  | (568444) | (568444) |
|  EUR | 1355 | 02/17/42 | 0.536%(A) | 6 Month EURIBOR(2)(S)/ 2.107% |  | (547410) | (547410) |
|  EUR | 1140 | 03/22/42 | 1.257%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | 224728 | 224728 |
|  EUR | 1140 | 03/22/42 | 1.310%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% |  | (218011) | (218011) |
|  EUR | 1720 | 02/24/43 | 2.910%(A) | 6 Month EURIBOR(1)(S)/ 2.107% | 1426 | 44526 | 43100 |
|  EUR | 1720 | 02/24/43 | 2.960%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% | (768) | (7381) | (6613) |
|  EUR | 1000 | 05/11/44 | 1.150%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (229421) | (320160) | (90739) |
|  EUR | 4615 | 05/11/45 | 2.700%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 90126 | (236142) | (326268) |
|  EUR | 2640 | 11/28/54 | 1.468%(A) | 6 Month EURIBOR(1)(S)/ 2.107% | (1876) | 269374 | 271250 |
|  GBP | 1770 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.726% | (64763) | 70706 | 135469 |
|  GBP | 5720 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.726% | (79241) | 228498 | 307739 |
|  GBP | 6520 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 3.726% | 336565 | 460243 | 123678 |
|  GBP | 2690 | 05/08/27 | 1.050%(A) | 1 Day SONIA(2)(A)/ 3.726% | (130135) | (189885) | (59750) |
|  GBP | 270 | 05/08/28 | 4.100%(A) | 1 Day SONIA(1)(A)/ 3.726% | (3544) | (4773) | (1229) |
|  GBP | 425 | 05/08/29 | 1.100%(A) | 1 Day SONIA(1)(A)/ 3.726% | 70730 | 54892 | (15838) |
|  GBP | 2315 | 05/08/30 | 3.950%(A) | 1 Day SONIA(2)(A)/ 3.726% | 20921 | 38058 | 17137 |
|  GBP | 1350 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.726% | (104023) | 255421 | 359444 |
|  GBP | 600 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.726% | (13825) | 113520 | 127345 |
|  GBP | 2145 | 05/08/32 | 3.850%(A) | 1 Day SONIA(2)(A)/ 3.726% | (28365) | 11638 | 40003 |
|  GBP | 2320 | 05/08/33 | 1.150%(A) | 1 Day SONIA(2)(A)/ 3.726% | (393430) | (589520) | (196090) |
|  GBP | 2320 | 05/08/35 | 3.900%(A) | 1 Day SONIA(2)(A)/ 3.726% | (38170) | (17745) | 20425 |
|  GBP | 4640 | 05/08/40 | 3.950%(A) | 1 Day SONIA(2)(A)/ 3.726% | (173113) | (195818) | (22705) |
|  GBP | 365 | 05/08/41 | 1.250%(A) | 1 Day SONIA(2)(A)/ 3.726% | 45602 | (176706) | (222308) |
|  GBP | 1110 | 05/08/43 | 1.250%(A) | 1 Day SONIA(1)(A)/ 3.726% | 420545 | 592727 | 172182 |
|  GBP | 1225 | 05/08/45 | 3.950%(A) | 1 Day SONIA(1)(A)/ 3.726% | 82646 | 95025 | 12379 |
|  GBP | 5675 | 05/08/46 | 1.250%(A) | 1 Day SONIA(2)(A)/ 3.726% | 203386 | (3402130) | (3605516) |
|  GBP | 900 | 05/08/48 | 1.250%(A) | 1 Day SONIA(1)(A)/ 3.726% | 385636 | 573269 | 187633 |
|  GBP | 775 | 05/08/50 | 3.900%(A) | 1 Day SONIA(2)(A)/ 3.726% | (87362) | (86909) | 453 |
|  GBP | 505 | 05/08/54 | 1.250%(A) | 1 Day SONIA(2)(A)/ 3.726% | (285712) | (365538) | (79826) |
|  GBP | 380 | 05/08/54 | 3.900%(A) | 1 Day SONIA(2)(A)/ 3.726% | (7835) | (46964) | (39129) |
|  GBP | 2220 | 05/08/55 | 3.900%(A) | 1 Day SONIA(2)(A)/ 3.726% | (176264) | (278857) | (102593) |
|  HUF | 70000 | 08/10/31 | 2.748%(A) | 6 Month BUBOR(2)(S)/ 6.390% |  | (37254) | (37254) |
|  ILS | 1600 | 07/08/30 | 3.950%(A) | 1 Day SHIR(2)(A)/ 4.250% | 462 | 5270 | 4808 |
|  ILS | 2115 | 07/08/34 | 4.000%(A) | 1 Day SHIR(2)(A)/ 4.250% | (5646) | 7405 | 13051 |
|  JPY | 349000 | 07/08/26 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.727% | 2581 | (15405) | (17986) |
|  JPY | 1560000 | 07/08/26 | 0.400%(A) | 1 Day TONAR(2)(A)/ 0.727% | (9021) | (24098) | (15077) |
|  JPY | 2415000 | 07/08/27 | 0.500%(A) | 1 Day TONAR(2)(A)/ 0.727% | (82873) | (121817) | (38944) |
|  JPY | 857000 | 04/11/28 | 0.609%(A) | 1 Day TONAR(1)(A)/ 0.727% |  | 67613 | 67613 |
|  JPY | 237600 | 07/31/28 | 0.268%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (39301) | (39301) |
|  JPY | 320000 | 07/08/29 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.727% | (45546) | (105170) | (59624) |
|  JPY | 1505000 | 07/08/29 | 0.650%(A) | 1 Day TONAR(2)(A)/ 0.727% | (35920) | (232038) | (196118) |
|  JPY | 180000 | 07/08/30 | (0.050)%(A) | 1 Day TONAR(1)(A)/ 0.727% | 59416 | 79114 | 19698 |
|  JPY | 720000 | 07/08/30 | 0.750%(A) | 1 Day TONAR(2)(A)/ 0.727% | (43348) | (138422) | (95074) |
|  JPY | 745000 | 07/08/31 | 0.000%(A) | 1 Day TONAR(2)(A)/ 0.727% | 8069 | (399495) | (407564) |
|  JPY | 5000 | 07/08/31 | 0.800%(A) | 1 Day TONAR(1)(A)/ 0.727% | 154 | 1211 | 1057 |
|  JPY | 561000 | 07/08/32 | 0.050%(A) | 1 Day TONAR(2)(A)/ 0.727% | (152749) | (355137) | (202388) |
|  JPY | 400000 | 07/08/32 | 0.900%(A) | 1 Day TONAR(2)(A)/ 0.727% | (28170) | (108725) | (80555) |
|  JPY | 205000 | 07/08/34 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.727% | (93517) | (175379) | (81862) |
|  JPY | 1626000 | 07/08/34 | 1.050%(A) | 1 Day TONAR(2)(A)/ 0.727% | 36346 | (562121) | (598467) |
|  JPY | 345000 | 07/08/35 | 1.100%(A) | 1 Day TONAR(2)(A)/ 0.727% | (33670) | (136722) | (103052) |
|  JPY | 81000 | 07/08/37 | 0.150%(A) | 1 Day TONAR(2)(A)/ 0.727% | (44047) | (99705) | (55658) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A60

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |  |
|  JPY | 130000 | 07/08/38 | 0.200%(A) | 1 Day TONAR(2)(A)/ 0.727% | $(96635) | $(173739) | $(77104) |
|  JPY | 539865 | 07/08/39 | 1.350%(A) | 1 Day TONAR(2)(A)/ 0.727% | 20746 | (308584) | (329330) |
|  JPY | 515000 | 07/08/40 | 1.400%(A) | 1 Day TONAR(2)(A)/ 0.727% | (87884) | (320290) | (232406) |
|  JPY | 553500 | 07/08/41 | 0.250%(A) | 1 Day TONAR(2)(A)/ 0.727% | 18719 | (955209) | (973928) |
|  JPY | 52000 | 09/02/41 | 0.227%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (91863) | (91863) |
|  JPY | 470000 | 07/08/44 | 1.550%(A) | 1 Day TONAR(2)(A)/ 0.727% | (3287) | (402389) | (399102) |
|  JPY | 170000 | 07/08/45 | 1.600%(A) | 1 Day TONAR(2)(A)/ 0.727% | (58072) | (151407) | (93335) |
|  JPY | 320000 | 12/19/45 | 2.481%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (16323) | (16323) |
|  JPY | 330000 | 07/08/46 | 0.350%(A) | 1 Day TONAR(2)(A)/ 0.727% | 38278 | (765933) | (804211) |
|  JPY | 50000 | 07/08/48 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.727% | (39068) | (122610) | (83542) |
|  JPY | 170000 | 07/08/49 | 1.700%(A) | 1 Day TONAR(2)(A)/ 0.727% | (1789) | (185083) | (183294) |
|  JPY | 150000 | 07/08/50 | 1.700%(A) | 1 Day TONAR(2)(A)/ 0.727% | (74257) | (173621) | (99364) |
|  JPY | 223500 | 07/08/51 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.727% | 22969 | (620642) | (643611) |
|  JPY | 36000 | 09/02/51 | 0.393%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (103051) | (103051) |
|  JPY | 45300 | 07/31/53 | 1.102%(A) | 1 Day TONAR(1)(A)/ 0.727% |  | 96356 | 96356 |
|  JPY | 625000 | 07/08/54 | 1.750%(A) | 1 Day TONAR(2)(A)/ 0.727% | (17236) | (831121) | (813885) |
|  JPY | 310000 | 07/08/55 | 1.750%(A) | 1 Day TONAR(2)(A)/ 0.727% | (243023) | (428017) | (184994) |
|  JPY | 220000 | 09/01/55 | 2.485%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (89957) | (89957) |
|  KRW | 270000 | 04/19/28 | 3.135%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | 993 | 993 |
|  KRW | 5400000 | 08/13/31 | 1.630%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | (305090) | (305090) |
|  KRW | 790215 | 03/10/33 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% | (9794) | (2497) | 7297 |
|  KRW | 125000 | 11/24/33 | 3.610%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | 2402 | 2402 |
|  KRW | 2360990 | 03/10/34 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% | 1321 | (10272) | (11593) |
|  KRW | 13878000 | 03/10/35 | 3.200%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% | 436639 | (43701) | (480340) |
|  MXN | 13200 | 04/19/32 | 8.945%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.379% |  | 31473 | 31473 |
|  MXN | 4110 | 05/09/34 | 8.400%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.379% |  | 1402 | 1402 |
|  MXN | 24000 | 12/06/34 | 9.100%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.379% | 49216 | 85870 | 36654 |
|  NOK | 2085 | 08/10/31 | 1.460%(A) | 6 Month NIBOR(2)(S)/ 4.230% |  | (29444) | (29444) |
|  NZD | 795 | 08/10/31 | 1.876%(S) | 3 Month BBR(2)(Q)/ 2.515% |  | (39676) | (39676) |
|  NZD | 2260 | 05/08/35 | 4.400%(S) | 3 Month BBR(2)(Q)/ 2.515% | 61462 | 40959 | (20503) |
|  NZD | 3540 | 07/31/35 | 4.068%(S) | 3 Month BBR(2)(Q)/ 2.515% |  | 27897 | 27897 |
|  PLN | 26000 | 05/11/27 | 4.400%(A) | 6 Month WIBOR(2)(S)/ 3.870% | (51388) | 230553 | 281941 |
|  PLN | 880 | 05/11/29 | 4.350%(A) | 6 Month WIBOR(2)(S)/ 3.870% | 297 | 10717 | 10420 |
|  PLN | 1000 | 11/09/31 | 2.845%(A) | 6 Month WIBOR(2)(S)/ 3.870% |  | (14799) | (14799) |
|  SEK | 23000 | 07/10/27 | 3.600%(A) | 3 Month STIBOR(2)(Q)/ 1.958% | 38656 | 87996 | 49340 |
|  SEK | 17480 | 07/10/28 | 3.450%(A) | 3 Month STIBOR(2)(Q)/ 1.958% | 58963 | 78085 | 19122 |
|  SEK | 7600 | 08/10/31 | 0.530%(A) | 3 Month STIBOR(2)(Q)/ 1.958% |  | (90033) | (90033) |
|  SGD | 1200 | 07/29/31 | 1.120%(S) | 1 Day SORA(2)(S)/ 0.895% | (2844) | (42882) | (40038) |
|  SGD | 1070 | 09/10/34 | 2.450%(S) | 1 Day SORA(2)(S)/ 0.895% | (14204) | 20227 | 34431 |
|  SGD | 705 | 09/10/35 | 2.500%(S) | 1 Day SORA(2)(S)/ 0.895% | 27625 | 14616 | (13009) |
|  SGD | 300 | 09/11/35 | 1.720%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (10298) | (10298) |
|  SGD | 630 | 09/15/35 | 1.680%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (23488) | (23488) |
|  SGD | 1270 | 09/17/35 | 1.680%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (47371) | (47371) |
|  SGD | 865 | 09/25/35 | 1.710%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (30606) | (30606) |
|  THB | 248805 | 08/18/26 | 1.168%(Q) | 1 Day THOR(1)(Q)/ 1.246% |  | (282) | (282) |
|  THB | 38500 | 08/17/31 | 1.320%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 3404 | 3404 |
|  THB | 20100 | 04/18/34 | 2.895%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 74025 | 74025 |
|  THB | 17500 | 04/22/34 | 2.818%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 60936 | 60936 |
|  THB | 109455 | 09/10/34 | 2.350%(Q) | 1 Day THOR(2)(Q)/ 1.246% | 37180 | 246312 | 209132 |
|  THB | 12200 | 12/16/34 | 2.173%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 21586 | 21586 |
|  THB | 59645 | 09/10/35 | 2.400%(Q) | 1 Day THOR(2)(Q)/ 1.246% | 126015 | 143740 | 17725 |
|  TWD | 62800 | 02/17/28 | 1.390%(Q) | 3 Month TAIBOR(1)(Q)/ 1.678% |  | 20752 | 20752 |
|  | 3850 | 04/23/26 | 4.861%(A) | 1 Day SOFR(2)(A)/ 3.870% |  | 29272 | 29272 |
|  | 116965 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 3.870% | 224710 | 748256 | 523546 |
|  | 2780 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 3.870% | 11105 | 17785 | 6680 |
|  | 127025 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (730212) | (730212) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A61

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |
| 128030 | 08/27/26 | 3.809%(T) | 1 Day SOFR(2)(T)/ 3.870% | $— | $(16884) | $(16884) |
| 16320 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% | 3019 | (160323) | (163342) |
| 64660 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.870% | 10956 | 1032788 | 1021832 |
| 40240 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.870% | (42786) | (1115312) | (1072526) |
| 800 | 02/22/32 | 3.989%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (17255) | (17255) |
| 2850 | 03/28/32 | 3.841%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (35650) | (35650) |
| 1690 | 08/01/35 | 3.869%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (10366) | (10366) |
| 2650 | 11/10/35 | 3.669%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 28228 | 28228 |
| 3405 | 05/11/45 | 4.000%(A) | 1 Day SOFR(2)(A)/ 3.870% | (140784) | (80949) | 59835 |
| 1415 | 05/11/49 | 1.350%(A) | 1 Day SOFR(2)(A)/ 3.870% | (540576) | (633312) | (92736) |
| 34290 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 3.870% | (237473) | (2035370) | (1797897) |
| 17090 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 3.870% | (257480) | (1014420) | (756940) |
| 14071 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 596263 | 596263 |
| 420 | 04/30/54 | 4.027%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 11380 | 11380 |
| 805 | 05/10/54 | 3.850%(A) | 1 Day SOFR(2)(A)/ 3.870% | (4507) | (46471) | (41964) |
| 4960 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 2264076 | 2443774 | 179698 |
| 1305 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 572115 | 642969 | 70854 |
| 11215 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 74732 | 446591 | 371859 |
| 63140 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 923405 | 2514294 | 1590889 |
| 853 | 12/15/54 | 3.638%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 71052 | 71052 |
| 30360 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 3.870% | 235350 | 2338193 | 2102843 |
| 11865 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 3.870% | 189270 | 913789 | 724519 |
| 31800 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/ 3.870% | (582624) | 312709 | 895333 |
| 1590 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/ 3.870% | (31409) | 15636 | 47045 |
| 37365 | 05/11/55 | 3.850%(A) | 1 Day SOFR(1)(A)/ 3.870% | 1347796 | 2148837 | 801041 |
| 2655 | 05/11/55 | 3.850%(A) | 1 Day SOFR(1)(A)/ 3.870% | 129594 | 152688 | 23094 |
| 870 | 05/10/74 | 3.420%(A) | 1 Day SOFR(1)(A)/ 3.870% | 9031 | 106673 | 97642 |
| 1320 | 05/11/74 | 1.950%(A) | 1 Day SOFR(1)(A)/ 3.870% | 5948 | 71940 | 65992 |
|  |  |  |  | $6394866 | $19739 | $(6375127) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** |  |  |
|  BRL | 14979 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/ 0.055% | $(52819) | $— |  | $(52819) | GSI |
|  BRL | 14979 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/ 0.055% | 49323 |  |  | 49323 | GSI |
|  CNH | 2100 | 07/31/30 | 2.515%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 12871 |  |  | 12871 | MSI |
|  CNH | 2100 | 11/24/30 | 2.495%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 13084 |  |  | 13084 | MSI |
|  MYR | 8100 | 08/12/26 | 2.605%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | (9062) | (22) |  | (9040) | HSBC |
|  MYR | 13000 | 12/19/29 | 3.560%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | 29396 | 10 |  | 29386 | MSI |
|  MYR | 2185 | 11/23/30 | 3.880%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | 13327 | (2) |  | 13329 | MSI |
|  MYR | 1855 | 02/28/32 | 3.625%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | 5910 |  |  | 5910 | JPM |
|  MYR | 900 | 07/12/32 | 3.650%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | 3289 | (6) |  | 3295 | GSI |
|  MYR | 5000 | 07/29/35 | 3.330%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | (22728) | (3) |  | (22725) | JPM |
|  |  |  |  |  | $42591 | $(23) |  | $42614 |  |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A62

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Total return swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)**<br>**Notional**<br>**Amount**<br>**(000)#(1)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |
|  Bloomberg Commodity Total Return Index(Q) | 3 Month U.S. Treasury Bill +8bps(Q)/ 3.650% | ML | 04/01/26 | 80621 | $(8174) | $— | $(8174) |
|  U.S. Treasury Bond(T) | 1 Day USOIS +26bps(T)/ 3.900% | JPM | 05/04/26 | 30140 | (550898) |  | (550898) |
|  |  |  |  |  | $(559072) | $— | $(559072) |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
| OTC Swap Agreements | $407083 | $(960074) | $826190 | $(1522483) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $— | $19260129 |
|  GSI | 4224000 |  |
|  MLC |  | 29093574 |
|  MS |  | 89452797 |
|  **Total** | $4224000 | $137806500 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $2298172380 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 3911682967 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | 58669593 |  |  |
|  Common Stocks | 6158233302 | 2163833523 | 5 |
|  Preferred Stocks | 123812 | 12336070 |  |
|  Unaffiliated Exchange-Traded Funds | 3101436662 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A63

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Warrants | $— | $1 | $— |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 9068123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 1121937894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 7197487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 1489532 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 1865175 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 3217304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 66902 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 117938 |  |
|  Commercial Mortgage-Backed Securities |  | 110692289 |  |
|  Corporate Bonds |  | 1039389633 |  |
|  Floating Rate and Other Loans |  | 28887614 |  |
|  Municipal Bonds |  | 7081085 |  |
|  Residential Mortgage-Backed Securities |  | 13359962 |  |
|  Sovereign Bonds |  | 418749591 |  |
|  U.S. Government Agency Obligations. |  | 107505758 |  |
|  U.S. Treasury Obligations |  | 618516735 |  |
|  Options Purchased |  | 26599 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 2167782133 |  |  |
|  U.S. Treasury Obligations |  | 99949639 |  |
|  Options Purchased | 105469 | 553401 |  |
|  **Total** | $**17696206318** | $**5765842255** | **$5** |
|  **Liabilities** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Written | $— | $(21454) | $— |
|  **Short-Term Investments** |  |  |  |
|  Options Written | $— | $(1444261) | $— |
|  **Total** | $**—** | $**(1465715)** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $3607723 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 2062148 |  |
|  OTC Cross Currency Exchange Contracts |  | 18321 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 498002 |  |
|  Centrally Cleared Credit Default Swap Agreements |  | 207334 |  |
|  OTC Credit Default Swap Agreements |  | 230514 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 14425493 |  |
|  OTC Interest Rate Swap Agreements |  | 127200 |  |
|  **Total** | $**3607723** | $**17569012** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(12199555) | $— | $— |
|  OTC Bond Forward Contract |  | (743374) |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (9844731) |  |
|  OTC Cross Currency Exchange Contracts |  | (8988) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (487564) |  |
|  OTC Credit Default Swap Agreements |  | (973755) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (20800620) |  |
|  OTC Interest Rate Swap Agreements |  | (84609) |  |
|  OTC Total Return Swap Agreements |  | (559072) |  |
|  **Total** | $**(12199555)** | $**(33502713)** | **$—** |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A64

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, bond forward contracts, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (1.3% represents investments purchased with collateral from securities on loan) | 36.4 |
|  Unaffiliated Exchange-Traded Funds | 13.4 |
|  Collateralized Loan Obligations | 4.8 |
|  Banks | 3.8 |
|  Semiconductors & Semiconductor Equipment | 3.7 |
|  U.S. Treasury Obligations | 3.1 |
|  Software | 2.5 |
|  Interactive Media & Services | 2 |
|  Sovereign Bonds | 1.8 |
|  Technology Hardware, Storage & Peripherals | 1.8 |
|  Pharmaceuticals | 1.7 |
|  Capital Markets | 1.3 |
|  Insurance | 1.2 |
|  Aerospace & Defense | 1.2 |
|  Oil, Gas & Consumable Fuels | 1.1 |
|  Broadline Retail | 1 |
|  Financial Services | 0.9 |
|  Automobiles | 0.9 |
|  Machinery | 0.7 |
|  Biotechnology | 0.7 |
|  Specialty Retail | 0.6 |
|  Health Care Equipment & Supplies | 0.6 |
|  Consumer Staples Distribution & Retail | 0.6 |
|  Electric Utilities | 0.6 |
|  Electrical Equipment | 0.6 |
|  Hotels, Restaurants & Leisure | 0.6 |
|  Entertainment | 0.6 |
|  Health Care Providers & Services | 0.5 |
|  Metals & Mining | 0.5 |
|  Commercial Mortgage-Backed Securities | 0.5 |
|  IT Services | 0.5 |
|  U.S. Government Agency Obligations | 0.5 |
|  Electric | 0.4 |
|  Chemicals | 0.4 |
|  Textiles, Apparel & Luxury Goods | 0.4 |
|  Diversified Telecommunication Services | 0.3 |
|  Multi-Utilities | 0.3 |
|  Food Products | 0.3 |
|  Electronic Equipment, Instruments & Components | 0.3 |
|  Ground Transportation | 0.3 |
|  Trading Companies & Distributors | 0.3 |
|  Consumer Finance | 0.3 |
|  Media | 0.3 |
|  Industrial Conglomerates | 0.3 |
|  Communications Equipment | 0.3 |
|  Beverages | 0.3 |
|  Oil & Gas | 0.3 |
|  Telecommunications | 0.3 |
|  Life Sciences Tools & Services | 0.2 |
|  Building Products | 0.2 |
|  Tobacco | 0.2 |

---

---

| | |
|:---|:---|
|  Pipelines | 0.2% |
|  Real Estate Investment Trusts (REITs) | 0.2 |
|  Household Products | 0.2 |
|  Professional Services | 0.2 |
|  Construction & Engineering | 0.2 |
|  Commercial Services | 0.2 |
|  Specialized REITs | 0.2 |
|  Household Durables | 0.2 |
|  Industrial REITs | 0.2 |
|  Personal Care Products | 0.2 |
|  Retail | 0.1 |
|  Real Estate Management & Development | 0.1 |
|  Auto Manufacturers | 0.1 |
|  Commercial Services & Supplies | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Construction Materials | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  Foods | 0.1 |
|  Diversified Financial Services | 0.1 |
|  Healthcare-Services | 0.1 |
|  Passenger Airlines | 0.1 |
|  Automobile Components | 0.1 |
|  Health Care REITs | 0.1 |
|  Marine Transportation | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Auto Parts & Equipment | 0.1 |
|  Gas Utilities | 0.1 |
|  Healthcare-Products | 0.1 |
|  Holding Companies-Diversified | 0.1 |
|  Transportation | 0.1 |
|  Mining | 0.1 |
|  Building Materials | 0.1 |
|  Retail REITs | 0.1 |
|  Packaging & Containers | 0.1 |
|  Home Builders | 0.1 |
|  Real Estate | 0.1 |
|  Internet | 0.1 |
|  Residential Mortgage-Backed Securities | 0.0 \* |
|  Diversified Consumer Services | 0.0 \* |
|  Diversified REITs | 0.0 \* |
|  Electrical Components & Equipment | 0.0 \* |
|  Residential REITs | 0.0 \* |
|  Engineering & Construction | 0.0 \* |
|  Containers & Packaging | 0.0 \* |
|  Lodging | 0.0 \* |
|  Consumer Loans | 0.0 \* |
|  Municipal Bonds | 0.0 \* |
|  Transportation Infrastructure | 0.0 \* |
|  Semiconductors | 0.0 \* |
|  Multi-National | 0.0 \* |
|  Iron/Steel | 0.0 \* |
|  Independent Power & Renewable Electricity Producers | 0.0 \* |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A65

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Computers | 0.0 |
|  Airlines | 0.0 \* |
|  Miscellaneous Manufacturing | 0.0 \* |
|  Leisure Time | 0.0 \* |
|  Investment Companies | 0.0 \* |
|  Leisure Products | 0.0 \* |
|  Hotel & Resort REITs | 0.0 \* |
|  Electronics | 0.0 \* |
|  Agriculture | 0.0 \* |
|  Other | 0.0 \* |
|  Health Care Technology | 0.0 \* |
|  Gas | 0.0 \* |
|  Coal | 0.0 \* |
|  Distributors | 0.0 \* |
|  Distribution/Wholesale | 0.0 \* |
|  Housewares | 0.0 \* |
|  Savings & Loans | 0.0 \* |

---

---

| | |
|:---|:---|
|  Home Equity Loans | 0.0 |
|  Machinery-Diversified | 0.0 |
|  Office REITs | 0.0 |
|  Trucking & Leasing | 0.0 |
|  Credit Cards | 0.0 |
|  Water Utilities | 0.0 |
|  Apparel | 0.0 |
|  Environmental Control | 0.0 |
|  Water | 0.0 |
|  Office/Business Equipment | 0.0 |
|  Options Purchased | 0.0 |
|  Energy-Alternate Sources | 0.0 |
|  Student Loans | 0.0 |
|  | 101.1 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (1.1) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are commodity risk, credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value** | **Statement of**<br> **Assets and<br> Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** |
| Commodity contracts |  | $— | Unrealized depreciation on OTC swap agreements | $8174 |
| Credit contracts | Due from/to broker-variation margin swaps | 207334 \* |  |  |
| Credit contracts | Premiums paid for OTC swap agreements | 407073 | Premiums received for OTC swap agreements | 960041 |
| Credit contracts | Unaffiliated investments | 46059 | Options written outstanding, at value | 263203 |
| Credit contracts | Unrealized appreciation on OTC swap agreements | 698992 | Unrealized depreciation on OTC swap agreements | 878827 |
| Equity contracts | Due from/to broker-variation margin futures | 2107257 \* | Due from/to broker-variation margin futures | 1622181 \* |
| Foreign exchange contracts |  |  | Due from/to broker-variation margin futures | 1028106 \* |
| Foreign exchange contracts | Unaffiliated investments | 30761 | Options written outstanding, at value | 732020 |
| Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 18321 | Unrealized depreciation on OTC cross currency exchange contracts | 8988 |
| Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 2062148 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 9844731 |
| Interest rate contracts | Due from/to broker-variation margin futures | 1500466 \* | Due from/to broker-variation margin futures | 9549268 \* |
| Interest rate contracts | Due from/to broker-variation margin swaps | 14425493 \* | Due from/to broker-variation margin swaps | 20800620 \* |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A66

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value** | **Statement of**<br> **Assets and<br> Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** |
| Interest rate contracts | Premiums paid for OTC swap agreements | $10 | Premiums received for OTC swap agreements | $33 |
| Interest rate contracts | Unaffiliated investments | 608649 | Options written outstanding, at value | 470492 |
| Interest rate contracts |  |  | Unrealized depreciation on OTC bond forward contracts | 743374 |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | 127198 | Unrealized depreciation on OTC swap agreements | 635482 |
|  |  | $22239761 |  | $47545540 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Bond<br>Forward<br>Contracts** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $— | $— | $— | $2157425 |
|  Credit contracts | (1417185) | 2086121 |  |  |  | (2256164) |
|  Equity contracts |  |  | 104572492 |  |  |  |
|  Foreign exchange contracts | (1253583) | 6085708 | (13198537) |  | (50414333) |  |
|  Interest rate contracts | (12155) | 204588 | 40087151 | 541086 |  | (3018316) |
|  **Total** | $(2682923) | $8376417 | $131461106 | $541086 | $(50414333) | $(3117055) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Bond<br>Forward<br>Contracts** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $— | $— | $— | $(8174) |
|  Credit contracts | (399183) | 428295 |  |  |  | (123616) |
|  Equity contracts |  |  | 44655359 |  |  |  |
|  Foreign exchange contracts | (200059) | 27913 | (2556504) |  | (20159617) |  |
|  Interest rate contracts | (198964) | 191517 | 14658391 | (743374) |  | 301043 |
|  **Total** | $(798206) | $647725 | $56757246 | $(743374) | $(20159617) | $169253 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $814027 |
|  Options Written (2) | 1038292853 |
|  Futures Contracts - Long Positions (2) | 3644169765 |
|  Futures Contracts - Short Positions (2) | 549376606 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A67

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Bond Forward Contracts - Purchased (2) | $20606000 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 387495902 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 1093697379 |
|  Cross Currency Exchange Contracts (4) | 14071085 |
|  Credit Default Swap Agreements - Buy Protection (2) | 116156398 |
|  Credit Default Swap Agreements - Sell Protection (2) | 322095244 |
|  Interest Rate Swap Agreements (2) | 1550426433 |
|  Total Return Swap Agreements (2) | 167934334 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net<br>Amount** |
| Securities on Loan | $285265133 | $(285265133) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral**<br>**Pledged/(Received)(2)** | **Net Amount** |
|  BARC(4) | $284683 | $(706813) | $(422130) | $422130 | $— |
|  BARC(6) | 61658 | (6157) | 55501 |  | 55501 |
|  BNP(4) | 465904 | (1107911) | (642007) | 589081 | (52926) |
|  BNP(6) | 38119 | (640984) | (602865) |  | (602865) |
|  BNY(4) |  | (410894) | (410894) | 410894 |  |
|  BOA(4) | 159963 | (774699) | (614736) | 614736 |  |
|  CITI(4) | 306377 | (2028712) | (1722335) | 1564789 | (157546) |
|  CITI(5) | 188107 | (35377) | 152730 |  | 152730 |
|  CITI(6) | 619 | (43258) | (42639) |  | (42639) |
|  DB(4) | 612697 | (3013384) | (2400687) | 2400687 |  |
|  GSI(4) | 269453 | (449596) | (180143) | 180143 |  |
|  GSI(5) | 62733 | (174932) | (112199) | 112199 |  |
|  GSI(6) | 182156 | (18268) | 163888 |  | 163888 |
|  HSBC(4) | 25732 | (371605) | (345873) | 330082 | (15791) |
|  HSBC(6) | 86647 | (64606) | 22041 |  | 22041 |
|  JPM(4) | 500061 | (1541112) | (1041051) | 897595 | (143456) |
|  ML(3) |  | (8174) | (8174) |  | (8174) |
|  MSI(4) | 382307 | (1037801) | (655494) | 655494 |  |
|  MSI(5) | 149242 | (258190) | (108948) | 108948 |  |
|  MSI(6) | 25608 | (316456) | (290848) |  | (290848) |
|  RBC(4) | 1660 | (36343) | (34683) | 6558 | (28125) |
|  SSB(4) | 180 | (596700) | (596520) | 596520 |  |
|  UAG(4) | 49716 | (791962) | (742246) | 742246 |  |
|  WBC(5) | 40120 | (111431) | (71311) |  | (71311) |
|  | $3893742 | $(14545365) | $(10651623) | $9632102 | $(1019521) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A68

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

(3) PGIM Quant Solutions

(4) PGIM Fixed Income

(5) Putnam

(6) J.P. Morgan

**SEE NOTES TO FINANCIAL STATEMENTS.**

A69

------

<br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $285,265,133: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $13,029,692,487) | $15025741505.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $7,578,273,046) | 8436307073.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 971.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $10,441,160) | 10497994.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 44584718.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 16136069.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 5165304.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 4224000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 2062148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 826190.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 451099.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 407083.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 322803.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 308860.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 29658.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 21750.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 18321.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 166684.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 23547272230.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 293841271.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 10344546.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 9844731.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 8143386.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 7454410.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 6006417.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 1926682.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1791519.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 1522483.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $2,082,359) | 1465715.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 960074.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 865423.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC bond forward contracts | 743374.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 15169.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 8988.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 344934666.0 |
|  **NET ASSETS** | $23202337564.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $23202337564.0 |
|  Net asset value and redemption price per share, $23,202,337,564 / 724,067,419 outstanding shares of beneficial interest | $32.04 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of $92,033 foreign withholding tax) | $197854063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $6,412,071 foreign withholding tax, of which $824,474 is reimbursable by an affiliate) | 182799417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 95501398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $482,075) | 557334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 476712212 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 136952336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 58637774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 1731354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 411370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 326610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 137116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 23085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 313981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 198543966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (14808640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver | (5821835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 177913491 |
|  **NET INVESTMENT INCOME (LOSS)** | 298798721 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $363,460,515) (net of foreign capital gains taxes $(61648)) | 1386313748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 131461106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contract transactions | 541086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (50414333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 8376417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (3117055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 14896537 |
|  | 1488057506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $263,457,865) (net of change in foreign capital gains taxes $345,842) | 1252261244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 56757246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contracts | (743374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (20159617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 647725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 169253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 1948152 |
|  | 1290880629 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 2778938135 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3077736856 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $298798721 | $190589245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 1488057506 | 2116140773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 1290880629 | (1428605767) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 3077736856 | 878124251 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [13,306,145 and 7,023,556 shares, respectively] | 374334471 | 189730642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [0 and 479,609,664 shares, respectively] |  | 13889495857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [162,576,711 and 81,571,823 shares, respectively] | (4723750461) | (2207710530) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS .** | (4349415990) | 11871515969 |
|  **TOTAL INCREASE (DECREASE)** | (1271679134) | 12749640220 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 24474016698 | 11724376478 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $23202337564 | $24474016698 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A70

------

<br> **AST BALANCED ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $28.02 | $25.04 | $21.63 | $25.83 | $22.89 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.38 | 0.41 | 0.40 | 0.24 | 0.02 |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.64 | 2.57 | 3.01 | (4.44) | 2.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.02 | 2.98 | 3.41 | (4.20) | 2.94 |
|  Net Asset Value, end of year | $32.04 | $28.02 | $25.04 | $21.63 | $25.83 |
|  **Total Return<sup>(b)</sup>**  | 14.35% | 11.90% | 15.77% | (16.26)% | 12.84% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $23202 | $24474 | $11724 | $10950 | $11348 |
|  Average net assets (in millions) | $23455 | $12682 | $11270 | $9397 | $11379 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.76% | 0.77% | 0.79% | 0.78% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.85% | 0.89% | 0.89% | 0.89% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.27% | 1.50% | 1.72% | 1.06% | 0.09% |
|  Portfolio turnover rate<sup>(d)</sup>  | 61% | 138% | 76% | 76% | 83% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A71

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 88.4%** | **LONG-TERM INVESTMENTS — 88.4%** | **LONG-TERM INVESTMENTS — 88.4%** |
|  **AFFILIATED MUTUAL FUNDS — 15.5%** | **AFFILIATED MUTUAL FUNDS — 15.5%** | **AFFILIATED MUTUAL FUNDS — 15.5%** |
|  **Domestic Equity — 6.6%** | **Domestic Equity — 6.6%** | **Domestic Equity — 6.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Growth Portfolio\* | 1219172 | $134657598 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Value Portfolio\* | 2460904 | 150188959 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Small-Cap Equity Portfolio\* | 785147 | 67601190 |
|  |  | 352447747 |
|  **Fixed Income — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 39399197 | 470820409 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio\* | 245810 | 1924696 |
|  |  | 472745105 |
|  **International Equity — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Emerging Markets Equity Opportunities Fund (Class R6) | 754 | 14861 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $688,777,409)(wa) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $688,777,409)(wa) | 825207713 |
|  **COMMON STOCKS — 40.9%** | **COMMON STOCKS — 40.9%** | **COMMON STOCKS — 40.9%** |
|  **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 34333 | 7972946 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 26900 | 3087044 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC (United Kingdom) | 66924 | 1540260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 4534 | 984422 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 2027 | 350347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 1011 | 580441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA (Brazil), ADR | 41660 | 2681654 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 11700 | 3938922 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 30300 | 9333309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. (South Korea) | 473 | 308892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 19924 | 4084819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA (Italy) | 19241 | 1100596 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 980 | 406238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 13577 | 7741741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 2391 | 4362128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 263881 | 4081108 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 18828 | 3453055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 9510 | 551772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 21549 | 7505885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 300400 | 1962842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 5336 | 1439470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 2794 | 844682 |
|  |  | 68312573 |
|  **Air Freight & Logistics — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 3944 | 634038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 52625 | 2869415 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S (Denmark) | 893 | 224908 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 3900 | 1126554 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 8200 | 813358 |
|  |  | 5668273 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. (Japan) | 20700 | $387841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 33800 | 2571842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aumovio SE (Germany)\* | 8952 | 449499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. (Japan) | 28000 | 629980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michelin SCA (France) | 8908 | 295266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 38000 | 1530537 |
|  |  | 5864965 |
|  **Automobiles — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) | 11563 | 1253838 |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (China) (Class H Stock) | 54791 | 669588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (Italy) | 991 | 368270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co.(a) | 131100 | 1720032 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 50449 | 4102513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 248900 | 2442872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 126700 | 1977423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. (India) | 16592 | 685234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 31839 | 2207146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 57687 | 631713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. (Japan) | 36500 | 785890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 46973 | 21124697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 298600 | 6413061 |
|  |  | 44382277 |
|  **Banks — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 29047 | 1014870 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 403397 | 4312455 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 126673 | 3062651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 208712 | 4895803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 397335 | 4676828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 65773 | 1487592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 62953 | 1387340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 152839 | 8406145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC (Ireland) | 23242 | 444510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA (Spain) | 10065 | 166829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 1277992 | 8180591 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 79438 | 7515394 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 283000 | 1436223 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA (Italy) | 11198 | 151313 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 415296 | 5077461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 50042 | 5839401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | 3976 | 167806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 32180 | 3434863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 60616 | 1247955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 24698 | 1233327 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 72510 | 3176275 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 6502 | 730760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG (Austria) | 5542 | 664538 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA (Italy) | 26402 | 684064 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 789837 | 12428829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 44400 | 770340 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 288323 | 8104250 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A72

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 282298 | $| 1950709 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 41822 |  | 13475885 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | 9531 |  | 1241280 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 26100 |  | 538704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 1850274 |  | 2447383 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp.(a) | 6542 |  | 1318082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 515600 |  | 8183126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 23700 |  | 864921 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 59237 |  | 1665552 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 401887 |  | 3525466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 153377 |  | 2885675 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 126144 |  | 2111651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 77200 |  | 1186041 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 25761 |  | 5377094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. (Japan) | 131400 |  | 1250628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 33095 |  | 2664280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 94026 |  | 2294276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 189200 |  | 6084940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 11158 |  | 161652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 57224 |  | 1985389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 71133 |  | 3500455 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 17119 |  | 913470 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 47225 |  | 3911491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co | 120877 |  | 11265736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | 63159 |  | 1620756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 3705 |  | 518033 |
|  |  |  | 173641088 |
|  **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 33608 |  | 2156997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd.<br>(Japan)(a) | 91800 |  | 962230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 51900 |  | 3628329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United Kingdom)(a) | 20006 |  | 1814544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 7900 |  | 408695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 31863 |  | 686581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. (Japan) | 42500 |  | 636183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 45000 |  | 3450150 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 11400 |  | 1636128 |
|  |  |  | 15379837 |
|  **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc.(a) | 45905 |  | 10488834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 1716 |  | 682367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 12388 |  | 4054716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 3457 |  | 2916131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 2692 |  | 2263838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 9500 |  | 1671905 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. (Australia) | 15025 | $| 1729099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 11200 |  | 490896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Denmark)\* | 456 |  | 141353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 39600 |  | 4860504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 12000 |  | 1185240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 3600 |  | 510588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 2861 |  | 2208320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (Sweden)\* | 10575 |  | 379506 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 700 |  | 341075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 3531 |  | 1600814 |
|  |  |  | 35525186 |
|  **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China), ADR(a) | 7861 |  | 1152265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 188651 |  | 43544424 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 9000 |  | 783900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 6900 |  | 382536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 85300 |  | 1880865 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 287 |  | 578093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 10903 |  | 2007244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. (Japan) | 78600 |  | 468213 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc. (China),<br>ADR\*(a) | 6119 |  | 693833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 41190 |  | 2550443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 13737 |  | 1752429 |
|  |  |  | 55794245 |
|  **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB (Sweden) (Class B Stock) | 20250 |  | 782275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belimo Holding AG (Switzerland) | 132 |  | 128972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 45383 |  | 2398038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 19500 |  | 1982992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 22300 |  | 2670425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 20400 |  | 2282964 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 20276 |  | 712374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 5038 |  | 1960790 |
|  |  |  | 12918830 |
|  **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 31423 |  | 1377862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 1618 |  | 793370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 19512 |  | 1612663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 40000 |  | 4643600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 14719 |  | 2268787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 36800 |  | 3676688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 20200 |  | 177029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 73569 |  | 2835286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 24000 |  | 573360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR\* | 5965 |  | 979513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 4226 |  | 3714654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 28380 |  | 1484880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 2930 |  | 510377 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A73

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd. (China) (Class A Stock) | 270604 | $| 915485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 2400 |  | 388704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 85400 |  | 2243458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 18400 |  | 875288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. (Japan) | 23000 |  | 245492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (Switzerland) | 2592 |  | 202515 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC (United Kingdom) | 13068 |  | 1571930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | 3072 |  | 415120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 3500 |  | 1787975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 43971 |  | 7806171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 1900 |  | 412889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 32400 |  | 3147012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 166200 |  | 1384524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 15200 |  | 2076168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Switzerland) | 1372 |  | 1683419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 19100 |  | 3067269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 4480 |  | 506688 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc.(a) | 6800 |  | 3553612 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 45800 |  | 986990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC (United Kingdom) | 154015 |  | 841918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 100100 |  | 1317710 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc.(a) | 8700 |  | 890706 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 124363 |  | 5742412 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. (Brazil) (Class A Stock) | 55844 |  | 914166 |
|  |  |  | 67625690 |
|  **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 7259 |  | 1364358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema SA (France) | 1683 |  | 102568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 245500 |  | 2182188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 32800 |  | 2198584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 10100 |  | 2651452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 18200 |  | 454818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG (Germany) | 26413 |  | 412204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Switzerland) | 47 |  | 185944 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd. (Israel) | 26325 |  | 151377 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG (Germany) | 28524 |  | 584497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 4700 |  | 2004033 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock)(a) | 6800 |  | 294440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 52000 |  | 304389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. (Australia) | 89977 |  | 1453222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 9100 |  | 2948673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 39300 |  | 1220703 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPC Group, Inc.\* | 12402 |  | 248040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 40971 |  | 1676616 |
|  |  |  | 20438106 |
|  **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 117479 |  | 1793942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 42900 |  | 738480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 1696 |  | 359433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 23700 |  | 1422474 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Commercial Services & Supplies (cont'd.)** | **Commercial Services & Supplies (cont'd.)** | **Commercial Services & Supplies (cont'd.)** | **Commercial Services & Supplies (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 41272 | $| 656354 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 29700 |  | 882883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 14400 |  | 1436832 |
|  |  |  | 7290398 |
|  **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 20400 |  | 2673012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 14800 |  | 3461276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 67817 |  | 5223944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 186505 |  | 1202411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock)(a) | 194020 |  | 1888210 |
|  |  |  | 14448853 |
|  **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Spain) | 13957 |  | 1385446 |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 8700 |  | 829371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 24153 |  | 1255603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 10132 |  | 1451707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 4325 |  | 280220 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG (Germany) | 2771 |  | 1084796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 31800 |  | 1185743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Sweden) (Class B Stock) | 22700 |  | 618537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. (Japan) | 15200 |  | 1440518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 30296 |  | 4262135 |
|  |  |  | 13794076 |
|  **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 22165 |  | 2754256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 1285 |  | 333145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 13587 |  | 1322699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 2400 |  | 1494384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co.(a) | 6700 |  | 1910974 |
|  |  |  | 7815458 |
|  **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 33000 |  | 1494570 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 15373 |  | 5687241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 19900 |  | 4822964 |
|  |  |  | 12004775 |
|  **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 10612 |  | 177068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 62713 |  | 896374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 7800 |  | 6726252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 10000 |  | 1327700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 2600 |  | 319826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group Ltd. (Australia) | 116839 |  | 284869 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC (United Kingdom) | 27599 |  | 120917 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Health International, Inc. (China), 144A\* | 46734 |  | 334698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 69062 |  | 2832018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The)(a) | 36500 |  | 2280520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC (United Kingdom) | 66417 |  | 295558 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. (Japan) | 64200 |  | 1111532 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A74

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp.(a) | 28400 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 3700 |  | 361675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 766452 |  | 4557959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. (Japan) | 18000 |  | 330720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 82527 |  | 9194333 |
|  |  |  | 33244815 |
|  **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 3303 |  | 340110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 20500 |  | 792735 |
|  |  |  | 1132845 |
|  **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group (Belgium) | 2335 |  | 420583 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 15600 |  | 471120 |
|  |  |  | 891703 |
|  **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 253700 |  | 2047359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC (United Kingdom) | 38432 |  | 543391 |
|  |  |  | 2590750 |
|  **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** | **Diversified REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 13084 |  | 868523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 163792 |  | 4858071 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) (Australia) | 152491 |  | 550276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group (Australia) | 555411 |  | 757071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 331509 |  | 1263948 |
|  |  |  | 8297889 |
|  **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 136494 |  | 3390511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 203801 |  | 6633938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ (Finland) | 9404 |  | 416746 |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. (Hong Kong), UTS | 119000 |  | 176210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 251943 |  | 1177258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. (Singapore) | 75000 |  | 265350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 212208 |  | 906970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 848229 |  | 2752132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 142928 |  | 5821458 |
|  |  |  | 21540573 |
|  **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA (Spain) | 2213 |  | 481636 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co.,<br>Inc.(a) | 29700 |  | 3424707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 19000 |  | 292724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 5976 |  | 2111142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 4000 |  | 468840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 4800 |  | 288096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA/NV (Belgium) | 3265 |  | 420149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA (Spain) | 17950 |  | 645853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 749468 |  | 7792470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp.(a) | 16932 |  | 1565025 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp.(a) | 48800 |  | 2184776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 124965 |  | 2705916 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** | **Electric Utilities (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 42800 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672161 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc.(a) | 54626 |  | 4385375 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 15600 |  | 2484144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. (Australia) | 35603 |  | 271883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 26792 |  | 2336262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 87187 |  | 927557 |
|  |  |  | 33458716 |
|  **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 89097 |  | 6568013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 7175 |  | 2285309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. (Japan) | 12243 |  | 928449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 12400 |  | 1375103 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 7200 |  | 4705704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 2296 |  | 313106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 9969 |  | 1482019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 71800 |  | 2093462 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIDEC Corp. (Japan) | 18300 |  | 248478 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 18000 |  | 1835460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA (Italy) | 8487 |  | 846641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc.(a) | 6636 |  | 2581868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 15033 |  | 4112657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 20400 |  | 679116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 40335 |  | 5658540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. (Class A Stock) | 9900 |  | 1603899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S (Denmark) | 40266 |  | 1089083 |
|  |  |  | 38406907 |
|  **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 18562 |  | 2508469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 2400 |  | 442968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 34000 |  | 2977040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. (Taiwan) | 29866 |  | 911031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 50278 |  | 2386439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 700 |  | 253208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 9100 |  | 1849029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. (Japan) | 89600 |  | 1256076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. (Japan) | 82500 |  | 1705106 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. (Japan) | 28300 |  | 400381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 12200 |  | 453596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 4800 |  | 1165536 |
|  |  |  | 16308879 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 57246 |  | 2606983 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 14800 |  | 659488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 8268 |  | 159538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weatherford International PLC | 10400 |  | 813904 |
|  |  |  | 4239913 |
|  **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 72948 |  | 6839604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. (Japan) | 46000 |  | 1123619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 56760 |  | 3832127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc.\* | 6200 |  | 672638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 5915 |  | 3434900 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A75

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 1300 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group (China), ADR | 48614 |  | 852203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 84336 |  | 9594907 |
|  |  |  | 26682837 |
|  **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Netherlands), 144A\* | 744 |  | 1199756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 56978 |  | 1293772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 24600 |  | 12365190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 11400 |  | 343938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 10902 |  | 240999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 33600 |  | 2233056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 27300 |  | 1833741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 17200 |  | 1331280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 5270 |  | 236087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 101212 |  | 3606750 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC (United Kingdom) | 74862 |  | 288204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 23204 |  | 13246700 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 74400 |  | 2175998 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 4800 |  | 280224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 39581 |  | 993637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. (Class A Stock)\*(a) | 4883 |  | 307483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 26284 |  | 9218062 |
|  |  |  | 51194877 |
|  **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 9000 |  | 801720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 141500 |  | 2449365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 20268 |  | 1828155 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 28500 |  | 1325250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 6800 |  | 284852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (Netherlands) (XAMS)\* | 6718 |  | 107498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (Netherlands) (BATE)\* | 9735 |  | 154515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock)(a) | 19286 |  | 1038165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA (Norway) | 12900 |  | 310309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA. | 78183 |  | 7760376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. | 57600 |  | 1286208 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 1546000 |  | 1722266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. (Japan)(a) | 52200 |  | 1095260 |
|  |  |  | 20163939 |
|  **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 30000 |  | 2401800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA (Spain) | 54239 |  | 1651488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 52500 |  | 1824211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 245497 |  | 1631297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 14100 |  | 558987 |
|  |  |  | 8067783 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. (Canada) | 10729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (Canada) | 3917 | 288409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. (Japan) | 5100 | 141270 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 99900 | 3621375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 71966 | 5880342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp.(a) | 6579 | 1521854 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. (Japan) | 46524 | 926998 |
|  |  | 13441383 |
|  **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 7100 | 889559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 4000 | 776280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 41600 | 3966560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S (Denmark) (Class B Stock) | 2286 | 195991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 31758 | 2707369 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 16872 | 5334892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 58183 | 1264138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getinge AB (Sweden) (Class B Stock) | 12180 | 287566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 23600 | 3579403 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 3600 | 2435508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 10100 | 5720236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC. | 18339 | 1761644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 49118 | 816879 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 11100 | 2814072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 5108 | 1795309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. (Japan) | 13500 | 196225 |
|  |  | 34541631 |
|  **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 16200 | 3329100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 40000 | 1646000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 5100 | 1403673 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 49800 | 3952128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 3128 | 332006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 31695 | 1513930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 25541 | 1463290 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 600 | 280116 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 2300 | 1886667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 106944 | 1610254 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 16423 | 5421396 |
|  |  | 22838560 |
|  **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 134611 | 6334794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 163400 | 2627472 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 38861 | 2967815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 17200 | 1330936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc.(a) | 96255 | 17865890 |
|  |  | 31126907 |
|  **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 2827 | 631071 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A76

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotel & Resort REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 105800 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 14415 |  | 1363947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 205009 |  | 1832781 |
|  |  |  | 5072562 |
|  **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain) | 7510 |  | 555823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 70000 |  | 2580200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 18019 |  | 697595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 1130 |  | 6051523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 44464 |  | 1645168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 103435 |  | 3277343 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 2947 |  | 667437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd. (India)\* | 438027 |  | 1357438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 6100 |  | 1728191 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED (France) | 5291 |  | 146459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 179000 |  | 882616 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC (United Kingdom) | 1122 |  | 157673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. (The) (Australia) | 131338 |  | 451273 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (India)\*(a) | 4152 |  | 340962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 2277 |  | 706417 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 13522 |  | 4132729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 7810 |  | 400153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. (China), ADR | 14121 |  | 1015441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd.\* | 35800 |  | 2556478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 11400 |  | 1724592 |
|  |  |  | 31075511 |
|  **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC (Ireland) | 435532 |  | 1059562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 89600 |  | 1161578 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 16300 |  | 1911338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. (Japan) | 5600 |  | 124954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 224100 |  | 5748387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 3674 |  | 496798 |
|  |  |  | 10502617 |
|  **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 23526 |  | 676405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 4310 |  | 328018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 44700 |  | 6405957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 34038 |  | 2754333 |
|  |  |  | 10164713 |
|  **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 28444 |  | 1507158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 1800 |  | 290394 |
|  |  |  | 1797552 |
|  **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 12100 |  | 1937210 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 229500 |  | 1560247 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Industrial Conglomerates (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. (Japan) | 1000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 162300 |  | 5089983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 7800 |  | 1521702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 35200 |  | 591968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 27310 |  | 7648892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd. (Hong Kong) (Class A Stock) | 30000 |  | 241840 |
|  |  |  | 18872041 |
|  **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 61900 |  | 3545013 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 72756 |  | 3607242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 158766 |  | 20268068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC (United Kingdom) | 116836 |  | 1131923 |
|  |  |  | 28552246 |
|  **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 10903 |  | 466407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 151458 |  | 1177783 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 321800 |  | 3312317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 8537 |  | 3947315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 17400 |  | 3621810 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 42400 |  | 3627320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock) | 9900 |  | 3493512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co.(a) | 8527 |  | 2206702 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV (Netherlands) | 36174 |  | 2573809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 8000 |  | 1926800 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 173437 |  | 8321688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 2700 |  | 289143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 11601 |  | 3620904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 138300 |  | 1149352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 374 |  | 803969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 1800 |  | 333936 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 66039 |  | 5213119 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 95600 |  | 2244404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 5988 |  | 3940621 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 31409 |  | 2423036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Financial Ltd. (Israel) | 8372 |  | 346258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 101531 |  | 1005141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 5193 |  | 1182550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 186583 |  | 2870221 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 254292 |  | 3366685 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 1239 |  | 348357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 51600 |  | 1751418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 5009 |  | 834448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 13907 |  | 1847392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 30900 |  | 1142253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 3218 |  | 933413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 80876 |  | 1940349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 3525 |  | 2667377 |
|  |  |  | 74929809 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A77

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Interactive Media & Services — 1.9%** | **Interactive Media & Services — 1.9%** | **Interactive Media & Services — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 126629 | $39634877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 76400 | 23974320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC (United Kingdom), 144A | 31575 | 249106 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. (Australia) | 11320 | 231848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 13139 | 21903 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 322500 | 858156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 16800 | 542472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 48452 | 31982681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 7083 | 711416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 28506 | 2187651 |
|  |  | 100394430 |
|  **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 18300 | 4909890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 12529 | 2080418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 40900 | 3394700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 44200 | 1214745 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc. (Class A Stock)\* | 3400 | 421872 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp.(a) | 11424 | 3383903 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 7100 | 2979799 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 84600 | 2862484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. (Japan) | 14300 | 544181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 29100 | 913411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. (Japan) | 72500 | 1493906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 27826 | 4479151 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 21600 | 725665 |
|  |  | 29404125 |
|  **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. (Japan) | 21900 | 582892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 6600 | 541200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. (Japan) | 4700 | 491484 |
|  |  | 1615576 |
|  **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 12600 | 2884392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE (Luxembourg) | 4925 | 360158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 3139 | 2116376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 900 | 505485 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 20254 | 921090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 7200 | 4172040 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 6800 | 1870952 |
|  |  | 12830493 |
|  **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (France)\* | 84192 | 2483825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class A Stock) | 13797 | 245622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 43291 | 692081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 10000 | 5728700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 13300 | 2452919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 2500 | 1276125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. (Japan) | 25700 | 808925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG (Germany) | 11874 | 514293 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Machinery (cont'd.)** | **Machinery (cont'd.)** | **Machinery (cont'd.)** | **Machinery (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 3379 | $| 1573161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 15306 |  | 307935 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 36600 |  | 1424317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 14675 |  | 315072 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG (Germany) | 2038 |  | 137733 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. (South Korea) | 830 |  | 292533 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. (Japan) | 15700 |  | 276015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 17300 |  | 548972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (Finland) (Class B Stock) | 8782 |  | 622143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 5200 |  | 1246128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 5400 |  | 163669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ (Finland) | 10470 |  | 182169 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. (Japan) | 78400 |  | 1577532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 107100 |  | 2614572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 3400 |  | 296990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 3800 |  | 3340048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 83788 |  | 2706444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 920 |  | 325535 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB (Sweden) (Class B Stock) | 8532 |  | 225832 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 2700 |  | 934202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. (Hong Kong) | 10000 |  | 115031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 61042 |  | 2161169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 20596 |  | 2804763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 357300 |  | 965243 |
|  |  |  | 39359698 |
|  **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class A Stock) | 126 |  | 289013 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class B Stock) | 129 |  | 295997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 44300 |  | 616666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 18400 |  | 2027312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 22500 |  | 676449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 39600 |  | 1282707 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 303000 |  | 1084254 |
|  |  |  | 6272398 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 135400 |  | 4047106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class B Stock) | 4800 |  | 311664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa PLC (United Kingdom) | 9848 |  | 116848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 10961 |  | 1138275 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 211806 |  | 951482 |
|  |  |  | 6565375 |
|  **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada) | 6275 |  | 1063801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC (South Africa) | 14789 |  | 611710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC (Chile) | 32416 |  | 1423890 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 12081 |  | 554754 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 161973 |  | 4888205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 28166 |  | 1560291 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A78

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC (Ivory Coast) (TSX) | 7488 | $| 385598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC (Ivory Coast) (XLON) | 4267 |  | 222940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 152210 |  | 1273806 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia)\* | 37937 |  | 1017144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 108479 |  | 1586234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 45000 |  | 2285550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC (Mexico) | 56693 |  | 2527967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC (Australia)\* | 432831 |  | 2366140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. (Congo (Democratic Republic)) (Class A Stock)\* | 53144 |  | 604406 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 41400 |  | 527804 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. (Japan) | 45000 |  | 562548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 16300 |  | 1627555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 136400 |  | 558156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA (Norway) | 24461 |  | 188819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 50385 |  | 886658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 16600 |  | 2707626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 10725 |  | 1046285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 41027 |  | 3304768 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. (Australia) | 110816 |  | 262313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale SA (Brazil), ADR | 84033 |  | 1094950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. (South Africa) | 1417 |  | 118259 |
|  |  |  | 35258177 |
|  **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc.(a) | 16459 |  | 631038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC (United Kingdom) | 404706 |  | 922754 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 26000 |  | 1818180 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 3800 |  | 490124 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 216858 |  | 4106189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 89638 |  | 2354732 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 170378 |  | 2613340 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc.(a) | 54912 |  | 2293125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 14600 |  | 1289034 |
|  |  |  | 16518516 |
|  **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA (France) | 6417 |  | 609439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 56105 |  | 607617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. | 224588 |  | 1873064 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp.(a) | 58659 |  | 2690689 |
|  |  |  | 5780809 |
|  **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. (Canada) | 26666 |  | 500273 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 417641 |  | 2435667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 119154 |  | 2015778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 18676 |  | 3630428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 23029 |  | 3509850 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 21600 |  | 2021976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 76000 |  | 2783880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | 14964 |  | 716065 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 200200 |  | 1416436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (Italy) | 17444 |  | 330671 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 22800 |  | 2394228 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 6673 | $| 357673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 27737 |  | 654089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 11246 |  | 1241109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 87300 |  | 10505682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA (Portugal) | 48019 |  | 826903 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 34200 |  | 1575936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. (Japan) | 58000 |  | 439134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan) | 33800 |  | 676018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 2600 |  | 422838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 12400 |  | 485956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 18700 |  | 2413048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA (Spain) | 46897 |  | 875024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 272108 |  | 10027792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 44267 |  | 3252739 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 65770 |  | 4288073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 55110 |  | 859309 |
|  |  |  | 60656575 |
|  **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. (Japan) | 15000 |  | 284876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 4700 |  | 326180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (Germany) | 35776 |  | 351461 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 276240 |  | 1533798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 350665 |  | 2422635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 49641 |  | 1711502 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 4300 |  | 480826 |
|  |  |  | 7111278 |
|  **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. (Japan) | 7200 |  | 287363 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (France) | 7038 |  | 3021526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. (Japan) | 14000 |  | 203741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XLON) | 43268 |  | 2827009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XAMS) | 29860 |  | 1953730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR(a) | 27576 |  | 1803470 |
|  |  |  | 10096839 |
|  **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 130400 |  | 1735561 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 58477 |  | 10821716 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 20837 |  | 1915546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Germany) | 54144 |  | 2348537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 21100 |  | 1138134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 8300 |  | 435431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 15243 |  | 344949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 18006 |  | 19350688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 26138 |  | 5322556 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 118058 |  | 2894454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 5055 |  | 105381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 44600 |  | 9229970 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A79

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 27970 | $| 2944122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 71924 |  | 9910839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 97825 |  | 4961535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 5253 |  | 391914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan) | 6100 |  | 345011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC(a) | 62000 |  | 863040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 84100 |  | 2094090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 24540 |  | 10134291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 19661 |  | 1427510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 51532 |  | 4985990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR(a) | 25870 |  | 1253660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. (Japan) | 35000 |  | 633494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 7200 |  | 223670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. (Israel), ADR\* | 19900 |  | 621079 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 9649 |  | 2688468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 4400 |  | 553608 |
|  |  |  | 99675244 |
|  **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 4300 |  | 1106089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 403800 |  | 1348692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 39584 |  | 897115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 35500 |  | 1476090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 4700 |  | 622562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kanzhun Ltd. (China), ADR | 13949 |  | 284281 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 12000 |  | 482400 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 32000 |  | 951360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 34700 |  | 1949848 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 9067 |  | 365281 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (Switzerland) | 2500 |  | 285870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 6755 |  | 488858 |
|  |  |  | 10258446 |
|  **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 3800 |  | 611002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 68500 |  | 1304376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 33700 |  | 1119474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 8800 |  | 2960936 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 12529 |  | 913814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. (Hong Kong) | 14500 |  | 176556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 51925 |  | 1494369 |
|  |  |  | 8580527 |
|  **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential(a) | 29781 |  | 1877394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc.(a) | 260997 |  | 4562228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 19600 |  | 544684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 11049 |  | 1534817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 7529 |  | 932918 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc.(a) | 126905 |  | 4654875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 200076 |  | 2977131 |
|  |  |  | 17084047 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Retail REITs — 0.6%** | **Retail REITs — 0.6%** | **Retail REITs — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 55166 | $1133110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 71928 | 5180974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 105574 | 2450373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 47839 | 1146701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 21188 | 838310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. (The) | 981 | 18109 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp.(a) | 181413 | 3200125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.(a) | 65747 | 3706158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp.(a) | 42831 | 2956624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 449623 | 1256871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 48639 | 9003565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield (France) | 5029 | 546888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 359680 | 612356 |
|  |  | 32050164 |
|  **Semiconductors & Semiconductor Equipment — 3.7%** | **Semiconductors & Semiconductor Equipment — 3.7%** | **Semiconductors & Semiconductor Equipment — 3.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 30239 | 6475984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 33954 | 4293413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 16500 | 4474800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 3400 | 873766 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XAMS) | 12237 | 13185614 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XNGS) | 2511 | 2686418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 93828 | 32473871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 26377 | 1150854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 112000 | 4132800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan)\* | 27200 | 1810297 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 2500 | 3037700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 42008 | 7190929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan) | 600 | 114326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 14400 | 1223712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 21900 | 6250479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 1223 | 408840 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 479198 | 89370427 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands). | 10916 | 2369427 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 2600 | 444730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan)\* | 138300 | 1894275 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 5700 | 555205 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. (South Korea) | 2487 | 1126308 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV (Singapore) | 44714 | 1168606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 31713 | 9637264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 7700 | 1490412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 1700 | 294933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 4100 | 913182 |
|  |  | 199048572 |
|  **Software — 2.5%** | **Software — 2.5%** | **Software — 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 8900 | 3114911 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 5096 | 3433787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 7300 | 1183622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 11500 | 3404115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 8700 | 2719446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\*(a) | 4300 | 797908 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 3371 | 1503668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 6462 | 878767 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A80

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV\* | 14000 | $| 1056160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 21400 |  | 1699374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc.(a) | 91600 |  | 2490604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 5488 |  | 3635361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 156740 |  | 75802599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 2500 |  | 368900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 6705 |  | 757913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 30094 |  | 5865621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (Japan) | 1400 |  | 117669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc.<br>(Class A Stock)\* | 38800 |  | 6896700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 1608 |  | 715769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) (United |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingdom) | 10478 |  | 152397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 13500 |  | 3576285 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 29430 |  | 7150564 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 21935 |  | 3360223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. (Japan) | 13500 |  | 560686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software, Inc.\* | 6800 |  | 300356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc.\* | 3400 |  | 293386 |
|  |  |  | 131836791 |
|  **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 7000 |  | 1228990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 10000 |  | 888700 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart. | 128244 |  | 4623196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc.(a) | 38151 |  | 5902341 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 17664 |  | 881434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 12033 |  | 9219203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 14175 |  | 633481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc.(a) | 79104 |  | 6561677 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust(a) | 98230 |  | 2771068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage(a) | 10700 |  | 2776650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc. | 107041 |  | 3311849 |
|  |  |  | 38798589 |
|  **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** | **Specialty Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 1600 |  | 330368 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 200 |  | 678300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 11998 |  | 707640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 4400 |  | 294492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 2800 |  | 1015247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 7667 |  | 1444156 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB (Sweden) (Class B Stock) | 15938 |  | 319459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 8300 |  | 2856030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 59614 |  | 3932419 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 921237 |  | 1044210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 513714 |  | 2162506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 38380 |  | 9255721 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 6066 |  | 553280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 3400 |  | 538186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 10700 |  | 1927498 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 29469 |  | 4526733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 1200 |  | 726012 |
|  |  |  | 32312257 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** | **Technology Hardware, Storage & Peripherals — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 294187 | $79977678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) | 10849 | 1365672 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. (Japan) | 12500 | 265230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 11917 | 1209791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) | 29155 | 2443623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 3600 | 854568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.(a) | 21600 | 3721032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (China) (Class B Stock), 144A\* | 114904 | 579901 |
|  |  | 90417495 |
|  **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 3758 | 743656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 77400 | 1858101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA (Italy) | 18472 | 2118695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 28883 | 6228649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA (France) | 1252 | 3108529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA (France) | 1823 | 637025 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 7287 | 5492472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (Italy) | 24358 | 1556969 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Switzerland)<br>(Class A Stock)\* | 40959 | 1903774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 4905 | 542425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 2628 | 929287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 3500 | 447195 |
|  |  | 25566777 |
|  **Tobacco — 0.2%** | **Tobacco — 0.2%** | **Tobacco — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 38900 | 2242974 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 65363 | 3705471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 85475 | 3589111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 31700 | 1139371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc.(a) | 7400 | 1186960 |
|  |  | 11863887 |
|  **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 12500 | 1797000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC (United Kingdom) | 10714 | 730472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 6212 | 322838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 5485 | 1216087 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 3200 | 629920 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 216000 | 2729551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 28800 | 802080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 217100 | 4965660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 87700 | 2604457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 60600 | 2097518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 10600 | 357423 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 924 | 747812 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc.(a) | 6900 | 1688016 |
|  |  | 20688834 |
|  **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (Spain), 144A | 34111 | 953091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE (France) | 49077 | 905914 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A81

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Transportation Infrastructure (cont'd.)** | **Transportation Infrastructure (cont'd.)** | **Transportation Infrastructure (cont'd.)** | **Transportation Infrastructure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Group (Australia), UTS | 102174 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966934 |
|  |  |  | 2825939 |
|  **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 25030 |  | 402143 |
|  **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. (Japan) | 73900 |  | 1279039 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. (Japan) | 170100 |  | 233540 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 167488 |  | 4698597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 41471 |  | 694913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 1856811 |  | 2475147 |
|  |  |  | 9381236 |
|  **TOTAL COMMON STOCKS**<br>(cost $1,757,562,267) | **TOTAL COMMON STOCKS**<br>(cost $1,757,562,267) |  | 2173328896 |
|  **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** |
|  **Automobiles — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Germany) (PRFC) | 2309 |  | 246048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE (Germany) (PRFC) | 4432 |  | 206777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 5502 |  | 671457 |
|  |  |  | 1124282 |
|  **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(oo) | 15000 |  | 336750 |
|  **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 19946 |  | 1627291 |
|  **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (Germany) (PRFC) | 6611 |  | 1903734 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $4,648,870) | **TOTAL PREFERRED STOCKS**<br> (cost $4,648,870) |  | 4992057 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.2%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.2%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.2%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional Core Fixed Income ETF | 488000 |  | 20769280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional International Core Equity Market ETF(a) | 2452000 |  | 93445720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Equity Market ETF | 2626300 |  | 194792671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Real Estate ETF(a) | 607100 |  | 13903319 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares 0-3 Month Treasury Bond ETF | 637567 |  | 63998975 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF(a) | 109900 |  | 9831654 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 115125 |  | 78853717 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF(a) | 376137 |  | 37568564 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF(a) | 54268 |  | 4375629 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF(a) | 228200 |  | 21971096 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 111302 |  | 10688331 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF(a) | 36000 |  | 7572240 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares S&P 500 Growth ETF(a) | 125000 |  | 15407500 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares TIPS Bond ETF | 4726 |  | 519435 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Gold MiniShares Trust\* | 164000 |  | 14000680 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** |
|  State Street Health Care Select Sector SPDR ETF(a) | State Street Health Care Select Sector SPDR ETF(a) | 129300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20015640 |
|  Vanguard Dividend Appreciation ETF | Vanguard Dividend Appreciation ETF | 296137 | 65084990 |
|  Vanguard Real Estate ETF(a) | Vanguard Real Estate ETF(a) | 324006 | 28671291 |
|  **TOTAL UNAFFILIATED EXCHANGE- TRADED FUNDS**<br>(cost $630,477,629) | **TOTAL UNAFFILIATED EXCHANGE- TRADED FUNDS**<br>(cost $630,477,629) | **TOTAL UNAFFILIATED EXCHANGE- TRADED FUNDS**<br>(cost $630,477,629) | 701470732 |
|  **UNAFFILIATED FUNDS — 4.1%** | **UNAFFILIATED FUNDS — 4.1%** | **UNAFFILIATED FUNDS — 4.1%** | **UNAFFILIATED FUNDS — 4.1%** |
|  AQR Diversified Arbitrage Fund, (Institutional Shares) | AQR Diversified Arbitrage Fund, (Institutional Shares) | 2544478 | 32620214 |
|  Calamos Market Neutral Income Fund, (R6 Shares) | Calamos Market Neutral Income Fund, (R6 Shares) | 2083877 | 32737710 |
|  JPMorgan Hedged Equity Fund, (Institutional Shares) | JPMorgan Hedged Equity Fund, (Institutional Shares) | 929169 | 32855428 |
|  Merger Fund (The), (Institutional Shares) | Merger Fund (The), (Institutional Shares) | 3047000 | 51768526 |
|  PIMCO TRENDS Managed Futures Strategy Fund, (Institutional Shares)\* . | PIMCO TRENDS Managed Futures Strategy Fund, (Institutional Shares)\* . | 1036708 | 11082413 |
|  Victory Market Neutral Income Fund, (Institutional Shares) | Victory Market Neutral Income Fund, (Institutional Shares) | 5329437 | 46152923 |
|  Virtus AlphaSimplex Managed Futures Strategy Fund, (Institutional Shares) | Virtus AlphaSimplex Managed Futures Strategy Fund, (Institutional Shares) | 1408552 | 10902194 |
|  **TOTAL UNAFFILIATED FUNDS**<br>(cost $212,544,314) | **TOTAL UNAFFILIATED FUNDS**<br>(cost $212,544,314) | **TOTAL UNAFFILIATED FUNDS**<br>(cost $212,544,314) | 218119408 |
|  |  | **Units** |  |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** | **Interactive Media & Services** |
|  Diamond Sports Group LLC, expiring 06/30/26(x) | Diamond Sports Group LLC, expiring 06/30/26(x) | 24576 |  |
|  (cost $0) | (cost $0) |  |  |
| **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Principal<br>Amount**<br>**(000)#** |  |
|  **ASSET-BACKED SECURITIES — 2.5%** | **ASSET-BACKED SECURITIES — 2.5%** | **ASSET-BACKED SECURITIES — 2.5%** | **ASSET-BACKED SECURITIES — 2.5%** |
|  **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
|  Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-04, Class C |  |  |
| 4.800% | 08/15/31 | 60 | 60320 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-04, Class D |  |  |
| 5.410% | 08/15/31 | 70 | 70609 |
|  GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-04A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-04A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-04A, Class C, 144A |  |
| 4.740% | 08/15/31 | 169 | 169682 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-03, Class C |  |  |
| 4.680% | 09/15/31 | 109 | 109665 |
|  |  |  | 410276 |
|  **Collateralized Loan Obligations — 2.4%** | **Collateralized Loan Obligations — 2.4%** | **Collateralized Loan Obligations — 2.4%** |  |
|  AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-32A, Class A1, 144A, 3 Month SOFR + 1.380%<br> (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-32A, Class A1, 144A, 3 Month SOFR + 1.380%<br> (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-32A, Class A1, 144A, 3 Month SOFR + 1.380%<br> (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-32A, Class A1, 144A, 3 Month SOFR + 1.380%<br> (Cap N/A, Floor 1.380%) |
| 5.250%(c) | 07/21/37 | 9000 | 9034743 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A82

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(c) | 07/15/37 | 4750 | $4765703 |
|  Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229%(c) | 04/15/38 | 250 | 293226 |
|  Atlas Senior Loan Fund Ltd. (Cayman Islands), | Atlas Senior Loan Fund Ltd. (Cayman Islands), | Atlas Senior Loan Fund Ltd. (Cayman Islands), | Atlas Senior Loan Fund Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.584%(c) | 01/18/35 | 5000 | 5009635 |
|  Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.179%(c) | 04/15/39 | 250 | 294295 |
|  Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(c) | 01/20/38 | 2350 | 2359125 |
|  Bastille Euro CLO DAC (Ireland), | Bastille Euro CLO DAC (Ireland), | Bastille Euro CLO DAC (Ireland), | Bastille Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class A2AR, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class A2AR, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class A2AR, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class A2AR, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.159%(c) | 01/15/39 | 3050 | 3606776 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.949%(c) | 08/26/32 | 2555 | 3002598 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.412%(c) | 04/17/37 | 7250 | 7275611 |
|  Harvest CLO DAC (Ireland), | Harvest CLO DAC (Ireland), | Harvest CLO DAC (Ireland), | Harvest CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.515%(c) | 07/25/37 | 1500 | 1764378 |
|  Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), | Henley CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.965%(c) | 04/25/34 | 2817 | 3310974 |
|  Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.314%(c) | 07/20/37 | 3000 | 3010110 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class BR2, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class BR2, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class BR2, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class BR2, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.484%(c) | 03/25/38 | 4000 | 4012659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.384%(c) | 04/18/37 | 7250 | 7272231 |
|  Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.369%(c) | 04/15/38 | 4250 | 5006107 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(c) | 10/12/30 | 369 | $369398 |
|  Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.399%(c) | 01/15/38 | 4000 | 4710108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.259%(c) | 10/15/39 | 5000 | 5875724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.376%(c) | 07/15/38 | 250 | 294468 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.285%(c) | 09/06/37 | 5500 | 5521100 |
|  Romark CLO Ltd. (Cayman Islands), | Romark CLO Ltd. (Cayman Islands), | Romark CLO Ltd. (Cayman Islands), | Romark CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.998%(c) | 07/25/31 | 857 | 857045 |
|  RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.169%(c) | 04/15/40 | 250 | 295596 |
|  Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.284%(c) | 07/18/37 | 8000 | 8027456 |
|  Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.764%(c) | 01/20/36 | 7000 | 7013641 |
|  Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%(c) | 01/20/37 | 3000 | 3005111 |
|  St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.761%(c) | 02/20/30 | 4288 | 5034799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class B1RR, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class B1RR, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class B1RR, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class B1RR, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.654%(c) | 07/18/34 | 4725 | 5547810 |
|  Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.754%(c) | 01/20/36 | 7500 | 7513203 |
|  Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 01/20/37 | 5250 | 5252572 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A83

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), | Voya CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.234%(c) | 07/20/37 | 9000 | $9030748 |
|  |  |  | 128366950 |
|  **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** |
|  Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.790% | 05/17/51 | 217 | 219006 |
|  Foundation Finance Trust, | Foundation Finance Trust, | Foundation Finance Trust, | Foundation Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560% | 08/15/52 | 390 | 390996 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520% | 12/27/60 | 140 | 140325 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 10/20/34 | 479 | 482902 |
|  UPG HI Issuer Trust, | UPG HI Issuer Trust, | UPG HI Issuer Trust, | UPG HI Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/25/47 | 100 | 99957 |
|  |  |  | 1333186 |
|  **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** |
|  Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/25/44 | 123 | 123404 |
|  NMABS Issuer I LLC, | NMABS Issuer I LLC, | NMABS Issuer I LLC, | NMABS Issuer I LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140% | 11/22/55 | 192 | 191725 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% | 07/17/42 | 280 | 266844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/17/42 | 203 | 196688 |
|  Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.720% | 04/20/44 | 76 | 76258 |
|  |  |  | 854919 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $128,674,349) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $128,674,349) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $128,674,349) | 130965331 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.0%** |
|  CSTL Commercial Mortgage Trust, | CSTL Commercial Mortgage Trust, | CSTL Commercial Mortgage Trust, | CSTL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560%(cc) | 11/10/42 | 342 | 340991 |
|  PRM7 Trust, | PRM7 Trust, | PRM7 Trust, | PRM7 Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.363%(cc) | 11/10/42 | 335 | 330342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.941%(cc) | 11/10/42 | 100 | 99021 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED<br>SECURITIES**<br> (cost $770,237) | **TOTAL COMMERCIAL MORTGAGE-BACKED<br>SECURITIES**<br> (cost $770,237) | **TOTAL COMMERCIAL MORTGAGE-BACKED<br>SECURITIES**<br> (cost $770,237) | 770354 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS — 2.3%** | **CORPORATE BONDS — 2.3%** | **CORPORATE BONDS — 2.3%** |  |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |  |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/28 | 225 | 225520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/15/33 | 240 | 253034 |
|  |  |  | 478554 |
|  **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/20/35 | 155 | 162903 |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, | American Airlines 2015-1 Class A Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/01/28 | 576 | 568568 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/20/29 | 325 | 330525 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 565 | 564679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 140 | 139228 |
|  |  |  | 1603000 |
|  **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/43 | 1185 | 937196 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 02/16/28 | 200 | 192512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/13/30 | 525 | 495112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.730% | 09/05/30 | 250 | 253963 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 04/04/32 | 850 | 885129 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/01/27 | 195 | 197474 |
|  Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.493%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;11/15/30(oo) | 200 | 242091 |
|  |  |  | 3203477 |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 50 | 52193 |
|  Dana, Inc., | Dana, Inc., | Dana, Inc., | Dana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/27 | 650 | 649486 |
|  IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/15/29 | 100 | 124026 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/29 | 160 | 165742 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A84

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** |  |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 | 1500 | 1506537 |
|  ZF Europe Finance BV (Germany), | ZF Europe Finance BV (Germany), | ZF Europe Finance BV (Germany), | ZF Europe Finance BV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/12/30 | 100 | 123481 |
|  |  |  | 2621465 |
|  **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |
|  Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/23/29 | 500 | 601694 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;03/19/29(oo) | 400 | 445456 |
|  Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;05/20/31(oo) | 200 | 245020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%(ff) | 09/13/30 | 100 | 122024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/08/29 | 100 | 125221 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;05/21/33(oo) | 200 | 239562 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;07/26/30(oo) | 190 | 192571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 | 845 | 761771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162%(ff) | 01/24/31 | 340 | 351150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%(ff) | 03/08/37 | 80 | 75497 |
|  Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;03/10/30(oo) | 200 | 245409 |
|  Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 02/04/33 | 600 | 703696 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.476%(ff) | 11/11/29 | 265 | 265875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.090%(ff) | 11/06/29 | 100 | 143437 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;08/16/29(oo) | 400 | 421424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | 11/19/30 | 720 | 739702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%(ff) | 01/13/33 | 200 | 209801 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%(ff) | 10/19/29 | 670 | 710167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.003%(ff) | 10/19/34 | 465 | 516655 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;07/24/32(oo) | 200 | 246853 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.037%(ff) | 06/15/35 | 200 | $212942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%(ff) | 09/13/34 | 200 | 222889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673%(ff) | 03/15/30 | 200 | 207545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 03/05/37 | 200 | 235973 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/30 | 200 | 199734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/05/26 | 400 | 402079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 200 | 210385 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 | 590 | 535521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | 03/20/30 | 135 | 133783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412%(ff) | 03/31/31 | 375 | 374908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.503%(ff) | 09/11/31 | 128 | 128346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%(ff) | 09/19/30 | 155 | 156172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 02/13/30 | 95 | 97505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 09/11/36 | 85 | 85891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 06/11/35 | 10 | 10344 |
|  Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 07/16/32 | 1000 | 1205181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%(ff) | 10/16/34 | 100 | 122699 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;09/23/28(oo) | 200 | 251462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.316%(ff) | 10/03/29 | 250 | 263138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.818%(ff) | 09/25/33 | 270 | 269536 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 | 640 | 664854 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%(ff) | 08/04/31 | 180 | 181819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999%(ff) | 09/11/30 | 150 | 152143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.819%(ff) | 11/20/29 | 150 | 159804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(ff) | 02/13/31 | 1200 | 1409732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%(ff) | 02/10/34(a) | 350 | 384170 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;08/10/26(oo) | 365 | 359639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.369%(ff) | 10/21/31 | 415 | 414137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | 10/23/30 | 355 | 359861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.939%(ff) | 10/21/36 | 562 | 558011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%(ff) | 07/23/30 | 135 | 138321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.207%(ff) | 01/28/31 | 95 | 98111 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A85

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;12/17/30(oo) | 300 | $285000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546%(ff) | 03/04/30 | 585 | 606274 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;03/30/28(oo) | 200 | 245782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(ff) | 09/16/32 | 1100 | 1313810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/20/33 | 275 | 302610 |
|  KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;11/27/30(oo) | 200 | 241546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.454%(ff) | 09/23/31 | 230 | 229105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%(ff) | 10/16/30 | 200 | 203489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/20/28 | 100 | 137275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.151%(ff) | 03/19/34 | 200 | 279026 |
|  KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.401%(ff) | 03/06/35 | 13 | 14119 |
|  Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;03/25/26(oo) | 200 | 199200 |
|  Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;09/27/31(a)(oo) | 400 | 412000 |
|  M&T Bank Corp., | M&T Bank Corp., | M&T Bank Corp., | M&T Bank Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.082%(ff) | 03/13/32 | 53 | 56378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.385%(ff) | 01/16/36 | 65 | 66046 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | 10/18/30 | 1265 | 1280003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/15/31 | 75 | 77312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | 04/21/34 | 55 | 56588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(ff) | 07/21/34 | 49 | 50966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.356%(ff) | 10/22/31 | 288 | 287098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.948%(ff) | 01/19/38 | 220 | 231887 |
|  Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.734%(ff) | 07/18/31 | 250 | 253395 |
|  National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146% | 02/05/31 | 750 | 892183 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;11/10/33(oo) | 200 | 223750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%(ff) | 10/21/32 | 85 | $86528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | 07/21/36 | 45 | 46345 |
|  Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.320%(ff) | 09/22/29 | 200 | 200095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%(ff) | 09/11/30 | 415 | 419483 |
|  Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/12/31 | 750 | 886812 |
|  Sberbank of Russia Via SB Capital SA (Russia), | Sberbank of Russia Via SB Capital SA (Russia), | Sberbank of Russia Via SB Capital SA (Russia), | Sberbank of Russia Via SB Capital SA (Russia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 05/23/23(d) | 1000 | 50000 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%(ff) | 04/13/33 | 200 | 211066 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(ff) | 10/15/30 | 200 | 203646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.018%(ff) | 02/08/30 | 200 | 215360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%(ff) | 08/12/36 | 370 | 377729 |
|  Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.666% | 09/08/31 | 500 | 608905 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.964%(ff) | 10/23/36 | 240 | 237461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(ff) | 01/24/35 | 35 | 36844 |
|  TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.704% | 02/18/30 | 500 | 583522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.319% | 03/05/29 | 200 | 239246 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%(ff) | 01/23/35 | 25 | 26397 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;11/13/28(oo) | 200 | 219250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;11/13/33(oo) | 230 | 269675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.398%(ff) | 09/23/31 | 200 | 198918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.010%(ff) | 03/23/37 | 200 | 198422 |
|  UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), | UBS Switzerland AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146% | 06/21/31 | 720 | 849610 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%(ff) | 01/17/29 | 100 | 121954 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 09/15/36 | 420 | 418656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%(ff) | 04/23/31 | 350 | 361114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.211%(ff) | 12/03/35 | 415 | 424055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(ff) | 01/24/31 | 95 | 98328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%(ff) | 01/23/35 | 65 | 67765 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A86

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 | 36 | 37777 |
|  |  |  | 33209425 |
|  **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/01/53 | 230 | 202390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 | 27 | 26371 |
|  |  |  | 228761 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Griffon Corp., | Griffon Corp., | Griffon Corp., | Griffon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/28 | 350 | 350612 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 12/15/27 | 925 | 806882 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 355 | 369411 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/15/30 | 775 | 749297 |
|  |  |  | 2276202 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Ashland, Inc., | Ashland, Inc., | Ashland, Inc., | Ashland, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 09/01/31 | 450 | 410615 |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/01/43 | 50 | 44736 |
|  INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 03/15/29 | 100 | 92747 |
|  |  |  | 548098 |
|  **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 155 | 159209 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/17/31 | 300 | 367107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/15/35 | 130 | 129295 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/30 | 200 | 210356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;06/15/33(a) | 90 | 95389 |
|  Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 08/09/35 | 250 | 250764 |
|  Service Corp. International, | Service Corp. International, | Service Corp. International, | Service Corp. International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 10/15/32 | 180 | 183539 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 25 | 23455 |
|  |  |  | 1419114 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  McAfee Corp., | McAfee Corp., | McAfee Corp., | McAfee Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 02/15/30 | 775 | 676390 |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 04/01/29 | 210 | 228100 |
|  |  |  | 904490 |
|  **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/29/28 | 285 | 275820 |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%(ff) | 07/20/33 | 85 | 86507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%(ff) | 04/25/36 | 50 | 52828 |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/15/27 | 50 | 49455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/28 | 145 | 147040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/15/30 | 75 | 76352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/30/30 | 640 | 657517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/29 | 370 | 382895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/29 | 110 | 113960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/04/28 | 260 | 270894 |
|  Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%(ff) | 11/14/36 | 260 | 258863 |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 04/01/32 | 180 | 189898 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 09/15/28 | 400 | 389490 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/31 | 175 | 175864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 12/15/29 | 250 | 266267 |
|  REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 09/01/26 | 200 | 197250 |
|  Stellantis Financial Services US Corp., | Stellantis Financial Services US Corp., | Stellantis Financial Services US Corp., | Stellantis Financial Services US Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 09/15/30 | 445 | 451671 |
|  |  |  | 4042571 |
|  **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 12/01/52 | 10 | 10373 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A87

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 500 | $499605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 | 350 | 355149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 | 700 | 700126 |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 10/01/39 | 40 | 43438 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 02/15/56 | 379 | 381494 |
|  DTE Energy Co., | DTE Energy Co., | DTE Energy Co., | DTE Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 10/01/35 | 198 | 197954 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/55 | 2 | 1975 |
|  Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 06/15/53 | 68 | 70754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/29 | 75 | 76270 |
|  Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;12/01/27(oo) | 200 | 229372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;06/17/32(oo) | 200 | 244473 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/30/55 | 280 | 272432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/52 | 200 | 187217 |
|  Energuate Trust 2 0 (Guatemala), | Energuate Trust 2 0 (Guatemala), | Energuate Trust 2 0 (Guatemala), | Energuate Trust 2 0 (Guatemala), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 09/15/35 | 200 | 199322 |
|  Entergy Corp., | Entergy Corp., | Entergy Corp., | Entergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%(ff) | 06/15/56 | 28 | 28009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 12/01/54 | 290 | 304783 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 09/15/54 | 15 | 14559 |
|  EUSHI Finance, Inc., | EUSHI Finance, Inc., | EUSHI Finance, Inc., | EUSHI Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 04/01/56 | 128 | 127788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%(ff) | 12/15/54 | 88 | 92532 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/44 | 280 | 270193 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/14/30 | 70 | 66069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/33 | 235 | 242534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/09/34 | 55 | 57379 |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 03/01/32 | 110 | 98876 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.530% | 09/20/28 | 300 | $359433 |
|  National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 09/01/28 | 200 | 220237 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 08/15/55 | 95 | 98083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/54 | 100 | 106653 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/28 | 550 | 550927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/29 | 100 | 95587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/31 | 375 | 350337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;03/15/28(oo) | 150 | 163385 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 06/15/43 | 50 | 41772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/15/34 | 405 | 421069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/15/35 | 255 | 267887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/15/33 | 55 | 58378 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 03/15/55 | 36 | 37496 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/53 | 50 | 47335 |
|  Sempra, | Sempra, | Sempra, | Sempra, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 04/01/56 | 95 | 97084 |
|  Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%(ff) | 12/15/55 | 200 | 198878 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/34 | 24 | 24126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/01/35 | 49 | 49711 |
|  Southern Power Co., | Southern Power Co., | Southern Power Co., | Southern Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/01/30 | 32 | 31949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/01/35 | 84 | 83150 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;12/15/26(oo) | 1275 | 1292443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;10/15/26(oo) | 1375 | 1404735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;01/15/29(oo) | 450 | 495938 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/15/32 | 130 | 136882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 | 30 | 29799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 10/15/30 | 31 | 30965 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A88

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/35 | 73 | 72626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 12/30/34 | 55 | 56609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/34 | 90 | 94458 |
|  VoltaGrid LLC, | VoltaGrid LLC, | VoltaGrid LLC, | VoltaGrid LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 11/01/30 | 230 | 227914 |
|  |  |  | 11918522 |
|  **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
|  Ferrovial SE, | Ferrovial SE, | Ferrovial SE, | Ferrovial SE, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 09/13/30 | 100 | 123652 |
|  Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 03/14/36 | 100 | 101799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/11/35 | 100 | 123469 |
|  TopBuild Corp., | TopBuild Corp., | TopBuild Corp., | TopBuild Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/15/29 | 1025 | 993211 |
|  |  |  | 1342131 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/29 | 450 | 431951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 225 | 233007 |
|  Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/29 | 200 | 195848 |
|  Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 01/15/27 | 300 | 299583 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 | 225 | 229842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/15/31 | 150 | 162573 |
|  |  |  | 1552804 |
|  **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/15/27 | 625 | 611120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 09/15/28 | 150 | 147814 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | 698 | 796706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/14/30 | 400 | 500763 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 11/15/53 | 45 | 49756 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/36 | 300 | 304449 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/30 | 350 | 338401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 | 375 | 357407 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 100 | 102694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/01/45 | 20 | 20174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/01/55 | 265 | 264677 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/30 | 75 | 73022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/33 | 365 | 368559 |
|  |  |  | 3935542 |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | 11/30/54 | 190 | 197905 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/33 | 35 | 37119 |
|  |  |  | 235024 |
|  **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/01/29 | 700 | 684430 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/13/31 | 415 | 432881 |
|  |  |  | 1117311 |
|  **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/31 | 235 | 216965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/30 | 725 | 705503 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/30 | 310 | 298185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/15/51 | 60 | 40756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 11/15/32 | 146 | 144906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/49 | 5 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 04/01/31 | 95 | 99130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/47 | 70 | 66191 |
|  LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., | LifePoint Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 01/15/29 | 550 | 539040 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 200 | 196410 |
|  |  |  | 2311612 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A89

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
|  Benteler International AG (Austria), | Benteler International AG (Austria), | Benteler International AG (Austria), | Benteler International AG (Austria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 06/15/31 | 100 | $125893 |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 1407 | 1485720 |
|  |  |  | 1611613 |
|  **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;02/15/30(a) | 985 | 918749 |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/01/28 | 325 | 323698 |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/01/30 | 925 | 897611 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 08/01/30 | 105 | 105660 |
|  |  |  | 2245718 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;05/15/30(a) | 125 | 122141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/32 | 65 | 62843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/01/28 | 130 | 136174 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 02/01/32 | 475 | 445756 |
|  |  |  | 766914 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/01/33 | 126 | 129820 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/15/35 | 262 | 261799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 | 55 | 51175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/45 | 185 | 179807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 11/15/55 | 150 | 144212 |
|  Netflix, Inc., | Netflix, Inc., | Netflix, Inc., | Netflix, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/29 | 100 | 123872 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/35 | 490 | 486367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 09/15/54 | 15 | 14259 |
|  |  |  | 1391311 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 | 205 | $212198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33 | 145 | 150745 |
|  |  |  | 362943 |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/01/30 | 25 | 25340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/01/32 | 200 | 204794 |
|  NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 03/15/28 | 275 | 281955 |
|  |  |  | 512089 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/15/31 | 570 | 557368 |
|  Melco Resorts Finance Ltd. (Hong Kong), | Melco Resorts Finance Ltd. (Hong Kong), | Melco Resorts Finance Ltd. (Hong Kong), | Melco Resorts Finance Ltd. (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/24/33 | 200 | 200260 |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 700 | 706531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 09/15/29 | 535 | 549925 |
|  |  |  | 2014084 |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 09/01/28 | 250 | 265973 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/01/31 | 250 | 229740 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 110 | 102929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 04/01/31 | 416 | 374356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 120 | 85308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% | 02/01/34 | 140 | 147616 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 11/01/56 | 100 | 56236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 05/15/33 | 90 | 90800 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;06/01/29(x) | 150 | 133293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;07/01/28(x) | 150 | 144751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;07/01/26(x) | 225 | 222202 |
|  DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/27(x) | 1400 | 1456852 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A90

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
|  Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 08/15/28 | 390 | 403813 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/30 | 500 | 617584 |
|  |  |  | 4065480 |
|  **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
|  Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 09/21/32 | 300 | 371866 |
|  Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 03/01/29 | 100 | 109818 |
|  Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371% | 04/04/29 | 205 | 211285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634% | 04/04/34 | 385 | 402041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 10/06/28 | 110 | 115167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/06/30 | 20 | 21502 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/01/32 | 110 | 116521 |
|  |  |  | 1348200 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Alstom SA (France), | Alstom SA (France), | Alstom SA (France), | Alstom SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.868%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;05/29/29(oo) | 100 | 124157 |
|  Maxam Prill Sarl (Luxembourg), | Maxam Prill Sarl (Luxembourg), | Maxam Prill Sarl (Luxembourg), | Maxam Prill Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/15/30 | 100 | 119766 |
|  |  |  | 243923 |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 105 | 108183 |
|  **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/13/28 | 150 | 154412 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 11/01/27 | 53 | 67355 |
|  BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;03/18/35(oo) | 270 | 277425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;12/01/33(oo) | 245 | 259700 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 07/01/28 | 25 | 25783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 | 150 | 157077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;07/01/31(a) | 25 | 25951 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% | 03/15/62 | 30 | 21824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 | 40 | 38567 |
|  Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 02/15/55 | 151 | 145167 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 04/01/32 | 210 | 203826 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/29 | 500 | 500723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/15/30 | 391 | 396945 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/45 | 24 | 19261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/01/31 | 1200 | 1348647 |
|  Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 04/15/27 | 375 | 379732 |
|  Petroleos de Venezuela SA (Venezuela), | Petroleos de Venezuela SA (Venezuela), | Petroleos de Venezuela SA (Venezuela), | Petroleos de Venezuela SA (Venezuela), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/16/24(d) | 5400 | 1255500 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 | 1045 | 1042001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.690% | 01/23/50 | 525 | 470579 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 09/19/33 | 75 | 81638 |
|  Sunoco LP, | Sunoco LP, | Sunoco LP, | Sunoco LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 08/15/32 | 210 | 215826 |
|  Tecpetrol SA (Argentina), | Tecpetrol SA (Argentina), | Tecpetrol SA (Argentina), | Tecpetrol SA (Argentina), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 11/03/30 | 100 | 99301 |
|  TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275% | 09/10/54 | 10 | 9383 |
|  |  |  | 7196623 |
|  **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 08/15/30 | 550 | 507879 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 04/15/30 | 530 | 538924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/32 | 200 | 205895 |
|  |  |  | 1252698 |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/21/49 | 180 | 148448 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A91

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 08/01/28 | 250 | 251765 |
|  Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/30/28 | 25 | 21870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/15/29 | 225 | 171362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/30/30 | 150 | 105228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/15/31 | 175 | 112219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/15/29 | 450 | 360000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/15/28 | 100 | 90500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/01/28 | 100 | 89250 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/22/54 | 300 | 294899 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;03/15/31(x) | 20 | 18432 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;04/30/31(a) | 200 | 165739 |
|  Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/17/35 | 100 | 101124 |
|  |  |  | 1930836 |
|  **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/29 | 350 | 350177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 02/01/32 | 135 | 140002 |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/29 | 580 | 581720 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | 08/15/30 | 20 | 21171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.962% | 02/15/55 | 110 | 108404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 75 | 80285 |
|  Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/08/33 | 275 | 289662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 07/15/77 | 50 | 49619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%(ff) | 01/15/84 | 40 | 45838 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 02/15/56 | 692 | 690035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;05/15/30(oo) | 1225 | 1254838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26(oo) | 800 | 804025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/15/34 | 65 | 66841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 09/01/34 | 40 | 41173 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 01/15/36 | 140 | 142489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 02/15/78 | 35 | 34779 |
|  Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853% | 02/23/36 | 285 | 297520 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/30 | 115 | 123313 |
|  Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/15/79 | 200 | 198320 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 70 | 65751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 45 | 40944 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;09/30/29(oo) | 1535 | 1212919 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 | 95 | 81985 |
|  |  |  | 6721810 |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Corp. Inmobiliaria Vesta SAB de CV (Mexico), | Corp. Inmobiliaria Vesta SAB de CV (Mexico), | Corp. Inmobiliaria Vesta SAB de CV (Mexico), | Corp. Inmobiliaria Vesta SAB de CV (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/30/33 | 200 | 201923 |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/01/28 | 1185 | 1190110 |
|  Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 12/14/29 | 100 | 106930 |
|  |  |  | 1498963 |
|  **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** |
|  CFE Fibra E (Mexico), | CFE Fibra E (Mexico), | CFE Fibra E (Mexico), | CFE Fibra E (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 09/23/40 | 198 | 197398 |
|  Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 01/15/32 | 800 | 803848 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 02/15/32 | 50 | 53428 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 07/06/30 | 500 | 624819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/06/34 | 200 | 255011 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/32 | 390 | 404613 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 02/01/29 | 375 | 358391 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A92

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;07/04/30(oo) | 300 | 360680 |
|  WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | 04/15/28 | 100 | 113576 |
|  |  |  | 3171764 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/31/32 | 125 | 151491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 08/31/32 | 150 | 208871 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/30 | 950 | 995781 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 01/15/29 | 450 | 437193 |
|  Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/01/29 | 425 | 410866 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/01/27 | 500 | 500000 |
|  |  |  | 2704202 |
|  **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
|  Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;06/20/27(oo) | 200 | 268916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/28/27 | 100 | 116790 |
|  |  |  | 385706 |
|  **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469% | 04/15/34 | 128 | 116945 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/25/35 | 200 | 212241 |
|  Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/15/31 | 305 | 282516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/35 | 341 | 351257 |
|  Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 11/01/35 | 19 | 20283 |
|  |  |  | 983242 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 02/01/31 | 190 | 173605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 06/01/30 | 165 | 153469 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
|  Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 02/15/31 | 120 | 118995 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/25/51 | 40 | 26326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/27/54 | 20 | 16200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/03/55 | 127 | 112234 |
|  Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/15/30 | 125 | 125525 |
|  |  |  | 726354 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 11/01/35 | 240 | 237059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/01/45 | 80 | 77059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 11/01/54 | 195 | 187099 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;08/01/32(x) | 200 | 207626 |
|  EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | &nbsp;&nbsp;&nbsp;&nbsp;11/30/29(x) | 200 | 220901 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 05/01/29 | 475 | 478691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/28 | 475 | 476288 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 01/15/36 | 430 | 441043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/15/29 | 50 | 49079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 | 280 | 286552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 03/31/34 | 540 | 556322 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/15/28 | 900 | 965977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 03/15/32 | 500 | 604962 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/31/29 | 530 | 676014 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 10/01/31 | 140 | 146941 |
|  |  |  | 5611613 |
|  **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 02/15/30 | 445 | 414491 |
|  **TOTAL CORPORATE BONDS**<br>(cost $119,985,070) | **TOTAL CORPORATE BONDS**<br>(cost $119,985,070) | **TOTAL CORPORATE BONDS**<br>(cost $119,985,070) | 120645739 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A93

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.466%(c) | 01/28/32 | 200 | $200248 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.989%(c) | 11/17/28 | 300 | 294483 |
|  |  |  | 494731 |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.500% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%(c) | 11/03/32 | 200 | 236321 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | 01/02/28 | 97 | 33844 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  EG America LLC (United Kingdom), | EG America LLC (United Kingdom), | EG America LLC (United Kingdom), | EG America LLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 3 Month EURIBOR + 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 3 Month EURIBOR + 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 3 Month EURIBOR + 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 3 Month EURIBOR + 3.875% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.937%(c) | 02/07/28 | 2147 | 2533340 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br>(cost $3,286,802) | **TOTAL FLOATING RATE AND OTHER LOANS**<br>(cost $3,286,802) | **TOTAL FLOATING RATE AND OTHER LOANS**<br>(cost $3,286,802) | 3298236 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.824%(c) | 09/25/45 | 140 | 140023 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%(cc) | 07/25/65 | 98 | 96006 |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%(cc) | 11/25/70 | 547 | 548089 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $781,743) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $781,743) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $781,743) | 784118 |
|  **SOVEREIGN BONDS — 1.3%** | **SOVEREIGN BONDS — 1.3%** | **SOVEREIGN BONDS — 1.3%** | **SOVEREIGN BONDS — 1.3%** |
|  Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/21/54 | 1940 | 1202803 |
|  Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 05/18/34 | 220 | 210993 |
|  Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 10/10/30 | 6860 | 7969415 |
|  Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 01/27/32 | 900 | 806400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/14/32 | 121 | 144332 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/45 | 835 | 612055 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 04/14/34 | CZK | 43080 | $2157028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/11/32 | CZK | 37680 | 1851360 |
|  El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.650% | 06/15/35 |  | 91 | 94343 |
|  Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/15/30 |  | 200 | 191600 |
|  Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/36 |  | 227 | 237501 |
|  Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/24/35 | HUF | 433790 | 1343857 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/16/34 | EUR | 500 | 592924 |
|  Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 07/01/30 | EUR | 1419 | 1682744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 08/01/35 | EUR | 4511 | 5382024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 10/01/54 | EUR | 5890 | 6863863 |
|  Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 03/20/52 | JPY | 45800 | 171958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 12/20/54 | JPY | 155000 | 793564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 03/20/55 | JPY | 408050 | 2136992 |
|  Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/20/43 | JPY | 331400 | 1729698 |
|  Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.124% | 03/18/29 | EUR | 500 | 594510 |
|  Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/26/33 | MXN | 34500 | 1782673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 05/29/31 | MXN | 43210 | 2311072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/23/34 | MXN | 21000 | 1081709 |
|  New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/20/35 | AUD | 935 | 603042 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870% | 07/23/60 |  | 315 | 208058 |
|  Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 06/02/33 | CAD | 2100 | 1542904 |
|  Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/01/33 | CAD | 5262 | 3830465 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A94

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 01/31/30 | ZAR | 11305 | 697839 |
|  Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;12/11/55(a) |  | 262 | 259380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/30/49 |  | 245 | 206719 |
|  Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 10/31/35 | EUR | 1080 | 1260634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/31/54 | EUR | 3225 | 3716716 |
|  Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 11/06/35 |  | 200 | 216050 |
|  Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 09/15/33 | AUD | 1160 | 632811 |
|  Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/12/32 |  | 370 | 391830 |
|  United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/07/35 | GBP | 9003 | 12154291 |
|  Venezuela Government International Bond (Venezuela), | Venezuela Government International Bond (Venezuela), | Venezuela Government International Bond (Venezuela), | Venezuela Government International Bond (Venezuela), | Venezuela Government International Bond (Venezuela), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;10/13/24(d) |  | 800 | 222800 |
|  **TOTAL SOVEREIGN BONDS**<br>(cost $67,178,450) | **TOTAL SOVEREIGN BONDS**<br>(cost $67,178,450) | **TOTAL SOVEREIGN BONDS**<br>(cost $67,178,450) | **TOTAL SOVEREIGN BONDS**<br>(cost $67,178,450) | 67888957 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.5%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/50 |  | 1554 | 1541808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/53 |  | 1996 | 2029358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/54 |  | 1788 | 1813823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/53 |  | 1044 | 1079769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 05/01/54 |  | 815 | 850711 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 |  | 1108 | 956901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 |  | 1738 | 1486664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 |  | 1906 | 1636378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/52 |  | 2702 | 2399317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 |  | 2083 | 1937648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 |  | 1697 | 1699485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/53 |  | 1027 | 1027159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/53 |  | 540 | 549493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/52 |  | 181 | 187198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/53 |  | 1660 | 1708237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/53 |  | 645 | 670749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/54 |  | 1336 | 1388286 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/20/51 |  | 2100 | 1889425 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $24,370,250) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $24,370,250) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $24,370,250) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $24,370,250) | 24852409 |
|  **U.S. TREASURY OBLIGATIONS — 6.2%** | **U.S. TREASURY OBLIGATIONS — 6.2%** | **U.S. TREASURY OBLIGATIONS — 6.2%** | **U.S. TREASURY OBLIGATIONS — 6.2%** | **U.S. TREASURY OBLIGATIONS — 6.2%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/42 |  | 4210 | 3516666 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/42(h) | 4690 | $4304541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/44 | 2135 | 1962532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/15/54 | 301 | 284492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/45 | 1880 | 1872656 |
|  U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 04/15/27 | 10223 | 10039109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 01/15/30 | 15781 | 14973726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 07/15/30 | 3969 | 3747221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 01/15/31 | 7118 | 6638930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 07/15/31 | 4732 | 4386379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 01/15/32 | 7189 | 6570280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 02/15/51 | 3188 | 1721193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 07/15/29 | 2940 | 2834313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 02/15/50 | 3635 | 2091270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 01/15/27 | 1597 | 1577955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 01/15/28 | 18311 | 17991584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 07/15/32 | 715 | 671127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 02/15/43 | 6217 | 4626961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 02/15/42 | 4986 | 3881126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 01/15/29 | 6001 | 5911359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 02/15/47 | 1288 | 928633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 02/15/46 | 4701 | 3542880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 02/15/48 | 941 | 687544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 01/15/33 | 7367 | 7072154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 04/15/28 | 2290 | 2281521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 07/15/33 | 4079 | 3978154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 02/15/44 | 1656 | 1386201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/15/53 | 7461 | 5814578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/15/30 | 8756 | 8802452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 01/15/28 | 5789 | 5833569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 01/15/34 | 11239 | 11178937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 07/15/34 | 9458 | 9499742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 07/15/35 | 5217 | 5204549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 04/15/29 | 12469 | 12737978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 01/15/35 | 10911 | 11107554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 02/15/41 | 498 | 487624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 02/15/54 | 1140 | 1025158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 01/15/27 | 5748 | 5795954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/15/29 | 305 | 314759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/15/29 | 3981 | 4290555 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 01/31/28 | 37000 | 34982344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 02/28/27 | 48500 | 47190879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/31/27 | 8275 | 8277263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/31/30 | 6095 | 6070715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 09/30/31 | 18000 | 17825625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/30/30 | 5480 | 5521956 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.302%(s) | 08/15/40(k) | 1340 | 664905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.419%(s) | 05/15/44(k) | 3460 | 1372841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.202%(s) | 05/15/43(k) | 7310 | 3078240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327%(s) | 08/15/43 | 560 | 232045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.349%(s) | 02/15/43 | 330 | 140996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | 05/15/46 | 470 | 167417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.568%(s) | 11/15/42 | 220 | 95432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.608%(s) | 11/15/48 | 60 | 18847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.652%(s) | 05/15/49 | 525 | 160685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.667%(s) | 02/15/39(k) | 2680 | 1454637 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A95

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.775%(s) | 11/15/41 | 590 | $| 271640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.778%(s) | 02/15/42 | 855 |  | 387465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(s) | 08/15/48 | 380 |  | 120835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.924%(s) | 02/15/49 | 170 |  | 52590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | 11/15/45 | 125 |  | 45661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.965%(s) | 11/15/43 | 752 |  | 307097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.001%(s) | 02/15/45 | 1580 |  | 602783 |
|  **TOTAL U.S. TREASURY OBLIGATIONS** <br> (cost $336,122,925) | **TOTAL U.S. TREASURY OBLIGATIONS** <br> (cost $336,122,925) | **TOTAL U.S. TREASURY OBLIGATIONS** <br> (cost $336,122,925) |  | 330616814 |
|  **OPTIONS PURCHASED\*~ — 1.7%** | **OPTIONS PURCHASED\*~ — 1.7%** | **OPTIONS PURCHASED\*~ — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $58,142,601) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $58,142,601) |  |  | 89257385 |
|  **TOTAL LONG-TERM INVESTMENTS—88.4%**<br> (cost $4,033,322,916) | **TOTAL LONG-TERM INVESTMENTS—88.4%**<br> (cost $4,033,322,916) | **TOTAL LONG-TERM INVESTMENTS—88.4%**<br> (cost $4,033,322,916) |  | 4692198149 |
|  |  | **Shares** |  |  |
|  **SHORT-TERM INVESTMENTS — 15.8%** | **SHORT-TERM INVESTMENTS — 15.8%** | **SHORT-TERM INVESTMENTS — 15.8%** |  |  |
|  **AFFILIATED MUTUAL FUNDS — 10.3%** | **AFFILIATED MUTUAL FUNDS — 10.3%** | **AFFILIATED MUTUAL FUNDS — 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) . | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) . | 317056538 |  | 317056538 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $229,748,981; includes $228,989,529 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $229,748,981; includes $228,989,529 of cash collateral for securities on loan)(b)(wa) | 229888674 |  | 229750740 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $546,805,519) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $546,805,519) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $546,805,519) |  | 546807278 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** |  |  |
|  **U.S. TREASURY OBLIGATIONS(n) — 5.5%** | **U.S. TREASURY OBLIGATIONS(n) — 5.5%** | **U.S. TREASURY OBLIGATIONS(n) — 5.5%** | **U.S. TREASURY OBLIGATIONS(n) — 5.5%** | **U.S. TREASURY OBLIGATIONS(n) — 5.5%** |
|  U.S. Treasury Bills | U.S. Treasury Bills |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/26(k) | 18000 |  | 17890559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.663% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/23/26(h) | 190 |  | 187931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.671% | 04/07/26 | 66750 |  | 66130177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.760% | 01/20/26 | 80 |  | 79859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.794% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/03/26(k) | 146000 |  | 145135226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.833% | 01/06/26 | 65000 |  | 64975047 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $294,295,542) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $294,295,542) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $294,295,542) |  | 294398799 |
|  **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** | **OPTIONS PURCHASED\*~ — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $188,227) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $188,227) |  |  | 86685 |
|  **TOTAL SHORT-TERM INVESTMENTS<br>(cost $841,289,288)** | **TOTAL SHORT-TERM INVESTMENTS<br>(cost $841,289,288)** | **TOTAL SHORT-TERM INVESTMENTS<br>(cost $841,289,288)** |  | 841292762 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—104.2%**<br> (cost $4,874,612,204) | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—104.2%**<br> (cost $4,874,612,204) | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—104.2%**<br> (cost $4,874,612,204) |  | 5533490911 |

---

---

| | |
|:---|:---|
|  | **Value** |
|  **OPTIONS WRITTEN\*~ — (0.0)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $240,640) | $(162923) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—104.2%**<br> (cost $4,874,371,564) | 5533327988 |
|  **Liabilities in excess of other assets(z) — (4.2)%** | (223681457) |
|  **NET ASSETS — 100.0%** | $5309646531 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $223,349,619; cash collateral of $228,989,529 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A96

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original<br>Cost** | **Market**<br>**Value** | **Percentage<br>of<br>Net Assets** |
|  Cencora, Inc., Sr. Unsec'd. Notes, 2.700%, 03/15/31 | 12/11/24 | $17624 | $18432 | 0.0% |
|  Diamond Sports Group LLC\* | 01/02/25 | 34395 | 21903 | 0.0 |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  |  | 0.0 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd.<br>Notes, 144A, 8.625%, 08/01/32 | 08/13/25 | 204500 | 207626 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 04/19/24 | 58500 | 133293 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 06/24/20 | 150000 | 144751 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 04/19/24 | 139500 | 222202 | 0.0 |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 01/17/23-02/20/24 | 1432188 | 1456852 | 0.0 |
|  EchoStar Corp., Sr. Sec'd. Notes, 10.750%, 11/30/29 | 05/29/25 | 202750 | 220901 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $2239457 | $2425960 | 0.0% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional <br>Amount<br>(000)#** | **Value** |
|  MSCI EAFE ETF Index (FLEX) | Call | 02/08/29 | $75.00 | 11700 | 1170 | $31809188 |
|  Russell 2000 Index (FLEX) | Call | 02/08/29 | $1980.00 | 60 | 6 | 4730149 |
|  S&P 500 Index (FLEX) | Call | 06/11/29 | $5450.00 | 120 | 12 | 26676462 |
|  S&P 500 Index (FLEX) | Call | 01/31/30 | $6100.00 | 135 | 14 | 26041586 |
|  10 Year U.S. Treasury Notes Futures | Put | 02/20/26 | $111.00 | 131 | 131 | 30703 |
|  **Total Exchange Traded** (cost $58,187,632) |  |  |  |  |  | $89288088 |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional <br>Amount<br>(000)#** | **Notional <br>Amount<br>(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  |  | 2987 | $3 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  |  | 5975 | 5 |
|  Currency Option EUR vs CZK | Call | MSI | 01/08/26 | 26.00 |  | EUR | 365 |  |
|  Currency Option EUR vs CZK | Call | CITI | 01/20/26 | 26.00 |  | EUR | 359 |  |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 5.00 |  | EUR | 189 |  |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 99.00 |  | EUR | 1614 | 695 |
|  Currency Option USD vs MXN | Call | CITI | 01/08/26 | 18.31 |  |  | 1694 | 769 |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 99.00 |  |  | 549 | 67 |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 99.00 |  |  | 1471 | 422 |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 99.00 |  |  | 429 | 264 |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 99.00 |  |  | 418 | 248 |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 35.00 |  |  | 418 | 16 |
|  Currency Option USD vs ZAR | Call | CITI | 01/08/26 | 17.07 |  |  | 847 | 234 |
|  Currency Option EUR vs PLN | Put | JPM | 01/20/26 | 4.20 |  | EUR | 567 | 915 |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3500.00 |  |  | 422 | 1 |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3300.00 |  |  | 418 | 2 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 3557 |  |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 985 |  |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 17.00 |  |  | 1694 | 3 |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 15.50 |  |  | 847 | 1 |
|  **Total OTC Traded** (cost $28,907) |  |  |  |  |  |  |  | $3645 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A97

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Purchased (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.870% | 3.21%(A) | 7590 | $46521 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.870% | 8.19%(A) | 7590 | 4 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 860 | 119 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 1410 | 196 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.58% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 33210 | 5497 |
|  **Total OTC Swaptions** (cost $114,289) | **Total OTC Swaptions** (cost $114,289) | **Total OTC Swaptions** (cost $114,289) | **Total OTC Swaptions** (cost $114,289) |  |  |  |  | $52337 |
|  **Total Options Purchased** (cost $58,330,828) | **Total Options Purchased** (cost $58,330,828) | **Total Options Purchased** (cost $58,330,828) | **Total Options Purchased** (cost $58,330,828) |  |  |  |  | $89344070 |

---

#### Options Written:

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  Currency Option EUR vs CZK | Call | MSI | 01/08/26 | 24.30 |  | EUR | 365 | $(136) |
|  Currency Option EUR vs CZK | Call | CITI | 01/20/26 | 24.40 |  | EUR | 359 | (215) |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 4.29 |  | EUR | 189 | (143) |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 52.75 |  | EUR | 1614 | (9214) |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 43.65 |  |  | 549 | (1203) |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 43.75 |  |  | 1471 | (5779) |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 43.75 |  |  | 429 | (2681) |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 44.50 |  |  | 418 | (2207) |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 30.60 |  |  | 418 | (11645) |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3800.00 |  |  | 422 | (3928) |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3800.00 |  |  | 418 | (4720) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 2272 | (8) |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 18.25 |  |  | 1694 | (21707) |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 17.01 |  |  | 847 | (22622) |
|  **Total OTC Traded** (premiums received $102,628) |  |  |  |  |  |  |  | $(86208) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  CDX.NA.IG.45.V1, 12/20/30 | Call | JPM | 01/21/26 | 0.50% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 33210 | $(15690) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.870% | 7590 | (27044) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.870% | 7590 | (17673) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 860 | (2615) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 1410 | (4289) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 16250 | (956) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 6840 | (354) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A98

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 33210 | $(1536) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | CITI | 04/15/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 9330 | (6558) |
|  **Total OTC Swaptions** (premiums received $138,012) | **Total OTC Swaptions** (premiums received $138,012) | **Total OTC Swaptions** (premiums received $138,012) | **Total OTC Swaptions** (premiums received $138,012) |  |  |  |  | $(76715) |
|  **Total Options Written** (premiums received $240,640) | **Total Options Written** (premiums received $240,640) | **Total Options Written** (premiums received $240,640) | **Total Options Written** (premiums received $240,640) |  |  |  |  | $(162923) |

---

#### Financial Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration <br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** | **Long Positions:** |  |  |
| 157 | 3 Month CME SOFR | Mar. 2026 | $37802656 | $17385 |
| 66 | 3 Month Euro EURIBOR | Dec. 2026 | 18982624 | (37698) |
| 401 | 2 Year U.S. Treasury Notes | Mar. 2026 | 83724414 | (10620) |
| 10 | 5 Year Canadian Government Bonds | Mar. 2026 | 825398 | (5464) |
| 1302 | 5 Year U.S. Treasury Notes | Mar. 2026 | 142314706 | (441800) |
| 12 | 10 Year Australian Treasury Bonds | Mar. 2026 | 876770 | 1996 |
| 6 | 10 Year Japanese Bonds | Mar. 2026 | 5071885 | (37857) |
| 47 | 10 Year Korean Treasury Bonds | Mar. 2026 | 3684176 | 22269 |
| 29 | 10 Year U.K. Gilt | Mar. 2026 | 3571704 | 17132 |
| 834 | 10 Year U.S. Treasury Notes | Mar. 2026 | 93772875 | (602591) |
| 195 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 22428048 | (62520) |
| 371 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 42885281 | (407225) |
| 190 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 22420000 | (373383) |
| 164 | Euro Schatz Index | Mar. 2026 | 20581936 | (18239) |
| 11 | Euro-BTP Italian Government Bond | Mar. 2026 | 1553591 | (3490) |
| 270 | Mini MSCI EAFE Index | Mar. 2026 | 39178350 | 243622 |
| 20 | NASDAQ 100 E-Mini Index | Mar. 2026 | 10182700 | 48209 |
| 65 | Russell 2000 E-Mini Index | Mar. 2026 | 8118500 | (181333) |
| 244 | S&P 500 E-Mini Index | Mar. 2026 | 84088500 | 170505 |
|  |  |  |  | (1661102) |
|  **Short Positions:** | **Short Positions:** | **Short Positions:** |  |  |
| 66 | 3 Month Euro EURIBOR | Dec. 2028 | 18883731 | 27129 |
| 109 | 3 Year Australian Treasury Bonds | Mar. 2026 | 7637498 | (7784) |
| 75 | 5 Year Euro-Bobl | Mar. 2026 | 10238342 | 45629 |
| 31 | 5 Year U.S. Treasury Notes | Mar. 2026 | 3388445 | 5241 |
| 6 | 10 Year Canadian Government Bonds | Mar. 2026 | 528549 | 5727 |
| 38 | 10 Year Euro-Bund | Mar. 2026 | 5696970 | (5476) |
| 34 | 10 Year U.S. Treasury Notes | Mar. 2026 | 3822875 | 23367 |
| 163 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 18747548 | 83904 |
| 56 | 30 Year Euro Buxl | Mar. 2026 | 7247129 | 37865 |
| 7 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 826000 | 9813 |
| 35 | Euro-OAT | Mar. 2026 | 4960108 | 15007 |
|  |  |  |  | 240422 |
|  |  |  |  | $(1420680) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A99

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Commodity Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration <br>Date** | **Current<br>Notional<br>Amount** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** | **Long Positions:** |  |  |
| 153 | Brent Crude | Mar. 2026 | $9310050 | $(292212) |
| 30 | Coffee 'C' | Mar. 2026 | 3923438 | (382993) |
| 65 | Copper | Mar. 2026 | 9233250 | 895564 |
| 332 | Corn | Mar. 2026 | 7308150 | (163934) |
| 91 | Cotton No. 2 | Mar. 2026 | 2924285 | (84745) |
| 44 | Gasoline RBOB | Mar. 2026 | 3218292 | (195253) |
| 83 | Gold 100 OZ | Feb. 2026 | 36031130 | 2224048 |
| 96 | Hard Red Winter Wheat | Mar. 2026 | 2470800 | (187312) |
| 155 | Lean Hogs | Feb. 2026 | 5276200 | 215750 |
| 77 | Live Cattle | Feb. 2026 | 7133280 | 402689 |
| 28 | LME Lead | Jan. 2026 | 1386406 | (35215) |
| 28 | LME Lead | Mar. 2026 | 1405383 | 4293 |
| 71 | LME Nickel | Jan. 2026 | 7048413 | 416513 |
| 63 | LME Nickel | Mar. 2026 | 6289516 | 746644 |
| 103 | LME PRI Aluminum | Jan. 2026 | 7670410 | 393309 |
| 62 | LME PRI Aluminum | Mar. 2026 | 4641429 | 163335 |
| 87 | LME Zinc | Jan. 2026 | 6728493 | 84033 |
| 77 | LME Zinc | Mar. 2026 | 6003921 | 138113 |
| 60 | Low Sulphur Gas Oil | Mar. 2026 | 3694500 | (132881) |
| 341 | Natural Gas | Mar. 2026 | 10673300 | (3107885) |
| 92 | No. 2 Soft Red Winter Wheat | Mar. 2026 | 2332200 | (222613) |
| 44 | NY Harbor ULSD | Mar. 2026 | 3887083 | (248577) |
| 41 | Silver | Mar. 2026 | 14473615 | 3911411 |
| 109 | Soybean | Mar. 2026 | 5708875 | (427569) |
| 168 | Soybean Meal | Mar. 2026 | 5029920 | (274313) |
| 107 | Soybean Oil | Mar. 2026 | 3117552 | (166540) |
| 164 | Sugar #11 (World) | Mar. 2026 | 2757037 | (110262) |
| 194 | WTI Crude | Mar. 2026 | 11100680 | (82604) |
|  |  |  |  | 3480794 |
|  **Short Positions:** | **Short Positions:** | **Short Positions:** |  |  |
| 28 | LME Lead | Jan. 2026 | 1386406 | (3971) |
| 71 | LME Nickel | Jan. 2026 | 7048413 | (681933) |
| 103 | LME PRI Aluminum | Jan. 2026 | 7670410 | (278648) |
| 4 | LME PRI Aluminum | Mar. 2026 | 299447 | (11895) |
| 87 | LME Zinc | Jan. 2026 | 6728493 | (62418) |
| 18 | LME Zinc | Mar. 2026 | 1403514 | (31767) |
|  |  |  |  | (1070632) |
|  |  |  |  | $2410162 |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | AUD | 731 | $475163 | $487611 | $12448 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 473 | 312928 | 315418 | 2490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 311 | 203182 | 207765 | 4583 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 304 | 200809 | 202626 | 1817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 271 | 178393 | 180669 | 2276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | AUD | 1818 | 1186354 | 1213220 | 26866 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | AUD | 1001 | 661976 | 668200 | 6224 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | AUD | 34 | 22274 | 22381 | 107 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A100

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 16566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3038599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997038 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41561) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | GBP | 13 | 17841 | 17836 |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | GBP | 9 | 12455 | 12414 |  | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | GBP | 754 | 1009543 | 1015879 | 6336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | GBP | 1260 | 1682642 | 1698477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15835 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 64 | 45843 | 46439 | 596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 51 | 37134 | 37254 | 120 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | CAD | 75 | 53522 | 54605 | 1083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | CAD | 54 | 38787 | 39513 | 726 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | CLP | 213244 | 234000 | 237068 | 3068 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CNH | 1814 | 257797 | 260437 | 2640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | CNH | 1660 | 235930 | 238279 | 2349 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | CNH | 5575 | 788375 | 801186 | 12811 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | COP | 3568912 | 912415 | 920654 | 8239 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 9109 | 438000 | 443273 | 5273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | CZK | 7544 | 367339 | 367387 | 48 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | DKK | 397 | 62863 | 62777 |  | (86) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | BARC | EUR | 1554 | 1809864 | 1826762 | 16898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 390 | 449986 | 458806 | 8820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 281 | 329812 | 330095 | 283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 188 | 221000 | 221310 | 310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | EUR | 567 | 663887 | 667539 | 3652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 3214 | 3781057 | 3780683 |  | (374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 20 | 23072 | 23254 | 182 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 163 | 190155 | 192184 | 2029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | EUR | 874 | 1031782 | 1031061 |  | (721) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | EUR | 7031 | 8290752 | 8293076 | 2324 |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | HKD | 19376 | 2496930 | 2493239 |  | (3691) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | HUF | 93230 | 280000 | 284644 | 4644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | HUF | 160738 | 485000 | 490754 | 5754 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 108385 | 1196000 | 1197316 | 1316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 65080 | 718000 | 718933 | 933 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 52021 | 572000 | 574667 | 2667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 346109 | 3806531 | 3823439 | 16908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | UAG | INR | 346109 | 3816774 | 3823440 | 6666 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 29090723 | 1737901 | 1738831 | 930 |  |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | ILS | 4277 | 1303059 | 1342920 | 39861 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 166076 | 1103340 | 1062327 |  | (41013) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | JPY | 2986 | 19279 | 19097 |  | (182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 68875 | 457700 | 440569 |  | (17131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 174993 | 1142863 | 1121411 |  | (21452) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A101

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  Japanese Yen (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 84135 | $545958 | $539163 | $— | $(6795) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 64339 | 416635 | 412307 |  | (4328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 55651 | 359676 | 356632 |  | (3044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | MSI | JPY | 805079 | 5231946 | 5159206 |  | (72740) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | MXN | 3001 | 164123 | 166309 | 2186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | MXN | 823 | 44858 | 45596 | 738 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | TWD | 8642 | 273000 | 274704 | 1704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 23888 | 766884 | 759337 |  | (7547) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 13490 | 433000 | 428813 |  | (4187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 12814 | 412000 | 407329 |  | (4671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | SCB | TWD | 12208 | 391000 | 388077 |  | (2923) |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | NZD | 472 | 271311 | 271685 | 374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | NZD | 6235 | 3627409 | 3593456 |  | (33953) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | NZD | 1142 | 660908 | 658255 |  | (2653) |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | NOK | 274 | 27142 | 27136 |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | NOK | 9836 | 969551 | 975561 | 6010 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 2948 | 873904 | 874570 | 666 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 20508 | 349000 | 346396 |  | (2604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 51069 | 862548 | 862617 | 69 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | SCB | PHP | 24789 | 419000 | 418719 |  | (281) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 1796 | 498334 | 500212 | 1878 |  |
|  Romanian Leu, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | RON | 432 | 99288 | 99495 | 207 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | CITI | SGD | 2337 | 1811197 | 1823256 | 12059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | WBC | SGD | 409 | 317190 | 318920 | 1730 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | SGD | 482 | 377000 | 377272 | 272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | SGD | 292 | 228000 | 228644 | 644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 310 | 242000 | 242697 | 697 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | ZAR | 37327 | 2208680 | 2250627 | 41947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR | 3677 | 214000 | 220821 | 6821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | ZAR | 6349 | 372671 | 381273 | 8602 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | KRW | 1056976 | 730361 | 733028 | 2667 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | KRW | 1686100 | 1151000 | 1170946 | 19946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW | 234984 | 160000 | 163189 | 3189 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | SEK | 19705 | 2125502 | 2142841 | 17339 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | SEK | 29958 | 3256915 | 3267233 | 10318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | SEK | 2105 | 228867 | 229581 | 714 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | SEK | 3252 | 351886 | 354616 | 2730 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | CHF | 7525 | 9580474 | 9577365 |  | (3109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CHF | 353 | 447990 | 449301 | 1311 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | THB | 15231 | 483019 | 484105 | 1086 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A102

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/12/26 | BOA | TRY | 18414 | $422000 | $425104 | $3104 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 15320 | 347666 | 350966 | 3300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 14226 | 323684 | 325896 | 2212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | TRY | 33683 | 766478 | 771627 | 5149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BOA | TRY | 18348 | 419000 | 420318 | 1318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | TRY | 14226 | 323486 | 325897 | 2411 |  |
|  |  |  |  | $92987449 | $93105861 | 393510 | (275098) |
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | AUD | 1040 | $674804 | $693907 | $— | $(19103) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | AUD | 477 | 317516 | 318489 |  | (973) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | AUD | 404 | 263203 | 269500 |  | (6297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | AUD | 774 | 501831 | 516443 |  | (14612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | AUD | 478 | 312849 | 318756 |  | (5907) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | AUD | 328 | 213005 | 218578 |  | (5573) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | WBC | AUD | 583 | 380908 | 389235 |  | (8327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | AUD | 5769 | 3847373 | 3850167 |  | (2794) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | AUD | 16 | 10421 | 10483 |  | (62) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 1602 | 294000 | 289854 | 4146 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | CITI | GBP | 1762 | 2306919 | 2375159 |  | (68240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | GBP | 20 | 26647 | 26590 | 57 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | GBP | 7 | 9118 | 9099 | 19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | GBP | 11185 | 14956965 | 15076217 |  | (119252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | GBP | 493 | 658301 | 664828 |  | (6527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | GBP | 495 | 661569 | 666883 |  | (5314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | GBP | 1012 | 1359135 | 1363714 |  | (4579) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | GBP | 6387 | 8579032 | 8607882 |  | (28850) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | GBP | 294 | 396296 | 395813 | 483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | GBP | 2044 | 2728754 | 2754517 |  | (25763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | GBP | 306 | 409647 | 412793 |  | (3146) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | GBP | 311 | 416602 | 419128 |  | (2526) |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | CAD | 2223 | 1593276 | 1620360 |  | (27084) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | CAD | 222 | 160131 | 162065 |  | (1934) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 614 | 439522 | 447702 |  | (8180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | CAD | 77 | 54917 | 56063 |  | (1146) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CAD | 9971 | 7258202 | 7271501 |  | (13299) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CAD | 455 | 330528 | 331495 |  | (967) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 1444636 | 1570393 | 1606032 |  | (35639) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | CNH | 5325 | 756723 | 765271 |  | (8548) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 8725 | 1241597 | 1256506 |  | (14909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | COP | 1001690 | 255000 | 258401 |  | (3401) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 6613 | 320000 | 321812 |  | (1812) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 53418 | 2565065 | 2599403 |  | (34338) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A103

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  Czech Koruna (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | CZK | 5066 | $246000 | $246541 | $— | $(541) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | CZK | 78819 | 3820657 | 3835444 |  | (14787) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SCB | CZK | 6007 | 291000 | 292313 |  | (1313) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CZK | 7560 | 365978 | 368161 |  | (2183) |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | DKK | 210 | 33210 | 33159 | 51 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | DKK | 3764 | 594685 | 594828 |  | (143) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | MSI | EUR | 24837 | 28682830 | 29200862 |  | (518032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 96 | 112260 | 113148 |  | (888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | EUR | 203 | 238338 | 238408 |  | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 568 | 662874 | 667833 |  | (4959) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 165 | 193069 | 194604 |  | (1535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 3666 | 4260680 | 4312374 |  | (51694) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 3052 | 3582827 | 3590948 |  | (8121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 161 | 188860 | 189181 |  | (321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 45576 | 53561329 | 53616488 |  | (55159) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 2749 | 3221867 | 3234281 |  | (12414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | EUR | 2749 | 3212780 | 3234280 |  | (21500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | EUR | 2271 | 2682022 | 2678378 | 3644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 2965 | 3502301 | 3497377 | 4924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 444 | 524164 | 523787 | 377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 331 | 390666 | 390394 | 272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 287 | 339514 | 338970 | 544 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | EUR | 3770 | 4445484 | 4446704 |  | (1220) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | HUF | 594106 | 1811126 | 1813887 |  | (2761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 154744 | 471000 | 472455 |  | (1455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 96579 | 290000 | 294868 |  | (4868) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | JPY | 103648 | 661906 | 663003 |  | (1097) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | JPY | 103012 | 661234 | 658933 | 2301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | JPY | 571971 | 3681832 | 3658696 | 23136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | JPY | 7375 | 47001 | 47176 |  | (175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | CITI | JPY | 143415 | 936609 | 919051 | 17558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | WBC | JPY | 338292 | 2198340 | 2167882 | 30458 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | MXN | 44649 | 2468686 | 2474255 |  | (5569) |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | NZD | 571 | 330528 | 328964 | 1564 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 862 | 255000 | 255822 |  | (822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 798 | 236418 | 236661 |  | (243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 563 | 166500 | 167080 |  | (580) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 2609 | 715000 | 726502 |  | (11502) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 1278 | 348500 | 355892 |  | (7392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 2514 | 685454 | 700149 |  | (14695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 819 | 224300 | 228178 |  | (3878) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | PLN | 778 | 213700 | 216542 |  | (2842) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | SGD | 4078 | 3164857 | 3177121 |  | (12264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 11615 | 9027318 | 9082034 |  | (54716) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 7383 | 439370 | 443378 |  | (4008) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A104

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | KRW | 1058496 | $731687 | $734082 | $— | $(2395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | KRW | 319239 | 218000 | 221702 |  | (3702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 3991595 | 2725643 | 2772044 |  | (46401) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CHF | 530 | 660264 | 670783 |  | (10519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | CHF | 2577 | 3252437 | 3260718 |  | (8281) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | CHF | 34 | 43537 | 43530 | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CHF | 245 | 310549 | 311328 |  | (779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | CHF | 1118 | 1419244 | 1423507 |  | (4263) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 50282 | 1596042 | 1605245 |  | (9203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | THB | 10553 | 336000 | 336917 |  | (917) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | THB | 8147 | 260000 | 260096 |  | (96) |
|  |  |  |  | $211611726 | $212911590 | 89541 | (1389405) |
|  |  |  |  |  |  | $483051 | $(1664503) |

---

#### Cross currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **In Exchange<br>For (000)** | **In Exchange<br>For (000)** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |
|  01/22/26 | Buy | AUD | 997 | EUR | 568 | $— | $(2614) | BNP |
|  01/22/26 | Buy | CZK | 4897 | EUR | 201 | 2104 |  | MSI |
|  01/22/26 | Buy | EUR | 134 | SEK | 1456 |  | (692) | MSI |
|  01/22/26 | Buy | PLN | 858 | EUR | 203 | 570 |  | MSI |
|  01/22/26 | Buy | SEK | 6163 | EUR | 567 | 2655 |  | BNP |
|  |  |  |  |  |  | $5329 | $(3306) |  |

---

#### Credit default swap agreements outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed <br>Rate** | **Notional<br>Amount<br> (000)#(3)** | **Implied<br>Credit<br>Spread at**<br>**December 31,**<br>**2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |  |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) | 785 | 1.706% | $(2364) | $(1814) | $(550) | GSI |
|  U.S. Treasury Notes | 06/20/26 | 0.250%(Q) | EUR 200 | 0.049% | 240 | 145 | 95 | BARC |
|  |  |  |  |  | $(2124) | $(1669) | $(455) |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed <br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Value at<br>Trade Date** | **Value at<br>December 31,**<br>**2025** | **Unrealized**<br>**Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |  |  |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 13000 | $(284486) | $(297980) | $(13494) |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A105

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Interest rate swap agreements outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>December 31,**<br>**2025** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |
|  GBP | 2737 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.726% | $(144600) | $109336 |  | $253936 |
|  GBP | 1205 | 05/08/29 | 1.100%(A) | 1 Day SONIA(1)(A)/ 3.726% | (94015) | 155637 |  | 249652 |
|  GBP | 247 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.726% | (10753) | 46733 |  | 57486 |
|  | 23000 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 3.870% | 40222 | 147137 |  | 106915 |
|  | 30855 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (177372) |  | (177372) |
|  | 15925 | 08/27/26 | 3.809%(T) | 1 Day SOFR(2)(T)/ 3.870% |  | (2100) |  | (2100) |
|  | 4910 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% | 908 | (48235) |  | (49143) |
|  | 13090 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.870% | 2218 | 209081 |  | 206863 |
|  | 8145 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.870% | (8660) | (225751) |  | (217091) |
|  | 10670 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 3.870% |  | (228991) |  | (228991) |
|  | 3900 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 3.870% | (27009) | (231494) |  | (204485) |
|  | 1745 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 73945 |  | 73945 |
|  | 1275 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 581995 | 628188 |  | 46193 |
|  | 8040 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 117583 | 320161 |  | 202578 |
|  | 3450 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 3.870% | 26743 | 265704 |  | 238961 |
|  | 8130 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 480026 |  | 480026 |
|  | 4240 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/ 3.870% | (77684) | 41694 |  | 119378 |
|  |  |  |  |  | $406948 | $1563699 |  | $1156751 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreement outstanding at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair<br>Value** | **Upfront<br>Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** |  |  |  |  |  |
|  Bloomberg Commodity Total Return Index(Q) | 3 Month<br> U.S. Treasury Bill<br> +8bps(Q)/<br> 3.650%<br> ML | 04/01/26 | 31916 | $(3236) | $— | $(3236) |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and

**SEE NOTES TO FINANCIAL STATEMENTS.**

A106

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate. <br>

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Premiums Paid** | **Premiums Received** | **Unrealized**<br> **Appreciation** | **Unrealized<br>Depreciation** |
| OTC Swap Agreements | $145 | $(1814) | $95 | $(3786) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally

cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $— | $1400186 |
|  GS | 1342000 |  |
|  MLC |  | 3557922 |
|  MSC | 840393 | 18788053 |
|  SG |  | 11032511 |
|  **Total** | $2182393 | $34778672 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $352447747 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 472745105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | 14861 |  |  |
|  Common Stocks | 1417831443 | 755497453 |  |
|  Preferred Stocks. | 336750 | 4655307 |  |
|  Unaffiliated Exchange-Traded Funds | 701470732 |  |  |
|  Unaffiliated Funds | 218119408 |  |  |
|  Warrants |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 410276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 128366950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 1333186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 854919 |  |
|  Commercial Mortgage-Backed Securities |  | 770354 |  |
|  Corporate Bonds |  | 120645739 |  |
|  Floating Rate and Other Loans |  | 3298236 |  |
|  Residential Mortgage-Backed Securities |  | 784118 |  |
|  Sovereign Bonds |  | 67888957 |  |
|  U.S. Government Agency Obligations |  | 24852409 |  |
|  U.S. Treasury Obligations |  | 330616814 |  |
|  Options Purchased |  | 89257385 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 546807278 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A107

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investments (continued)** |  |  |  |
|  U.S. Treasury Obligations | $— | $294398799 | $— |
|  Options Purchased | 30703 | 55982 |  |
|  **Total** | $**3709804027** | $**1823686884** | $— |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(162923)** | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Financial Futures Contracts | $774800 | $— | $— |
|  Commodity Futures Contracts | 9595702 |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 483051 |  |
|  OTC Cross Currency Exchange Contracts |  | 5329 |  |
|  OTC Credit Default Swap Agreement |  | 240 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 2035933 |  |
|  **Total** | $**10370502** | $**2524553** | **$—** |
|  **Liabilities** |  |  |  |
|  Financial Futures Contracts | $(2195480) | $— | $— |
|  Commodity Futures Contracts | (7185540) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (1664503) |  |
|  OTC Cross Currency Exchange Contracts |  | (3306) |  |
|  Centrally Cleared Credit Default Swap Agreement |  | (13494) |  |
|  OTC Credit Default Swap Agreement |  | (2364) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (879182) |  |
|  OTC Total Return Swap Agreement |  | (3236) |  |
|  **Total** | $**(9381020)** | $**(2566085)** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (4.3% represents investments purchased with collateral from securities on loan) | 25.8 |
|  Unaffiliated Exchange-Traded Funds | 13.2 |
|  U.S. Treasury Obligations | 11.7 |
|  Unaffiliated Funds | 4.1 |
|  Banks | 3.9 |
|  Semiconductors & Semiconductor Equipment | 3.7 |
|  Software | 2.5 |
|  Collateralized Loan Obligations | 2.4 |
|  Pharmaceuticals | 2 |
|  Interactive Media & Services | 1.9 |
|  Technology Hardware, Storage & Peripherals | 1.7 |
|  Options Purchased | 1.7 |
|  Insurance | 1.4 |
|  Aerospace & Defense | 1.3 |
|  Capital Markets | 1.3 |
|  Sovereign Bonds | 1.3 |
|  Oil, Gas & Consumable Fuels | 1.1 |
|  Broadline Retail | 1.1 |
|  Financial Services | 1 |
|  Automobiles | 0.8 |
|  Machinery | 0.7 |
|  Specialized REITs | 0.7 |
|  Electrical Equipment | 0.7 |
|  Biotechnology | 0.7 |

---

---

| | |
|:---|:---|
|  Metals & Mining | 0.7 |
|  Health Care Equipment & Supplies | 0.7 |
|  Electric Utilities | 0.6 |
|  Consumer Staples Distribution & Retail | 0.6 |
|  Specialty Retail | 0.6 |
|  Retail REITs | 0.6 |
|  Health Care REITs | 0.6 |
|  Hotels, Restaurants & Leisure | 0.6 |
|  IT Services | 0.6 |
|  Industrial REITs | 0.5 |
|  Entertainment | 0.5 |
|  Textiles, Apparel & Luxury Goods | 0.5 |
|  U.S. Government Agency Obligations | 0.5 |
|  Health Care Providers & Services | 0.4 |
|  Diversified Telecommunication Services | 0.4 |
|  Chemicals | 0.4 |
|  Trading Companies & Distributors | 0.4 |
|  Food Products | 0.4 |
|  Industrial Conglomerates | 0.4 |
|  Residential REITs | 0.3 |
|  Multi-Utilities | 0.3 |
|  Electronic Equipment, Instruments & Components | 0.3 |
|  Beverages | 0.3 |
|  Life Sciences Tools & Services | 0.3 |
|  Communications Equipment | 0.3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A108

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Construction & Engineering | 0.3 |
|  Ground Transportation | 0.3 |
|  Building Products | 0.2 |
|  Consumer Finance | 0.2 |
|  Electric | 0.2 |
|  Tobacco | 0.2 |
|  Household Products | 0.2 |
|  Media | 0.2 |
|  Household Durables | 0.2 |
|  Professional Services | 0.2 |
|  Personal Care Products | 0.2 |
|  Wireless Telecommunication Services | 0.2 |
|  Real Estate Management & Development | 0.2 |
|  Diversified REITs | 0.2 |
|  Gas Utilities | 0.2 |
|  Retail | 0.2 |
|  Construction Materials | 0.1 |
|  Commercial Services & Supplies | 0.1 |
|  Oil & Gas | 0.1 |
|  Passenger Airlines | 0.1 |
|  Pipelines | 0.1 |
|  Marine Transportation | 0.1 |
|  Automobile Components | 0.1 |
|  Office REITs | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  Telecommunications | 0.1 |
|  Hotel & Resort REITs | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Diversified Financial Services | 0.1 |
|  Foods | 0.1 |
|  Auto Manufacturers | 0.1 |
|  Real Estate Investment Trusts (REITs) | 0.1 |
|  Auto Parts & Equipment | 0.1 |
|  Transportation Infrastructure | 0.1 |
|  Healthcare-Services | 0.1 |
|  Building Materials | 0.1 |
|  Home Builders | 0.1 |
|  Lodging | 0.1 |
|  Consumer Loans | 0.1 |

---

---

| | |
|:---|:---|
|  Diversified Consumer Services | 0.0 |
|  Independent Power & Renewable Electricity Producers | 0.0 |
|  Leisure Products | 0.0 |
|  Holding Companies-Diversified | 0.0 |
|  Airlines | 0.0 |
|  Real Estate | 0.0 |
|  Internet | 0.0 |
|  Commercial Services | 0.0 |
|  Mining | 0.0 |
|  Engineering & Construction | 0.0 |
|  Packaging & Containers | 0.0 |
|  Containers & Packaging | 0.0 |
|  Healthcare-Products | 0.0 |
|  Semiconductors | 0.0 |
|  Computers | 0.0 |
|  Distributors | 0.0 |
|  Other | 0.0 |
|  Residential Mortgage-Backed Securities | 0.0 |
|  Commercial Mortgage-Backed Securities | 0.0 |
|  Housewares | 0.0 |
|  Health Care Technology | 0.0 |
|  Leisure Time | 0.0 |
|  Transportation | 0.0 |
|  Water Utilities | 0.0 |
|  Savings & Loans | 0.0 |
|  Iron/Steel | 0.0 |
|  Machinery-Diversified | 0.0 |
|  Miscellaneous Manufacturing | 0.0 |
|  Gas | 0.0 |
|  Agriculture | 0.0 |
|  Multi-National | 0.0 |
|  | 104.2 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (4.2) |
|  | 100.0 |

---

\* Less than 0.05%

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are commodity risk, credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value**  | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** |
| Commodity contracts | Due from/to broker-variation margin futures | $9595702 \* | Due from/to broker-variation margin futures | $7185540 \* |
| Commodity contracts |  |  | Unrealized depreciation on OTC swap agreements | 3236 |
| Credit contracts |  |  | Due from/to broker-variation margin swaps | 13494 \* |
| Credit contracts | Premiums paid for OTC swap agreements | 145 | Premiums received for OTC swap agreements | 1814 |
| Credit contracts | Unaffiliated investments | 5812 | Options written outstanding, at value | 31998 |
| Credit contracts | Unrealized appreciation on OTC swap agreements | 95 | Unrealized depreciation on OTC swap agreements | 550 |
| Equity contracts | Due from/to broker-variation margin futures | 462336 \* | Due from/to broker-variation margin futures | 181333 \* |
| Equity contracts | Unaffiliated investments | 89257385 |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A109

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value**  | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities Location**  | **Fair**<br>**Value** |
| Foreign exchange contracts | Unaffiliated investments | $3637 | Options written outstanding, at value | $86208 |
| Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 5329 | Unrealized depreciation on OTC cross currency exchange contracts | 3306 |
| Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 483051 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 1664503 |
| Interest rate contracts | Due from/to broker-variation margin futures | 312464 \* | Due from/to broker-variation margin futures | 2014147 \* |
| Interest rate contracts | Due from/to broker-variation margin swaps | 2035933 \* | Due from/to broker-variation margin swaps | 879182 \* |
| Interest rate contracts | Unaffiliated investments | 77236 | Options written outstanding, at value | 44717 |
|  |  | $102239125 |  | $12110028 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

#### Amount of Realized Gain (Loss) on Derivatives Recognized in Income

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options**<br>**Purchased(1)** | **Options**<br> **Written** | **Futures** | **Forward**<br>**& Cross**<br>**Currency**<br>**Exchange**<br>**Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $11996926 | $— | $3827779 |
|  Credit contracts | (212599) | 299497 |  |  | (620780) |
|  Equity contracts | 16461837 |  | 2568020 |  |  |
|  Foreign exchange contracts | (159950) | 779534 |  | (6451904) |  |
|  Interest rate contracts | (1095) | 28885 | 8325664 |  | 1034 |
|  **Total** | $16088193 | $1107916 | $22890610 | $(6451904) | $3208033 |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

#### Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options**<br>**Purchased(2)** | **Options**<br> **Written** | **Futures** | **Forward**<br>**& Cross**<br>**Currency**<br>**Exchange**<br>**Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $2830418 | $— | $909 |
|  Credit contracts | (33393) | 35049 |  |  | 34945 |
|  Equity contracts | 15707603 |  | 7886393 |  |  |
|  Foreign exchange contracts | (30753) | (1916) |  | (2807789) |  |
|  Interest rate contracts | (56394) | 56354 | 1334872 |  | (5477) |
|  **Total** | $15587063 | $89487 | $12051683 | $(2807789) | $30377 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A110

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $62971794 |
|  Options Written (2) | 142253326 |
|  Futures Contracts - Long Positions (2) | 838203476 |
|  Futures Contracts - Short Positions (2) | 71725609 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 102987916 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 205648838 |
|  Cross Currency Exchange Contracts (4) | 3361088 |
|  Credit Default Swap Agreements - Buy Protection (2) | 18966425 |
|  Credit Default Swap Agreements - Sell Protection (2) | 13751104 |
|  Interest Rate Swap Agreements (2) | 210661746 |
|  Total Return Swap Agreements (2) | 50695584 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net<br>Amount** |
|  Securities on Loan | $223349619 | $(223349619) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of**<br>**Recognized**<br>**Assets(1)** | **Gross Amounts of**<br>**Recognized<br>Liabilities(1)** | **Net Amounts of**<br>**Recognized**<br>**Assets/(Liabilities)** | **Collateral**<br>**Pledged/(Received)(2)** | **Net Amount** |
|  BARC(4) | $32686 | $(4427) | $28259 | $(28259) | $— |
|  BARC(6) | 18979 | (893) | 18086 |  | 18086 |
|  BNP(4) | 46525 | (120068) | (73543) |  | (73543) |
|  BNP(6) | 11530 | (188923) | (177393) |  | (177393) |
|  BOA(4) | 10926 | (19898) | (8972) |  | (8972) |
|  CITI(4) | 24614 | (213032) | (188418) |  | (188418) |
|  CITI(5) | 62469 | (60697) | 1772 |  | 1772 |
|  CITI(6) | 283 | (14118) | (13835) |  | (13835) |
|  DB(4) | 12848 | (56163) | (43315) |  | (43315) |
|  GSI(4) | 12748 | (45235) | (32487) |  | (32487) |
|  GSI(5) | 19196 | (90478) | (71282) |  | (71282) |
|  GSI(6) | 56680 | (5314) | 51366 |  | 51366 |
|  HSBC(4) | 3055 | (24112) | (21057) |  | (21057) |
|  HSBC(6) | 23425 | (17454) | 5971 |  | 5971 |
|  JPM(4) | 43599 | (57363) | (13764) |  | (13764) |
|  ML(3) |  | (3236) | (3236) |  | (3236) |
|  MSI(4) | 5915 | (632498) | (626583) | 626583 |  |
|  MSI(5) | 96763 | (131992) | (35229) | 17805 | (17424) |
|  MSI(6) | 7476 | (88533) | (81057) |  | (81057) |
|  RBC(4) | 196 | (4289) | (4093) |  | (4093) |
|  SCB(4) |  | (4517) | (4517) |  | (4517) |
|  SSB(4) |  | (12414) | (12414) |  | (12414) |
|  UAG(4) | 6666 | (24342) | (17676) |  | (17676) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A111

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of**<br>**Recognized**<br>**Assets(1)** | **Gross Amounts of**<br>**Recognized<br>Liabilities(1)** | **Net Amounts of**<br>**Recognized**<br>**Assets/(Liabilities)** | **Collateral**<br>**Pledged/(Received)(2)** | **Net Amount** |
|  WBC(5) | $48023 | $(16336) | $31687 | $— | $31687 |
|  | $544602 | $(1836332) | $(1291730) | $616129 | $(675601) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

(3) PGIM Quant Solutions

(4) PGIM Fixed Income

(5) Putnam

(6) J.P. Morgan

**SEE NOTES TO FINANCIAL STATEMENTS.**

A112

------

<br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>

**STATEMENT OF ASSETS AND LIABILITIES**

as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $223,349,619: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,639,029,276) | $4161475920.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,235,582,928) | 1372014991.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 225.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $2,430,737) | 2418068.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 7368131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 5976033.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 2546901.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 2182393.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 483051.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 141486.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 68242.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 21476.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 10547.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 5329.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 3154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 95.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 43638.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 5554759825.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 228989529.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 4811192.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 3006286.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 2371512.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1973341.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 1664503.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1306018.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 609648.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 205268.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $240,640) | 162923.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 3786.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 3690.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 3306.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 1814.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 245113294.0 |
|  **NET ASSETS** | $5309646531.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $5309646531.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share, $5,309,646,531 / 159,139,312 outstanding shares of beneficial interest | $33.36 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $1,759,301 foreign withholding tax, of which $326,469 is reimbursable by an affiliate) | $62522016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of $2,274 foreign withholding tax) | 44746830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 15649602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $362,911) | 391699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 123310147 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 32986995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 13464080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 746335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 115752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 113927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 100460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 17614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 197178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 47752681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (4995294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver | (931512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 41825875 |
|  **NET INVESTMENT INCOME (LOSS)** | 81484272 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $68,589,058) (net of foreign capital gains taxes $(15826)) | 350741266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 1640558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 22890610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (6451904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 1107916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | 3208033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2829549 |
|  | 375966028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $26,815,720) (net of change in foreign capital gains taxes $144,698) | 297870675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 12051683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (2807789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 89487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 30377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 411693 |
|  | 307646126 |
|  **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 683612154 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $765096426 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $81484272 | $97356971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 375966028 | 480842741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 307646126 | 47397931 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 765096426 | 625597643 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [2,411,297 and 2,281,611 shares, respectively] | 70351485 | 63865138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [37,203,829 and 40,740,085 shares, respectively] | (1124815962) | (1134633531) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (1054464477) | (1070768393) |
|  **TOTAL INCREASE (DECREASE)** | (289368051) | (445170750) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 5599014582 | 6044185332 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $5309646531 | $5599014582 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A113

------

<br> **AST MULTI-ASSET DIVERSIFIED PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $28.87 | $26.01 | $22.73 | $27.25 | $23.95 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.47 | 0.45 | 0.52 | 0.42 | 0.27 |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.02 | 2.41 | 2.76 | (4.94) | 3.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 4.49 | 2.86 | 3.28 | (4.52) | 3.30 |
|  Net Asset Value, end of year | $33.36 | $28.87 | $26.01 | $22.73 | $27.25 |
|  **Total Return<sup>(b)</sup>**  | 15.55% | 11.00% | 14.48% | (16.62)% | 13.83% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $5310 | $5599 | $6044 | $5836 | $8610 |
|  Average net assets (in millions) | $5386 | $5960 | $5900 | $6884 | $8754 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.78% | 0.73% | 0.87% | 0.87% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.89% | 0.92% | 0.92% | 0.91% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.51% | 1.63% | 2.18% | 1.74% | 1.06% |
|  Portfolio turnover rate<sup>(d)(e)</sup>  | 73% | 87% | 298% | 537% | 467% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A114

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 91.3%** | **LONG-TERM INVESTMENTS — 91.3%** | **LONG-TERM INVESTMENTS — 91.3%** |
|  **AFFILIATED MUTUAL FUND — 12.1%** | **AFFILIATED MUTUAL FUND — 12.1%** | **AFFILIATED MUTUAL FUND — 12.1%** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 139448175 | $1666405697 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $1,442,664,068)(wa) |  |  |
|  **COMMON STOCKS — 55.6%** | **COMMON STOCKS — 55.6%** | **COMMON STOCKS — 55.6%** |
|  **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AAR Corp.\* | 5200 | 430507 |
| &nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc.\* | 400 | 96756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 63824 | 14821464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer Aviation, Inc. (Class A Stock)\* | 9500 | 71440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret A/S (Turkey) | 11035 | 59457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astronics Corp.\* | 18000 | 976320 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 86895 | 9972070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 8550 | 4855801 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC (United Kingdom) | 120329 | 2769379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. (India) | 14515 | 64609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 129066 | 28022810 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 12121 | 2094994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 785 | 247149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 827 | 455900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 1426 | 818704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA (Brazil), ADR | 77839 | 5010496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Firefly Aerospace, Inc.\*(a) | 1225 | 27403 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 58595 | 19726593 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 181087 | 55780229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. (South Korea) | 1277 | 833944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 8692 | 642339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 35970 | 7374569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 867 | 294841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.\* | 2956 | 216290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc.\* | 5200 | 394732 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 4065 | 1193362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo DRS, Inc. | 245 | 8352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA (Italy) | 29062 | 1662362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 3280 | 1586438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\*(a) | 23012 | 1680106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc. (Class A Stock) | 400 | 97420 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 2527 | 1047513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 48189 | 27477850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 4124 | 7523804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 526818 | 8147616 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 138930 | 25479762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 23326 | 1353380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 41981 | 14622699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 641600 | 4192275 |
| &nbsp;&nbsp;&nbsp;&nbsp; StandardAero, Inc.\* | 1915 | 54922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 3915 | 341271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 4239 | 1143537 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 993 | 1320541 |
| &nbsp;&nbsp;&nbsp;&nbsp; VSE Corp.(a) | 8458 | 1461289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 11662 | 3525656 |
|  |  | 259978951 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 19365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 113004 | 6161623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 2868 | 427361 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 26367 | 7616372 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 2548 | 134127 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 54874 | 5442952 |
|  |  | 22895552 |
|  **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient PLC\* | 31800 | 609606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. (Japan) | 28300 | 530236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 164274 | 12499609 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 4853 | 218676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. (Japan)(a) | 88800 | 1997936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 27849 | 923088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc.(a) | 142200 | 3378672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 4228 | 520847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion, Inc. (Switzerland) | 13000 | 226590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 5103 | 118747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)\* | 14400 | 126144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. (South Korea) | 17 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huayu Automotive Systems Co. Ltd. (China) (Class A Stock) | 29400 | 84282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. (South Korea) | 119 | 30878 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 4400 | 533896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 1213 | 139010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada) | 12300 | 655707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc. | 1600 | 100304 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuantumScape Corp.\* | 9089 | 94708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 14000 | 515900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 76500 | 3081213 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPR Co. Ltd. (Japan) | 241600 | 1992210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp. | 37700 | 3585270 |
|  |  | 31964218 |
|  **Automobiles — 1.3%** | **Automobiles — 1.3%** | **Automobiles — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) | 33860 | 3671622 |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (China) (Class H Stock) | 83898 | 1025297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eicher Motors Ltd. (India) | 2538 | 206600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (Italy) | 1517 | 563739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co.(a) | 520981 | 6835271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geely Automobile Holdings Ltd. (China) | 37000 | 85576 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 319670 | 25995564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 2574 | 52741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hero MotoCorp Ltd. (India) | 1730 | 111165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 506300 | 4969169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 259000 | 4042246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. (South Korea) | 860 | 72905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc.\*(a) | 2271 | 24004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. (India) | 39024 | 1611655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. (India) | 1092 | 203090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 116947 | 8107011 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A115

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET P** **ORTFOLIO** *(CONTINUED)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc. (Class A Stock)\* | 17191 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. (Japan) | 72600 |  | 1563167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. (Japan) | 36800 |  | 550361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Motors Passenger Vehicles Ltd. (India) | 29411 |  | 120364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 222579 |  | 100098228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 1157 |  | 118789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 610500 |  | 13111768 |
| &nbsp;&nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. (India) | 2416 |  | 100115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 15900 |  | 644268 |
|  |  |  | 174223550 |
|  **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 67782 |  | 2368228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Absa Group Ltd. (South Africa) | 95847 |  | 1385265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd. (China) (Class H Stock) | 99000 |  | 73648 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 543107 |  | 5806003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akbank TAS (Turkey) | 8753 |  | 14201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank (Saudi Arabia) | 7866 |  | 204320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 13630 |  | 1012300 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMMB Holdings Bhd (Malaysia) | 32200 |  | 51557 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 91704 |  | 2217184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 435322 |  | 10211444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA (Brazil) | 4732 |  | 13388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 896150 |  | 10548125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bancorp, Inc. (The)\* | 8600 |  | 580672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 160670 |  | 3633884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 149998 |  | 3305612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 673604 |  | 37048220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Beijing Co. Ltd. (China) (Class A Stock) | 205700 |  | 161592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Changsha Co. Ltd. (China) (Class A Stock) | 29100 |  | 40472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC (Ireland) | 143661 |  | 2747561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Jiangsu Co. Ltd. (China) (Class A Stock) | 19800 |  | 29528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 41200 |  | 1071612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal (Canada) | 4400 |  | 571418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) (Canada) | 8600 |  | 634278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Shanghai Co. Ltd. (China) (Class A Stock) | 49200 |  | 71235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 2402 |  | 110540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Polska Kasa Opieki SA (Poland) | 358 |  | 20306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA (Spain) | 19833 |  | 328736 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 40200 |  | 1791714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Saudi Fransi (Saudi Arabia) | 24176 |  | 108431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 1817409 |  | 11633469 |
| &nbsp;&nbsp;&nbsp;&nbsp; BayCom Corp. | 13100 |  | 385140 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 81215 |  | 7683511 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 467500 |  | 2372559 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOK Financial Corp. | 515 |  | 61007 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA (Italy) | 32994 |  | 445831 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 487270 |  | 5957424 |
| &nbsp;&nbsp;&nbsp;&nbsp; California BanCorp | 9200 |  | 171764 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce (Canada) | 6800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canara Bank (India) | 91460 | 157736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitec Bank Holdings Ltd. (South Africa) | 960 | 240980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank Ltd. (The) (Japan) | 24200 | 270080 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank Corp. (China) (Class H Stock) | 777000 | 769083 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Minsheng Banking Corp. Ltd. (China) (Class H Stock) | 26000 | 13145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. Ltd. (China) (Class A Stock) | 100200 | 92791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chongqing Rural Commercial Bank Co. Ltd. (China) (Class H Stock) | 31000 | 24497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 204316 | 23841634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 9513 | 555654 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Union Bank Ltd. (India) | 8316 | 26917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 4827 | 134915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 2831 | 246099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 2887 | 151106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | 24299 | 1025530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 66782 | 7128248 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 18600 | 487692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 109393 | 2252170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 1319 | 167025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 7900 | 577648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 47614 | 2377667 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 154450 | 6765629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 12900 | 388161 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 41324 | 4644404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 25276 | 465837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC (United Arab Emirates) | 4393 | 33281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG (Austria) | 7242 | 868384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp(a) | 14532 | 680243 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA (Italy) | 63740 | 1651475 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC (United Arab Emirates) | 5541 | 26307 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. (Class A Stock) | 202 | 433528 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 62300 | 1050378 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 22400 | 560448 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 2895 | 73244 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 11098 | 265242 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock) | 3952 | 136739 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB Corp. | 7975 | 136373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corp.(a) | 57000 | 1101810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA (Colombia) | 977 | 17877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV (Mexico) (Class O Stock) | 66300 | 614271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haci Omer Sabanci Holding A/S (Turkey) | 254880 | 499164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hana Financial Group, Inc. (South Korea) | 2973 | 193978 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. (India) | 17622 | 194668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 16464 | 389374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 37900 | 1286326 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A116

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 1268908 | $&nbsp;&nbsp;&nbsp;&nbsp;19967462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huaxia Bank Co. Ltd. (China) (Class A Stock) | 179200 | 176487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 31604 | 548329 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. (India) | 3670 | 54927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 25200 | 1841616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China Ltd. (China) (Class H Stock) | 165000 | 133519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank Co. Ltd. (China) (Class A Stock) | 15900 | 48011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank of Korea (South Korea) | 10373 | 150777 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 283381 | 7965339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 696342 | 4811797 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 230985 | 74427987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL (Thailand) | 13300 | 82031 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. (South Korea) | 1532 | 131882 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | 18446 | 2402334 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 131437 | 2712860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krung Thai Bank PCL (Thailand) | 132300 | 118544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 4774601 | 6315430 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 48374 | 9746394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. | 12400 | 946864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | 7400 | 156658 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 1818 | 69993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 628900 | 9981318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 50900 | 1857573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moneta Money Bank A/S (Czech Republic), 144A | 14099 | 132499 |
| &nbsp;&nbsp;&nbsp;&nbsp; MVB Financial Corp. | 14000 | 361620 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 126793 | 3565007 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) . | 1067331 | 9362929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nedbank Group Ltd. (South Africa) | 79740 | 1282100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 291119 | 5477189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc. | 3400 | 90474 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 234836 | 3931155 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt (Hungary) | 12058 | 1292909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 192500 | 2957420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 12700 | 353695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Bank Co. Ltd. (China) (Class A Stock) | 30300 | 49564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 1621 | 154660 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 156528 | 32672089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc. (Puerto Rico) | 1353 | 168476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc.(a) | 2095 | 144785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 64000 | 1264000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp.(a) | 200542 | 5434688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 7558 | 266193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riyad Bank (Saudi Arabia) | 13943 | 100915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Awwal Bank (Saudi Arabia) | 910 | 7849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi National Bank (The) (Saudi Arabia) | 19884 | 200671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia)\*^ | 83328 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 18400 | 578128 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Rural Commercial Bank Co. Ltd. (China) (Class A Stock) | 70800 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. (South Korea) | 3663 |  | 195054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp. (Class A Stock) | 78600 |  | 1481610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 71292 |  | 5739292 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOUTHSTATE BANK Corp. | 1760 |  | 165634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. (South Africa) | 45920 |  | 805459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 233398 |  | 5695014 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Bank of India (India) | 5141 |  | 56238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 230500 |  | 7413206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 78518 |  | 1137533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 119336 |  | 4140368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 3098 |  | 155055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 20100 |  | 1819854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada) | 6900 |  | 650311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 277620 |  | 13661680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Is Bankasi A/S (Turkey) (Class C Stock) | 902587 |  | 295512 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 157539 |  | 8406281 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 109784 |  | 9093047 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 27000 |  | 842940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 1800 |  | 93096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp | 152000 |  | 1775360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 3699 |  | 232815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 284808 |  | 26544106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp. | 1899 |  | 159649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | 98984 |  | 2540081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 24524 |  | 3428946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woori Financial Group, Inc. (South Korea) | 8373 |  | 162515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokohama Financial Group, Inc. (Japan) | 72500 |  | 599359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA | 3220 |  | 188499 |
|  |  |  | 490576347 |
|  **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 66437 |  | 4263996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. (The) (Class A Stock)\* | 113 |  | 22050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp. (Class A Stock) | 750 |  | 19732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp. (Class B Stock) | 3406 |  | 88760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.\* | 5699 |  | 260672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 142147 |  | 9937497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 1020 |  | 156366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 20846 |  | 1078438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. (Class A Stock) | 3034 |  | 418571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 76995 |  | 1659082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 28279 |  | 792095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. (Japan) | 80000 |  | 1197521 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A117

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Beverages (cont'd.)** | **Beverages (cont'd.)** | **Beverages (cont'd.)** | **Beverages (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. (Class B Stock) | 3757 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\*(a) | 206100 |  | 15801687 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 64450 |  | 9249864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp. | 4390 |  | 71776 |
|  |  |  | 45193484 |
|  **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3SBio, Inc. (China), 144A\* | 8500 |  | 26393 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc.(a) | 161711 |  | 36949346 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 57400 |  | 1533154 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 37200 |  | 678528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 17900 |  | 487238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkermes PLC\* | 35800 |  | 1001684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals,<br>Inc.\*(a) | 7548 |  | 3001462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 54607 |  | 17873417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Therapeutics, Inc.\*(a) | 11100 |  | 837828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcellx, Inc.\* | 2500 |  | 163000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 57666 |  | 1674621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardelyx, Inc.\* | 71800 |  | 418594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 5481 |  | 4623464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 4122 |  | 3466396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 5000 |  | 331950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc. (Canada)\* | 48600 |  | 775170 |
| &nbsp;&nbsp;&nbsp;&nbsp; BeOne Medicines Ltd.<br>(Class H Stock)\* | 3400 |  | 78255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 48245 |  | 8490637 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 4334 |  | 257570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 22300 |  | 1705727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 36100 |  | 842574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celcuity, Inc.\* | 8400 |  | 837816 |
| &nbsp;&nbsp;&nbsp;&nbsp; CG oncology, Inc.\* | 1461 |  | 60661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Biosciences, Inc.\* | 19700 |  | 699744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Therapeutics, Inc.\* | 54000 |  | 289980 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG (Switzerland)\* | 1800 |  | 94392 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. (Australia) | 35155 |  | 4045690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 4800 |  | 304992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 3578 |  | 363382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 29780 |  | 1305257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Denmark)\* | 5252 |  | 1628036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc.(a) | 178624 |  | 21924310 |
| &nbsp;&nbsp;&nbsp;&nbsp; GRAIL, Inc.\* | 4600 |  | 393714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 30979 |  | 3059796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovent Biologics, Inc. (China), 144A\* | 57998 |  | 567609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 140 |  | 24366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.\* | 322 |  | 25473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc.\* | 17800 |  | 497688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 800 |  | 197232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kura Oncology, Inc.\* | 15600 |  | 162084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\*(a) | 1000 |  | 582340 |
| &nbsp;&nbsp;&nbsp;&nbsp; MiMedx Group, Inc.\* | 89300 |  | 604561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineralys Therapeutics, Inc.\* | 16900 |  | 613301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirati Therapeutics, Inc.^ | 1574 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals,<br>Inc.\*(a) | 11700 |  | 924183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 7854 |  | 231614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 13030 |  | 1848045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newamsterdam Pharma Co. NV (Netherlands)\* | 11758 |  | 412471 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc.\* | 20000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc.\*(a) | 2300 |  | 677902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Precigen, Inc.\*(a) | 81500 |  | 340670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics,<br>Inc.\*(a) | 12000 |  | 1048080 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 14600 |  | 1109016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc.\* | 15400 |  | 91630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 5761 |  | 4446743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolution Medicines, Inc.\* | 3440 |  | 273996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rezolute, Inc.\* | 8500 |  | 20060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals,<br>Inc.\*(a) | 12849 |  | 1375357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc.\* | 15100 |  | 646733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 8911 |  | 193369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp.\* | 7031 |  | 309716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc.\*(a) | 3900 |  | 180570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (Sweden)\* | 25545 |  | 916736 |
| &nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 4600 |  | 137126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc.\* | 32700 |  | 1249467 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 989 |  | 481890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 10200 |  | 429420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 32810 |  | 14874742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc.\* | 1445 |  | 50835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc.\* | 58600 |  | 353358 |
|  |  |  | 156226761 |
|  **Broadline Retail — 1.8%** | **Broadline Retail — 1.8%** | **Broadline Retail — 1.8%** | **Broadline Retail — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China) | 83286 |  | 1529211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China), ADR(a) | 12037 |  | 1764384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 919731 |  | 212292309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd. (Canada) (Class A Stock) | 4500 |  | 570274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dillard's, Inc. (Class A Stock) | 45 |  | 27285 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 52542 |  | 4576408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 969 |  | 53721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Falabella SA (Chile) | 27231 |  | 189956 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc. (China), ADR | 5100 |  | 146370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp. | 20000 |  | 408200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 335480 |  | 7397334 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 2789 |  | 5617771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd. (South Africa) (Class N Stock) | 427 |  | 28477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 29575 |  | 5444763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 1385 |  | 151810 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc. (China), ADR\*(a) | 12435 |  | 1410005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 83151 |  | 5148625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 25453 |  | 3247039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vipshop Holdings Ltd. (China), ADR | 31300 |  | 553697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishal Mega Mart Ltd. (India)\* | 38737 |  | 58827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. (Australia) | 9347 |  | 503552 |
|  |  |  | 251120018 |
|  **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; A.O. Smith Corp. | 2541 |  | 169942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 1370 |  | 198417 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. (Japan) | 16800 |  | 557151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 1892 |  | 301244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 2100 |  | 76461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 6209 |  | 1186540 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A118

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Building Products (cont'd.)** | **Building Products (cont'd.)** | **Building Products (cont'd.)** | **Building Products (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB (Sweden) (Class B Stock) | 53872 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belimo Holding AG (Switzerland) | 243 |  | 237426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\*(a) | 2401 |  | 247039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunka Shutter Co. Ltd. (Japan) | 57000 |  | 745666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 838 |  | 268043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 97390 |  | 5146088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 18628 |  | 1894317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 2724 |  | 136254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Switzerland) | 372 |  | 288904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | 1074 |  | 79100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 27437 |  | 423902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.\* | 40900 |  | 267486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 70296 |  | 8417946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 4649 |  | 295026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\*(a) | 6000 |  | 801060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 56978 |  | 6376408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 31400 |  | 1102768 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 64696 |  | 2273021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 840 |  | 135635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 4300 |  | 1673560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.\* | 1660 |  | 58233 |
|  |  |  | 35438758 |
|  **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 64815 |  | 2842062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 15192 |  | 714024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 624 |  | 179887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 175 |  | 85810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 45027 |  | 3721472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anand Rathi Wealth Ltd. (India) | 522 |  | 18059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Inc. (Class A Stock) | 35200 |  | 1434048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual SA (Brazil), UTS | 111885 |  | 1071844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 184823 |  | 21456102 |
| &nbsp;&nbsp;&nbsp;&nbsp; BGC Group, Inc. (Class A Stock) | 151000 |  | 1348430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 3312 |  | 3544966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 11120 |  | 1714037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. (Canada) (Class A Stock) | 4970 |  | 260378 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSE Ltd. (India) | 16749 |  | 491204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | 5316 |  | 314229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 2294 |  | 575794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 178027 |  | 17786678 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 7819 |  | 2135213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc. (Class A Stock)\*(a) | 4272 |  | 966070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 113600 |  | 995567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 171345 |  | 6603488 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 40000 |  | 613600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc.\* | 2800 |  | 130732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 818 |  | 278325 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 690 |  | 200231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 204464 |  | 4884645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR\* . | 12748 |  | 2093349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 37587 |  | 33038973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane, Inc. (Class A Stock) | 120 |  | 16117 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Asset Management Co. Ltd. (India), 144A | 1089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 58621 | 3067130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 16633 | 2897302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd. (China) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Class A Stock) | 525289 | 1777115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. (Class A Stock) | 8904 | 572616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 31207 | 5054286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 279293 | 7337027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 137046 | 6519278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. (Japan) | 21500 | 229482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 2607 | 161556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (Switzerland) | 5610 | 438314 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 33800 | 4308824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Investment Holdings Co. Ltd. (South Korea) | 10862 | 1223009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lazard, Inc. | 1117 | 54242 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC (United Kingdom) | 5888 | 708259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | 6412 | 866455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marex Group PLC (United Kingdom) | 7096 | 272203 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 850 | 154063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirae Asset Securities Co. Ltd. (South Korea) | 36966 | 599647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. (Class A Stock) | 6109 | 419933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 152102 | 27002668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 20 | 4346 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | 775 | 444641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 100280 | 9740196 |
| &nbsp;&nbsp;&nbsp;&nbsp; NH Investment & Securities Co. Ltd. (South Korea) | 60866 | 891419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 420400 | 3502129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 58371 | 7972895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patria Investments Ltd. (Cayman Islands) (Class A Stock) | 1300 | 20657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos | 800 | 271768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 87804 | 14100444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc.<br>(Class A Stock)\* | 37070 | 4192617 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc.(a) | 27468 | 14354502 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 82300 | 1773566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC (United Kingdom) | 335037 | 1831468 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 2335 | 191517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 256100 | 3371284 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 6198 | 799604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 2224 | 278489 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc.(a) | 20802 | 2129709 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG, Inc. | 285 | 18194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc.<br>(Class A Stock). | 2063 | 221855 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 272136 | 12565772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock) | 41715 | 1389944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 4400 | 717860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wealthfront Corp.\*(a) | 1741 | 23660 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. (Brazil) (Class A Stock) | 112582 | 1842967 |
|  |  | 255862638 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A119

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 23200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 16053 | 3017225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 4832 | 1193601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 2614 | 369724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 511800 | 4549262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 1094 | 64185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 5171 | 161542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 4916 | 158836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 1989 | 84095 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 3558 | 275176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc.(a) | 94607 | 6341507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 15576 | 364167 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc.(a) | 40436 | 1625527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 35474 | 2264305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 30453 | 7994521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 60582 | 1513944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG (Germany) | 58934 | 919729 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 2847 | 39488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fufeng Group Ltd. (China) | 14000 | 14210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Switzerland) | 75 | 296719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman Corp. | 4050 | 40500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp.\* | 18800 | 1112584 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc.(a) | 41341 | 2785970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 27817 | 11860891 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock)(a) | 50859 | 2202195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 46200 | 561330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 55900 | 327218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 7006 | 168774 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 145 | 99653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ningxia Baofeng Energy Group Co. Ltd. (China) (Class A Stock) | 27000 | 75981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. (Canada) | 10100 | 623418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 2722 | 56699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion SA (Germany) | 21600 | 114048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 4600 | 126638 |
| &nbsp;&nbsp;&nbsp;&nbsp; PhosAgro PJSC (Russia)\*^ | 14357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PhosAgro PJSC (Russia), GDR\*^ | 279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc.(a) | 4973 | 509534 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 2531 | 263224 |
| &nbsp;&nbsp;&nbsp;&nbsp; SABIC Agri-Nutrients Co. (Saudi Arabia) | 1670 | 49240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Ltd. (South Africa)\* | 124385 | 793634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The) | 810 | 47263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 7290 | 2362179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 77400 | 2404133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc.\* | 3451 | 167650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toray Industries, Inc. (Japan) | 40800 | 266007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 829 | 61296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 103779 | 4246846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yunnan Yuntianhua Co. Ltd. (China) (Class A Stock) | 11300 | 54113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang NHU Co. Ltd. (China) (Class A Stock) | 11400 | 41157 |
|  |  | 63071298 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 35500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501650 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 186000 | 693780 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACV Auctions, Inc. (Class A Stock)\* | 28894 | 231729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 251899 | 3846578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 1116 | 261680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 1165 | 45610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 142800 | 2458158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 73400 | 1639022 |
| &nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 33400 | 1404136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 42700 | 1192184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services, Inc.\* | 12200 | 369782 |
| &nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 35000 | 639800 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc. | 833 | 133397 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. (Canada) | 3815 | 392449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 13172 | 2791542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 51200 | 3073024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 67954 | 1080680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 4790 | 160656 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 79300 | 2357327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 44772 | 4467350 |
|  |  | 28740534 |
|  **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. (Taiwan) | 17000 | 641529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 64004 | 8386444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc.\* | 26400 | 1397352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 59699 | 13961805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 497382 | 38313336 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc.\* | 47300 | 857549 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 1266 | 323159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 1410 | 519712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 2087 | 799989 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 61200 | 1656072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 485727 | 3131518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 404059 | 3932318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 231900 | 4132458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhongji Innolight Co. Ltd. (China) (Class A Stock) | 400 | 34816 |
|  |  | 78088057 |
|  **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicios SA (Spain) | 33801 | 3355268 |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 12508 | 1192388 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.\*(a) | 7927 | 303287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 29200 | 3104544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argan, Inc. | 1203 | 376924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 40024 | 2080662 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Communications Services Corp. Ltd. (China) (Class H Stock) | 348000 | 200593 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Railway Group Ltd. (China) (Class H Stock) | 208000 | 102372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 1800 | 608220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 20532 | 2941813 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 634 | 387875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everus Construction Group, Inc.\* | 1169 | 100020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 9225 | 597694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 13818 | 181292 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A120

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Construction & Engineering (cont'd.)** | **Construction & Engineering (cont'd.)** | **Construction & Engineering (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG (Germany) | 4925 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928047 |
| &nbsp;&nbsp;&nbsp;&nbsp; IES Holdings, Inc.\*(a) | 3000 | 1167060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 71400 | 2662329 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 1091 | 237151 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 7300 | 1595050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp.(a) | 4400 | 546216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 3831 | 1616912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Sweden) (Class B Stock) | 29946 | 815979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 2100 | 643083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. (Japan) | 29000 | 2748357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp. | 58800 | 3940776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 444 | 178630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 54692 | 7694240 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 3097 | 58316 |
|  |  | 41365098 |
|  **Construction Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cemex SAB de CV (Mexico), UTS | 702200 | 806414 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Jushi Co. Ltd. (China) (Class A Stock) | 5000 | 12269 |
| &nbsp;&nbsp;&nbsp;&nbsp; China National Building Material Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ltd. (China) (Class H Stock) | 1216000 | 800672 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC(a) | 25445 | 3175536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 541 | 111814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 3779 | 979732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 44557 | 4337638 |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC\* | 1106 | 22950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malayan Cement Bhd (Malaysia) | 17100 | 32278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials,<br>Inc.(a) | 5909 | 3679298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 2800 | 798616 |
|  |  | 14757217 |
|  **Consumer Finance — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 90305 | 4089913 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 32899 | 12170985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 22000 | 1628660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 69747 | 16903883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp.\* | 34 | 15078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave, Inc.\* | 700 | 154987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 14100 | 2216520 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingClub Corp.\* | 8100 | 153414 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingTree, Inc.\* | 3063 | 162615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muthoot Finance Ltd. (India) | 5392 | 228707 |
| &nbsp;&nbsp;&nbsp;&nbsp; NerdWallet, Inc. (Class A Stock)\* | 62900 | 852295 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 2672 | 180494 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 23000 | 678270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qfin Holdings, Inc. (China), ADR | 2800 | 53956 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 4108 | 111162 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc.\* | 21801 | 570750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial(a) | 8132 | 678453 |
|  |  | 40850142 |
|  **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. (Japan) | 16600 | 262232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertson's Cos., Inc. (Class A Stock) | 9047 | 155337 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 2474 | 222734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 86052 | 1435828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 693 | 383028 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 131761 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 37186 |  | 32066975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 21220 |  | 2817379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 15932 |  | 1959795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Co. Ltd. (Canada) | 15900 |  | 552802 |
| &nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd. (Canada) | 15900 |  | 1096915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guoquan Food Shanghai Co. Ltd. (China) (Class H Stock) | 130800 |  | 60208 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC (United Kingdom) | 248328 |  | 1087979 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Health International, Inc. (China), 144A\* | 119395 |  | 855080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 130868 |  | 5366490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The)(a) | 126527 |  | 7905407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. (Canada) | 26400 |  | 1193487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnit PJSC (Russia)\*^ | 5159 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maplebear, Inc.\* | 3871 |  | 174118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC (United |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingdom) | 52131 |  | 231985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group<br>Co.\*(a) | 8520 |  | 766118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 60920 |  | 4489195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 39415 |  | 3852816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 924718 |  | 5499140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. (Japan) | 54600 |  | 1003184 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 9765 |  | 328787 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\*(a) | 62250 |  | 4688670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc.^ | 16732 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 483298 |  | 53844230 |
|  |  |  | 134183216 |
|  **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 50641 |  | 422346 |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 1461 |  | 178184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 1540 |  | 280095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 20831 |  | 1103418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 22368 |  | 2303233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 6627 |  | 99803 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co.(a) | 11481 |  | 452237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klabin SA (Brazil), UTS | 165620 |  | 565668 |
| &nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 52300 |  | 771948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 1939 |  | 399880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 2900 |  | 120147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 2031 |  | 81991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 11421 |  | 441650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co. | 2256 |  | 98452 |
|  |  |  | 7319052 |
|  **Distributors — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group (Belgium) | 2875 |  | 517849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 3046 |  | 374536 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 31354 |  | 946891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 510 |  | 116662 |
|  |  |  | 1955938 |
|  **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 777634 |  | 6275505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 10300 |  | 1065741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 1126 |  | 114176 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A121

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Diversified Consumer Services (cont'd.)** | **Diversified Consumer Services (cont'd.)** | **Diversified Consumer Services (cont'd.)** | **Diversified Consumer Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc.\*(a) | 45827 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co. (Class B Stock) | 200 |  | 219720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 478 |  | 79496 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 2438 |  | 106248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laureate Education, Inc.\* | 115900 |  | 3902353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC (United Kingdom) | 90298 |  | 1276727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 44100 |  | 1293453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International | 3089 |  | 240849 |
| &nbsp;&nbsp;&nbsp;&nbsp; TAL Education Group (China), ADR\* | 4100 |  | 44731 |
|  |  |  | 17262759 |
|  **Diversified REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Activia Properties, Inc. (Japan) | 1 |  | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Land Co. PLC (The) (United Kingdom) | 34582 |  | 187656 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trust (Singapore) | 177414 |  | 329288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 36414 |  | 2417180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 19119 |  | 567070 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) (Australia) | 248495 |  | 896715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi SA (Spain) | 24156 |  | 351675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 725560 |  | 2766352 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 4781 |  | 307705 |
|  |  |  | 7824539 |
|  **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 613767 |  | 15245972 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCE, Inc. (Canada) | 24000 |  | 572482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 340689 |  | 11089787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ (Finland) | 27500 |  | 1218684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 5442 |  | 207177 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (Class A Stock)\* | 71 |  | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (Class C Stock)\* | 406 |  | 15107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalstar, Inc.\* | 8600 |  | 524944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hellenic Telecommunications Organization SA (Greece) | 28680 |  | 567661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 2015 |  | 35021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 320362 |  | 1496961 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Uplus Corp. (South Korea) | 13251 |  | 135403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global Ltd. (Belgium) (Class A Stock)\* | 2730 |  | 30412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global Ltd. (Belgium) (Class C Stock)\* | 2480 |  | 27379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.\* | 85000 |  | 660450 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT, Inc. (Japan) | 510400 |  | 515244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooredoo QPSC (Qatar) | 24238 |  | 86665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quebecor, Inc. (Canada)<br>(Class B Stock) | 1900 |  | 71568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. (Singapore) | 480000 |  | 1698240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia SpA (Italy)\* | 508068 |  | 305224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA (Norway) | 30487 |  | 443416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 456099 |  | 1949352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 622139 |  | 2018569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 627385 |  | 25553391 |
|  |  |  | 64471727 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA (Spain) | 4508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp.(a) | 25952 | 1687140 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co.,<br>Inc.(a) | 101429 | 11695778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axia Energia (Brazil) | 13124 | 121098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 131000 | 2018254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 77817 | 27490412 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPFL Energia SA (Brazil) | 16400 | 159381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 23691 | 2776822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 70921 | 4256678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA/NV (Belgium) | 5000 | 643414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera, Inc. (Canada) | 11300 | 556870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA (Spain)(a) | 36675 | 1319592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 1582804 | 16456944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp.(a) | 49602 | 4584713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 5036 | 365060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 8106 | 545777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 21984 | 958283 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp.(a) | 193272 | 8652787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 313514 | 6788642 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc.(a) | 7169 | 907309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inter RAO UES PJSC (Russia)\*^ | 2620300 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 122300 | 1920684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Electric Power Corp. (South Korea) | 1380 | 45291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manila Electric Co. (Philippines) | 46980 | 458361 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc.(a) | 134642 | 10809060 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 42085 | 6701615 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 4433 | 189289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. (Australia) | 91725 | 700459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 11200 | 905072 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 47749 | 767326 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGE Polska Grupa Energetyczna SA (Poland)\* | 227328 | 555581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 2619 | 232305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 21700 | 1041383 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp.(a) | 16137 | 565118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Power Corp. SA (Greece) | 6675 | 142634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 40420 | 3524624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tauron Polska Energia SA (Poland)\* | 13355 | 32072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 231326 | 2461008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 12874 | 950874 |
|  |  | 124968831 |
|  **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 138608 | 10217842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuity, Inc. | 2787 | 1003432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allient, Inc. | 2401 | 129054 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Superconductor Corp.\* | 2500 | 71950 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 5019 | 1030451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amprius Technologies, Inc.\* | 13600 | 107304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bizlink Holding, Inc. (Taiwan) | 2000 | 96623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp. (Class A Stock)\* | 12400 | 1077436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd. (China) (Class A Stock) | 8635 | 454854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd. (China) (Class H Stock) | 700 | 45528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dongfang Electric Corp. Ltd. (China) (Class H Stock) | 105780 | 339823 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A122

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electrical Equipment (cont'd.)** | **Electrical Equipment (cont'd.)** | **Electrical Equipment (cont'd.)** | **Electrical Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Doosan Enerbility Co. Ltd. (South Korea)\* | 4602 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 15756 |  | 5018444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 12260 |  | 1627147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eos Energy Enterprises,<br>Inc.\*(a) | 7600 |  | 87096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. (Japan) | 18748 |  | 1421756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 19100 |  | 2118103 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova T&D India Ltd. (India) | 1152 |  | 40150 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 22200 |  | 14509254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 14895 |  | 2031231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harbin Electric Co. Ltd. (China) (Class H Stock) | 10000 |  | 21433 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. (South Korea) | 1338 |  | 718571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. | 1171 |  | 520053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyosung Heavy Industries Corp. (South Korea) | 52 |  | 64238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 17504 |  | 2602193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 167700 |  | 4889605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nextpower, Inc. (Class A Stock)\*(a) | 25200 |  | 2195172 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 67985 |  | 6932430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA (Italy) | 17332 |  | 1728995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp.(a) | 4026 |  | 564928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 35544 |  | 13829104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 29726 |  | 8132298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 79928 |  | 2660803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc. (Class A Stock)\* | 9600 |  | 81600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 75166 |  | 10544931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 6800 |  | 125120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. (Class A Stock) | 37300 |  | 6042973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S (Denmark) | 81794 |  | 2212300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp.\* | 6500 |  | 712400 |
|  |  |  | 106247328 |
|  **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 2100 |  | 439677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 166618 |  | 22516756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 1179 |  | 129902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 1950 |  | 93756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc.(a) | 18000 |  | 2097900 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 2480 |  | 337776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chroma ATE, Inc. (Taiwan) | 6000 |  | 148401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 3800 |  | 136724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 8640 |  | 1594685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 100117 |  | 8766244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Co. | 1211 |  | 57002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daktronics, Inc.\* | 44000 |  | 869880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. (Taiwan) | 95571 |  | 2915294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. (Taiwan) | 2000 |  | 104784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eoptolink Technology, Inc. Ltd. (China) (Class A Stock) | 600 |  | 36828 |
| &nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc. | 2800 |  | 245560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolv Technologies Holdings, Inc.\* | 24300 |  | 173988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (Thailand)\*(a) | 1200 |  | 546336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd.\* | 7555 |  | 456473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 107523 |  | 5103565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. (Taiwan) | 122000 |  | 894300 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Innolux Corp. (Taiwan) | 225000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122105 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corp.\* | 678 |  | 48545 |
| &nbsp;&nbsp;&nbsp;&nbsp; IsuPetasys Co. Ltd. (South Korea) | 198 |  | 16419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 828 |  | 188801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 3000 |  | 1085175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 16169 |  | 3285379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. (Japan) | 140200 |  | 1965423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lens Technology Co. Ltd. (China) (Class A Stock) | 63528 |  | 275579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 560 |  | 141635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc. | 43400 |  | 288176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. (Japan) . | 167400 |  | 3459816 |
| &nbsp;&nbsp;&nbsp;&nbsp; nLight, Inc.\* | 5900 |  | 221309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ouster, Inc.\* | 4400 |  | 95216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plexus Corp.\* | 900 |  | 132300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralliant Corp. | 1989 |  | 101260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Corp.\* | 900 |  | 82413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 3300 |  | 495231 |
| &nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 7500 |  | 292950 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 1722 |  | 258696 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. (Japan) | 37900 |  | 536200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 1020 |  | 520945 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 22513 |  | 1553397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Giant Technology Huizhou Co. Ltd. (China) (Class A Stock) | 7125 |  | 291650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp.(a) | 109350 |  | 4065633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 15396 |  | 3738457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhen Ding Technology Holding Ltd. (Taiwan) | 119000 |  | 536273 |
|  |  |  | 71464814 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 21613 |  | 984256 |
| &nbsp;&nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 86100 |  | 576009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expro Group Holdings NV\* | 23542 |  | 314286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 18834 |  | 532249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 39500 |  | 247665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 4400 |  | 126192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | 5600 |  | 188440 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc. | 8550 |  | 133636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 6800 |  | 163404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 59700 |  | 404169 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 75100 |  | 714201 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc. | 22400 |  | 121856 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 30102 |  | 1155315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc. | 1800 |  | 82746 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 139548 |  | 6218259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 94736 |  | 1828013 |
| &nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 113700 |  | 1065369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean Ltd.\* | 79900 |  | 329987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weatherford International PLC | 1205 |  | 94303 |
|  |  |  | 15280355 |
|  **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 5478 |  | 1119320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Giant Network Group Co. Ltd. (China) (Class A Stock) | 1800 |  | 11186 |
| &nbsp;&nbsp;&nbsp;&nbsp; HYBE Co. Ltd. (South Korea)\* | 1049 |  | 240002 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A123

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Entertainment (cont'd.)** | **Entertainment (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. (Japan) | 1500 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Live Holdings, Inc. (Class A Stock)\* | 495 |  | 40343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Live Holdings, Inc. (Class C Stock)\* | 1048 |  | 87152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One (Class A Stock)\* | 380 |  | 33964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One (Class C Stock)\*(a) | 3194 |  | 314641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Square Garden Sports Corp.\* | 390 |  | 100873 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. (China) | 22900 |  | 630327 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. (China), ADR | 1400 |  | 192668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 438084 |  | 41074756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. (Japan) | 85400 |  | 2086023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 95379 |  | 6439472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc.\* | 9282 |  | 1007004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 32241 |  | 18722671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 6830 |  | 1748685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group (China), ADR | 94200 |  | 1651326 |
| &nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 880 |  | 183920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 396616 |  | 45123002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 114659 |  | 3304472 |
|  |  |  | 124315518 |
|  **Financial Services — 1.7%** | **Financial Services — 1.7%** | **Financial Services — 1.7%** | **Financial Services — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Netherlands), 144A\* | 1139 |  | 1836723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc.\* | 2420 |  | 180121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 2750 |  | 398090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 179330 |  | 4071961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 110217 |  | 55400575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.\* | 7510 |  | 488826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 36062 |  | 1087990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 24588 |  | 543541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 39500 |  | 1565780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 1290 |  | 83863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 882 |  | 67129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp. (Class C Stock) | 500 |  | 87785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 141501 |  | 9404156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 127629 |  | 8572840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp.\* | 23071 |  | 326685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 47156 |  | 3649874 |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc.(a) | 26800 |  | 842324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 7930 |  | 355251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 217873 |  | 7764035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 1607 |  | 293245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc.<br>(Class A Stock) | 6700 |  | 714555 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC (United Kingdom) | 130168 |  | 501122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 105267 |  | 60094825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritz Financial Group, Inc. (South Korea) | 7680 |  | 601852 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 5257 |  | 153610 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewtekOne, Inc. | 6400 |  | 72640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexi SpA (Italy), 144A | 223425 |  | 1101239 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services (cont'd.)** | **Financial Services (cont'd.)** | **Financial Services (cont'd.)** | **Financial Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 180500 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5279135 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 73216 |  | 4274350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 83525 |  | 2096803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Finance Corp. Ltd. (India) | 49342 |  | 195369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc.\* | 19200 |  | 264960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc. (Class A Stock) | 19130 |  | 370357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. (Class A Stock)\*(a) | 26900 |  | 1693893 |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneCo Ltd. (Brazil) (Class A Stock)\* | 5700 |  | 84303 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFS Financial Corp. | 1354 |  | 18116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc. (Class A Stock)\* | 165882 |  | 5890470 |
| &nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp. | 1013 |  | 4437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 144484 |  | 50671984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 2158 |  | 160749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The) | 6901 |  | 64248 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\* | 706 |  | 105180 |
|  |  |  | 231434991 |
|  **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 10453 |  | 600943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods PLC (United Kingdom) | 18954 |  | 541389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra Agro Lestari Tbk PT (Indonesia) | 19200 |  | 8492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avanti Feeds Ltd. (India) | 1280 |  | 11932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 2992 |  | 266527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell's Company (The) | 4372 |  | 121848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charoen Pokphand Foods PCL (Thailand) | 113500 |  | 78565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisarua Mountain Dairy PT Tbk (Indonesia) | 96000 |  | 32528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 499620 |  | 8648422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 37345 |  | 3368485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 3186 |  | 114696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 4483 |  | 48775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 780 |  | 47525 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 134883 |  | 6272059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Agri-Resources Ltd. (Indonesia) | 3605200 |  | 798425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 376141 |  | 402471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 2800 |  | 509544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 37696 |  | 893395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indofood Sukses Makmur Tbk PT (Indonesia) | 289200 |  | 117278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 41626 |  | 4589683 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 2294 |  | 224376 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS NV (Class A Stock)\* | 55300 |  | 797426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johor Plantations Group Bhd (Malaysia) | 87000 |  | 34044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 18719 |  | 453936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 2503 |  | 104851 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 5572 |  | 379509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc.\* | 10400 |  | 120640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 28170 |  | 1516391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA (Norway) | 26800 |  | 644672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle Malaysia Bhd (Malaysia) | 3800 |  | 106752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 159324 |  | 15814360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 939 |  | 36612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.\* | 1133 |  | 112224 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A124

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Food Products (cont'd.)** | **Food Products (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo, Inc. (Canada) | 22400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674179 |
| &nbsp;&nbsp;&nbsp;&nbsp; SD Guthrie Bhd (Malaysia) | 109200 | 154193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaboard Corp. | 6 | 26669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. | 147400 | 3291442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triputra Agro Persada PT (Indonesia) | 427000 | 38411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc. (Class A Stock) | 6169 | 361627 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 3209860 | 3575829 |
|  |  | 55941125 |
|  **Gas Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 3466 | 581006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beijing Enterprises Holdings Ltd. (China) | 3500 | 14319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp. (Canada) (Class A Stock) | 5100 | 231540 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 4734 | 92408 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 36107 | 2890726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA (Spain) | 104673 | 3187121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 22100 | 1032954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 117800 | 4093182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 722296 | 4799566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 21200 | 1696424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 57400 | 2275592 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 4831 | 180824 |
|  |  | 21075662 |
|  **Ground Transportation — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\* | 273 | 35031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. (Canada) | 16429 | 1624886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (Canada) | 5998 | 441633 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 388466 | 14081893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd. (Singapore) (Class A Stock)\* | 55587 | 277379 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 1737 | 337569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 3564 | 186326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 751 | 107919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyft, Inc. (Class A Stock)\*(a) | 58275 | 1128787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 4913 | 1418481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line,<br>Inc.(a) | 3720 | 583296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 890 | 170337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 506 | 165219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc.<br>(Class B Stock) | 1182 | 31358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 296723 | 24245236 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co.\* | 135 | 6805 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. (Non-Voting Shares) | 1400 | 65436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 56900 | 13162108 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. (Japan) | 71240 | 1419468 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc.\* | 1800 | 244638 |
|  |  | 59733805 |
|  **Health Care Equipment & Supplies — 1.0%** | **Health Care Equipment & Supplies — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 55471 | 6949962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 1340 | 209241 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc.\* | 53200 | $&nbsp;&nbsp;&nbsp;&nbsp;1119328 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc.\* | 10300 | 407468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 37600 | 422248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 11348 | 216860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 6231 | 1209250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 194468 | 18542524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The)\* | 4400 | 360624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Demant A/S (Denmark)\* | 18093 | 609634 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 11648 | 133137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 126552 | 10788558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 38700 | 459756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 3910 | 84886 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 30398 | 9611785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 109558 | 2380360 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc.(a) | 30300 | 2485206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc. (Class A Stock)\* | 2531 | 220982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 3500 | 280525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 4922 | 366640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 21000 | 3185062 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 3400 | 485078 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 14400 | 9742032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 104900 | 704928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 2600 | 739024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 55471 | 31416556 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\* | 7800 | 1384032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC. | 93058 | 8939151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical, Inc.\* | 5100 | 77316 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc.(a) | 2435 | 586518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shandong Weigao Group Medical |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Polymer Co. Ltd. (China)<br>(Class H Stock) | 135200 | 87172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (Germany), 144A. | 11113 | 582517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 101337 | 1685331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.\* | 3239 | 256658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sri Trang Gloves Thailand PCL (Thailand) | 1018200 | 297074 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 38845 | 9847984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 5556 | 1952767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 1001 | 122162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. (Japan) | 79300 | 1152639 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\*(a) | 6900 | 839385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 14200 | 165430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 4351 | 391242 |
|  |  | 131499032 |
|  **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 2240 | 31786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc.\* | 80400 | 1587900 |
| &nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.\*(a) | 26400 | 988680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 62298 | 12802239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 151885 | 6250068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chartwell Retirement Residences |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Canada) UTS | 34238 | 501391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 294 | 125791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 46719 | 12858470 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 208522 | 16548306 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A125

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 4898 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 21059 |  | 2235202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 78903 |  | 3768847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 58613 |  | 3358044 |
| &nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corp.\* | 1797 |  | 233718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genertec Universal Medical Group Co. Ltd. (China), 144A | 90500 |  | 69205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardant Health, Inc.\* | 19819 |  | 2024313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, Inc. (Class A Stock)\* | 643 |  | 19348 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 2826 |  | 1319346 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 5400 |  | 494694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 2423 |  | 183130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\* | 2400 |  | 77928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 2636 |  | 675159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 1831 |  | 459361 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc.\* | 54037 |  | 380420 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp.(a) | 7628 |  | 6257172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 509 |  | 88332 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMC Health PLC (United Arab Emirates)\*^. | 21382 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 19744 |  | 629044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 16800 |  | 431424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 2450 |  | 425148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sienna Senior Living, Inc. (Canada) | 15222 |  | 226575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinopharm Group Co. Ltd. (China) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Class H Stock) | 240800 |  | 602131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 185222 |  | 2788885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 6313 |  | 1254519 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 77860 |  | 25702365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc. (Class B Stock) | 1209 |  | 263586 |
|  |  |  | 107379524 |
|  **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** | **Health Care REITs — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aedifica SA (Belgium) | 1902 |  | 150553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 3783 |  | 185140 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 50537 |  | 2378271 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc.(a) | 53600 |  | 1938176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust | 277200 |  | 1344420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust,<br>Inc.(a) | 10596 |  | 179602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 388329 |  | 6244330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust,<br>Inc.(a) | 11949 |  | 59745 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 5040 |  | 384905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 6359 |  | 281958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 50848 |  | 3934618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 29387 |  | 5454521 |
|  |  |  | 22536239 |
|  **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Certara, Inc.\* | 2309 |  | 20342 |
| &nbsp;&nbsp;&nbsp;&nbsp; M3, Inc. (Japan) | 16500 |  | 221972 |
| &nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp.\* | 7000 |  | 85820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 15133 |  | 3378140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 6414 |  | 210058 |
|  |  |  | 3916332 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotel & Resort REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 6400 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Braemar Hotels & Resorts, Inc. | 145200 |  | 416724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 207688 |  | 3682308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invincible Investment Corp. (Japan) | 510 |  | 209421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 4734 |  | 49518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 1889 |  | 178737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 37375 |  | 182016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 17448 |  | 155985 |
|  |  |  | 4950549 |
|  **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** | **Hotels, Restaurants & Leisure — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain) | 20429 |  | 1511971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 145044 |  | 5346322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 53628 |  | 2076176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 86800 |  | 535556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 3944 |  | 21121421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 1307 |  | 111409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 1200 |  | 172224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 4750 |  | 111102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 16433 |  | 501864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 102900 |  | 3807300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc. | 145 |  | 13813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc.(a) | 5947 |  | 676650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 150763 |  | 4776933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 163 |  | 29995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 926 |  | 385975 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 51600 |  | 539736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd. (India)\* | 767624 |  | 2378854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (Sweden), 144A | 3546 |  | 240779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 14100 |  | 3994671 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED (France) | 14000 |  | 387531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment PLC (United Kingdom)\* | 515 |  | 110746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 361000 |  | 1780025 |
| &nbsp;&nbsp;&nbsp;&nbsp; H World Group Ltd. (China), ADR | 1100 |  | 51755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 41900 |  | 1875025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 29777 |  | 8553443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp. (Class A Stock) | 855 |  | 137074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 31300 |  | 831954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. (The) (Australia) | 217967 |  | 748927 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (India)\*(a) | 11762 |  | 965895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc.<br>(Class A Stock) | 1175 |  | 364532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 2600 |  | 149994 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 39059 |  | 11937602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan (China) (Class B Stock), 144A\* | 970 |  | 12855 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International\* | 4640 |  | 169314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navan, Inc. (Class A Stock)\*(a) | 7324 |  | 125094 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPAP SA (Greece) | 229614 |  | 5143816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 3604 |  | 53159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. (Canada) | 2195 |  | 149765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\* | 1731 |  | 140505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 9750 |  | 499551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 21475 |  | 1808410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 14408 |  | 1016196 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A126

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. (China) | 500 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. (China), ADR | 26324 |  | 1892959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 152 |  | 20186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd.\* | 105500 |  | 7533755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. (The) | 975 |  | 8122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 254 |  | 19192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 1835 |  | 220805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 30355 |  | 4592104 |
|  |  |  | 99668893 |
|  **Household Durables — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\* | 300 |  | 177222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cricut, Inc. (Class A Stock) | 19800 |  | 98010 |
| &nbsp;&nbsp;&nbsp;&nbsp; D.R. Horton, Inc.(a) | 5803 |  | 835806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 3560 |  | 722146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home Co. Ltd. (China) (Class H Stock) | 195800 |  | 611434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy Ltd.\* | 12000 |  | 255000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 24000 |  | 264000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class A Stock) | 4695 |  | 482646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. (Class B Stock) | 277 |  | 26348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 1157 |  | 126460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 10067 |  | 37449 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 61 |  | 444859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 197200 |  | 2556509 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 47200 |  | 5534672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. (Japan) | 18600 |  | 415027 |
| &nbsp;&nbsp;&nbsp;&nbsp; SharkNinja, Inc.\* | 1130 |  | 126447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonos, Inc.\* | 13500 |  | 237060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 352600 |  | 9044539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp.\* | 20200 |  | 1189174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 43468 |  | 5877743 |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 588 |  | 245308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp.(a) | 1231 |  | 88804 |
|  |  |  | 29396663 |
|  **Household Products — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 5398 |  | 452622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 2480 |  | 250058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 42751 |  | 3378184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 85139 |  | 2447863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 9223 |  | 701928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp.(a) | 4648 |  | 468937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 145680 |  | 20877401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 72266 |  | 5847718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 1387 |  | 31790 |
|  |  |  | 34456501 |
|  **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 15825 |  | 226930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. (Canada) | 3097 |  | 118739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class A Stock) | 908 |  | 28529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc. (Class C Stock) | 1965 |  | 65356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co.\*(a) | 111800 |  | 2128672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huaneng Power International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(China) (Class H Stock) | 8000 |  | 5896 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC India Ltd. (India) | 25695 |  | 46174 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Independent Power & Renewable Electricity Producers (cont'd.)** | **Independent Power & Renewable Electricity Producers (cont'd.)** | **Independent Power & Renewable Electricity Producers (cont'd.)** | **Independent Power & Renewable Electricity Producers (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 69616 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp.\* | 920 |  | 344853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Zheneng Electric Power Co. Ltd. (China) (Class A Stock) | 14800 |  | 10500 |
|  |  |  | 6664381 |
|  **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 70687 |  | 11316989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk PT (Indonesia) | 13116400 |  | 5264359 |
| &nbsp;&nbsp;&nbsp;&nbsp; CITIC Ltd. (China) | 555000 |  | 862536 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 560000 |  | 3807139 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC PLC (United Kingdom) | 2760 |  | 171944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 353500 |  | 11086316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 38804 |  | 7570272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jardine Matheson Holdings Ltd. (Indonesia) | 8400 |  | 573260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 62100 |  | 1044352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 41657 |  | 11667151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd. (Hong Kong) (Class A Stock) | 239762 |  | 1932806 |
|  |  |  | 55297124 |
|  **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 6624 |  | 85184 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT (Singapore) | 152798 |  | 335937 |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 1199 |  | 213590 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 12607 |  | 722003 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP J-REIT (Japan) | 340 |  | 323200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group (Australia) | 47451 |  | 976455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust | 35200 |  | 195008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lineage, Inc. | 1180 |  | 41300 |
| &nbsp;&nbsp;&nbsp;&nbsp; LondonMetric Property PLC (United Kingdom) | 152564 |  | 388954 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 9433 |  | 467688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 7752 |  | 169614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 237801 |  | 30357676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 5269 |  | 204016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC (United Kingdom) | 19102 |  | 185063 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 4208 |  | 154686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tritax Big Box REIT PLC (United Kingdom) | 261128 |  | 533600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehouses De Pauw CVA (Belgium) | 5595 |  | 145097 |
|  |  |  | 35499071 |
|  **Insurance — 1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 56890 |  | 2433634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 522274 |  | 4061361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 10745 |  | 1184851 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 694400 |  | 7147524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 17073 |  | 7894168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 72002 |  | 14987216 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 1570 |  | 214588 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 155002 |  | 13260421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock) | 406 |  | 143269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 8133 |  | 780117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 5228 |  | 1352954 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A127

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Insurance (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV (Netherlands) | 35950 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 13396 | 3226427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 1235 | 110989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC (United Kingdom) | 62913 | 578480 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 231199 | 11093170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 26305 | 2817002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 1590 | 103016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 5307 | 422968 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd. (China) (Class H Stock) | 9000 | 31814 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Pacific Insurance Group Co. Ltd. (China) (Class H Stock) | 23800 | 107933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 89740 | 28009649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 3482 | 568680 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp. | 904 | 43157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 193500 | 1608095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | 844 | 286411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exzeo Group, Inc.\*(a) | 3063 | 74278 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 27858 | 859419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada) | 400 | 762345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 5978 | 326339 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 2432 | 149422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.\* | 244300 | 2206029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 1934 | 270489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd. (Bermuda) (Class B Stock)\* | 5800 | 161820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. (The) | 892 | 163031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 6243 | 860285 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCI Group, Inc. | 6000 | 1150140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 56100 | 1641486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 10000 | 461800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. (Japan) | 58800 | 620423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 1753 | 71067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group PLC (United Kingdom) | 169400 | 596220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 64316 | 2863992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 3912 | 411973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. (Canada) | 16700 | 606410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 2528 | 5434315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 53777 | 9976709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 2000 | 188120 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 299000 | 23603060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Momentum Group Ltd. (South Africa) | 17408 | 40198 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 189800 | 4455939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 5280 | 3474696 |
| &nbsp;&nbsp;&nbsp;&nbsp; New China Life Insurance Co. Ltd. (China) (Class H Stock) | 26800 | 187782 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 106942 | 8250002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 5459 | 249149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.\* | 10900 | 1468884 |
| &nbsp;&nbsp;&nbsp;&nbsp; People's Insurance Co. Group of China Ltd. (The) (China) (Class H Stock) | 975000 | 846979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Financial Ltd. (Israel) | 16825 | 695866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 269948 | 2672442 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty Co. Ltd. (China) (Class H Stock) | 336000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd. (China) (Class H Stock) | 119000 |  | 999565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powszechny Zaklad Ubezpieczen SA (Poland) | 106086 |  | 1963594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc. | 785 |  | 202813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 5062 |  | 446519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 12148 |  | 2766343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 179222 |  | 2756986 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 236196 |  | 3127104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rasan Information Technology Co. (Saudi Arabia)\* | 594 |  | 18345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 1533 |  | 311904 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 8613 |  | 2421631 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 1993 |  | 127512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 2190 |  | 113070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 8449 |  | 431828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 92700 |  | 3146443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. (Australia) | 36755 |  | 431470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 9855 |  | 1641741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 29933 |  | 3976269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 66600 |  | 2461943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 4972 |  | 1442178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 138933 |  | 3333232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 3929 |  | 304498 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.R. Berkley Corp. | 6574 |  | 460969 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group Ltd. | 65 |  | 135072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 2178 |  | 715691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 6410 |  | 4850464 |
|  |  |  | 220120467 |
|  **Interactive Media & Services — 3.4%** | **Interactive Media & Services — 3.4%** | **Interactive Media & Services — 3.4%** | **Interactive Media & Services — 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 593227 |  | 185680051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 382965 |  | 120174417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC (United Kingdom), 144A | 98959 |  | 780723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autohome, Inc. (China), ADR | 19100 |  | 425166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumble, Inc. (Class A Stock)\* | 444500 |  | 1586865 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. (Australia) | 23628 |  | 483932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 37100 |  | 452620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 35236 |  | 58738 |
| &nbsp;&nbsp;&nbsp;&nbsp; EverQuote, Inc. (Class A Stock)\* | 3800 |  | 102600 |
| &nbsp;&nbsp;&nbsp;&nbsp; IAC, Inc.\* | 1613 |  | 63068 |
| &nbsp;&nbsp;&nbsp;&nbsp; JOYY, Inc. (China), ADR | 200 |  | 12952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuaishou Technology (China), 144A | 56700 |  | 468706 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 698800 |  | 1859471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. | 41845 |  | 1351175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 215579 |  | 142301542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc. (Class A Stock)\* | 65028 |  | 1683575 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. (Australia) | 2289 |  | 279041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 20200 |  | 2028887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 69450 |  | 5329839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China), ADR | 20737 |  | 1587417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trump Media & Technology Group Corp.\* | 410 |  | 5428 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A128

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Interactive Media & Services (cont'd.)** | **Interactive Media & Services (cont'd.)** | **Interactive Media & Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 37800 | $1328670 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 6332 | 64396 |
|  |  | 468109279 |
|  **IT Services — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 52532 | 14094336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 11984 | 1045604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd. | 2461 | 198135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Digital Corp.\*(a) | 6600 | 161832 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 29000 | 1396930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 21437 | 3559576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 213116 | 17688628 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 2000 | 96240 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 14604 | 213949 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 1240 | 254051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastly, Inc. (Class A Stock)\* | 192600 | 1960668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 134100 | 3685459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\*(a) | 3800 | 958664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant SA\* | 485 | 31704 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc. (Class A Stock)\* | 14700 | 1823976 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCL Technologies Ltd. (India) | 220351 | 3982491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. (India) | 85300 | 1536158 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp.(a) | 64875 | 19216624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 8371 | 222334 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTIMindtree Ltd. (India), 144A | 24531 | 1656833 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 22395 | 9398957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mphasis Ltd. (India) | 33473 | 1038934 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 179000 | 6056556 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEXTDC Ltd. (Australia)\* | 38588 | 321283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. (Japan) | 18600 | 707816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 42000 | 1318324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc.\* | 2178 | 188332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. (Japan) | 152700 | 3146476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persistent Systems Ltd. (India) | 9082 | 634052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 144655 | 23285115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc.\* | 72931 | 15998144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. (India) | 37030 | 1323052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tech Mahindra Ltd. (India) | 81136 | 1437134 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 29800 | 1001149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. (Class A Stock)\* | 2597 | 369397 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 1826 | 443627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wipro Ltd. (India) | 234499 | 687500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wix.com Ltd. (Israel)\* | 5700 | 592173 |
|  |  | 141732213 |
|  **Leisure Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. (Japan) | 32400 | 862361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 1511 | 112177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 2568 | 210576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 7294 | 144713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 5600 | 354200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. (Japan) | 7000 | 731997 |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 1195 | 52783 |
|  |  | 2468807 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp.\* | 61011 | $990819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 6221 | 846491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 14775 | 169322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.\* | 2600 | 86476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. (Class A Stock)\* | 424 | 128468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 3505 | 206129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bruker Corp. | 1685 | 79380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 1090 | 217433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 66575 | 15240349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE (Luxembourg) | 9575 | 700205 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC\*(a) | 2344 | 427124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 3485 | 457093 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\*(a) | 3686 | 830861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 7005 | 4722911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 3200 | 1797280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\*(a) | 455 | 634356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Niagen Bioscience, Inc.\* | 12000 | 76320 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV (XETR) | 37600 | 1709933 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV (NYSE) | 4741 | 213203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.\* | 1047 | 171561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revvity, Inc.(a) | 2620 | 253485 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAI Life Sciences Ltd. (India), 144A\* | 8639 | 87271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech (France) | 1262 | 309974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 23666 | 417468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 24939 | 14450904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 560 | 212705 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 14465 | 3979900 |
| &nbsp;&nbsp;&nbsp;&nbsp; WuXi AppTec Co. Ltd. (China) (Class H Stock), 144A | 9800 | 124270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wuxi Biologics Cayman, Inc. (China), 144A\* | 25000 | 101095 |
| &nbsp;&nbsp;&nbsp;&nbsp; WuXi XDC Cayman, Inc. (China)\* | 50503 | 394885 |
|  |  | 50037671 |
|  **Machinery — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 1392 | 145213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany International Corp. (Class A Stock) | 2600 | 131820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 1580 | 154682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 15100 | 654132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class A Stock) | 21120 | 375990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 112875 | 1804501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 15500 | 804605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 45757 | 26212813 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 19544 | 180196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 7000 | 120750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 50995 | 9405008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins India Ltd. (India) | 3836 | 189310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 5894 | 3008592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. (Japan) | 76200 | 2398447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG (Germany) | 7475 | 323761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 12710 | 5917395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 2588 | 229452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 19200 | 626880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 2974 | 580644 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A129

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Machinery (cont'd.)** | **Machinery (cont'd.)** | **Machinery (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 1957 | $74836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc.(a) | 8500 | 1820105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 35428 | 712761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 1285 | 143560 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 19500 | 3810105 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 53300 | 2074210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 1600 | 173744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 2922 | 202728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 6629 | 365987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 6200 | 592286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 98054 | 2105219 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG (Germany) | 22411 | 1514586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 3666 | 300502 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. (South Korea) | 2185 | 770102 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (South Korea) | 339 | 95656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 6172 | 330140 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 1675 | 298050 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. (Japan) | 17600 | 309419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 4292 | 1057120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 8818 | 698562 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 1715 | 297570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Hengli Hydraulic Co. Ltd. (China) (Class A Stock) | 3500 | 55102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 58300 | 1850002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (Finland) (Class B Stock) | 12524 | 887237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. (Japan) | 43200 | 612173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leader Harmonious Drive Systems Co. Ltd. (China) (Class A Stock) | 20041 | 551790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 13017 | 3119394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 1606 | 189299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 28500 | 863806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mega Union Technology, Inc. (Taiwan) | 4000 | 88030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ (Finland) | 28082 | 488603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (The)\* | 1133 | 168443 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. (Japan) | 68600 | 1380340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 235000 | 5736923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 2040 | 234192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. (Class A Stock) | 9600 | 228672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 3351 | 805681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 1424 | 178897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 18127 | 1583394 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 11227 | 1229469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 22035 | 19367884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 3598 | 374696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Precision Tsugami China Corp. Ltd. (China) | 21000 | 90988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 20200 | 1021918 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 1365 | 612107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Heavy Industries Co. Ltd. (South Korea)\* | 700 | 11706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 181904 | 5875698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sany Heavy Equipment International Holdings Co. Ltd. (China) | 9000 | 10036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 1680 | 594454 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 5600 | 1937605 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Machinery (cont'd.)** | **Machinery (cont'd.)** | **Machinery (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 1128 | $388709 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\*(a) | 7500 | 1500450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp. | 2000 | 434560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 3423 | 254260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunonwealth Electric Machine Industry Co. Ltd. (Taiwan) | 16000 | 81228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. (Hong Kong) | 26000 | 299081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 6500 | 346970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken Co. (The) | 1480 | 124512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 2210 | 173971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 14958 | 395490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 109873 | 3890012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 3706 | 791046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 42900 | 2212353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 63416 | 8635991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 866000 | 2339492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yutong Bus Co. Ltd. (China) (Class A Stock) | 9500 | 44526 |
|  |  | 143072629 |
|  **Marine Transportation — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class A Stock) | 254 | 582614 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class B Stock) | 272 | 624118 |
| &nbsp;&nbsp;&nbsp;&nbsp; COSCO SHIPPING Holdings Co. Ltd. (China) (Class H Stock) | 45500 | 80332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergreen Marine Corp. Taiwan Ltd. (Taiwan) | 128000 | 772154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 129200 | 1798493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 57390 | 6323230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc. | 2400 | 296520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 69800 | 2098495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 78000 | 2526544 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 687000 | 2458357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yang Ming Marine Transport Corp. (Taiwan) | 50000 | 88410 |
|  |  | 17649267 |
|  **Media — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantage Solutions, Inc.\*(a) | 110800 | 97504 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc. (Class A Stock)\* | 42400 | 403648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. | 1200 | 135420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\*(a) | 1935 | 403931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 724385 | 21651868 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoubleVerify Holdings, Inc.\* | 600 | 6864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class A Stock) | 4688 | 342552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class B Stock) | 3105 | 201608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc. | 16400 | 79376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa PLC (United Kingdom) | 42280 | 501662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp.<br>(Class A Stock)\* | 359 | 17333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp.<br>(Class C Stock)\* | 2030 | 98658 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A130

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Times Co. (The) (Class A Stock) | 18977 | $1317383 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class A Stock) | 8392 | 219199 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. (Class B Stock) | 2728 | 80831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. | 462 | 93809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 7090 | 572517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 20214 | 2099178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc.(a) | 4360 | 87178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stagwell, Inc.\* | 64000 | 312960 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 325590 | 1462626 |
|  |  | 30186105 |
|  **Metals & Mining — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada) | 13908 | 2358048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 5806 | 308531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 2700 | 539676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alrosa PJSC (Russia)\*^ | 575990 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd. (China) (Class H Stock) | 402000 | 629312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC (Australia) (XJSE) | 7860 | 676902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC (Australia) (NYSE) | 9330 | 795662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC (Chile) | 57826 | 2540037 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 11724 | 538360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. (Canada) | 16000 | 696980 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 384273 | 11597026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 66479 | 3682689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chifeng Jilong Gold Mining Co. Ltd. (China) (Class A Stock) | 7500 | 33431 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Gold International Resources Corp. Ltd. (China) | 5200 | 104893 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Hongqiao Group Ltd. (China) | 211000 | 886142 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Nonferrous Mining Corp. Ltd. (China) | 17000 | 32253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Minas Buenaventura SAA (Peru), ADR | 7777 | 216434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 10259 | 136240 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMOC Group Ltd. (China) (Class H Stock) | 186077 | 462313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\*(a) | 124300 | 2216269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 54600 | 3779412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc.\* | 6400 | 125696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Critical Metals Corp.<br>(Austria)\*(a) | 68500 | 475390 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRDGOLD Ltd. (South Africa) | 11286 | 35667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eldorado Gold Corp.<br>(Turkey)\*(a) | 36938 | 1326813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC (Ivory Coast) (TSX) | 11466 | 590446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC (Ivory Coast) (XLON) | 15018 | 784653 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERO Copper Corp. (Brazil)\* | 22881 | 647313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 379661 | 3177285 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia)\* | 58092 | 1557528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 330773 | 4836727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 161082 | 8181355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC (Mexico) | 101149 | 4510281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC (Australia)\* | 130575 | 713809 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMK Norilskiy Nickel PAO (Russia)\*^ | 815600 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. (South Africa) | 29499 | 1286227 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Mexico SAB de CV (Mexico) (Class B Stock) | 84100 | $| 794881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Gold Mining Co. Ltd. (South Africa) | 54673 |  | 1096855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrias Penoles SAB de CV (Mexico)\* | 10900 |  | 572605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. (Congo (Democratic Republic))<br>(Class A Stock)\* | 81377 |  | 925500 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 96900 |  | 1235368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jinduicheng Molybdenum Co. Ltd. (China) (Class A Stock) | 2800 |  | 6256 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. (Japan) | 116100 |  | 1451374 |
| &nbsp;&nbsp;&nbsp;&nbsp; KGHM Polska Miedz SA (Poland)\* | 2432 |  | 188962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. (Canada) | 23700 |  | 667547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Gold, Inc. (Canada) | 8100 |  | 672880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 4800 |  | 596736 |
| &nbsp;&nbsp;&nbsp;&nbsp; MMG Ltd. (China)\* | 48000 |  | 54234 |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp.\*(a) | 2945 |  | 148781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 95515 |  | 9537173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 267500 |  | 1094625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA (Norway) | 76559 |  | 590972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 138110 |  | 2430411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novolipetsk Steel PJSC (Russia)\*^ | 2758930 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 38243 |  | 6237816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 1173 |  | 338845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 30185 |  | 2944718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 95908 |  | 7725490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc.(a) | 1674 |  | 372113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO (Russia)\*^ | 337573 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. (Australia) | 491526 |  | 1163494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp.<br>(Mexico)(a) | 5598 |  | 803145 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSR Mining, Inc. (Canada)\* | 22600 |  | 495392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 2815 |  | 477002 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 167700 |  | 1207440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tongling Nonferrous Metals Group Co. Ltd. (China)<br>(Class A Stock) | 9800 |  | 8430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale SA (Brazil) | 431064 |  | 5628437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale SA (Brazil), ADR | 128677 |  | 1676661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 24200 |  | 2133714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Mining Co. Ltd. (China) (Class A Stock) | 18200 |  | 72145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 14500 |  | 501990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yunnan Aluminium Co. Ltd. (China) (Class A Stock) | 11200 |  | 52675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhongjin Gold Corp. Ltd. (China) (Class A Stock) | 13100 |  | 43706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd. (China) (Class H Stock) | 36000 |  | 164824 |
|  |  |  | 114593002 |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adamas Trust, Inc. | 36300 |  | 264990 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGNC Investment Corp. | 20922 |  | 224284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 13757 |  | 307607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc.(a) | 38000 |  | 294880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc.\* | 95300 |  | 291618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. | 43200 |  | 433296 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc.(a) | 56500 |  | 464430 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A131

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Mortgage Real Estate Investment Trusts (REITs) (cont'd.)** | **Mortgage Real Estate Investment Trusts (REITs) (cont'd.)** | **Mortgage Real Estate Investment Trusts (REITs) (cont'd.)** | **Mortgage Real Estate Investment Trusts (REITs) (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Corp. | 38626 | $| 424500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp. | 11937 |  | 130113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | 7637 |  | 137542 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG Mortgage Investment Trust, Inc. | 17300 |  | 147396 |
|  |  |  | 3120656 |
|  **Multi-Utilities — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 62306 |  | 6221877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 35600 |  | 1372024 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc.(a) | 187597 |  | 7192469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC (United Kingdom) | 619707 |  | 1412969 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 61628 |  | 4309646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 7873 |  | 781946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.(a) | 18589 |  | 1089130 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co.(a) | 11330 |  | 1461343 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 289502 |  | 5481698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 230377 |  | 6051854 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 351709 |  | 5394682 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc.(a) | 294210 |  | 12286210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 31993 |  | 2569038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra(a) | 57715 |  | 5095657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA (France) | 12954 |  | 450767 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc.(a) | 6975 |  | 735584 |
|  |  |  | 61906894 |
|  **Office REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc.(a) | 4963 |  | 334903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 17605 |  | 453857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA (France) | 19056 |  | 1809798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 2479 |  | 64008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 54150 |  | 586444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Excellent, Inc. (Japan) | 161 |  | 153147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp.(a) | 2670 |  | 99778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. (Japan) | 406 |  | 370042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orix JREIT, Inc. (Japan) | 325 |  | 220299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. | 27396 |  | 228483 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 6919 |  | 317375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 4429 |  | 147397 |
|  |  |  | 4785531 |
|  **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegis Logistics Ltd. (India) | 1650 |  | 13185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 5168 |  | 91939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 6456 |  | 222474 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 7927 |  | 193894 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. (Canada) | 40832 |  | 766037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Petroleum Corp. Ltd. (India) | 46186 |  | 197571 |
| &nbsp;&nbsp;&nbsp;&nbsp; BKV Corp. (Thailand)\* | 21400 |  | 581010 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 873459 |  | 5093981 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 16900 |  | 755599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada) | 2300 |  | 77904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 60701 |  | 11799667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chennai Petroleum Corp. Ltd. (India) | 3960 |  | 36860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 192674 |  | 29365444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | 10300 |  | 954810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 1330 |  | 36030 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 213469 |  | 19982833 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 16592 | $436701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp.(a) | 175743 | 6437466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc.(a) | 8974 | 1349061 |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 2251 | 269400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | 22914 | 1096493 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 463300 | 3277896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (Italy) | 31776 | 602350 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 74793 | 7854013 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 47800 | 2562080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 103345 | 2437064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 26297 | 2902137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp.(a) | 436596 | 52539963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA (Portugal) | 134659 | 2318873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Ridge Resources, Inc. | 24600 | 115620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp.\* | 3437 | 714862 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 65824 | 3033170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. (Japan) | 204400 | 1547569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Oil Corp. Ltd. (India) | 57654 | 106883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan)(a) | 83000 | 1660045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 42352 | 1164256 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC (Russia)\*^ | 3043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 6690 | 1087995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 2370 | 100583 |
| &nbsp;&nbsp;&nbsp;&nbsp; MOL Hungarian Oil & Gas PLC (Hungary) | 67248 | 602655 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAC Kazatomprom JSC (Kazakhstan), GDR | 11157 | 620456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 15298 | 629054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Natural Gas Corp. Ltd. (India) | 68004 | 181977 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc.(a) | 13622 | 1001217 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORLEN SA (Poland) | 39736 | 1060821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 5694 | 223148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 3100 | 108934 |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc. (Class A Stock)(a) | 22600 | 612912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 25300 | 751410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 32374 | 454207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA (Brazil) | 108500 | 644153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 39330 | 5075143 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTT PCL (Thailand) | 10800 | 10967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 5282 | 186243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries Ltd. (India) | 7997 | 139936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA (Spain) | 92696 | 1729561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rosneft Oil Co. PJSC (Russia)\*^ | 19154 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SandRidge Energy, Inc. | 8400 | 121212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. (Saudi Arabia), 144A | 1680 | 10668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 255534 | 9417003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 183661 | 13495410 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 16100 | 301070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgutneftegas PAO (Russia)\*^ | 55200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 42000 | 462840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tatneft PJSC (Russia)\*^ | 133140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 123725 | 8066624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uranium Energy Corp.\* | 7800 | 91104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 6769 | 1101926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy, Inc. (Class A Stock) | 2655 | 102563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 132621 | 7971848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 145006 | 2261022 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A132

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; World Kinect Corp.(a) | 53300 | $1248819 |
|  |  | 222468621 |
|  **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 1079 | 87140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzano SA (Brazil) | 73100 | 685443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 20900 | 1006335 |
|  |  | 1778918 |
|  **Passenger Airlines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 2156 | 108447 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 13699 | 210006 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. (Japan) | 31200 | 592541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 24528 | 1702243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (Germany) | 174263 | 1711948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eva Airways Corp. (Taiwan) | 35000 | 40699 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 1211615 | 6727384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. (Japan) | 23000 | 426552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 334810 | 2313097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 119936 | 4135105 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 4400 | 441804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 9311 | 384824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turk Hava Yollari AO (Turkey) | 12420 | 77594 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 7111 | 795152 |
|  |  | 19667396 |
|  **Personal Care Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; APR Corp. (South Korea)\* | 208 | 33351 |
| &nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc.\* | 2880 | 76982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc. (Class A Stock)\* | 8869 | 27317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 5400 | 92070 |
| &nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 920 | 69957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock)(a) | 21841 | 2287190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herbalife Ltd.\* | 15900 | 204951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. (Japan) | 26400 | 1053665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 41493 | 715754 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (France) | 12602 | 5410240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc.<br>(Class A Stock) | 32200 | 309764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) | 84007 | 5488781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR(a) | 107741 | 7046261 |
|  |  | 22816283 |
|  **Pharmaceuticals — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 32600 | 410760 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 5800 | 457852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 294000 | 3912998 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 103602 | 19172519 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 134331 | 12349049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 1700 | 310488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Germany) | 40971 | 1777148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 212098 | 11440566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 14800 | 776431 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Pharmaceuticals (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipla Ltd. (India) | 2552 | $42893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 2600 | 120380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. (Japan) | 19000 | 403457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 117313 | 2654793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 96814 | 104044069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 46182 | 9404173 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 264878 | 6494071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC | 109142 | 551536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 36212 | 754909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 1307 | 222190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 138489 | 28660299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laurus Labs Ltd. (India), 144A | 7674 | 94592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\*(a) | 3100 | 586117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidia Corp.\* | 24700 | 851903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lupin Ltd. (India) | 3674 | 86299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 232150 | 24436109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 157210 | 21662908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 199951 | 10141211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 6172 | 44253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 18151 | 1354204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan)(a) | 5900 | 333699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 20400 | 527952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC(a) | 325318 | 4528427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 540503 | 13458525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corp. (Class A Stock) | 9100 | 339976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 9000 | 555210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rapport Therapeutics, Inc.\* | 30700 | 931438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt (Hungary) | 79769 | 2411411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 51284 | 21178768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, ADR(a) | 46285 | 2386917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC (Class A Stock) | 8373 | 323533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 42093 | 3056212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 56291 | 5446448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR(a) | 39614 | 1919694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. (Japan) | 35000 | 633494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Biopharmaceutical Ltd. (China) | 48000 | 38191 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Biopharmaceuticals Co. Ltd. (South Korea)\* | 828 | 71571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. (India) | 436 | 8348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 20800 | 646158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\* | 6159 | 504299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. (Israel), ADR\* | 21600 | 674136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc.\* | 4400 | 82324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trevi Therapeutics, Inc.\*(a) | 91300 | 1143076 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTY Biopharm Co. Ltd. (Taiwan) | 8000 | 20746 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 17491 | 4873458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 26017 | 323912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc.\* | 139400 | 1094290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 22840 | 2873729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zydus Lifesciences Ltd. (India) | 4287 | 43673 |
|  |  | 333647792 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A133

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc. (Class A Stock) | 362900 | $707655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc.\* | 3402 | 98658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 20502 | 5273729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 250 | 55793 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc.<br>(Class A Stock)\* | 482 | 256814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 923671 | 3085061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 98356 | 2229099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp.(a) | 96967 | 4031888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc.\* | 464500 | 891840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 3119 | 215710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 2239 | 485818 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting, Inc.\* | 714 | 121973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 3627 | 169671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc.\* | 3128 | 540863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 21621 | 2863918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kanzhun Ltd. (China), ADR | 51385 | 1047226 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 2691 | 108178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kforce, Inc. | 3000 | 92760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 4150 | 273983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 2788 | 502955 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 81768 | 2430963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parsons Corp.\* | 890 | 55002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 4850 | 544073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 405 | 64541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 89200 | 5012289 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 24226 | 975988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half, Inc. | 2306 | 62631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 1070 | 107706 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (Switzerland) | 8260 | 944515 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 4647 | 406241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 12042 | 871478 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 4286 | 367525 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriNet Group, Inc.(a) | 11000 | 650430 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 93800 | 426790 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc.\*(a) | 46600 | 167760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 1080 | 241585 |
|  |  | 36383109 |
|  **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC (United Arab Emirates) | 438015 | 1036668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barwa Real Estate Co. (Qatar) | 243273 | 174620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catena AB (Sweden) | 4509 | 220292 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 17967 | 2888914 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Resources Land Ltd. (China) | 7500 | 26237 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Developments Ltd. (Singapore) | 49400 | 307269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass, Inc. (Class A Stock)\* | 109100 | 1153187 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 7993 | 537449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 109200 | 1767948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 160600 | 3058141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 48800 | 1621079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Development PJSC (United Arab Emirates) | 621538 | 2562917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC (United Arab Emirates) | 1343999 | 5129431 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** | **Real Estate Management & Development (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder (Sweden) (Class B Stock)\* | 44872 | $331214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. (Hong Kong) | 10165 | 70613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.\* | 1670 | 133216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 33762 | 11359900 |
| &nbsp;&nbsp;&nbsp;&nbsp; K Wah International Holdings Ltd. (Hong Kong) | 5850000 | 1579784 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 32459 | 2367427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 2800 | 76412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. (Japan) | 33991 | 825816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 66553 | 756327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmark Group, Inc. (Class A Stock)(a) | 122000 | 2115480 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSP Swiss Property AG (Switzerland) | 1852 | 335095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shun Tak Holdings Ltd. (Hong Kong)\* | 9296000 | 777950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. (Japan) | 28338 | 711452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. (Hong Kong) | 50462 | 614440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Properties Ltd. (Hong Kong) | 120798 | 326208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Switzerland) | 814 | 126388 |
| &nbsp;&nbsp;&nbsp;&nbsp; TAG Immobilien AG (Germany) | 25967 | 402172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 128612 | 3701372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yanlord Land Group Ltd. (China)\* | 964900 | 524173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class A Stock)\* | 12133 | 827835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc. (Class C Stock)\* | 3588 | 244773 |
|  |  | 48692199 |
|  **Residential REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent<br>(Class A Stock) | 7573 | 243093 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.(a) | 3114 | 564599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 41770 | 4598042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 4259 | 258138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 17534 | 1105343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 1400 | 366352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust,<br>Inc.(a) | 65396 | 1143122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 13452 | 373831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 17366 | 2412311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Accommodations Fund, Inc. (Japan) | 475 | 407271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 3865 | 478912 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc.(a) | 23751 | 871187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 30293 | 450760 |
|  |  | 13272961 |
|  **Retail REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 6980 | 143369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 13488 | 971541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc.(a) | 6803 | 178375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 19394 | 450135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 1900 | 191520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 14743 | 298841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 7552 | 181021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 72363 | 2863065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendlease Global Commercial REIT (Singapore) | 311900 | 150321 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A134

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Retail REITs (cont'd.)** | **Retail REITs (cont'd.)** | **Retail REITs (cont'd.)** | **Retail REITs (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT (Hong Kong) | 49343 | $| 220318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. (The) | 2369 |  | 43732 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp.(a) | 22218 |  | 391925 |
| &nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 4186 |  | 165891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.(a) | 59280 |  | 3341614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 11369 |  | 784802 |
| &nbsp;&nbsp;&nbsp;&nbsp; RioCan Real Estate Investment Trust (Canada) | 11869 |  | 161706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasseur Real Estate Investment Trust (China) | 2185200 |  | 1154941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 916682 |  | 2562482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 13358 |  | 2472699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield (France) | 28505 |  | 3099830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 9544 |  | 183149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 1245446 |  | 2120375 |
|  |  |  | 22131652 |
|  **Semiconductors & Semiconductor Equipment — 6.1%** | **Semiconductors & Semiconductor Equipment — 6.1%** | **Semiconductors & Semiconductor Equipment — 6.1%** | **Semiconductors & Semiconductor Equipment — 6.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 217989 |  | 46684524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 69602 |  | 8801028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 2415 |  | 63708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambarella, Inc.\* | 6400 |  | 453376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 2120 |  | 83698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 71875 |  | 19492500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 26201 |  | 6733395 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASE Technology Holding Co. Ltd. (Taiwan) | 2000 |  | 15770 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XAMS) | 25514 |  | 27491850 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XNGS) | 3844 |  | 4112542 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. (Taiwan) | 4973 |  | 1144140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 459593 |  | 159065137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 1151 |  | 136394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* . | 16100 |  | 2316629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 2495 |  | 210204 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\*(a) | 2225 |  | 581237 |
| &nbsp;&nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 13400 |  | 747452 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\* | 2403 |  | 83913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanmi Semiconductor Co. Ltd. (South Korea) | 6920 |  | 613480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impinj, Inc.\* | 438 |  | 76216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 59810 |  | 2609568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 467888 |  | 17265067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jentech Precision Industrial Co. Ltd. (Taiwan) | 6065 |  | 528835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan)\* | 56400 |  | 3753704 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 6700 |  | 8141036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 157799 |  | 27012033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan) | 2400 |  | 457302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\*(a) | 10081 |  | 741760 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 4065 |  | 696253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 44504 |  | 3781950 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. (Taiwan) | 17000 |  | 771888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 11526 |  | 734437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 86747 |  | 24758461 |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc. | 1497 |  | 239221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 3586 |  | 1198775 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Novatek Microelectronics Corp. (Taiwan) | 23000 | $273460 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 1960513 | 365635674 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\*(a) | 9250 | 500887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 4360 | 688270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 4571 | 373222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 1900 | 160569 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc.(a) | 25766 | 4407274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 25800 | 2370762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. (Taiwan) . | 30000 | 465800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan)\* | 291100 | 3987154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigetti Computing, Inc.\* | 18000 | 398700 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 14600 | 1422104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp.\* | 1645 | 121220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 13200 | 1725240 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.\*(a) | 4200 | 1483398 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. (South Korea) | 22221 | 10063406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 3320 | 210521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\*(a) | 11200 | 829024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 177809 | 8740608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 144552 | 43927907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 31106 | 6020877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 60249 | 10452599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 9400 | 2093637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tower Semiconductor Ltd. (Israel)\* | 7244 | 850590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 4500 | 113985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp. | 2825 | 329904 |
|  |  | 839244275 |
|  **Software — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\* | 38900 | 1859809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 20822 | 7287492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilysys, Inc.\* | 1741 | 206900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplitude, Inc. (Class A Stock)\* | 8400 | 97272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appfolio, Inc. (Class A Stock)\* | 1044 | 242887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appian Corp. (Class A Stock)\* | 43300 | 1533686 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 45417 | 30602883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 14800 | 2399672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurora Innovation, Inc.\* | 23155 | 88915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 37800 | 11189178 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc.\* | 14583 | 202558 |
| &nbsp;&nbsp;&nbsp;&nbsp; BILL Holdings, Inc.\* | 1858 | 101335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Box, Inc. (Class A Stock)\*(a) | 48700 | 1456617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 93351 | 29179656 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.\* | 11267 | 89573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerence, Inc.\* | 9100 | 97279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\*(a) | 12600 | 2338056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipher Mining, Inc.\* | 8775 | 129519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Circle Internet Group, Inc.\* | 790 | 62647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc. (Class A Stock) | 3400 | 119272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. (Class A Stock)\* | 6434 | 155188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc.\* | 2200 | 275792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada) | 200 | 481061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Scientific, Inc.\* | 4911 | 71504 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A135

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 29914 | $14022487 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 5162 | 2302562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 106577 | 14493406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc.\* | 920 | 62928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc.<br>(Class A Stock) | 1432 | 91963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc. (Class A Stock)\* | 3259 | 90600 |
| &nbsp;&nbsp;&nbsp;&nbsp; D-Wave Quantum, Inc. (Canada)\*(a) | 30300 | 792345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV\* | 85000 | 6412400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 82 | 138631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 15000 | 1191150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshworks, Inc. (Class A Stock)\* | 39500 | 483875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc.(a) | 204332 | 5555787 |
| &nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc. (Class A Stock)\* | 5985 | 150762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc.\* | 10674 | 489083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 14707 | 9742211 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFrog Ltd.\* | 2364 | 147655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 611016 | 295499558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitek Systems, Inc.\* | 131000 | 1382050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 9000 | 1328040 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\* | 1629 | 41768 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp.\* | 22800 | 232560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE (Germany) | 3850 | 416532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 18995 | 2147138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc. (Class A Stock)\* | 4288 | 221647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp. (Canada) | 16100 | 524331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 117199 | 22843257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (Japan) | 2800 | 235337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Financial Services Software Ltd. (India) | 12600 | 1079537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya Technologies Ltd. (Class A Stock)\* | 14700 | 307230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 120300 | 21383325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegasystems, Inc. | 1110 | 66289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porch Group, Inc.\* | 9800 | 89474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc.\* | 1097 | 79796 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 2287 | 398418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.\* | 4203 | 303288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Violet, Inc. | 3800 | 216410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riot Platforms, Inc.\* | 28000 | 354760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riskified Ltd. (Class A Stock)\* | 30732 | 152738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 2344 | 1043385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rubrik, Inc. (Class A Stock)\* | 1050 | 80304 |
| &nbsp;&nbsp;&nbsp;&nbsp; SailPoint, Inc.\* | 870 | 17600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 67725 | 17941030 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 58058 | 14106267 |
| &nbsp;&nbsp;&nbsp;&nbsp; SentinelOne, Inc. (Class A Stock)\* | 2241 | 33615 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 127185 | 19483470 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoundHound AI, Inc. (Class A Stock)\*(a) | 19300 | 192421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprinklr, Inc. (Class A Stock)\* | 34000 | 264520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategy, Inc.\*(a) | 5430 | 825088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 1094 | 513874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telos Corp.\* | 87100 | 444210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenable Holdings, Inc.\* | 4200 | 98826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 7065 | 215059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terawulf, Inc.\*(a) | 19200 | 220608 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. (Japan)(a) | 56200 | $2334114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 5256 | 411808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 155 | 70362 |
| &nbsp;&nbsp;&nbsp;&nbsp; UiPath, Inc. (Class A Stock)\* | 8379 | 137332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software, Inc.\* | 6347 | 280347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Inc.\* | 2333 | 76522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc. (Class A Stock)\* | 4713 | 94119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc.\* | 16600 | 1431750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc.\* | 47501 | 4098861 |
|  |  | 560155571 |
|  **Specialized REITs — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 4300 | 754951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 65062 | 5782060 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart. | 16097 | 580297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc.(a) | 13248 | 2049598 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 28885 | 1441362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 5045 | 3865277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc.(a) | 5298 | 689906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 145377 | 6496898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc.(a) | 18392 | 1525616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc. | 2760 | 82441 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 18585 | 524283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 20200 | 486820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 33051 | 8576735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 3742 | 81014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safehold, Inc. | 40600 | 555814 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | 2358 | 456108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc.(a) | 13849 | 428488 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 24710 | 694845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 15942 | 377666 |
|  |  | 35450179 |
|  **Specialty Retail — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co.<br>(Class A Stock)\* | 8300 | 1044721 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 88200 | 2325834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group,<br>Inc.\*(a) | 3400 | 790602 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 4626 | 955176 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 608 | 2062032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 32597 | 1922567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 4841 | 97207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 4267 | 285590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\*(a) | 1740 | 307058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 1129 | 326112 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 31244 | 1207268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cartrade Tech Ltd. (India)\* | 2956 | 93024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citi Trends, Inc.\* | 2600 | 108056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 1277 | 252808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 4700 | 1704165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 45106 | 8496166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. (Class A Stock)\* | 1590 | 96815 |
| &nbsp;&nbsp;&nbsp;&nbsp; GameStop Corp. (Class A Stock)\*(a) | 9100 | 182728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 4974 | 127334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 3500 | 86695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 3100 | 1219230 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB (Sweden) (Class B Stock) | 32025 | 641905 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A136

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 36080 | $| 12415128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 211997 |  | 13984315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jarir Marketing Co. (Saudi Arabia) | 26439 |  | 90083 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 1705264 |  | 1932895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 1892685 |  | 7967356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 507 |  | 168491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.(a) | 133944 |  | 32301935 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 131614 |  | 12004513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 8126 |  | 1286265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc.\* | 41600 |  | 116896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petronas Dagangan Bhd (Malaysia) | 4800 |  | 23596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pop Mart International Group Ltd. (China), 144A | 3200 |  | 77206 |
| &nbsp;&nbsp;&nbsp;&nbsp; RH\* | 295 |  | 52849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 28227 |  | 5084812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. (Class A Stock) | 1700 |  | 105162 |
| &nbsp;&nbsp;&nbsp;&nbsp; ThredUp, Inc. (Class A Stock)\* | 123000 |  | 785970 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 142446 |  | 21881130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 6995 |  | 4232045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\*(a) | 7300 |  | 549398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair, Inc. (Class A Stock)\* | 1753 |  | 176019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 2070 |  | 369681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (Germany), 144A\* | 7678 |  | 226555 |
|  |  |  | 140165393 |
|  **Technology Hardware, Storage & Peripherals — 2.5%** | **Technology Hardware, Storage & Peripherals — 2.5%** | **Technology Hardware, Storage & Peripherals — 2.5%** | **Technology Hardware, Storage & Peripherals — 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 1099101 |  | 298801598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. (Taiwan) | 2000 |  | 95989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asustek Computer, Inc. (Taiwan) | 24000 |  | 417185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catcher Technology Co. Ltd. (Taiwan) | 70000 |  | 462547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chenbro Micom Co. Ltd. (Taiwan) | 2000 |  | 63639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compal Electronics, Inc. (Taiwan) | 315000 |  | 304277 |
| &nbsp;&nbsp;&nbsp;&nbsp; CompoSecure, Inc. (Class A Stock)\* | 6400 |  | 123392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock)(a) | 79973 |  | 10067001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 18300 |  | 1242387 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. (Japan) | 13200 |  | 280083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 28648 |  | 688125 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 19691 |  | 438716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innodisk Corp. (Taiwan) | 2000 |  | 36667 |
| &nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc.\*(a) | 11000 |  | 493570 |
| &nbsp;&nbsp;&nbsp;&nbsp; King Slide Works Co. Ltd. (Taiwan) | 4000 |  | 477638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 28169 |  | 2859662 |
| &nbsp;&nbsp;&nbsp;&nbsp; MCJ Co. Ltd. (Japan) | 52100 |  | 536292 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 2664 |  | 285288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc. (Class A Stock)\* | 973 |  | 65201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) | 81504 |  | 6831249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 21716 |  | 5154944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 5515 |  | 161424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcend Information, Inc. (Taiwan) | 15000 |  | 93398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.(a) | 96958 |  | 16702955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wiwynn Corp. (Taiwan) | 1000 |  | 142467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (China) (Class B Stock), 144A\* | 193146 |  | 974776 |
|  |  |  | 347800470 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 24243 | $4797350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (Finland)\* | 2590 | 96737 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANTA Sports Products Ltd. (China) | 46200 | 479767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 60800 | 1459593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Birkenstock Holding PLC (Germany)\* | 947 | 38732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bosideng International Holdings Ltd. (China) | 882000 | 506072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA (Italy) | 28285 | 3244223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 55479 | 11964104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 672 | 37020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc.\* | 1050 | 89796 |
| &nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. | 7908 | 229016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA (France) | 2038 | 5060050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA (France) | 3275 | 1144409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc.(a) | 18901 | 1154662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Li Ning Co. Ltd. (China) | 108000 | 259505 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPP SA (Poland) | 805 | 4651481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 840 | 174560 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 15167 | 11431910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (Italy) | 37299 | 2384160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Movado Group, Inc. | 4200 | 86604 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 25154 | 1602561 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Switzerland) (Class A Stock)\* | 85762 | 3986218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 11565 | 1278928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pou Chen Corp. (Taiwan) | 57000 | 54562 |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. | 1099 | 73655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 17257 | 6102248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 27917 | 3566955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. (Class A Stock)\*(a) | 4790 | 23806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. (Class C Stock)\* | 4859 | 23323 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 8007 | 144767 |
|  |  | 66146774 |
|  **Tobacco — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 211790 | 12211811 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 150744 | 8545776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 121822 | 5115328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 36600 | 1315489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 52176 | 8369030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scandinavian Tobacco Group A/S (Denmark), 144A | 145934 | 2189670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 1900 | 205960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 42400 | 2236600 |
|  |  | 40189664 |
|  **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 24700 | 3550872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp. | 2348 | 150812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 725 | 186158 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Aviation Ltd. (China), 144A | 1100 | 10300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 1200 | 88320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 35887 | 1865047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 4384 | 175930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 3971 | 884064 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 10000 | 1968500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A137

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 248500 | $3140248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 63200 | 1760120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 253600 | 5800513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 199100 | 5912740 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc. (Class A Stock) | 1017 | 85530 |
| &nbsp;&nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 137500 | 1639000 |
| &nbsp;&nbsp;&nbsp;&nbsp; QXO, Inc.\*(a) | 12140 | 234181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexel SA (France) | 7740 | 303579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. (Class A Stock) | 2733 | 147418 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc.\* | 696 | 86694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 123500 | 4274644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 34900 | 1176800 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 3930 | 3180628 |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger, Inc. | 125 | 126131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | 770 | 259452 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc.(a) | 26827 | 6562957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xometry, Inc. (Class A Stock)\* | 1700 | 101099 |
|  |  | 43671737 |
|  **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (Spain), 144A | 71314 | 1992575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE (France) | 75149 | 1387178 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal Services, Inc. (Philippines) | 20760 | 199218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Group (Australia), UTS | 156455 | 1480628 |
|  |  | 5059599 |
|  **Water Utilities — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co.,<br>Inc.(a) | 4259 | 555799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo (Brazil) | 1853 | 44616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 6122 | 234840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. (China) | 60000 | 52344 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 100015 | 1606884 |
|  |  | 2494483 |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV (Mexico) (Class B Stock) | 15500 | 16002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. (India) | 26078 | 612089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etihad Etisalat Co. (Saudi Arabia) | 7370 | 129493 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. (Japan) | 26000 | 450000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular SA (Guatemala) | 1700 | 94248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile Telecommunications Co. KSCP (Kuwait) | 449761 | 758369 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. (South Africa) | 1211 | 12398 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. (Japan) | 185900 | 255233 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 296840 | 8327353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 81179 | 1360284 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 10353 | 2102073 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** | **Wireless Telecommunication Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 1917517 | $| 2556068 |
|  |  |  | 16673610 |
|  **TOTAL COMMON STOCKS**<br> (cost $5,907,073,785) |  |  | 7640789799 |
|  **PREFERRED STOCKS — 0.1%** |  |  |  |
|  **Automobiles — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 3686 |  | 392782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. (South Korea) (2nd PRFC) | 105 |  | 15512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. (South Korea) (PRFC) | 92 |  | 13185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE (Germany) (PRFC) | 24410 |  | 1138859 |
| &nbsp;&nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. (India), 6.000%, Maturing 09/01/26^ | 2072 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 19840 |  | 2421249 |
|  |  |  | 3981587 |
|  **Banks — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA (Brazil) (PRFC) | 30800 |  | 100835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA (Colombia) (PRFC) | 37040 |  | 585868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA (Brazil) (PRFC) | 19663 |  | 140527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itausa SA (Brazil) (PRFC) | 30396 |  | 64743 |
|  |  |  | 891973 |
|  **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(oo) | 35000 |  | 785750 |
|  **Electric Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axia Energia (Brazil) (PRFC)\* | 3449 |  | 30921 |
|  **Household Products — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 42710 |  | 3484488 |
|  **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (Germany) (PRFC) | 10124 |  | 2915353 |
|  **Metals & Mining — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerdau SA (Brazil) (PRFC) | 754534 |  | 2784727 |
|  **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA (Brazil) (PRFC) | 170000 |  | 954288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgutneftegas PAO (Russia) (PRFC)\*^ | 144000 |  |  |
|  |  |  | 954288 |
|  **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) (PRFC) | 8042 |  | 499174 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $15,221,019) |  |  | 16328261 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.8%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 12.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional Core Fixed Income ETF | 3480300 |  | 148121568 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A138

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** | **UNAFFILIATED EXCHANGE-TRADED FUNDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional International Core Equity Market ETF | 3269462 | $124599197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Equity Market ETF | 10968147 | 813507463 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 984128 | 88040091 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 366874 | 251286677 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core U.S. Aggregate Bond ETF | 1559746 | 155787430 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 330000 | 26607900 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 324890 | 31199187 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF(a) | 1300 | 71123 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF(a) | 30000 | 6310200 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares TIPS Bond ETF | 239000 | 26268490 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Gold MiniShares Trust\* | 488162 | 41674390 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Health Care Select Sector SPDR ETF | 307706 | 47632889 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $1,594,069,620) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $1,594,069,620) | 1761106605 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Interactive Media & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 65902 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | |
|  **ASSET-BACKED SECURITIES — 3.3%** | **ASSET-BACKED SECURITIES — 3.3%** | **ASSET-BACKED SECURITIES — 3.3%** | **ASSET-BACKED SECURITIES — 3.3%** |
|  **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 900 | 927904 |
|  Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SN01, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670% | 08/15/28 | 500 | 503811 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560% | 04/22/30 | 489 | 491942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 03/20/30 | 781 | 786825 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | 06/15/27 | 728 | 723032 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 02/15/36 | 900 | 932828 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | 05/15/28 | 1700 | 1705418 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% | 04/16/29 | 500 | 506889 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 03/17/31 | 100 | 103358 |
|  |  |  | 6682007 |
|  **Collateralized Loan Obligations — 3.2%** | **Collateralized Loan Obligations — 3.2%** | **Collateralized Loan Obligations — 3.2%** |  |
|  AIMCO CLO Ltd. (United Kingdom), | AIMCO CLO Ltd. (United Kingdom), | AIMCO CLO Ltd. (United Kingdom), | AIMCO CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A, Class A1LR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(c) | 07/20/37 | 15650 | 15705111 |
|  Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.085%(c) | 03/31/38 | 14000 | 13997402 |
|  Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), | Barrow Hanley CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(c) | 01/20/38 | 3500 | 3513590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.084%(c) | 04/20/37 | 7500 | 7518706 |
|  Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), | Carlyle US CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.270%(c) | 10/21/37 | 16250 | 16316375 |
|  CIFC European Funding CLO DAC (Ireland), | CIFC European Funding CLO DAC (Ireland), | CIFC European Funding CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.059%(c) | 01/15/34 | 4750 | 5584116 |
|  Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.226%(c) | 10/15/37 | 14200 | 16751664 |
|  CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.748%(c) | 01/25/37 | 12000 | 12022030 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A1, 144A, 3 Month EURIBOR + 0.960% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A1, 144A, 3 Month EURIBOR + 0.960% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A1, 144A, 3 Month EURIBOR + 0.960% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A1, 144A, 3 Month EURIBOR + 0.960% (Cap N/A, Floor 0.960%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.995%(c) | 09/22/34 | 2500 | 2939114 |
|  Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), | Elevation CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(c) | 04/20/37 | 15000 | 15046197 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.234%(c) | 10/20/37 | 29000 | 29100505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.404%(c) | 04/20/37 | 20000 | 20068890 |
|  Fidelity Grand Harbour CLO DAC (Ireland), | Fidelity Grand Harbour CLO DAC (Ireland), | Fidelity Grand Harbour CLO DAC (Ireland), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.009%(c) | 10/15/34 | 8500 | 9991410 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A139

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.305%(c) | 04/15/34 | 10000 | $10003984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.324%(c) | 10/20/31 | 1163 | 1163137 |
|  Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.654%(c) | 05/24/38 | 11500 | 13520184 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254%(c) | 10/19/38 | 12250 | 14384021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(c) | 01/26/38 | 16000 | 18815781 |
|  Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.659%(c) | 07/15/31 | 5184 | 6090065 |
|  Jamestown CLO Ltd. (Cayman Islands), | Jamestown CLO Ltd. (Cayman Islands), | Jamestown CLO Ltd. (Cayman Islands), | Jamestown CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.924%(c) | 10/20/34 | 4250 | 4247576 |
|  Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.477%(c) | 04/22/37 | 12500 | 12545362 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.264%(c) | 10/16/37 | 20100 | 20169522 |
|  Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.115%(c) | 03/15/38 | 14000 | 14001904 |
|  Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.654%(c) | 05/15/37 | 20000 | 23558879 |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(c) | 10/12/30 | 1016 | 1015844 |
|  OFSI BSL CLO Ltd. (Cayman Islands), | OFSI BSL CLO Ltd. (Cayman Islands), | OFSI BSL CLO Ltd. (Cayman Islands), | OFSI BSL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class B, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class B, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class B, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13A, Class B, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.134%(c) | 04/20/37 | 7250 | 7257728 |
|  OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), | OFSI BSL Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-12A, Class A1R, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(c) | 01/20/38 | 3000 | 3010917 |
|  Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.399%(c) | 01/15/38 | 10500 | 12364035 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.432%(c) | 04/17/37 | 22000 | $22055022 |
|  Signal Peak CLO Ltd. (Cayman Islands), | Signal Peak CLO Ltd. (Cayman Islands), | Signal Peak CLO Ltd. (Cayman Islands), | Signal Peak CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.334%(c) | 07/18/37 | 3250 | 3261356 |
|  Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%(c) | 01/20/37 | 14750 | 14775131 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Paul's CLO DAC (Ireland), | &nbsp;&nbsp;&nbsp;&nbsp; St. Paul's CLO DAC (Ireland), | &nbsp;&nbsp;&nbsp;&nbsp; St. Paul's CLO DAC (Ireland), | &nbsp;&nbsp;&nbsp;&nbsp; St. Paul's CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.895%(c) | 04/25/30 | 4551 | 5337672 |
|  Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(c) | 04/24/38 | 14000 | 13983262 |
|  Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.199%(c) | 10/15/38 | 14500 | 17075573 |
|  Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.754%(c) | 01/20/36 | 11350 | 11369981 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.676%(c) | 04/15/37 | 12000 | 14148089 |
|  |  |  | 432710135 |
|  **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** | **Consumer Loans — 0.0%** |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/14/38 | 3000 | 3097450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740% | 09/15/36 | 400 | 413104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.520% | 09/15/36 | 400 | 414407 |
|  |  |  | 3924961 |
|  **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** |
|  NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.024%(c) | 03/15/32 | 2000 | 2708239 |
|  NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.744%(c) | 07/15/32 | 800 | 1080383 |
|  |  |  | 3788622 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A140

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** |
|  Home Equity Asset Trust, | Home Equity Asset Trust, | Home Equity Asset Trust, | Home Equity Asset Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-05, Class M1, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-05, Class M1, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-05, Class M1, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2002-05, Class M1, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546%(c) | 05/25/33 | 351 | $349571 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.618%(c) | 03/20/54 | 67 | 67157 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025%(cc) | 02/25/44 | 534 | 538412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | 05/25/44 | 1226 | 1243771 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | 02/25/64 | 54 | 54958 |
|  |  |  | 2253869 |
|  **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-SD02, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-SD02, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-SD02, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-SD02, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.372%(cc) | 03/25/44 | 78 | 78569 |
|  **TOTAL ASSET-BACKED SECURITIES**<br>(cost $436,973,993) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $436,973,993) | **TOTAL ASSET-BACKED SECURITIES**<br>(cost $436,973,993) | 449438163 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884% | 08/15/57 | 1445 | 1513339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | 10/15/57 | 1685 | 1736380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646% | 04/15/58 | 4900 | 5124316 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.659% | 05/15/58 | 1600 | 1675119 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.268% | 04/15/54 | 2530 | 2311548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602% | 08/15/57 | 2900 | 3013347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.909%(cc) | 11/15/57 | 3085 | 3242320 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.739% | 02/15/57 | 650 | 673284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316% | 09/15/57 | 3400 | 3496494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.669% | 07/15/58 | 1500 | 1568939 |
|  BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.155%(c) | 11/15/41 CAD | 1631 | 1191052 |
|  BXMT Ltd. (Cayman Islands), | BXMT Ltd. (Cayman Islands), | BXMT Ltd. (Cayman Islands), | BXMT Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(c) | 10/18/42 | 700 | 696340 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.752% | 01/15/53 | 6800 | 6388233 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.335%(cc) | 03/25/26 | 25603 | 27936 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749% | 09/10/52 | 2493 | 2367506 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.613%(cc) | 07/05/31 | 310 | 56575 |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.364%(c) | 03/15/36 | 300 | 299030 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.920% | 06/15/51 | 1253 | 1246463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class B, 144A, 1 Month SOFR + 1.964% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class B, 144A, 1 Month SOFR + 1.964% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class B, 144A, 1 Month SOFR + 1.964% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class B, 144A, 1 Month SOFR + 1.964% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.715%(c) | 05/15/31 | 300 | 299509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.265%(c) | 05/15/31 | 200 | 199665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class D, 144A, 1 Month SOFR + 3.614% (Cap N/A, Floor 3.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class D, 144A, 1 Month SOFR + 3.614% (Cap N/A, Floor 3.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class D, 144A, 1 Month SOFR + 3.614% (Cap N/A, Floor 3.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class D, 144A, 1 Month SOFR + 3.614% (Cap N/A, Floor 3.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.365%(c) | 05/15/31 | 300 | 299485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% | 07/15/57 | 3200 | 3350249 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $40,845,206) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $40,845,206) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $40,845,206) | 40777129 |
|  **CORPORATE BONDS — 3.2%** | **CORPORATE BONDS — 3.2%** | **CORPORATE BONDS — 3.2%** | **CORPORATE BONDS — 3.2%** |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/01/59 | 655 | 463563 |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/28 | 1900 | 1904389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/15/33 | 145 | 152875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 02/01/29 | 350 | 364388 |
|  |  |  | 2885215 |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/20/29 | 1000 | 1016999 |
|  Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/15/27 | 490 | 496105 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 1660 | 1659058 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A141

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Airlines (cont'd.)** | **Airlines (cont'd.)** | **Airlines (cont'd.)** | **Airlines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 360 | 358015 |
|  |  |  | 3530177 |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., | Wolverine World Wide, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/15/29 | 480 | 443628 |
|  **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
|  American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 06/27/28 | 700 | 824979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/27/31 | 1500 | 1756953 |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/43 | 700 | 553618 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 02/16/28 | 675 | 649727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/28/27 | 720 | 722409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 05/17/27 | 1140 | 1157245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.066% | 08/21/30 | 1300 | 1537782 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 06/21/30 | 1995 | 1922113 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 09/26/29 | 690 | 693514 |
|  Volkswagen Bank GmbH (Germany), | Volkswagen Bank GmbH (Germany), | Volkswagen Bank GmbH (Germany), | Volkswagen Bank GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/03/31 | 2500 | 3077456 |
|  Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/14/27(oo) | 1500 | 1764475 |
|  |  |  | 14660271 |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 100 | 104386 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/29 | 490 | 507584 |
|  Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/33 | 160 | 166166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/32 | 270 | 276574 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 | 3275 | 3289272 |
|  |  |  | 4343982 |
|  **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |
|  Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/17/34 | 1500 | 1695011 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 06/29/29 | EUR | 1300 | $1398783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 05/25/30 | EUR | 500 | 528074 |
|  Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 10/27/30 | CNH | 19000 | 2943127 |
|  Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.101%(ff) | 02/03/33 | EUR | 2400 | 2939100 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 02/23/28 |  | 1200 | 1190484 |
|  Bangko Sentral ng Pilipinas International Bond (Philippines), | Bangko Sentral ng Pilipinas International Bond (Philippines), | Bangko Sentral ng Pilipinas International Bond (Philippines), | Bangko Sentral ng Pilipinas International Bond (Philippines), | Bangko Sentral ng Pilipinas International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.600% | 06/15/27 |  | 1000 | 1064440 |
|  Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/30 | EUR | 300 | 338193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 10/13/28 | EUR | 200 | 219565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 03/13/35 | EUR | 600 | 710169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/08/27 | EUR | 800 | 963730 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 |  | 770 | 694158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%(ff) | 04/22/32 |  | 1700 | 1559214 |
|  Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 01/28/33 | MXN | 25000 | 644357 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | 11/19/30 |  | 3210 | 3297837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(ff) | 03/31/32 | EUR | 1500 | 1750184 |
|  Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.063% | 10/09/30 | EUR | 300 | 348597 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/30 |  | 800 | 798934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/05/26 |  | 2000 | 2010394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 |  | 1000 | 1051925 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 |  | 1070 | 971199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.493%(ff) | 10/22/34 | EUR | 900 | 1037034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | 03/20/30 |  | 420 | 416214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | 02/13/35 |  | 315 | 327649 |
|  Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982%(ff) | 01/30/30 |  | 622 | 649005 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | 01/07/28 |  | 1170 | 1149640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.742%(ff) | 01/07/33 |  | 4890 | 4532768 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A142

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 06/24/32 | EUR | 1000 | $1186090 |
|  Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 02/21/33 | AUD | 720 | 493206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/09/28 | AUD | 800 | 531171 |
|  First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 02/16/26 | EUR | 2500 | 2923046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/07/27 | EUR | 290 | 336960 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/10/26(oo) |  | 1950 | 1921358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/10/26(oo) |  | 1075 | 1062764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.542%(ff) | 09/10/27 |  | 2680 | 2633357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%(ff) | 04/22/32 |  | 2550 | 2325356 |
|  ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.066%(ff) | 03/25/31 |  | 515 | 527575 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.198%(ff) | 06/01/32 |  | 1000 | 952525 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%(ff) | 02/04/32 |  | 495 | 441395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%(ff) | 04/22/32 |  | 120 | 109697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.572%(ff) | 04/22/36 |  | 1130 | 1186496 |
|  Lloyds Bank PLC (United Kingdom), | Lloyds Bank PLC (United Kingdom), | Lloyds Bank PLC (United Kingdom), | Lloyds Bank PLC (United Kingdom), | Lloyds Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 04/02/32 |  | 200 | 149312 |
|  Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%(ff) | 05/13/31 |  | 3745 | 3842621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025%(ff) | 08/28/29 | AUD | 1000 | 685080 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.406%(ff) | 10/29/27 | EUR | 900 | 1040450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.664%(ff) | 04/17/36 |  | 565 | 594009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 04/02/32(a) |  | 1600 | 1170080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749%(ff) | 11/07/36 | EUR | 2000 | 2310843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 |  | 220 | 197312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | 04/21/34 |  | 75 | 77166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(ff) | 07/21/34 |  | 80 | 83210 |
|  QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 02/04/26 | CNH | 1000 | 143408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/14/27 | CNH | 2000 | 292480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/01/28 | AUD | 100 | 66276 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%(ff) | 06/09/32 | 345 | 311541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%(ff) | 01/21/33 | 1365 | 1244527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%(ff) | 01/19/28 | 835 | 845268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 06/16/29 | 5000 | 720122 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%(ff) | 06/08/34 | 210 | 223249 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%(ff) | 01/15/27(a)(oo) | 2600 | 2537574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.009%(ff) | 05/21/32 | 2850 | 3430628 |
|  UBS AG (Switzerland), | UBS AG (Switzerland), | UBS AG (Switzerland), | UBS AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 05/27/31 | 5000 | 740158 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.982%(ff) | 06/03/27(a) | 1220 | 1208315 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%(ff) | 04/23/36 | 1315 | 1378476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 02/11/31 | 2280 | 2129511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%(ff) | 03/02/33 | 995 | 927994 |
|  |  |  | 78210391 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/29/32 | 600 | 742881 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 12/15/27 | 995 | 867943 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 915 | 952144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/33 | 220 | 229720 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/15/30 | 600 | 580101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/28 | 1725 | 1719600 |
|  |  |  | 5092389 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/30/33 | 480 | 484558 |
|  **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/31/29 | 1100 | 1309854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/30/32 | 200 | 238408 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A143

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/29 | 1175 | 1163301 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/28 | 940 | 924114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/28 | 585 | 574991 |
|  Ayvens SA (France), | Ayvens SA (France), | Ayvens SA (France), | Ayvens SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/24/28 | 1400 | 1684544 |
|  Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/15/31 | 300 | 318868 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 385 | 395456 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 1300 | 1520595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/25/30 | 800 | 1048705 |
|  Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 06/15/28 | 700 | 820748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/15/32 | 1000 | 1146925 |
|  Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 05/15/28 | 1800 | 1891786 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/17/31 | 100 | 122369 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/15/31 | 730 | 740473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 03/15/34 | 135 | 136785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/30 | 585 | 615292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/33(a) | 270 | 286167 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 325 | 304918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28(a) | 1450 | 1451143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/30(a) | 707 | 716577 |
|  |  |  | 17412019 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  McAfee Corp., | McAfee Corp., | McAfee Corp., | McAfee Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 02/15/30 | 2150 | 1876438 |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 04/01/29 | 761 | 826589 |
|  |  |  | 2703027 |
|  **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 04/01/32 | 490 | 516946 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
|  Greystone Commercial Capital Trust, | Greystone Commercial Capital Trust, | Greystone Commercial Capital Trust, | Greystone Commercial Capital Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A, 144A, 1 Month SOFR + 2.270% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A, 144A, 1 Month SOFR + 2.270% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A, 144A, 1 Month SOFR + 2.270% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A, 144A, 1 Month SOFR + 2.270% |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.230%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/31/26^(d)(x) | 2797 | $2489352 |
|  Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 10/15/31 | 1625 | 1442552 |
|  LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/20/27 | 320 | 326202 |
|  Nomura International Funding Pte Ltd. (Japan), | Nomura International Funding Pte Ltd. (Japan), | Nomura International Funding Pte Ltd. (Japan), | Nomura International Funding Pte Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.130% | 01/07/31 | 5000 | 716764 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 09/15/28 | 2075 | 2020478 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 12/15/29 | 860 | 915958 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.841% | 09/21/28 | 1900 | 2144212 |
|  Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | 05/15/28 | 850 | 956743 |
|  |  |  | 11529207 |
|  **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** |
|  Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 07/22/28 | 900 | 1017023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/19/30 | 200 | 234450 |
|  Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/28/34(h) | 201 | 178380 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/01/31 | 1250 | 1206560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 470 | 469629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 | 2600 | 2638250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 | 1425 | 1425256 |
|  CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 12/02/26 | 1000 | 1157584 |
|  Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | 10/20/35 | 494 | 508143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/35(a) | 1150 | 1189610 |
|  Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.010% | 01/20/33 | 895 | 937790 |
|  CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(ff) | 06/01/50 | 400 | 392931 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, Series 16U, 6 Month SOFR + 0.923% | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, Series 16U, 6 Month SOFR + 0.923% | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, Series 16U, 6 Month SOFR + 0.923% | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, Series 16U, 6 Month SOFR + 0.923% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.591%(c) | 12/15/36 | 367 | 340509 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A144

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/29/36 | 1866 | 1728933 |
|  Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 5600 | 5792500 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/22/32 | 1400 | 1312850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 12/15/26 | 2500 | 2586775 |
|  Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.156%(c) | 07/24/26 | 1900 | 2214816 |
|  MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 11/18/27 | 400 | 450666 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/28 | 1750 | 1752948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/32 | 950 | 887718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/29 | 1550 | 1554181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/28(oo) | 500 | 544617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 12/02/27 | 700 | 676224 |
|  NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/01/27 | 2300 | 2693013 |
|  Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.062%(s) | 04/11/31 | 3500 | 2122283 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 11/05/31 | 1500 | 1574410 |
|  Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 06/15/30 | 1515 | 1483726 |
|  SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.453% | 03/15/36 | 676 | 679352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.112% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/14/49(h) | 120 | 114425 |
|  Texas Electric Market Stabilization Funding M LLC, | Texas Electric Market Stabilization Funding M LLC, | Texas Electric Market Stabilization Funding M LLC, | Texas Electric Market Stabilization Funding M LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.147% | 08/01/51 | 3265 | 3278131 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/26(oo) | 1150 | 1165733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/26(oo) | 3425 | 3499067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/29(oo) | 2000 | 2204170 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/01/29 | 1100 | 1085934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 1900 | 1899207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/15/27 | 1000 | 1000584 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  VoltaGrid LLC, | VoltaGrid LLC, | VoltaGrid LLC, | VoltaGrid LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 11/01/30 | 725 | 718425 |
|  |  |  | 54716803 |
|  **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
|  WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/15/29 | 515 | 532415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 03/15/32 | 380 | 397981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 06/15/28 | 750 | 761564 |
|  |  |  | 1691960 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Fortive Corp., | Fortive Corp., | Fortive Corp., | Fortive Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 08/15/29 | 1300 | 1559596 |
|  Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/17/32 | 1100 | 1308238 |
|  |  |  | 2867834 |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Bioceanico Sovereign Certificate Ltd. (Paraguay), | Bioceanico Sovereign Certificate Ltd. (Paraguay), | Bioceanico Sovereign Certificate Ltd. (Paraguay), | Bioceanico Sovereign Certificate Ltd. (Paraguay), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.288%(s) | 06/05/34 | 724 | 590599 |
|  Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 10/23/30 | 2500 | 2736670 |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 1150 | 1123412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 600 | 528562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 810 | 791273 |
|  TopBuild Corp., | TopBuild Corp., | TopBuild Corp., | TopBuild Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 02/15/32 | 305 | 289813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 01/31/34 | 725 | 733133 |
|  |  |  | 6793462 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/29 | 2050 | 1967776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 650 | 673131 |
|  Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/29 | 700 | 685467 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/15/31 | 460 | 498558 |
|  |  |  | 3824932 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A145

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/31 | 400 | $418844 |
|  **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/31/31 | 125 | 126470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/31/34 | 175 | 175657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/28(a) | 2100 | 2106338 |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/15/27 | 2175 | 2126699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 09/15/28 | 475 | 468078 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | 3033 | 3461906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/14/30 | 900 | 1126718 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/30 | 525 | 507602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 | 500 | 476543 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/31 | 1147 | 1087306 |
|  |  |  | 11663317 |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/20/27 | 606 | 609211 |
|  **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
|  American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 03/08/31 | 800 | 871932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/08/34 | 2000 | 2301348 |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/01/29 | 2695 | 2635056 |
|  Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 10/15/30 | 2300 | 2695635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 10/15/29 | 2700 | 3257265 |
|  |  |  | 11761236 |
|  **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/30 | 1275 | 1240712 |
|  Molina Healthcare, Inc., | Molina Healthcare, Inc., | Molina Healthcare, Inc., | Molina Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/15/31 | 650 | 668102 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/01/29 | 1275 | 1257131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 1225 | 1203014 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/32 | 695 | 704901 |
|  |  |  | 5073860 |
|  **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 5213 | 5504659 |
|  **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 08/01/29 | 1075 | 1029161 |
|  Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 | 125 | 125027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/29(a) | 1600 | 1631703 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC | Brookfield Residential Properties, Inc./Brookfield Residential US LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; (Canada), | &nbsp;&nbsp;&nbsp;&nbsp; (Canada), | &nbsp;&nbsp;&nbsp;&nbsp; (Canada), | &nbsp;&nbsp;&nbsp;&nbsp; (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/30(a) | 2000 | 1865480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/29 | 1200 | 1156944 |
|  KB Home, | KB Home, | KB Home, | KB Home, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/15/31 | 1050 | 994648 |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/01/28 | 575 | 572697 |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/01/30 | 5725 | 5555483 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/28 | 2350 | 2392106 |
|  |  |  | 15323249 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/30(a) | 335 | 327337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/32 | 170 | 164359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/01/28 | 395 | 413758 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/31 | 1725 | 1624668 |
|  |  |  | 2530122 |
|  **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
|  Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 12/31/32 | 600 | 622921 |
|  Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 08/06/35 CNH | 2000 | 280298 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A146

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 08/16/32 | 1040 | 1085062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/20/35 | 1100 | 1140542 |
|  Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%(ff) | 09/30/41 | 1400 | 1550166 |
|  Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 05/16/44 | 900 | 1198796 |
|  Unum Group, | Unum Group, | Unum Group, | Unum Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/51 | 570 | 431841 |
|  |  |  | 6309626 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 2303 | 2438109 |
|  Booking Holdings, Inc., | Booking Holdings, Inc., | Booking Holdings, Inc., | Booking Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/09/31 | 1500 | 1755067 |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/01/33 | 350 | 360612 |
|  |  |  | 4553788 |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 03/14/26 | 200 | 270669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 03/10/27 | 2000 | 2282861 |
|  |  |  | 2553530 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 | 565 | 584837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33 | 375 | 389859 |
|  Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/33 | 265 | 271024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/15/35 | 265 | 271697 |
|  |  |  | 1517417 |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/01/30 | 100 | 101362 |
|  NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 03/15/28 | 900 | 922761 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/28 | 25 | 25442 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** |
|  Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., | Viking Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/33 | 295 | 298973 |
|  |  |  | 1348538 |
|  **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 1750 | 1766328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/15/32 | 1020 | 1050528 |
|  |  |  | 2816856 |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/01/30 | 225 | 234767 |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 09/01/28 | 850 | 904310 |
|  |  |  | 1139077 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/32(a) | 1200 | 1077151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/01/30 | 880 | 841838 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/01/47 | 616 | 507025 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/31 | 1060 | 641754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/01/30 | 350 | 215217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/28 | 575 | 417695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 2200 | 1883557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/01/30 | 1000 | 357062 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/29(x) | 2650 | 2354850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/28(x) | 225 | 217126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/26(x) | 650 | 641917 |
|  DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/27(x) | 3150 | 3277917 |
|  TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 10/23/31 | 1000 | 1189233 |
|  Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 08/15/28 | 1330 | 1377108 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/30 | 1600 | 1976267 |
|  |  |  | 16975717 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A147

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
|  Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 10/01/31 |  | 840 | $926016 |
|  Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 10/15/39 |  | 1140 | 1199506 |
|  Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.763% | 04/14/27 |  | 670 | 671675 |
|  Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 02/15/28 |  | 111 | 111704 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/01/32 |  | 370 | 391934 |
|  |  |  |  | 3300835 |
|  **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
|  Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/17/28 | EUR | 1800 | 2148233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 05/17/32 | EUR | 1400 | 1652342 |
|  Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/30 | EUR | 2200 | 2569565 |
|  |  |  |  | 6370140 |
|  **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/13/30 | EUR | 600 | 722647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/16/29 | GBP | 1000 | 1360985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 |  | 700 | 721217 |
|  European Bank for Reconstruction & Development (Supranational Bank), | European Bank for Reconstruction & Development (Supranational Bank), | European Bank for Reconstruction & Development (Supranational Bank), | European Bank for Reconstruction & Development (Supranational Bank), | European Bank for Reconstruction & Development (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/07/28 | IDR | 20000000 | 1178711 |
|  European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.813%(s) | 05/28/37 | CAD | 2100 | 948125 |
|  Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 07/15/27 |  | 700 | 727085 |
|  |  |  |  | 5658770 |
|  **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 11/01/27 |  | 161 | 204606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 10/15/32 |  | 155 | 160339 |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 06/30/33 |  | 735 | 792510 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 01/15/32 |  | 140 | 123932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/52 |  | 105 | 72951 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 07/01/28 | 100 | 103132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 | 525 | 549769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 07/01/31(a) | 455 | 472308 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 04/01/32 | 645 | 626037 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/29 | 1775 | 1777566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29 | 2200 | 2202977 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/29 | 425 | 419404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/31 | 425 | 403297 |
|  Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/01/41 | 1350 | 1437651 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/01/31 | 2450 | 2753487 |
|  Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 04/15/27 | 1150 | 1164512 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 10/01/29 | 400 | 532440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/16/34 | 1000 | 1336998 |
|  TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/27(oo) | 1200 | 1365204 |
|  Vital Energy, Inc., | Vital Energy, Inc., | Vital Energy, Inc., | Vital Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% | 10/15/30 | 1200 | 1255667 |
|  |  |  | 17754787 |
|  **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | 1525 | 1569258 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 04/15/30 | 1650 | 1677781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/32 | 600 | 617686 |
|  |  |  | 3864725 |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
|  1261229 BC Ltd., | 1261229 BC Ltd., | 1261229 BC Ltd., | 1261229 BC Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | 04/15/32 | 353 | 367777 |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 08/01/28 | 725 | 730120 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A148

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
|  Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/30/28 | 50 | 43740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/15/29 | 150 | 114241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/30/30 | 625 | 438450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/15/31 | 875 | 561094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/15/29 | 2365 | 1892000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/15/28 | 400 | 362000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/01/28 | 246 | 219555 |
|  Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828% | 06/07/32 | 1100 | 1316926 |
|  Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, | Johnson & Johnson, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 02/26/29 | 1600 | 1888231 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 04/30/31 (a) | 475 | 393631 |
|  Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/46 | 820 | 674526 |
|  |  |  | 9002291 |
|  **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/28 | 1580 | 1582352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 02/01/32 | 450 | 466673 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 545 | 583405 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 05/15/30 (oo) | 4770 | 4886184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/50 | 225 | 188553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/30 | 70 | 72142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/49 | 145 | 143667 |
|  Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 07/01/30 | 730 | 674190 |
|  Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/25/31 | 500 | 581144 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/47 | 60 | 53639 |
|  ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 10/15/37 | 745 | 823823 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/33 | 505 | 532907 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/31/30 | 3050 | 3074043 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 215 | 201950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 165 | 150127 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | 09/30/29 (oo) | 1245 | 983769 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 | 395 | 340884 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/04/44 | 535 | 513031 |
|  |  |  | 15852483 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 10/20/26 | 1300 | 1506994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 05/04/28 | 1400 | 1571782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/20/30 | 400 | 433784 |
|  Five Point Operating Co. LP, | Five Point Operating Co. LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 10/01/30 | 315 | 329480 |
|  Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 03/03/27 | 800 | 925127 |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 02/01/29 | 3500 | 3397998 |
|  Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 07/15/27 | 1000 | 1156749 |
|  Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/15/31 | 255 | 228719 |
|  P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 01/26/29 | 2000 | 2248510 |
|  |  |  | 11799143 |
|  **Real Estate Investment Trusts (REITs) — 0.2%** | **Real Estate Investment Trusts (REITs) — 0.2%** |  |  |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/16/31 | 270 | 242606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 07/01/30 | 575 | 567037 |
|  Diversified Healthcare Trust, | Diversified Healthcare Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/01/31 | 1245 | 1088937 |
|  Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 06/03/27 | 1500 | 1739738 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 12/01/31 (a) | 590 | 523645 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A149

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET** **PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/26/31 (a) | 1800 | 2077960 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 02/15/32 | 100 | 106856 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 06/20/31 | 1600 | 1864600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 07/06/30 | 800 | 999710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/29 | 1800 | 2459891 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/32 | 1195 | 1239776 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 02/01/29 | 2225 | 2126453 |
|  SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/10/27 | 2433 | 2898948 |
|  VICI Properties LP, | VICI Properties LP, | VICI Properties LP, | VICI Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/15/30 | 1410 | 1426867 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/26 | 1925 | 1925968 |
|  WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 07/23/32 | 1700 | 2050371 |
|  |  |  | 23339363 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/15/28 | 1025 | 1008969 |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/01/30 | 845 | 853069 |
|  Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/31/32 | 175 | 212086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 08/31/32 | 225 | 313306 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/30 | 1425 | 1493672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/31 | 1819 | 2052946 |
|  EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | 11/30/28 | 400 | 507743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 11/30/28 | 300 | 325287 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 01/15/29 | 1450 | 1408734 |
|  Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/01/29 | 1350 | 1278596 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/32 (a) | 570 | 595520 |
|  |  |  | 10049928 |
|  **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% | 11/15/36 | 760 | 644857 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 02/01/31 (a) | 775 | 708124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 06/01/30 | 630 | 585972 |
|  |  |  | 1294096 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/30/31 | 1450 | 1757478 |
|  Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 05/17/33 | 900 | 889340 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 | 3775 | 3780268 |
|  HKT Capital No. 3 Ltd. (Hong Kong), | HKT Capital No. 3 Ltd. (Hong Kong), | HKT Capital No. 3 Ltd. (Hong Kong), | HKT Capital No. 3 Ltd. (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 04/10/27 | 2000 | 2267426 |
|  Iliad Holding SAS (France), | Iliad Holding SAS (France), | Iliad Holding SAS (France), | Iliad Holding SAS (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/15/28 | 475 | 481013 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/15/29 | 50 | 49078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 | 880 | 900592 |
|  NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.876% | 07/16/30 | 580 | 590480 |
|  Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), | Singapore Telecommunications Ltd. (Singapore), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 12/01/31 | 200 | 232824 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 03/22/51 | 465 | 283438 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/31/29 | 1700 | 2168346 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 10/01/31 | 330 | 346360 |
|  |  |  | 13746643 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A150

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET** **PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%(ff) | 07/18/29 (oo) | 900 | $985340 |
|  Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.398% | 10/07/33 | 500 | 623120 |
|  Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/14/27 | 1300 | 1549210 |
|  La Poste SA (France), | La Poste SA (France), | La Poste SA (France), | La Poste SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 07/18/29 | 1000 | 1060970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 09/17/34 | 100 | 94321 |
|  Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/05/34 | 621 | 643124 |
|  Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350% | 06/20/29 | 200 | 215890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% | 12/19/36 | 411 | 401019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 05/25/32 | 1000 | 1076983 |
|  SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 05/29/37 | 500 | 455591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 06/01/35 CAD | 2000 | 1492259 |
|  Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/02/29 | 800 | 905190 |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 02/15/30 | 2280 | 2123685 |
|  XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 06/01/31 | 200 | 208588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/01/32 | 455 | 478788 |
|  |  |  | 12314078 |
|  **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 07/01/29 | 1475 | 1515850 |
|  **TOTAL CORPORATE BONDS**<br> (cost $432,679,453) | **TOTAL CORPORATE BONDS**<br> (cost $432,679,453) | **TOTAL CORPORATE BONDS**<br> (cost $432,679,453) | 437796891 |
|  **FLOATING RATE AND OTHER LOANS — 0.2%** | **FLOATING RATE AND OTHER LOANS — 0.2%** | **FLOATING RATE AND OTHER LOANS — 0.2%** | **FLOATING RATE AND OTHER LOANS — 0.2%** |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.466%(c) | 01/28/32 | 549 | 550682 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.989%(c) | 11/17/28 | 1425 | 1398794 |
|  |  |  | 1949476 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%(c) | 11/03/32 | 675 | $797583 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | 01/02/28 | 261 | 90757 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  EG America LLC (United Kingdom), | EG America LLC (United Kingdom), | EG America LLC (United Kingdom), | EG America LLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 6 Month EURIBOR + 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 6 Month EURIBOR + 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 6 Month EURIBOR + 3.875% | &nbsp;&nbsp;&nbsp;&nbsp; New facility B3 (EUR), 6 Month EURIBOR + 3.875% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.937%(c) | 02/07/28 | 5662 | 6680772 |
|  Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.769%(c) | 07/01/31 | 4875 | 5751787 |
|  The Boots Group (United Kingdom), | The Boots Group (United Kingdom), | The Boots Group (United Kingdom), | The Boots Group (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.476%(c) | 08/31/32 | 1050 | 1425963 |
|  |  |  | 13858522 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.829%(c) | 07/17/29 | 6200 | 7320850 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $22,821,037) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $22,821,037) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $22,821,037) | 24017188 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.974%(c) | 10/25/41 | 400 | 406433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.174%(c) | 11/25/41 | 90 | 91739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.024%(c) | 12/25/41 | 500 | 509405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.124%(c) | 03/25/42 | 220 | 233285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.124%(c) | 03/25/42 | 180 | 188732 |
|  Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.865%(c) | 09/26/33 | 88 | 88282 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.874%(c) | 11/25/50 | 2075 | 2279431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.524%(c) | 01/25/34 | 73 | 72861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%(c) | 11/25/41 | 250 | 251863 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A151

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.974%(c) | 09/25/41 | 830 | $836629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.224%(c) | 12/25/41 | 700 | 705979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.774%(c) | 04/25/42 | 580 | 594441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.224%(c) | 05/25/42 | 200 | 206376 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5323, Class AO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5323, Class AO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5323, Class AO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5323, Class AO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.917%(s) | 07/25/53 | 3609 | 2839691 |
|  Impac Secured Assets Trust, | Impac Secured Assets Trust, | Impac Secured Assets Trust, | Impac Secured Assets Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-01, Class 2A2, 1 Month SOFR + 0.934% (Cap 11.500%, Floor 0.820%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-01, Class 2A2, 1 Month SOFR + 0.934% (Cap 11.500%, Floor 0.820%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-01, Class 2A2, 1 Month SOFR + 0.934% (Cap 11.500%, Floor 0.820%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-01, Class 2A2, 1 Month SOFR + 0.934% (Cap 11.500%, Floor 0.820%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.666%(c) | 05/25/36 | 51 | 48717 |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.131%(cc) | 07/25/60 | 988 | 910194 |
|  Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.774%(c) | 04/25/34 | 385 | 387714 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $10,179,479) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $10,179,479) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $10,179,479) | 10651772 |
|  **SOVEREIGN BONDS — 1.2%** | **SOVEREIGN BONDS — 1.2%** | **SOVEREIGN BONDS — 1.2%** | **SOVEREIGN BONDS — 1.2%** |
|  Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 03/20/34 | 1000 | 1138916 |
|  Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.034% | 01/16/42 | 1000 | 1031649 |
|  Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 02/23/27 | 500 | 578002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 05/06/31 | 1000 | 1052336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 10/13/41 | 1000 | 802885 |
|  Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220% | 04/26/35 | 500 | 599607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.690% | 10/28/34 | 350 | 433760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 11/30/41 | 300 | 414364 |
|  Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | 06/10/27 | 1400 | 1721078 |
|  Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 07/22/31 | 400 | 411525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/25/32 | 900 | 1060237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 05/25/34 | 1700 | 1972176 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | 02/15/28 | 5802 | $5802164 |
|  Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/27/33 | 430 | 541341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 09/23/29 | 3000 | 3693643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 09/23/34 | 1100 | 1406647 |
|  Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 03/09/29 | 2400 | 1783485 |
|  Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/09/31 | 200 | 240446 |
|  City of Milan (Italy), | City of Milan (Italy), | City of Milan (Italy), | City of Milan (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.019% | 06/29/35 | 950 | 1132504 |
|  City of Quebec (Canada), | City of Quebec (Canada), | City of Quebec (Canada), | City of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 07/06/31 | 1000 | 672035 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 09/19/28 | 1060 | 1234501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/19/32 | 290 | 327176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/19/36 | 410 | 452320 |
|  Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 03/04/33 | 300 | 308511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/17/31 | 6100 | 6669132 |
|  Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 01/21/40 | 5500 | 4799191 |
|  Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/17/30 | 1550 | 1576350 |
|  Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/12/32 | 705 | 866006 |
|  French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), | French Republic Government Bond OAT (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 05/25/38 | 1750 | 1539197 |
|  Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/04/35 | 8300 | 8585579 |
|  Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 11/24/41 | 100 | 80257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 06/07/33 | 3000 | 461829 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/16/34 | 1200 | 1423017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/28/32 | 2800 | 2871672 |
|  Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 04/15/28 | 3908 | 4328200 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A152

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** |
|  Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% | 05/28/31 | EUR | 1000 | $1019504 |
|  Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.900% | 02/14/27 | EUR | 2500 | 2875568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% | 03/12/33 | EUR | 2000 | 1948705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300% | 03/23/34 | EUR | 2000 | 1922087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% | 10/30/31 | EUR | 100 | 104661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 10/31/35 |  | CNH 4,000 | 570963 |
|  Isle of Man Government International Bond (United Kingdom), | Isle of Man Government International Bond (United Kingdom), | Isle of Man Government International Bond (United Kingdom), | Isle of Man Government International Bond (United Kingdom), | Isle of Man Government International Bond (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/14/34 | GBP | 400 | 541876 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 01/18/32 | EUR | 1800 | 1788939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 10/21/34 | GBP | 500 | 743576 |
|  Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 11/01/33 | EUR | 336 | 424885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 02/01/35 | EUR | 75 | 91200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/01/38 | EUR | 1475 | 1657388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 03/01/35 | EUR | 250 | 293434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% | 03/01/41 | EUR | 1000 | 891382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 31Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 31Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 31Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 31Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 31Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 09/01/51 | EUR | 360 | 256290 |
|  Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 09/20/45 | JPY | 90000 | 553616 |
|  Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/30/34 | EUR | 293 | 288164 |
|  Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 01/24/29 | EUR | 400 | 432596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 03/17/31 | EUR | 1077 | 1079039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 10/07/26 | EUR | 1239 | 1431596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/17/28 | EUR | 3000 | 3589167 |
|  Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 06/01/32 | EUR | 1200 | 1319533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 10/22/35 | EUR | 300 | 308204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/25/28 | EUR | 195 | 236921 |
|  Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/16/29 | EUR | 900 | 1132225 |
|  Malta Government Bond (Malta), | Malta Government Bond (Malta), | Malta Government Bond (Malta), | Malta Government Bond (Malta), | Malta Government Bond (Malta), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 16Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 16Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 16Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 16Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 16Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 05/13/37 | EUR | 1000 | 871857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 04/23/31 | EUR | 1000 | 1013550 |
|  Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.061% | 12/04/26 | EUR | 1000 | 1192065 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 01/17/30 | EUR | 2000 | $2130638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/19/29 | EUR | 920 | 1076319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/19/34 | EUR | 530 | 622077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/19/38 | EUR | 360 | 421088 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 04/28/34 |  | 600 | 687000 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 03/11/33 | EUR | 3500 | 3470513 |
|  Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% | 02/03/29 | EUR | 2000 | 2188222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 04/28/33 | EUR | 3347 | 3326944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/04/32 | EUR | 100 | 119025 |
|  Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 12/01/51 | CAD | 500 | 280239 |
|  Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 06/02/48 | CAD | 500 | 297316 |
|  Regiao Autonoma Madeira (Portugal), | Regiao Autonoma Madeira (Portugal), | Regiao Autonoma Madeira (Portugal), | Regiao Autonoma Madeira (Portugal), | Regiao Autonoma Madeira (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.943% | 05/29/32 | EUR | 1000 | 1022189 |
|  Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.088% | 03/31/43 | EUR | 1076 | 1184636 |
|  Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 12/01/34 | CAD | 3100 | 2460825 |
|  Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.425% | 03/28/36 | EUR | 300 | 368096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/31/34 | EUR | 1200 | 1566275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 12/07/34 | GBP | 777 | 1044328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.345% | 01/27/48 | EUR | 1000 | 1263133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/04/28 | GBP | 12470 | 17390021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 10/17/29 |  | 200 | 192388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/17/49 |  | 1000 | 760316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/06/51 |  | 600 | 439695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/33 |  | 1425 | 1510857 |
|  Republic of Italy Government International Bond Principal Strips (Italy), | Republic of Italy Government International Bond Principal Strips (Italy), | Republic of Italy Government International Bond Principal Strips (Italy), | Republic of Italy Government International Bond Principal Strips (Italy), | Republic of Italy Government International Bond Principal Strips (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 1 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 1 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 1 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 1 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.942%(s) | 02/20/31 | EUR | 2760 | 2738700 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 07/13/30 | EUR | 5000 | 5297361 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/09/39 | EUR | 3100 | 2869868 |
|  SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 01/22/31 | EUR | 2200 | 2564230 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A153

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** |
|  Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/23/35 | 1000 | 1193489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 232 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 232 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 232 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 03/09/37 | 633 | 619949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/17/47 | 210 | 166585 |
|  Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS77 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS77 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS77 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS77 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 03/03/32 | 100 | 114210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS86 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS86 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS86 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 02/12/31 | 100 | 103235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/11/33 | 1300 | 1599171 |
|  Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/19/33 | 2200 | 2278760 |
|  Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 11/25/30 | 1400 | 1429783 |
|  Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.850% | 07/30/37 | 2700 | 2385918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 10/31/40 | 6785 | 5734854 |
|  Spain Government International Bond (Spain), | Spain Government International Bond (Spain), | Spain Government International Bond (Spain), | Spain Government International Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/06/29 | 625 | 862924 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $170,367,550) | **TOTAL SOVEREIGN BONDS**<br> (cost $170,367,550) | **TOTAL SOVEREIGN BONDS**<br> (cost $170,367,550) | 164371906 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.0%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.0%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 | 1000 | 1138562 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 11/15/30 | 1475 | 1663229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.897%(s) | 03/15/33 | 461 | 333041 |
|  U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 10/15/30 | 833 | 817945 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $4,144,792) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $4,144,792) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $4,144,792) | 3952777 |
|  **U.S. TREASURY OBLIGATIONS — 2.1%** | **U.S. TREASURY OBLIGATIONS — 2.1%** | **U.S. TREASURY OBLIGATIONS — 2.1%** | **U.S. TREASURY OBLIGATIONS — 2.1%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 11/15/50 | 22010 | 11579323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 11/15/41 | 1230 | 859655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 08/15/49 | 10588 | 6653896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 11/15/49 | 4152 | 2671553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 05/15/51(k) | 8340 | 5265928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 05/15/49 | 600 | 431250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/15/44 | 13580 | 10518134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/42(h) | 24895 | 20795105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/15/48(k) | 6895 | 5463210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;11/15/42(h)(k) | 31115 | 28557736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/44 | 13980 | 12850678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 08/15/43 | 15065 | 14408260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 11/15/44 | 525 | 515156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/43 | 6910 | 6919717 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS(continued)** | **U.S. TREASURY OBLIGATIONS(continued)** | **U.S. TREASURY OBLIGATIONS(continued)** | **U.S. TREASURY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/45(h) | 15140 | $15563447 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 07/31/27 | 15000 | 14288086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 08/15/28 | 4055 | 3990057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/30/29 | 3425 | 3409748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/31/30 | 1130 | 1123644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 08/31/30 | 3900 | 3886594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 09/30/31 | 7000 | 6932187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/30/27 | 1135 | 1138547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/30/27 | 3015 | 3026542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/28 | 1095 | 1100988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/31/27 | 7460 | 7503711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 11/30/27 | 2085 | 2099823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 11/30/29 | 105 | 105878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/30 | 11205 | 11294290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/30/30 | 3210 | 3234577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/31/30 | 230 | 231725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 09/30/32 | 6549 | 6532627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/30/32 | 810 | 815569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 | 11975 | 12312732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/15/34 | 13015 | 13311905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/15/33(h) | 11960 | 12356175 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.479%(s) | 05/15/26 | 5000 | 4933013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.364%(s) | 11/15/41(k) | 21025 | 9680053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.380%(s) | &nbsp;&nbsp;&nbsp;&nbsp;08/15/40(h)(k) | 16310 | 8092981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.851%(s) | 11/15/40 | 2700 | 1320440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.327%(s) | 08/15/43 | 1475 | 611189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | 05/15/46 | 1240 | 441696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.652%(s) | 05/15/49(k) | 7500 | 2295499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.668%(s) | 02/15/39 | 3945 | 2141247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.698%(s) | 05/15/39 | 6335 | 3387691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.734%(s) | 11/15/43 | 645 | 263401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.759%(s) | 05/15/43 | 4190 | 1764409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%(s) | 02/15/41 | 1045 | 503517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.853%(s) | 02/15/43 | 9560 | 4084616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | 11/15/45 | 335 | 122372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.991%(s) | 11/15/42(k) | 6695 | 2904157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(s) | 02/15/40 | 1000 | 511125 |
|  U.S. Treasury Strips Principal | U.S. Treasury Strips Principal | U.S. Treasury Strips Principal | U.S. Treasury Strips Principal |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.333%(s) | 02/15/49 | 295 | 93285 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $311,783,639) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $311,783,639) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $311,783,639) | 294899144 |
|  **OPTIONS PURCHASED\*~ — 0.3%**<br> (cost $23,871,286) | **OPTIONS PURCHASED\*~ — 0.3%**<br> (cost $23,871,286) | **OPTIONS PURCHASED\*~ — 0.3%**<br> (cost $23,871,286) | 35016214 |
|  **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $10,412,694,927) | **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $10,412,694,927) | **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $10,412,694,927) | 12545551547 |
|  **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $0) | **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $0) | **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $0) | (14409) |
|  **TOTAL LONG-TERM INVESTMENTS, NET OF LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $10,412,694,927) | **TOTAL LONG-TERM INVESTMENTS, NET OF LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $10,412,694,927) | **TOTAL LONG-TERM INVESTMENTS, NET OF LONG-TERM OPTIONS WRITTEN—91.3%**<br> (cost $10,412,694,927) | 12545537138 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A154

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 10.5%** | **SHORT-TERM INVESTMENTS — 10.5%** |  |
|  **AFFILIATED MUTUAL FUNDS — 9.6%** | **AFFILIATED MUTUAL FUNDS — 9.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 1055796923 | $1055796923 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $262,717,840; includes $261,843,340 of cash collateral for securities on loan)(b)(wa) | 262886061 | 262728329 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $1,318,514,763) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $1,318,514,763) | 1318525252 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | |
|  **U.S. TREASURY OBLIGATIONS(n) — 0.9%** | **U.S. TREASURY OBLIGATIONS(n) — 0.9%** | **U.S. TREASURY OBLIGATIONS(n) — 0.9%** | **U.S. TREASURY OBLIGATIONS(n) — 0.9%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.833% | 01/06/26 | 25000 | 24990403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.751% | 03/03/26(k) | 20000 | 19881538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 03/05/26(k) | 75655 | 75195015 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $120,036,896) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $120,036,896) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $120,036,896) | 120066956 |
|  **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $536,459) | **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $536,459) | **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $536,459) | 253003 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $1,439,088,118) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $1,439,088,118) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $1,439,088,118) | 1438845211 |
|  **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN—101.8%**<br> (cost $11,851,783,045) | **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN—101.8%**<br> (cost $11,851,783,045) | **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN—101.8%**<br> (cost $11,851,783,045) | 13984382349 |
|  **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $881,283) | **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $881,283) | **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $881,283) | (619974) |
|  **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN—101.8%**<br> (cost $11,850,901,762) | **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN—101.8%**<br> (cost $11,850,901,762) | **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN—101.8%**<br> (cost $11,850,901,762) | 13983762375 |
|  **Liabilities in excess of other assets(z) — (1.8)%** | **Liabilities in excess of other assets(z) — (1.8)%** | **Liabilities in excess of other assets(z) — (1.8)%** | (252454436) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $13731307939 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2,489,365 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $253,039,754; cash collateral of $261,843,340 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage<br>of<br>Net Assets** |
|  Diamond Sports Group LLC\* | 01/02/25 | $92258 | $58738 | 0.0% |
|  Diamond Sports Group LLC, expiring 06/30/26 | 01/02/25 |  | 1 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 07/13/21 | 2610858 | 2354850 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 04/19/24 | 97875 | 217126 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 04/19/24 | 403000 | 641917 | 0.0 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A155

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

(x) Restricted Securities (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original**<br>**Cost** | **Market<br>Value** | **Percentage**<br>**of**<br>**Net Assets** |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 02/28/23-02/20/24 | $3235125 | $3277917 | 0.1% |
|  Greystone Commercial Capital Trust, Sr. Unsec'd. Notes, Series A, 144A, 1 Month SOFR + 2.270%, 7.230%(c), 05/31/26^(d) | 05/18/21 | 2797025 | 2489352 | 0.0 |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total** |  | $9236141 | $9039901 | 0.1% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  S&P 500 Index (FLEX)<br> Call | 06/11/29 | $5450.00 | 75 | 8 | $16672789 |
|  S&P 500 Index (FLEX)<br> Call | 01/31/30 | $6100.00 | 95 | 10 | 18325560 |
|  **Total Exchange Traded** (cost $23,871,286) | **Total Exchange Traded** (cost $23,871,286) | **Total Exchange Traded** (cost $23,871,286) | **Total Exchange Traded** (cost $23,871,286) |  | $34998349 |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount**<br>**(000)#** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  |  | 9682 | $8 |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  |  | 2767 | 2 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  |  | 19365 | 15 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  |  | 5535 | 4 |
|  10-Year 30 CMS Curve CAP | Call | BARC | 07/15/26 | 0.32% |  | EUR | 11645 | 9286 |
|  Currency Option EUR vs CZK | Call | MSI | 01/08/26 | 26.00 |  | EUR | 1285 |  |
|  Currency Option EUR vs CZK | Call | CITI | 01/20/26 | 26.00 |  | EUR | 1266 | 1 |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 5.00 |  | EUR | 659 |  |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 99.00 |  | EUR | 5699 | 2454 |
|  Currency Option USD vs MXN | Call | CITI | 01/08/26 | 18.31 |  |  | 5960 | 2708 |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 99.00 |  |  | 1933 | 235 |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 99.00 |  |  | 5182 | 1487 |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 99.00 |  |  | 1499 | 923 |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 99.00 |  |  | 1479 | 877 |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 35.00 |  |  | 1480 | 54 |
|  Currency Option USD vs ZAR | Call | CITI | 01/08/26 | 17.07 |  |  | 2980 | 826 |
|  10-Year 30 CMS Curve FLOOR | Put | BARC | 07/15/26 | 0.16% |  | EUR | 11645 | 1049 |
|  Currency Option EUR vs PLN | Put | JPM | 01/20/26 | 4.20 |  | EUR | 1977 | 3192 |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3500.00 |  |  | 1486 | 3 |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3300.00 |  |  | 1480 | 9 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 8973 |  |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 2485 |  |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 17.00 |  |  | 5960 | 10 |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 15.50 |  |  | 2980 | 4 |
|  **Total OTC Traded** (cost $107,412) |  |  |  |  |  |  |  | $23147 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A156

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Purchased (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  1-Year Interest Rate Swap, 02/06/27 | Call | MSI | 02/04/26 | 2.81% | 2.81%(T) | 1 Day SOFR(T)/ 3.870% | 14760 | $275 |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 3.61% | 1 Day SOFR(A)/ 3.870% | 3.61%(A) | 7650 | 17859 |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 7.22% | 1 Day SOFR(A)/ 3.870% | 7.22%(A) | 7650 | 6 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.870% | 3.21%(A) | 26565 | 162823 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.870% | 3.21%(A) | 7790 | 47747 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.870% | 8.19%(A) | 26565 | 13 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.870% | 8.19%(A) | 7790 | 4 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 3030 | 421 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 4960 | 689 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.58% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 108060 | 17884 |
|  **Total OTC Swaptions** (cost $429,047) | **Total OTC Swaptions** (cost $429,047) | **Total OTC Swaptions** (cost $429,047) |  |  |  |  |  | $247721 |
|  **Total Options Purchased** (cost $24,407,745) | **Total Options Purchased** (cost $24,407,745) | **Total Options Purchased** (cost $24,407,745) |  |  |  |  |  | $35269217 |

---

#### Options Written:

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount**<br>**(000)#** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  10-Year 30 CMS Curve CAP | Call | BARC | 07/15/26 | 0.52% |  | EUR | 11645 | $(1991) |
|  Currency Option EUR vs CZK | Call | MSI | 01/08/26 | 24.30 |  | EUR | 1285 | (478) |
|  Currency Option EUR vs CZK | Call | CITI | 01/20/26 | 24.40 |  | EUR | 1266 | (760) |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 4.29 |  | EUR | 659 | (497) |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 52.75 |  | EUR | 5699 | (32534) |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 43.65 |  |  | 1933 | (4236) |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 43.75 |  |  | 5182 | (20356) |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 43.75 |  |  | 1499 | (9368) |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 44.50 |  |  | 1479 | (7809) |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 30.60 |  |  | 1480 | (41232) |
|  10-Year 30 CMS Curve FLOOR | Put | BARC | 07/15/26 | 0.07% |  | EUR | 11645 | (2120) |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3800.00 |  |  | 1486 | (13832) |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3800.00 |  |  | 1480 | (16710) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 5728 | (21) |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 18.25 |  |  | 5960 | (76373) |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 17.01 |  |  | 2980 | (79590) |
|  **Total OTC Traded** (premiums received $344,218) |  |  |  |  |  |  |  | $(307907) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A157

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  1-Year Interest Rate Swap, 02/06/27 | Call | MSI | 02/04/26 | 2.37% | 1 Day SOFR(T)/<br>3.870% | 2.37%(T) | 29520 | $(47) |
|  CDX.NA.IG.45.V1, 12/20/30 | Call | JPM | 01/21/26 | 0.50% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 108060 | (51054) |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 3.86% | 3.86%(A) | 1 Day SOFR(A)/<br>3.870% | 7650 | (9513) |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 4.11% | 4.11%(A) | 1 Day SOFR(A)/<br>3.870% | 7650 | (4896) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/<br>3.870% | 26565 | (94653) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/<br>3.870% | 7790 | (27756) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/<br>3.870% | 26565 | (61855) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/<br>3.870% | 7790 | (18139) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 3030 | (9215) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 4960 | (15084) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 61580 | (3623) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 10340 | (608) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 23590 | (1222) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 5770 | (299) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BNP | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 8280 | (383) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 108060 | (4995) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | CITI | 04/15/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 32910 | (23134) |
|  **Total OTC Swaptions** (premiums received $537,065) | **Total OTC Swaptions** (premiums received $537,065) | **Total OTC Swaptions** (premiums received $537,065) | **Total OTC Swaptions** (premiums received $537,065) | **Total OTC Swaptions** (premiums received $537,065) |  |  |  | $(326476) |
|  **Total Options Written** (premiums received $881,283) | **Total Options Written** (premiums received $881,283) | **Total Options Written** (premiums received $881,283) | **Total Options Written** (premiums received $881,283) | **Total Options Written** (premiums received $881,283) |  |  |  | $(634383) |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions:** | **Long Positions:** |  |  |  |
| 165 | 3 Month EuroSTR | Mar. 2026 | $47537758 | $(1516) |
| 332 | 2 Year U.S. Treasury Notes | Mar. 2026 | 69317969 | (40132) |
| 3029 | 5 Year U.S. Treasury Notes | Mar. 2026 | 331083906 | (925560) |
| 1183 | 10 Year U.S. Treasury Notes | Mar. 2026 | 133013563 | (684920) |
| 766 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 88101973 | (243090) |
| 486 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 56178563 | (460883) |
| 63 | 30 Year Euro Buxl | Mar. 2026 | 8153021 | (245861) |
| 207 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 24426000 | (557761) |
| 1162 | Mini MSCI EAFE Index | Mar. 2026 | 168612010 | 1056730 |
| 25 | Mini MSCI Emerging Markets Index | Mar. 2026 | 1764250 | 54434 |
| 89 | Russell 2000 E-Mini Index | Mar. 2026 | 11116100 | (248250) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A158

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Futures contracts outstanding at December 31, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration**<br> **Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions (cont'd):** | **Long Positions (cont'd):** |  |  |  |
| 1701 | S&P 500 E-Mini Index | Mar. 2026 | $586207125 | $1192808 |
|  |  |  |  | (1104001) |
| **Short Positions:** | **Short Positions:** |  |  |  |
| 220 | 3 Month CME SOFR | Mar. 2026 | 52971875 | (26514) |
| 73 | 2 Year U.S. Treasury Notes | Mar. 2026 | 15241602 | 9073 |
| 141 | 5 Year Euro-Bobl | Mar. 2026 | 19248084 | 138062 |
| 67 | 10 Year Euro-Bund | Mar. 2026 | 10044658 | 137732 |
| 48 | 10 Year U.S. Treasury Notes | Mar. 2026 | 5397000 | 38058 |
| 14 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 1610219 | (4393) |
| 204 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 24072000 | 374896 |
| 319 | British Pound Currency | Mar. 2026 | 26831888 | (242167) |
| 113 | Canadian Dollar Currency | Mar. 2026 | 8262560 | (135275) |
| 1514 | Euro Currency | Mar. 2026 | 222936500 | (1391156) |
| 111 | Euro Schatz Index | Mar. 2026 | 13930456 | 24686 |
| 2 | S&P 500 E-Mini Index | Mar. 2026 | 689250 | (3894) |
|  |  |  |  | (1080892) |
|  |  |  |  | $(2184893) |

---

#### Bond forward contract outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase Bond**<br> **Forwards** | **Counterparty** | **Settlement**<br>**Date** | **Notional**<br>**Amount**<br>**(000)#** | **Strike**<br>**Price** | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** |  |  |  |  |
|  U.S. Treasury Bond 2.000%, 02/15/50 | CITI | 06/12/26 | 41160 | $59.75 | $24594496 | $24229439 | $— | $(365057) |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 55148 | $10115375 | $9977019 | $— | $(138356) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | GBP | 2583 | 3379169 | 3481333 | 102164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | GBP | 563 | 755378 | 758411 | 3033 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CAD | 985 | 703219 | 718461 | 15242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CAD | 322 | 231228 | 235096 | 3868 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | CLP | 745443 | 818000 | 828725 | 10725 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | COP | 19201910 | 4909091 | 4953419 | 44328 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 31799 | 1529000 | 1547408 | 18408 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 3319 | 3905192 | 3904118 |  | (1074) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 1314 | 1516106 | 1545823 | 29717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 655 | 770000 | 771078 | 1078 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 10232 | 11795336 | 12037594 | 242258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 5137 | 6000472 | 6042965 | 42493 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A159

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Euro (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 2706 | $3188687 | $3183811 | $— | $(4876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 2382 | 2782511 | 2802216 | 19705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 711 | 835654 | 836367 | 713 |  |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | HUF | 326639 | 981000 | 997272 | 16272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | HUF | 562416 | 1697000 | 1717133 | 20133 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 381430 | 4209000 | 4213631 | 4631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 229139 | 2528000 | 2531284 | 3284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 182618 | 2008000 | 2017363 | 9363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 995538 | 10948997 | 10997632 | 48635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | UAG | INR | 995538 | 10978458 | 10997632 | 19174 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 88448946 | 5284004 | 5286831 | 2827 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 594466 | 3949392 | 3802587 |  | (146805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 139640 | 927711 | 893226 |  | (34485) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | JPY | 132721 | 847953 | 848970 | 1017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 223010 | 1481984 | 1426516 |  | (55468) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 102788 | 667442 | 657498 |  | (9944) |
|  New Taiwanese Dollar, | New Taiwanese Dollar, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | TWD | 30642 | 968000 | 974040 | 6040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 74093 | 2378662 | 2355253 |  | (23409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 47230 | 1516000 | 1501341 |  | (14659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 45098 | 1450000 | 1433559 |  | (16441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | SCB | TWD | 42932 | 1375000 | 1364720 |  | (10280) |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | NZD | 333 | 190598 | 191679 | 1081 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 9292 | 2754273 | 2756374 | 2101 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 72159 | 1228000 | 1218837 |  | (9163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 29108 | 491630 | 491670 | 40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | SCB | PHP | 87384 | 1477000 | 1476009 |  | (991) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | SGD | 1702 | 1330000 | 1330958 | 958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | SGD | 1027 | 801000 | 803261 | 2261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 1088 | 848000 | 850443 | 2443 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR | 12904 | 751000 | 774937 | 23937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | ZAR | 13342 | 783182 | 801260 | 18078 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | KRW | 5884503 | 4017000 | 4086612 | 69612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | KRW | 407381 | 278257 | 282915 | 4658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW | 829053 | 564500 | 575752 | 11252 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/12/26 | BOA | TRY | 64755 | 1484000 | 1494915 | 10915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 53719 | 1219066 | 1230637 | 11571 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 49882 | 1134977 | 1142733 | 7756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BOA | TRY | 64808 | 1480000 | 1484656 | 4656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | TRY | 49882 | 1134280 | 1142733 | 8453 |  |
|  |  |  |  | $129397784 | $129776713 | 844880 | (465951) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A160

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | AUD | 2319 | $1496196 | $1547662 | $— | $(51466) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 5657 | 1038000 | 1023361 | 14639 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 6630 | 8813367 | 8936848 |  | (123481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 5704 | 7581809 | 7688035 |  | (106226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | GBP | 486 | 640287 | 654785 |  | (14498) |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CAD | 4473 | 3193177 | 3262388 |  | (69211) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 5074004 | 5515701 | 5640875 |  | (125174) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | CNH | 1927 | 275367 | 277498 |  | (2131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 66792 | 9505106 | 9619242 |  | (114136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 6010 | 855267 | 865537 |  | (10270) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | COP | 3531447 | 899000 | 910989 |  | (11989) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 23312 | 1128000 | 1134388 |  | (6388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 128851 | 6187245 | 6270073 |  | (82828) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | CZK | 17856 | 867000 | 868906 |  | (1906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SCB | CZK | 21097 | 1022000 | 1026612 |  | (4612) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | EUR | 872 | 1011217 | 1026196 |  | (14979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 1253 | 1462445 | 1474605 |  | (12160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 677 | 792032 | 796738 |  | (4706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 62140 | 72227191 | 73103511 |  | (876320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 589 | 679286 | 692783 |  | (13497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | EUR | 12394 | 14404103 | 14581106 |  | (177003) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | EUR | 1729 | 1998342 | 2034271 |  | (35929) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 46605 | 54617197 | 54827632 |  | (210435) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 9296 | 10893856 | 10935829 |  | (41973) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | EUR | 46605 | 54463167 | 54827633 |  | (364466) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | EUR | 9296 | 10863134 | 10935830 |  | (72696) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 544069 | 1656000 | 1661115 |  | (5115) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 337026 | 1012000 | 1028987 |  | (16987) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 18513702 | 1106022 | 1106614 |  | (592) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | JPY | 87221 | 561285 | 557922 | 3363 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNY | MXN | 21276 | 1159146 | 1172463 |  | (13317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | MXN | 4013 | 218298 | 221149 |  | (2851) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 3034 | 897000 | 899893 |  | (2893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 2808 | 832104 | 832959 |  | (855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 1987 | 587500 | 589548 |  | (2048) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 9095 | 2493000 | 2533104 |  | (40104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 4448 | 1213000 | 1238729 |  | (25729) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 8516 | 2321917 | 2371695 |  | (49778) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 2858 | 782489 | 796016 |  | (13527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | PLN | 2712 | 745511 | 755426 |  | (9915) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A161

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 35364 | $27485341 | $27651934 | $— | $(166593) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 25858 | 1538822 | 1552856 |  | (14034) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | KRW | 1124659 | 768000 | 781042 |  | (13042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 10649374 | 7271877 | 7395671 |  | (123794) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | CHF | 298 | 376101 | 376905 |  | (804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | CHF | 201 | 254259 | 254139 | 120 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | THB | 8392 | 266204 | 267917 |  | (1713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 128844 | 4089754 | 4113336 |  | (23582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | THB | 37125 | 1182000 | 1185227 |  | (3227) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | THB | 28703 | 916000 | 916340 |  | (340) |
|  |  |  |  | $332163122 | $335224320 | 18122 | (3079320) |
|  |  |  |  |  |  | $863002 | $(3545271) |

---

#### Credit default swap agreements outstanding at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Arab Republic of Egypt | 12/20/30 | 1.000 %(Q) | 500 | $36527 | $239 | $36288 DB |
|  Dominican Republic | 12/20/30 | 1.000 %(Q) | 500 | 9300 | 239 | 9061 DB |
|  Emirate of Abu Dhabi | 12/20/30 | 1.000 %(Q) | 500 | (16723) | 239 | (16962) DB |
|  Federal Republic of Nigeria | 12/20/30 | 1.000 %(Q) | 500 | 43924 | 239 | 43685 DB |
|  Federation of Malaysia | 12/20/30 | 1.000 %(Q) | 500 | (14247) | 239 | (14486) DB |
|  Federative Republic of Brazil | 12/20/30 | 1.000 %(Q) | 2250 | 37495 | 1076 | 36419 DB |
|  Kingdom of Bahrain | 12/20/30 | 1.000 %(Q) | 500 | 17927 | 239 | 17688 DB |
|  Kingdom of Morocco | 12/20/30 | 1.000 %(Q) | 500 | (7178) | 239 | (7417) DB |
|  Kingdom of Saudi Arabia | 12/20/30 | 1.000 %(Q) | 2250 | (34011) | 1076 | (35087) DB |
|  People's Republic of China | 12/20/30 | 1.000 %(Q) | 2250 | (58454) | 1076 | (59530) DB |
|  Republic of Argentina | 12/20/30 | 1.000 %(Q) | 500 | 105345 | 239 | 105106 DB |
|  Republic of Chile | 12/20/30 | 1.000 %(Q) | 1000 | (26417) | 478 | (26895) DB |
|  Republic of Colombia | 12/20/30 | 1.000 %(Q) | 1500 | 70456 | 717 | 69739 DB |
|  Republic of Indonesia | 12/20/30 | 1.000 %(Q) | 1750 | (25133) | 837 | (25970) DB |
|  Republic of Ivory Coast | 12/20/30 | 1.000 %(Q) | 500 | 33001 | 239 | 32762 DB |
|  Republic of Panama | 12/20/30 | 1.000 %(Q) | 750 | 8032 | 359 | 7673 DB |
|  Republic of Peru | 12/20/30 | 1.000 %(Q) | 750 | (10322) | 359 | (10681) DB |
|  Republic of Philippines | 12/20/30 | 1.000 %(Q) | 750 | (14898) | 359 | (15257) DB |
|  Republic of South Africa | 12/20/30 | 1.000 %(Q) | 2250 | 34438 | 1076 | 33362 DB |
|  Republic of Turkey | 12/20/30 | 1.000 %(Q) | 2250 | 101557 | 1076 | 100481 DB |
|  Sultanate of Oman | 12/20/30 | 1.000 %(Q) | 500 | (7339) | 239 | (7578) DB |
|  United Mexican States | 12/20/30 | 1.000 %(Q) | 2250 | (10963) | 1076 | (12039) DB |
|  |  |  |  | $272317 | $11955 | $260362 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A162

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Credit default swap agreements outstanding at December 31, 2025 (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** |  |  |  |
|  CDX.EM.44.V1 | 12/20/30 | 1.000%(Q) | 25000 | 1.242% | $(261879) | $(14344) | $(247535) | DB |

---

\*\* The Portfolio entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Portfolio bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |  |  |
|  China Development Bank | 06/20/29 | 1.000%(Q) |  | 1535 | $(33040) | $(10890) | $(22150) | JPM |
|  Industrial & Commercial Bank |  |  |  |  |  |  |  |  |
|  of China Ltd. | 06/20/29 | 1.000%(Q) |  | 1535 | (34413) | (9510) | (24903) | JPM |
|  Israel Electric Corp. Ltd. | 03/20/32 | 1.000%(Q) |  | 1400 | 4842 | 51733 | (46891) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) |  | 850 | (11896) | 8997 | (20893) | BNP |
|  Republic of France | 12/20/30 | 0.250%(Q) |  | 560 | (2909) | (1663) | (1246) | BARC |
|  Republic of Italy | 12/20/27 | 1.000%(Q) | EUR | 410 | (9292) | (5796) | (3496) | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) |  | 840 | (27944) | (31513) | 3569 | BARC |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) |  | 3400 | (24801) | 197321 | (222122) | JPM |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) |  | 2200 | (16048) | 124953 | (141001) | MSI |
|  |  |  |  |  | $(155501) | $323632 | $(479133) |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |  |
|  Alphabet, Inc. | 06/20/30 | 1.000%(Q) |  | 770 | 0.348% | $21064 | $18967 | $2097 | GSI |
|  Bank of Nova Scotia | 12/20/26 | 1.000%(Q) |  | 385 | 0.138% | 3297 | 2678 | 619 | CITI |
|  Barclays Bank PLC | 06/20/26 | 1.000%(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 | 0.215% | 15353 | 12269 | 3084 | GSI |
|  Barclays Bank PLC | 06/20/26 | 1.000%(Q) | EUR | 595 | 0.215% | 2781 | 2222 | 559 | GSI |
|  Citigroup, Inc. | 12/20/26 | 1.000%(Q) |  | 2785 | 0.284% | 19918 | 18607 | 1311 | GSI |
|  Federative Republic of Brazil | 06/20/26 | 1.000%(Q) |  | 300 | 0.488% | 802 | 835 | (33) | BARC |
|  HSBC Bank PLC | 12/20/26 | 1.000%(Q) |  | 2099 | 0.166% | 17416 | 17083 | 333 | MSI |
|  HSBC Bank PLC | 12/20/26 | 1.000%(Q) |  | 442 | 0.166% | 3667 | 3597 | 70 | MSI |
|  Kingdom of Norway | 12/20/26 | —%(Q) |  | 1640 | 0.047% | (746) | (792) | 46 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000%(Q) |  | 60 | 0.231% | 117 | 99 | 18 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000%(Q) |  | 60 | 0.238% | 231 | 207 | 24 | CITI |
|  Kingdom of Spain | 06/20/26 | 1.000%(Q) | EUR | 215 | 0.028% | 1229 | 1142 | 87 | BARC |
|  Kingdom of Spain | 06/20/26 | —%(Q) | EUR | 100 | 0.028% | (15) | (11) | (4) | BARC |
|  Nomura Holdings, Inc. | 06/20/26 | 1.000%(Q) |  | 585 | 0.242% | 2239 | 2055 | 184 | BARC |
|  Oracle Corp. | 06/20/30 | 1.000%(Q) |  | 340 | 1.367% | (4923) | 6921 | (11844) | GSI |
|  People's Republic of China | 06/20/29 | 1.000%(Q) |  | 3070 | 0.367% | 64554 | 26470 | 38084 | JPM |
|  Republic of Estonia | 12/20/26 | 1.000%(Q) |  | 450 | 0.199% | 3591 | 825 | 2766 | JPM |
|  Republic of France | 12/20/30 | 0.250%(Q) |  | 560 | 0.298% | (1193) | (3424) | 2231 | BARC |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A163

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Notional** | **Notional** | | | | | |
| | | | **Amount** | **Amount** | | | | | |
| <br>**Reference Entity/**<br>**Obligation** |<br><br>**Termination**<br>**Date** |<br><br>**Fixed**<br>**Rate** | **(000)#(3)** | **(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at**<br>**December 31,**<br>**2025(4)** |<br><br>**Fair**<br>**Value** |<br>**Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** |<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br><br>**Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  Republic of France | 06/20/34 | 0.250 %(Q) |  | 1600 | 0.538% | $(33132) | $(29864) | $(3268) | CITI |
|  Republic of France | 12/20/34 | 0.250 %(Q) |  | 4270 | 0.566% | (101538) | (131023) | 29485 | BOA |
|  Republic of France | 12/20/34 | 0.250 %(Q) |  | 3975 | 0.566% | (94523) | (85432) | (9091) | BOA |
|  Republic of France | 06/20/35 | 0.250 %(Q) |  | 875 | 0.590% | (23397) | (29257) | 5860 | BARC |
|  Republic of Italy | 12/20/30 | 1.000 %(Q) |  | 840 | 0.281% | 27944 | 23614 | 4330 | BARC |
|  Republic of Italy | 12/20/34 | 1.000 %(Q) |  | 285 | 0.542% | 9961 | (1589) | 11550 | CITI |
|  Republic of Italy | 12/20/34 | 1.000 %(Q) |  | 285 | 0.542% | 9961 | (1589) | 11550 | CITI |
|  Republic of Panama | 06/20/26 | 1.000 %(Q) |  | 865 | 0.459% | 2431 | 2019 | 412 | CITI |
|  Republic of Panama | 06/20/26 | 1.000 %(Q) |  | 50 | 0.459% | 141 | 117 | 24 | CITI |
|  Republic of Panama | 12/20/26 | 1.000 %(Q) |  | 1430 | 0.520% | 7065 | 796 | 6269 | CITI |
|  Republic of Romania | 12/20/26 | 1.000 %(Q) |  | 62 | 0.379% | 387 | 296 | 91 | BOA |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000 %(Q) |  | 1844 | 0.115% | 16205 | 15721 | 484 | MSI |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000 %(Q) |  | 619 | 0.115% | 5440 | 5277 | 163 | MSI |
|  Slovak Republic | 12/20/27 | 1.000 %(Q) |  | 855 | 0.155% | 14112 | 13588 | 524 | BARC |
|  Slovak Republic | 12/20/27 | 1.000 %(Q) |  | 225 | 0.155% | 3714 | 3576 | 138 | BARC |
|  Standard Chartered PLC | 12/20/26 | 1.000 %(Q) |  | 1158 | 0.187% | 9373 | 9202 | 171 | MSI |
|  Standard Chartered PLC | 12/20/26 | 1.000 %(Q) |  | 358 | 0.187% | 2898 | 2845 | 53 | MSI |
|  State of Qatar | 12/20/26 | 1.000 %(Q) |  | 1220 | 0.084% | 11093 | 10291 | 802 | BARC |
|  State of Qatar | 12/20/26 | 1.000 %(Q) |  | 380 | 0.084% | 3455 | 3205 | 250 | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250 %(Q) | EUR | 680 | 0.049% | 813 | 492 | 321 | BARC |
|  |  |  |  |  |  | $21785 | $(77965) | $99750 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reference Entity/**<br>**Obligation** |<br>**Termination**<br>**Date** |<br>**Fixed**<br>**Rate** |<br>**Notional**<br>**Amount**<br>**(000)#(3)** | **Implied Credit**<br>**Spread at**<br>**December 31,**<br>**2025(4)** |<br>**Value at**<br>**Trade Date** |<br>**Value at**<br>**December 31,**<br>**2025** |<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000 %(Q) | 4195 | 0.500% | $88550 | $96156 | $7606 |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000 %(Q) | 39940 | 0.500% | 891533 | 915485 | 23952 |
|  |  |  |  |  | $980083 | $1011641 | $31558 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reference Entity/**<br>**Obligation** |<br><br>**Termination**<br>**Date** |<br><br>**Fixed**<br>**Rate** |<br>**Notional**<br>**Amount**<br>**(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at**<br>**December 31,**<br>**2025(4)** |<br><br>**Fair**<br>**Value** |<br>**Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** |<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |<br><br> **Counterparty** |
|  **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500 %(M) | 2000 | \* | $(22609) | $(48649) | $26040 | CITI |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500 %(M) | 1930 | \* | (21818) | (24137) | 2319 | CITI |
|  CMBX.NA.18.AAA | 12/17/57 | 0.500 %(M) | 2500 | \* | 4544 | 2920 | 1624 | GSI |
|  |  |  |  |  | $(39883) | $(69866) | $29983 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A164

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

#### Interest rate swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination**<br> **Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Value at**<br>**Trade Date** | **Value at**<br>**December 31,**<br>**2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |  |
|  AUD | 2590 | 12/03/28 | 2.650%(S) | 6 Month BBSW(2)(S)/ 4.121% | $(71637) | $(81899) | $(10262) |
|  AUD | 4855 | 02/19/31 | 1.398%(S) | 6 Month BBSW(2)(S)/ 4.121% |  | (486343) | (486343) |
|  AUD | 3085 | 12/03/33 | 2.800%(S) | 6 Month BBSW(2)(S)/ 4.121% | (206911) | (258193) | (51282) |
|  AUD | 2230 | 12/03/34 | 2.850%(S) | 6 Month BBSW(2)(S)/ 4.121% | (150760) | (206235) | (55475) |
|  AUD | 2820 | 11/07/35 | 4.330%(S) | 6 Month BBSW(2)(S)/ 4.121% |  | (63247) | (63247) |
|  CAD | 9015 | 02/17/26 | 1.060%(S) | 1 Day CORRA(2)(S)/ 2.300% | 7080 | (56226) | (63306) |
|  CAD | 1340 | 12/03/27 | 3.650%(S) | 1 Day CORRA(2)(S)/ 2.300% | (1613) | 22521 | 24134 |
|  CAD | 2900 | 12/03/32 | 3.450%(S) | 1 Day CORRA(2)(S)/ 2.300% | 75553 | 68044 | (7509) |
|  CAD | 1825 | 12/03/33 | 3.500%(S) | 1 Day CORRA(1)(S)/ 2.300% | 27810 | (45797) | (73607) |
|  CAD | 1755 | 12/03/35 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.300% | 69008 | 38700 | (30308) |
|  CAD | 1300 | 12/03/38 | 3.550%(S) | 1 Day CORRA(1)(S)/ 2.300% | (28984) | (21876) | 7108 |
|  CAD | 3100 | 12/03/43 | 3.550%(S) | 1 Day CORRA(2)(S)/ 2.300% | (96115) | 14922 | 111037 |
|  CAD | 1535 | 12/03/49 | 3.400%(S) | 1 Day CORRA(2)(S)/ 2.300% | 53262 | (28925) | (82187) |
|  CAD | 775 | 12/03/52 | 3.300%(S) | 1 Day CORRA(2)(S)/ 2.300% | (7673) | (24212) | (16539) |
|  CAD | 165 | 12/03/53 | 3.300%(S) | 1 Day CORRA(2)(S)/ 2.300% | (189) | (5131) | (4942) |
|  CHF | 3250 | 02/19/31 | (0.042)%(A) | 1 Day SARON(2)(S)/ (0.079)% | (3054) | (95908) | (92854) |
|  CHF | 1000 | 03/31/33 | 1.909%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | 148619 | 148619 |
|  CHF | 1815 | 03/20/34 | 1.258%(A) | 1 Day SARON(1)(A)/ (0.079)% | (125659) | (155431) | (29772) |
|  CHF | 1330 | 12/13/34 | 0.371%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | (33088) | (33088) |
|  CHF | 495 | 05/08/35 | 2.000%(A) | 1 Day SARON(2)(A)/ (0.079)% | 93039 | 88333 | (4706) |
|  CHF | 2270 | 07/04/35 | 0.519%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | (21537) | (21537) |
|  CLP | 469700 | 02/19/27 | 2.140%(S) | 1 Day CLOIS(2)(S)/ 4.500% |  | (18097) | (18097) |
|  CNH | 500485 | 02/23/26 | 2.921%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | (103) | 240489 | 240592 |
|  CNH | 30000 | 03/04/26 | 1.765%(Q) | 7 Day China Fixing Repo Rates(1)(Q)/ 1.800% |  | (1699) | (1699) |
|  CNH | 15560 | 08/01/27 | 2.420%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 35710 | 35710 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A165

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination**<br> **Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Value at**<br>**Trade Date** | **Value at**<br>**December 31,**<br>**2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |  |
|  CNH | 30410 | 08/04/27 | 2.388%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | $— | $67166 | $67166 |
|  CNH | 134045 | 03/01/28 | 2.955%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 617863 | 617863 |
|  CNH | 12190 | 04/26/28 | 2.790%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 55076 | 55076 |
|  CNH | 128445 | 05/11/28 | 2.600%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 135738 | 493992 | 358254 |
|  CNH | 20000 | 05/15/28 | 2.548%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 73117 | 73117 |
|  CNH | 179885 | 05/10/29 | 2.650%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 755671 | 971055 | 215384 |
|  CNH | 26570 | 05/15/29 | 2.027%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 62634 | 62634 |
|  CNH | 59045 | 11/11/29 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | (1619) | (18326) | (16707) |
|  CNH | 28800 | 12/12/29 | 1.496%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 4485 | (10285) | (14770) |
|  CNH | 135215 | 05/11/30 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | (36464) | (59429) | (22965) |
|  CZK | 23000 | 05/09/27 | 4.989%(A) | 6 Month PRIBOR(2)(S)/ 3.540% |  | 52858 | 52858 |
|  CZK | 12000 | 08/08/29 | 3.142%(A) | 6 Month PRIBOR(2)(S)/ 3.540% |  | (12426) | (12426) |
|  DKK | 7500 | 04/08/32 | 1.581%(A) | 6 Month CIBOR(2)(S)/ 2.237% | (23466) | (79876) | (56410) |
|  DKK | 1340 | 07/10/35 | 3.200%(A) | 6 Month CIBOR(2)(S)/ 2.237% | 5803 | 3062 | (2741) |
|  EUR | 6780 | 04/23/26 | 3.076%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (88339) | (88339) |
|  EUR | 3105 | 10/11/29 | 2.101%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 12570 | 12570 |
|  EUR | 3939 | 08/15/30 | (0.191)%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (1035) | (543560) | (542525) |
|  EUR | 2160 | 05/11/31 | 0.750%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | 14753 | 226062 | 211309 |
|  EUR | 11110 | 05/11/31 | 2.650%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | (275198) | (256476) | 18722 |
|  EUR | 14525 | 03/20/33 | 2.996%(A) | 6 Month EURIBOR(2)(S)/ 2.107% |  | 579489 | 579489 |
|  EUR | 6515 | 02/15/34 | 2.192%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 201643 | 201643 |
|  EUR | 11875 | 02/15/34 | 2.231%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 322447 | 322447 |
|  EUR | 9353 | 02/15/34 | 2.258%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 229322 | 229322 |
|  EUR | 210 | 03/20/34 | 2.560%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 650 | 858 | 208 |
|  EUR | 7965 | 05/11/34 | 2.650%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 195353 | 91889 | (103464) |
|  EUR | 8400 | 03/20/38 | 2.982%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | (108647) | (108647) |
|  EUR | 1780 | 11/24/41 | 0.565%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | 457442 | 457442 |
|  EUR | 1780 | 11/24/41 | 0.600%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% |  | (448995) | (448995) |
|  EUR | 4316 | 11/25/41 | 0.629%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | 1085211 | 1085211 |
|  EUR | 4316 | 11/25/41 | 0.663%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% |  | (1065307) | (1065307) |
|  EUR | 2275 | 03/22/42 | 1.257%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | 448470 | 448470 |
|  EUR | 2275 | 03/22/42 | 1.310%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% |  | (435066) | (435066) |
|  EUR | 3000 | 02/24/43 | 2.910%(A) | 6 Month EURIBOR(1)(S)/ 2.107% | 2488 | 77662 | 75174 |
|  EUR | 3000 | 02/24/43 | 2.960%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% | (1340) | (12875) | (11535) |
|  EUR | 2770 | 05/11/46 | 1.150%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (20703) | (966707) | (946004) |
|  EUR | 2120 | 05/11/50 | 2.600%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 17809 | (188546) | (206355) |
|  EUR | 2250 | 05/11/51 | 1.200%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | 20621 | 893957 | 873336 |
|  EUR | 555 | 05/11/52 | 1.200%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (43195) | (226079) | (182884) |
|  EUR | 4815 | 11/28/54 | 1.468%(A) | 6 Month EURIBOR(1)(S)/ 2.107% | (3423) | 491300 | 494723 |
|  EUR | 1875 | 05/11/55 | 2.500%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | 11937 | 234141 | 222204 |
|  GBP | 9092 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.726% | (339945) | 363201 | 703146 |
|  GBP | 265 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.726% | 2627 | 10586 | 7959 |
|  GBP | 1945 | 05/08/27 | 1.050%(A) | 1 Day SONIA(2)(A)/ 3.726% | (83277) | (137296) | (54019) |
|  GBP | 4995 | 05/08/28 | 1.100%(A) | 1 Day SONIA(1)(A)/ 3.726% | 975234 | 491121 | (484113) |
|  GBP | 4375 | 05/08/28 | 4.100%(A) | 1 Day SONIA(1)(A)/ 3.726% | (74234) | (77336) | (3102) |
|  GBP | 3000 | 05/08/29 | 1.100%(A) | 1 Day SONIA(1)(A)/ 3.726% | 370590 | 387479 | 16889 |
|  GBP | 270 | 05/08/32 | 1.150%(A) | 1 Day SONIA(2)(A)/ 3.726% | (15825) | (59786) | (43961) |
|  GBP | 765 | 05/08/32 | 3.850%(A) | 1 Day SONIA(2)(A)/ 3.726% | 6785 | 4150 | (2635) |
|  GBP | 3090 | 02/17/36 | 0.698%(A) | 1 Day SONIA(2)(A)/ 3.726% |  | (1268188) | (1268188) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A166

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination**<br> **Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Value at**<br>**Trade Date** | **Value at**<br>**December 31,**<br>**2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |  |
|  GBP | 1335 | 05/08/40 | 3.950%(A) | 1 Day SONIA(2)(A)/ 3.726% | $(86908) | $(56339) | $30569 |
|  GBP | 2535 | 02/17/41 | 0.764%(A) | 1 Day SONIA(2)(A)/ 3.726% | (58) | (1439512) | (1439454) |
|  GBP | 800 | 05/08/45 | 3.950%(A) | 1 Day SONIA(2)(A)/ 3.726% | (40538) | (62057) | (21519) |
|  GBP | 1720 | 02/17/51 | 0.768%(A) | 1 Day SONIA(2)(A)/ 3.726% | (42) | (1369690) | (1369648) |
|  GBP | 2000 | 05/08/54 | 1.250%(A) | 1 Day SONIA(2)(A)/ 3.726% | (1040596) | (1447674) | (407078) |
|  HUF | 200000 | 09/03/30 | 1.705%(A) | 6 Month BUBOR(2)(S)/ 6.390% | (14518) | (116052) | (101534) |
|  ILS | 2935 | 07/08/30 | 3.950%(A) | 1 Day SHIR(2)(A)/ 4.250% | 778 | 9666 | 8888 |
|  JPY | 640000 | 07/08/27 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.727% | (27077) | (76851) | (49774) |
|  JPY | 900000 | 07/08/27 | 0.500%(A) | 1 Day TONAR(1)(A)/ 0.727% | 23947 | 45398 | 21451 |
|  JPY | 2000000 | 02/24/28 | 0.050%(S) | 1 Day TONAR(2)(S)/ 0.727% | (522) | (342861) | (342339) |
|  JPY | 734000 | 04/11/28 | 0.609%(A) | 1 Day TONAR(1)(A)/ 0.727% |  | 57909 | 57909 |
|  JPY | 685000 | 07/08/28 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.727% | (55770) | (151562) | (95792) |
|  JPY | 493400 | 07/31/28 | 0.268%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (81611) | (81611) |
|  JPY | 435000 | 07/08/29 | (0.050)%(A) | 1 Day TONAR(1)(A)/ 0.727% | 90292 | 142965 | 52673 |
|  JPY | 1620500 | 02/19/31 | 0.135%(S) | 1 Day TONAR(2)(S)/ 0.727% | (2968) | (751742) | (748774) |
|  JPY | 560000 | 07/08/32 | 0.900%(A) | 1 Day TONAR(2)(A)/ 0.727% | (65869) | (152215) | (86346) |
|  JPY | 510000 | 07/08/33 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.727% | (194079) | (372495) | (178416) |
|  JPY | 1364000 | 02/19/36 | 0.290%(S) | 1 Day TONAR(2)(S)/ 0.727% | (7314) | (1345682) | (1338368) |
|  JPY | 400000 | 07/08/37 | 0.150%(A) | 1 Day TONAR(1)(A)/ 0.727% | 238416 | 492372 | 253956 |
|  JPY | 20000 | 07/08/38 | 0.200%(A) | 1 Day TONAR(2)(A)/ 0.727% | (14867) | (26729) | (11862) |
|  JPY | 1515000 | 02/19/41 | 0.418%(S) | 1 Day TONAR(2)(S)/ 0.727% | (13011) | (2386799) | (2373788) |
|  JPY | 800000 | 07/08/42 | 0.300%(A) | 1 Day TONAR(1)(A)/ 0.727% | 443919 | 1462751 | 1018832 |
|  JPY | 170000 | 07/08/43 | 0.300%(A) | 1 Day TONAR(2)(A)/ 0.727% | (162935) | (335148) | (172213) |
|  JPY | 240000 | 07/08/44 | 1.550%(A) | 1 Day TONAR(2)(A)/ 0.727% | (6592) | (205475) | (198883) |
|  JPY | 145000 | 07/08/45 | 1.600%(A) | 1 Day TONAR(2)(A)/ 0.727% | (39621) | (129141) | (89520) |
|  JPY | 185000 | 12/19/45 | 2.481%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (9437) | (9437) |
|  JPY | 666500 | 02/19/46 | 0.499%(S) | 1 Day TONAR(2)(S)/ 0.727% | (7205) | (1449793) | (1442588) |
|  JPY | 410500 | 02/19/46 | 0.499%(S) | 1 Day TONAR(1)(S)/ 0.727% | 5785 | 891728 | 885943 |
|  JPY | 230000 | 07/08/48 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.727% | (256566) | (564007) | (307441) |
|  JPY | 685500 | 02/19/51 | 0.553%(S) | 1 Day TONAR(2)(S)/ 0.727% | (8493) | (1838246) | (1829753) |
|  JPY | 200000 | 07/08/52 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.727% | (251662) | (575275) | (323613) |
|  JPY | 94100 | 07/31/53 | 1.102%(A) | 1 Day TONAR(1)(A)/ 0.727% |  | 200157 | 200157 |
|  JPY | 355000 | 07/08/54 | 1.750%(A) | 1 Day TONAR(2)(A)/ 0.727% | 18403 | (472076) | (490479) |
|  JPY | 210000 | 09/01/55 | 2.485%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (85868) | (85868) |
|  KRW | 765000 | 04/19/28 | 3.135%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | 2813 | 2813 |
|  KRW | 7880000 | 02/18/31 | 1.528%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | (433368) | (433368) |
|  KRW | 1215000 | 08/13/31 | 1.630%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | (68645) | (68645) |
|  KRW | 1640250 | 03/10/33 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% | (20330) | (5183) | 15147 |
|  KRW | 420000 | 11/24/33 | 3.610%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | 8070 | 8070 |
|  KRW | 4551530 | 03/10/34 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% | (9718) | (19803) | (10085) |
|  KRW | 2592000 | 03/10/35 | 3.200%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% | 93181 | (8162) | (101343) |
|  MXN | 54940 | 03/19/26 | 6.050%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.379% |  | (8732) | (8732) |
|  MXN | 6685 | 05/09/34 | 8.400%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.379% |  | 2280 | 2280 |
|  NOK | 3845 | 02/19/31 | 1.654%(A) | 6 Month NIBOR(2)(S)/ 4.230% |  | (43293) | (43293) |
|  NZD | 1515 | 02/22/31 | 1.584%(S) | 3 Month BBR(2)(Q)/ 2.515% |  | (79670) | (79670) |
|  NZD | 1000 | 05/08/35 | 4.400%(S) | 3 Month BBR(2)(Q)/ 2.515% | 34803 | 18124 | (16679) |
|  NZD | 2380 | 07/31/35 | 4.068%(S) | 3 Month BBR(2)(Q)/ 2.515% |  | 18756 | 18756 |
|  PLN | 5595 | 05/11/27 | 4.400%(A) | 6 Month WIBOR(2)(S)/ 3.870% | (3105) | 49613 | 52718 |
|  PLN | 2000 | 09/07/30 | 1.068%(A) | 6 Month WIBOR(2)(S)/ 3.870% | (10867) | (69327) | (58460) |
|  PLN | 2185 | 05/11/32 | 4.400%(A) | 6 Month WIBOR(2)(S)/ 3.870% | 7627 | 31019 | 23392 |
|  SEK | 14000 | 02/19/31 | 0.655%(A) | 3 Month STIBOR(2)(Q)/ 1.958% |  | (134165) | (134165) |
|  SGD | 2135 | 07/29/31 | 1.120%(S) | 1 Day SORA(2)(S)/ 0.895% | 8222 | (76296) | (84518) |
|  SGD | 340 | 09/10/35 | 2.500%(S) | 1 Day SORA(2)(S)/ 0.895% | 13698 | 7048 | (6650) |
|  SGD | 200 | 09/11/35 | 1.720%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (6865) | (6865) |
|  SGD | 425 | 09/15/35 | 1.680%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (15845) | (15845) |
|  SGD | 870 | 09/17/35 | 1.680%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (32451) | (32451) |
|  SGD | 590 | 09/25/35 | 1.710%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (20876) | (20876) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A167

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination**<br> **Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Value at**<br>**Trade Date** | **Value at**<br>**December 31,**<br>**2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |  |
|  THB | 199305 | 08/18/26 | 1.168%(Q) | 1 Day THOR(1)(Q)/ 1.246% | $— | $(226) | $(226) |
|  THB | 94000 | 02/19/31 | 1.380%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 21557 | 21557 |
|  THB | 32800 | 04/18/34 | 2.895%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 120797 | 120797 |
|  THB | 28780 | 04/22/34 | 2.818%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 100214 | 100214 |
|  THB | 21225 | 09/10/34 | 2.350%(Q) | 1 Day THOR(2)(Q)/ 1.246% | 23870 | 47764 | 23894 |
|  THB | 22200 | 12/16/34 | 2.173%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 39279 | 39279 |
|  THB | 7035 | 09/10/35 | 2.400%(Q) | 1 Day THOR(2)(Q)/ 1.246% | 18229 | 16954 | (1275) |
|  TWD | 109800 | 02/17/28 | 1.390%(Q) | 3 Month TAIBOR(1)(Q)/ 1.678% |  | 36283 | 36283 |
|  | 7410 | 04/23/26 | 4.861%(A) | 1 Day SOFR(2)(A)/ 3.870% |  | 56338 | 56338 |
|  | 53000 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 3.870% | 92686 | 339055 | 246369 |
|  | 6170 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 3.870% | 24646 | 39471 | 14825 |
|  | 102695 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (590349) | (590349) |
|  | 51800 | 08/27/26 | 3.809%(T) | 1 Day SOFR(2)(T)/ 3.870% |  | (6831) | (6831) |
|  | 16425 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% | 3038 | (161355) | (164393) |
|  | 13870 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (136255) | (136255) |
|  | 52280 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.870% | 8858 | 835047 | 826189 |
|  | 6537 | 08/15/28 | 1.220%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 418800 | 418800 |
|  | 9730 | 09/05/28 | 4.027%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (170669) | (170669) |
|  | 7870 | 11/07/28 | 4.223%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (193132) | (193132) |
|  | 32535 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.870% | (34593) | (901756) | (867163) |
|  | 3150 | 05/17/29 | 4.143%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (75821) | (75821) |
|  | 8120 | 05/11/30 | 4.150%(A) | 1 Day SOFR(1)(A)/ 3.870% | 36079 | (232492) | (268571) |
|  | 1400 | 02/22/32 | 3.989%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (30196) | (30196) |
|  | 2440 | 03/28/32 | 3.841%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (30522) | (30522) |
|  | 1790 | 11/10/35 | 3.669%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 19067 | 19067 |
|  | 28785 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 3.870% |  | (617760) | (617760) |
|  | 3200 | 05/11/45 | 4.000%(A) | 1 Day SOFR(2)(A)/ 3.870% | (132308) | (76075) | 56233 |
|  | 4110 | 05/11/49 | 1.350%(A) | 1 Day SOFR(2)(A)/ 3.870% | (1570153) | (1839514) | (269361) |
|  | 17740 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 3.870% | (122858) | (1053003) | (930145) |
|  | 4768 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 202045 | 202045 |
|  | 800 | 04/30/54 | 4.027%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 21675 | 21675 |
|  | 1545 | 05/10/54 | 3.850%(A) | 1 Day SOFR(2)(A)/ 3.870% | (8650) | (89190) | (80540) |
|  | 4005 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 1828150 | 1973249 | 145099 |
|  | 3790 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 1661546 | 1867320 | 205774 |
|  | 15510 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 64056 | 617622 | 553566 |
|  | 24515 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 358525 | 976210 | 617685 |
|  | 1549 | 12/15/54 | 3.638%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 129027 | 129027 |
|  | 15705 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 3.870% | 121736 | 1209530 | 1087794 |
|  | 21940 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 1295420 | 1295420 |
|  | 2495 | 05/11/55 | 3.850%(A) | 1 Day SOFR(1)(A)/ 3.870% | 121784 | 143486 | 21702 |
|  | 1685 | 05/10/74 | 3.420%(A) | 1 Day SOFR(1)(A)/ 3.870% | 17418 | 206602 | 189184 |
|  | 2540 | 05/11/74 | 1.950%(A) | 1 Day SOFR(1)(A)/ 3.870% | 11445 | 138430 | 126985 |
|  |  |  |  |  | $2395218 | $(6764481) | $(9159699) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination**<br> **Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** |
|  BRL | 12822 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/ 0.055% | $(45212) | $— | $(45212) | GSI |
|  BRL | 12822 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/ 0.055% | 42219 |  | 42219 | GSI |
|  CNH | 10500 | 07/31/30 | 2.515%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 64353 |  | 64353 | MSI |
|  CNH | 11000 | 09/01/30 | 2.360%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 55993 |  | 55993 | MSI |
|  MYR | 4755 | 11/23/30 | 3.880%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | 29002 | (5) | 29007 | MSI |
|  MYR | 9500 | 02/17/31 | 2.875%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | (55468) | (67) | (55401) | JPM |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A168

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination**<br> **Date** | **Fixed**<br> **Rate** | **Floating**<br> **Rate** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** | **OTC Interest Rate Swap Agreements (cont'd.):** |
|  MYR | 1310 | 02/28/32 | 3.625%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | $4174 | $— | $4174 | JPM |
|  MYR | 1000 | 07/29/35 | 3.330%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | (4546) | (1) | (4545) | JPM |
|  |  |  |  |  | $90515 | $(73) | $90588 |  |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Reference Entity** | <br>**Financing**<br>**Rate** | <br>**Counterparty** | <br>**Termination**<br>**Date** | **Long (Short)**<br>**Notional**<br>**Amount**<br>**(000)#(1)** |<br>**Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** |<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** |  |  |  |  |  |  |  |
|  Bloomberg Commodity Total Return Index(Q) | 3 Month<br> U.S. Treasury Bill<br> +8bps(Q)/<br> 3.650% | ML | 04/01/26 | 40466 | $(4103) | $— | $(4103) |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br> +26bps(T)/<br> 3.900% | JPM | 05/04/26 | 22975 | (419937) |  | (419937) |
|  |  |  |  |  | $(424040) | $— | $(424040) |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Premiums Paid** | <br>**Premiums Received** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** |
|  OTC Swap Agreements | $602895 | $(429556) | $845552 | $(1515577) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $– | $5946044 |
|  GS | – | 1744502 |
|  MLC | – | 12846029 |
|  SG | – | 69574399 |
|  **Total** | $– | $90110974 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A169

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Affiliated Mutual Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $1666405697 | $— | $— |  |
|  Common Stocks | 6062681466 | 1578108320 | 13 |  |
|  Preferred Stocks | 816671 | 15511590 |  | \*\* |
|  Unaffiliated Exchange-Traded Funds | 1761106605 |  |  |  |
|  Warrants |  | 1 |  |  |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 6682007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 432710135 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 3924961 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 3788622 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 2253869 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 78569 |  |  |
|  Commercial Mortgage-Backed Securities |  | 40777129 |  |  |
|  Corporate Bonds |  | 435307539 | 2489352 |  |
|  Floating Rate and Other Loans |  | 24017188 |  |  |
|  Residential Mortgage-Backed Securities |  | 10651772 |  |  |
|  Sovereign Bonds |  | 164371906 |  |  |
|  U.S. Government Agency Obligations |  | 3952777 |  |  |
|  U.S. Treasury Obligations |  | 294899144 |  |  |
|  Options Purchased |  | 35016214 |  |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 1318525252 |  |  |  |
|  U.S. Treasury Obligations |  | 120066956 |  |  |
|  Options Purchased |  | 253003 |  |  |
|  **Total** | $**10809535691** | $**3172371702** | $**2489365** |  |
|  **Liabilities** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Options Written | $— | $(14409) | $— |  |
|  **Short-Term Investments** |  |  |  |  |
|  Options Written | $— | $(619974) | $— |  |
|  **Total** | $**—** | $**(634383)** | $**—** |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Futures Contracts | $3026479 | $— | $— |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 863002 |  |  |
|  OTC Packaged Credit Default Swap Agreements |  | 498002 |  |  |
|  Centrally Cleared Credit Default Swap Agreements |  | 31558 |  |  |
|  OTC Credit Default Swap Agreements |  | 290638 |  |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 17259171 |  |  |
|  OTC Interest Rate Swap Agreements |  | 195741 |  |  |
|  **Total** | $**3026479** | $**19138112** | $**—** |  |
|  **Liabilities** |  |  |  |  |
|  Futures Contracts | $(5211372) | $— | $— |  |
|  OTC Bond Forward Contract |  | (365057) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (3545271) |  |  |
|  OTC Packaged Credit Default Swap Agreements |  | (487564) |  |  |
|  OTC Credit Default Swap Agreements |  | (464237) |  |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (26418870) |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A170

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Liabilities (continued)** |  |  |  |
|  OTC Interest Rate Swap Agreements | $— | $(105226) | $— |
|  OTC Total Return Swap Agreements |  | (424040) |  |
|  **Total** | $**(5211372)** | $**(31810265)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, bond forward contracts, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (1.9% represents investments purchased with collateral from securities on loan) | 21.7 |
|  Unaffiliated Exchange-Traded Funds | 12.8 |
|  Semiconductors & Semiconductor Equipment | 6.1 |
|  Banks | 4.2 |
|  Software | 4.1 |
|  Interactive Media & Services | 3.4 |
|  Collateralized Loan Obligations | 3.2 |
|  U.S. Treasury Obligations | 3 |
|  Technology Hardware, Storage & Peripherals | 2.5 |
|  Pharmaceuticals | 2.5 |
|  Aerospace & Defense | 1.9 |
|  Capital Markets | 1.9 |
|  Broadline Retail | 1.8 |
|  Financial Services | 1.7 |
|  Insurance | 1.7 |
|  Oil, Gas & Consumable Fuels | 1.6 |
|  Automobiles | 1.5 |
|  Sovereign Bonds | 1.2 |
|  Biotechnology | 1.1 |
|  Machinery | 1 |
|  IT Services | 1 |
|  Specialty Retail | 1 |
|  Consumer Staples Distribution & Retail | 1 |
|  Health Care Equipment & Supplies | 1 |
|  Entertainment | 0.9 |
|  Electric Utilities | 0.9 |
|  Metals & Mining | 0.8 |
|  Health Care Providers & Services | 0.8 |
|  Electrical Equipment | 0.8 |
|  Hotels, Restaurants & Leisure | 0.7 |
|  Communications Equipment | 0.6 |
|  Electronic Equipment, Instruments & Components | 0.5 |
|  Textiles, Apparel & Luxury Goods | 0.5 |
|  Diversified Telecommunication Services | 0.5 |
|  Chemicals | 0.5 |
|  Multi-Utilities | 0.4 |
|  Ground Transportation | 0.4 |
|  Food Products | 0.4 |
|  Industrial Conglomerates | 0.4 |
|  Electric | 0.4 |
|  Life Sciences Tools & Services | 0.4 |
|  Real Estate Management & Development | 0.4 |
|  Media | 0.3 |

---

---

| | |
|:---|:---|
|  Beverages | 0.3 |
|  Trading Companies & Distributors | 0.3 |
|  Construction & Engineering | 0.3 |
|  Consumer Finance | 0.3 |
|  Commercial Mortgage-Backed Securities | 0.3 |
|  Tobacco | 0.3 |
|  Household Products | 0.3 |
|  Professional Services | 0.3 |
|  Industrial REITs | 0.3 |
|  Specialized REITs | 0.3 |
|  Building Products | 0.3 |
|  Options Purchased | 0.3 |
|  Automobile Components | 0.2 |
|  Household Durables | 0.2 |
|  Commercial Services & Supplies | 0.2 |
|  Retail | 0.2 |
|  Real Estate Investment Trusts (REITs) | 0.2 |
|  Air Freight & Logistics | 0.2 |
|  Personal Care Products | 0.2 |
|  Health Care REITs | 0.2 |
|  Retail REITs | 0.2 |
|  Gas Utilities | 0.2 |
|  Telecommunications | 0.2 |
|  Passenger Airlines | 0.1 |
|  Oil & Gas | 0.1 |
|  Marine Transportation | 0.1 |
|  Commercial Services | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Pipelines | 0.1 |
|  Home Builders | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Construction Materials | 0.1 |
|  Auto Manufacturers | 0.1 |
|  Residential REITs | 0.1 |
|  Transportation | 0.1 |
|  Real Estate | 0.1 |
|  Healthcare-Products | 0.1 |
|  Foods | 0.1 |
|  Diversified Financial Services | 0.1 |
|  Residential Mortgage-Backed Securities | 0.1 |
|  Diversified REITs | 0.1 |
|  Containers & Packaging | 0.1 |
|  Engineering & Construction | 0.1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A171

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Miscellaneous Manufacturing | 0.1% |
|  Multi-National | 0.1 |
|  Holding Companies-Diversified | 0.1 |
|  Building Materials | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.0 \* |
|  Auto Parts & Equipment | 0.0 \* |
|  Healthcare-Services | 0.0 \* |
|  Transportation Infrastructure | 0.0 \* |
|  Hotel & Resort REITs | 0.0 \* |
|  Office REITs | 0.0 \* |
|  Internet | 0.0 \* |
|  U.S. Government Agency Obligations | 0.0 \* |
|  Consumer Loans | 0.0 \* |
|  Health Care Technology | 0.0 \* |
|  Packaging & Containers | 0.0 \* |
|  Credit Cards | 0.0 \* |
|  Airlines | 0.0 \* |
|  Mining | 0.0 \* |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.0 \* |
|  Electronics | 0.0 \* |
|  Lodging | 0.0 \* |
|  Computers | 0.0 \* |
|  Investment Companies | 0.0 \* |

---

---

| | |
|:---|:---|
|  Housewares | 0.0 |
|  Water Utilities | 0.0 |
|  Leisure Products | 0.0 |
|  Home Equity Loans | 0.0 |
|  Distributors | 0.0 |
|  Paper & Forest Products | 0.0 |
|  Electrical Components & Equipment | 0.0 |
|  Iron/Steel | 0.0 |
|  Trucking & Leasing | 0.0 |
|  Leisure Time | 0.0 |
|  Machinery-Diversified | 0.0 |
|  Semiconductors | 0.0 |
|  Gas | 0.0 |
|  Apparel | 0.0 |
|  Environmental Control | 0.0 |
|  | 101.8 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (1.8) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are commodity risk, credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br>**hedging instruments, carried at fair**<br>**value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** |<br>**Fair**<br>**Value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** |<br>**Fair**<br>**Value** |
|  Commodity contracts |  | $— | Unrealized depreciation on OTC swap agreements | $4103 |
|  Credit contracts | Due from/to broker-variation margin swaps | 31558 \* |  |  |
|  Credit contracts | Premiums paid for OTC swap agreements | 602895 | Premiums received for OTC swap agreements | 429483 |
|  Credit contracts | Unaffiliated investments | 18994 | Options written outstanding, at value | 109617 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 649806 | Unrealized depreciation on OTC swap agreements | 986379 |
|  Equity contracts | Due from/to broker-variation margin futures | 2303972 \* | Due from/to broker-variation margin futures | 252144 \* |
|  Equity contracts | Unaffiliated investments | 34998349 |  |  |
|  Foreign exchange contracts |  |  | Due from/to broker-variation margin futures | 1768598 \* |
|  Foreign exchange contracts | Unaffiliated investments | 12783 | Options written outstanding, at value | 303796 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 863002 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 3545271 |
|  Interest rate contracts  | Due from/to broker-variation margin futures | 722507 \* | Due from/to broker-variation margin futures | 3190630 \* |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A172

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br>**hedging instruments, carried at fair**<br>**value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** |<br>**Fair**<br>**Value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** |<br>**Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin swaps | $17259171 \* | Due from/to broker-variation margin swaps | $26418870 \* |
|  Interest rate contracts |  |  | Premiums received for OTC swap agreements | 73 |
|  Interest rate contracts | Unaffiliated investments | 239091 | Options written outstanding, at value | 220970 |
|  Interest rate contracts |  |  | Unrealized depreciation on OTC bond forward contracts | 365057 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 195746 | Unrealized depreciation on OTC swap agreements | 525095 |
|  |  | $57897874 |  | $38120086 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

#### Amount of Realized Gain (Loss) on Derivatives Recognized in Income

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Derivatives not accounted for as hedging**<br>**instruments, carried at fair value** |<br><br>**Options**<br>**Purchased(1)** |<br><br>**Options**<br>**Written** |<br><br>**Futures** |<br>**Bond**<br>**Forward**<br>**Contracts** | **Forward**<br>**& Cross**<br>**Currency**<br>**Exchange**<br>**Contracts** |<br><br>**Swaps** |
|  Commodity contracts | $— | $— | $— | $— | $— | $1887727 |
|  Credit contracts | (638861) | 907556 |  |  |  | (1266811) |
|  Equity contracts | 10299660 |  | 52085182 |  |  |  |
|  Foreign exchange contracts. | (498465) | 2489969 | (19317416) |  | (10272415) |  |
|  Interest rate contracts | 33609 | 110414 | 17934970 | 285538 |  | (3373079) |
|  **Total** | $9195943 | $3507939 | $50702736 | $285538 | $(10272415) | $(2752163) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

#### Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Derivatives not accounted for**<br>**as hedging instruments,**<br>**carried at fair value** |<br><br>**Options**<br>**Purchased(2)** |<br><br>**Options**<br>**Written** |<br><br>**Futures** |<br>**Bond**<br>**Forward**<br>**Contracts** | **Forward**<br>**& Cross**<br>**Currency**<br>**Exchange**<br>**Contracts** |<br><br>**Swaps** |
|  Commodity contracts | $— | $— | $— | $— | $— | $(4103) |
|  Credit contracts | (127134) | 156338 |  |  |  | 212091 |
|  Equity contracts | (1081057) |  | 18410502 |  |  |  |
|  Foreign exchange contracts. | (97745) | (6028) | (5240668) |  | (14189447) |  |
|  Interest rate contracts | (171644) | 188970 | 8689985 | (365057) |  | (1531522) |
|  **Total** | $(1477580) | $339280 | $21859819 | $(365057) | $(14189447) | $(1323534) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $24164089 |
|  Options Written (2) | 497478234 |
|  Futures Contracts - Long Positions (2) | 1846905482 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A173

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Short Positions (2) | $352780007 |
|  Bond Forward Contracts - Purchased (2) | 10260000 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 124081215 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 375728853 |
|  Cross Currency Exchange Contracts (4) | 1546353 |
|  Credit Default Swap Agreements - Buy Protection (2) | 68179769 |
|  Credit Default Swap Agreements - Sell Protection (2) | 99682246 |
|  Currency Swap Agreements (2) | 963992 |
|  Interest Rate Swap Agreements (2) | 1368676853 |
|  Total Return Swap Agreements (2) | 110130179 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Market** |  |  |
|  | **Value of** |  |  |
|  | **Recognized** | **Collateral** | **Net** |
| **Description** | **Assets/(Liabilities)** | **Pledged/(Received)(2)** | **Amount** |
|  Securities on Loan | $253039754 | $(253039754) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Counterparty** | **Gross Amounts of**<br>**Recognized**<br>**Assets(1)** | **Gross Amounts of**<br>**Recognized**<br>**Liabilities(1)** | **Net Amounts of**<br>**Recognized**<br>**Assets/(Liabilities)** |<br>**Collateral**<br>**Pledged/(Received)(2)** |<br>**Net Amount** |
|  BARC(3) | $212746 | $(265591) | $(52845) | $— | $(52845) |
|  BNP(3) | 219584 | (487797) | (268213) |  | (268213) |
|  BNY(3) |  | (258003) | (258003) |  | (258003) |
|  BOA(3) | 68269 | (295714) | (227445) | 227445 |  |
|  CITI(3) | 182560 | (977595) | (795035) | 686664 | (108371) |
|  DB(3) | 549250 | (1385839) | (836589) | 836589 |  |
|  GSI(3) | 146534 | (203295) | (56761) |  | (56761) |
|  HSBC(3) | 10714 | (164336) | (153622) | 153622 |  |
|  JPM(3) | 417955 | (1180032) | (762077) | 711631 | (50446) |
|  ML(4) |  | (4103) | (4103) |  | (4103) |
|  MSI(3) | 754722 | (537087) | 217635 | (137051) | 80584 |
|  RBC(3) | 689 | (15084) | (14395) |  | (14395) |
|  SCB(3) |  | (15883) | (15883) |  | (15883) |
|  SSB(3) | 120 | (252408) | (252288) | 252288 |  |
|  UAG(3) | 19174 | (447077) | (427903) | 385806 | (42097) |
|  | $2582317 | $(6489844) | $(3907527) | $3116994 | $(790533) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

(3) PGIM Fixed Income (4) QMA (Allocation Liquidity)

**SEE NOTES TO FINANCIAL STATEMENTS.**

A174

------

<br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>

---

| | |
|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES**<br>as of December 31, 2025 | **STATEMENT OF ASSETS AND LIABILITIES**<br>as of December 31, 2025 |
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $253,039,754: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $9,090,604,214) | $10999465809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,761,178,831) | 2984930949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $5,172,276) | 5181330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 20122777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 8087351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 1700728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 863002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 845552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 602895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 154607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 59971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 20836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 358033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 14022394832 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 261843340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 7241312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 6097502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 4064896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 3545271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 3099112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 1515577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1317874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $881,283) | 634383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 569041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 429556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC bond forward contracts | 365057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 354443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 9051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 291086893 |
|  **NET ASSETS** | $13731307939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $13731307939 |
|  Net asset value and redemption price per share, $13,731,307,939 / 478,279,006 outstanding shares of beneficial interest | $28.71 |

---

---

| | |
|:---|:---|
| **STATEMENT OF OPERATIONS.**<br>Year Ended December 31, 2025 | **STATEMENT OF OPERATIONS.**<br>Year Ended December 31, 2025 |
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $4,737,418 foreign withholding tax, of which $567,251 is reimbursable by an affiliate) | $152581893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of $1,475 foreign withholding tax) | 76531647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 52324565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $425,766) | 542106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 281980211 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 84209122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 34021450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 1497993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees. | 243041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 202668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 86814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 18451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 336575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 120626454 |
|  **NET INVESTMENT INCOME (LOSS)** | 161353757 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $51,359,671) (net of foreign capital gains taxes $83,825) | 1062177143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 50702736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contract transactions | 285538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (10272415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 3507939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (2752163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1299471) |
|  | 1102349307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $84,953,542) (net of change in foreign capital gains taxes $789,428) | 659538694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 21859819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contracts. | (365057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (14189447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 339280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (1323534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 797207 |
|  | 666656962 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 1769006269 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $1930360026 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $161353757 | $225957086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 1102349307 | 1313634152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 666656962 | 314259712 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1930360026 | 1853850950 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [28,928,003 and 33,737,433 shares, respectively] | 723194903 | 796830716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [122,211,415 and 123,072,533 shares, respectively] | (3069627598) | (2887957353) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS** . | (2346432695) | (2091126637) |
|  **TOTAL INCREASE (DECREASE)** | (416072669) | (237275687) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 14147380608 | 14384656295 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $13731307939 | $14147380608 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A175

------

<br> **AST PGIM AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $24.75 | $21.77 | $18.44 | $22.57 | $19.34 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.31 | 0.36 | 0.36 | 0.24 | 0.18 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.65 | 2.62 | 2.97 | (4.37) | 3.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.96 | 2.98 | 3.33 | (4.13) | 3.23 |
|  Net Asset Value, end of year | $28.71 | $24.75 | $21.77 | $18.44 | $22.57 |
|  **Total Return<sup>(b)</sup>** | 16.00% | 13.69% | 18.06% | (18.30)% | 16.70% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $13731 | $14147 | $14385 | $10810 | $18295 |
|  Average net assets (in millions) | $13609 | $14662 | $13110 | $13622 | $18224 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.89% | 0.88% | 0.89% | 0.89% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.89% | 0.88% | 0.89% | 0.89% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.19% | 1.54% | 1.83% | 1.22% | 0.83% |
|  Portfolio turnover rate<sup>(d)</sup> | 73% | 75% | 83% | 88% | 116% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A176

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO**<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 91.1%** | **LONG-TERM INVESTMENTS — 91.1%** | **LONG-TERM INVESTMENTS — 91.1%** |
|  **AFFILIATED MUTUAL FUNDS — 37.3%** | **AFFILIATED MUTUAL FUNDS — 37.3%** | **AFFILIATED MUTUAL FUNDS — 37.3%** |
|  **Domestic Equity — 6.3%** | **Domestic Equity — 6.3%** | **Domestic Equity — 6.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Growth Portfolio\* | 831841 | $91876814 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Value Portfolio\* | 547674 | 33424527 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Small-Cap Equity Portfolio\* | 246862 | 21254809 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Natural Resources Fund | 4647 | 343896 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio\* | 278807 | 40638922 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM Jennison Value Portfolio\* | 140307 | 10027769 |
|  |  | 197566737 |
|  **Fixed Income — 30.2%** | **Fixed Income — 30.2%** | **Fixed Income — 30.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 78332465 | 936072957 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio\* | 987229 | 7730006 |
|  |  | 943802963 |
|  **International Equity — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund | 304647 | 6254409 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Emerging Markets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Opportunities Fund | 86620 | 1708147 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Opportunities Fund | 550899 | 19138237 |
|  |  | 27100793 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $989,357,642)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $989,357,642)(wa) | 1168470493 |
|  **COMMON STOCKS — 15.6%** | **COMMON STOCKS — 15.6%** | **COMMON STOCKS — 15.6%** |
|  **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 5274 | 1224749 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 7600 | 872176 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC (United Kingdom) | 14394 | 331279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 207 | 118844 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 5115 | 1722016 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 7800 | 2402634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 6111 | 1252877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA (Italy) | 3993 | 228402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 300 | 145101 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 205 | 84978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 2258 | 1287534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 171 | 311972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 56840 | 879071 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 5640 | 1034376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 2059 | 119464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 2267 | 789635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 69600 | 454773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 1015 | 273812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 500 | 151160 |
|  |  | 13684853 |
|  **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 900 | 144684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 10330 | 563250 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S (Denmark) | 120 | 30223 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 1100 | 317746 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Air Freight & Logistics (cont'd.)** | **Air Freight & Logistics (cont'd.)** | **Air Freight & Logistics (cont'd.)** | **Air Freight & Logistics (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 2800 | $| 277732 |
|  |  |  | 1333635 |
|  **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. (Japan) | 3900 |  | 73071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 9700 |  | 738073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aumovio SE (Germany)\* | 2655 |  | 133313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. (Japan) | 2400 |  | 53998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 2214 |  | 73386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 8500 |  | 342357 |
|  |  |  | 1414198 |
|  **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** | **Automobiles — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) | 2597 |  | 281607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 37800 |  | 495936 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 12400 |  | 1008368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 54800 |  | 537844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 28000 |  | 437000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 6950 |  | 481788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 10453 |  | 114468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. (Japan) | 7200 |  | 155025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 12254 |  | 5510869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 64300 |  | 1380977 |
|  |  |  | 10403882 |
|  **Banks — 1.2%** | **Banks — 1.2%** | **Banks — 1.2%** | **Banks — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 5570 |  | 194610 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 83454 |  | 892152 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 24526 |  | 592980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 41934 |  | 983655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 85027 |  | 1000809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 14275 |  | 322859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 13665 |  | 301145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 50234 |  | 2762870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC (Ireland) | 6285 |  | 120203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA (Spain) | 3024 |  | 50123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 258197 |  | 1652752 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 16322 |  | 1544176 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 58500 |  | 296887 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA (Italy) | 2548 |  | 34430 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 84572 |  | 1033988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank Ltd. (The) (Japan) | 2600 |  | 29017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 15962 |  | 1862606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | 976 |  | 41192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 6735 |  | 718888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 11306 |  | 232766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 6395 |  | 319343 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 16030 |  | 702189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG (Austria) | 1175 |  | 140894 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA (Italy) | 5796 |  | 150172 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 159570 |  | 2510984 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A177

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 7200 | $| 124920 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 55476 |  | 1559332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 63275 |  | 437237 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 10100 |  | 3254422 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | 1933 |  | 251746 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp | 4800 |  | 99072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 389273 |  | 514897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 104400 |  | 1656940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 5200 |  | 189772 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 12217 |  | 343502 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 92169 |  | 808532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 35000 |  | 658499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 18000 |  | 276538 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 4900 |  | 1022777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp.(a) | 21400 |  | 579940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. (Japan) | 24400 |  | 232232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia)\*^ | 61896 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 7039 |  | 566668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 20729 |  | 505797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 38800 |  | 1247863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 1687 |  | 24440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 12012 |  | 416757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 3100 |  | 152551 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 12514 |  | 667747 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 10307 |  | 853695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 37184 |  | 3465549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | 13099 |  | 336140 |
|  |  |  | 38739255 |
|  **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 7112 |  | 456456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. (Japan) | 16700 |  | 175046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 12708 |  | 888416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 700 |  | 107310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United Kingdom) | 3701 |  | 335681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 1526 |  | 78945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 6931 |  | 149349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding NV (Netherlands) | 352 |  | 25776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. (Japan) | 10500 |  | 157175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 12800 |  | 981376 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 4372 |  | 627469 |
|  |  |  | 3982999 |
|  **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc.(a) | 12161 |  | 2778667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 3300 |  | 1080123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 727 |  | 613256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 2200 |  | 387178 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. (Australia) | 3384 | $| 389436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 2700 |  | 118341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc.(a) | 12000 |  | 1472880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols SA (Spain) | 3264 |  | 40799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 3600 |  | 355572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 1700 |  | 241111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc | 991 |  | 764923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (Sweden)\* | 745 |  | 26736 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 200 |  | 97450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 626 |  | 283803 |
|  |  |  | 8650275 |
|  **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** | **Broadline Retail — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 47464 |  | 10955640 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 5600 |  | 487760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 27300 |  | 601965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 2513 |  | 462644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. (Japan) | 15000 |  | 89353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 8571 |  | 530708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 2000 |  | 255140 |
|  |  |  | 13383210 |
|  **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB (Sweden) (Class B Stock) | 3983 |  | 153867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 21318 |  | 1126443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 4261 |  | 433309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 2800 |  | 335300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 2400 |  | 152304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 4500 |  | 503595 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 4405 |  | 154765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 1222 |  | 475602 |
|  |  |  | 3335185 |
|  **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 6861 |  | 300847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 503 |  | 246641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 4316 |  | 356716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp. (Class A Stock) | 1206 |  | 194926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 15194 |  | 1763871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 142 |  | 151988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 5939 |  | 915437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 15911 |  | 1589668 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 819 |  | 223652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 6200 |  | 54335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 15261 |  | 588146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 14400 |  | 344016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR\* | 800 |  | 131368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 880 |  | 773520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 3400 |  | 177893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 1800 |  | 291528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 19000 |  | 499130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 12600 |  | 599382 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A178

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** | **Capital Markets (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. (Japan) | 5000 | $| 53368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 1600 |  | 99152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (Switzerland) | 700 |  | 54692 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC (United Kingdom) | 2553 |  | 307097 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 200 |  | 71434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | 557 |  | 75267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 14649 |  | 2600637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 800 |  | 173848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 9900 |  | 961587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 39600 |  | 329887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 4000 |  | 546360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG (Switzerland) | 241 |  | 295703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc | 5800 |  | 931422 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 2000 |  | 1045180 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 9600 |  | 206880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC (United Kingdom) | 31834 |  | 174019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 21500 |  | 283025 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 700 |  | 90307 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 1500 |  | 153570 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 27145 |  | 1253410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock) | 2400 |  | 79968 |
|  |  |  | 18989877 |
|  **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 1592 |  | 299223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 1475 |  | 364355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 53400 |  | 474659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc.(a) | 10300 |  | 690409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 1700 |  | 108511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 1600 |  | 420032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG (Germany) | 3552 |  | 55433 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd. (Israel) | 7524 |  | 43265 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 3500 |  | 235865 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG (Germany) | 5279 |  | 108174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 1400 |  | 596946 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock) | 6000 |  | 259800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 13200 |  | 77268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. (Australia) | 21010 |  | 339333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 1900 |  | 615657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 8800 |  | 273338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 8338 |  | 341208 |
|  |  |  | 5303476 |
|  **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 23466 |  | 358333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 9600 |  | 165254 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. (Canada) | 4000 |  | 411480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 584 |  | 123767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 3600 |  | 216072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 10845 |  | 172470 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 7000 |  | 208087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 1900 |  | 189582 |
|  |  |  | 1845045 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 4800 | $628944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 4200 | 982254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 11100 | 855033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 42311 | 272782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 40400 | 393175 |
|  |  | 3132188 |
|  **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Servicios SA (Spain) | 3358 | 333333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 5103 | 265281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 2199 | 315071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 925 | 59931 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG (Germany) | 720 | 281867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 7400 | 275928 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 500 | 108685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 300 | 126618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Sweden) (Class B Stock) | 4984 | 135806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. (Japan) | 3400 | 322221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 4321 | 607892 |
|  |  | 2832633 |
|  **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 4349 | 540413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 289 | 74925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 3168 | 308406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc | 400 | 249064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co.(a) | 2079 | 592973 |
|  |  | 1765781 |
|  **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 6800 | 307972 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 6209 | 2297020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 7290 | 1766804 |
|  |  | 4371796 |
|  **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 2916 | 48655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 10882 | 155539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 2100 | 1810914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 4100 | 544357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group Ltd. (Australia) | 26163 | 63789 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC (United Kingdom) | 5940 | 26024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 13875 | 568971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The)(a) | 12400 | 774752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC (United Kingdom) | 13601 | 60525 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. (Japan) | 11600 | 200838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 3500 | 257915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 900 | 87975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 150828 | 896948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. (Japan) | 5600 | 102891 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 5500 | 414260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 22773 | 2537140 |
|  |  | 8551493 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A179

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 1700 | $90049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 632 | 130337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | 2400 | 92808 |
|  |  | 313194 |
|  **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group (Belgium) | 277 | 49894 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 4200 | 126840 |
|  |  | 176734 |
|  **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 73800 | 595565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC (United Kingdom) | 8272 | 116958 |
|  |  | 712523 |
|  **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 2501 | 166018 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) (Australia) | 32810 | 118397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group (Australia) | 121521 | 165643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 85058 | 324302 |
|  |  | 774360 |
|  **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 24200 | 601128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 41852 | 1362327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ (Finland) | 2576 | 114158 |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. (Hong Kong), UTS | 38000 | 56269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 62248 | 290867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Singapore) | 16800 | 59438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 47291 | 202120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 161783 | 524915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 39486 | 1608265 |
|  |  | 4819487 |
|  **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA (Spain) | 247 | 53757 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc.(a) | 9600 | 1106976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 4900 | 75492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1300 | 459251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 1600 | 96032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA (Spain) | 4796 | 172563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 139697 | 1452477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 2857 | 264072 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp.(a) | 15500 | 693935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 24838 | 537827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 9100 | 142913 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc.(a) | 16729 | 1343004 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 3500 | 557340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. (Australia) | 9152 | 69889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 12209 | 1064625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 22279 | 237020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 3346 | 247136 |
|  |  | 8574309 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 18420 | $1357877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 4037 | 1285825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 2800 | 310507 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 2000 | 1307140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 1992 | 296136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 15900 | 463594 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIDEC Corp. (Japan) | 2200 | 29872 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 6400 | 652608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA (Italy) | 2043 | 203804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 1400 | 544698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 2134 | 583810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 5238 | 734832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. (Class A Stock) | 2400 | 388824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S (Denmark) | 8455 | 228684 |
|  |  | 8388211 |
|  **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 6121 | 827192 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 600 | 81720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 700 | 129199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 10815 | 946961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 11303 | 536496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 200 | 72345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 1400 | 284466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. (Japan) | 20100 | 281776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. (Japan) | 17400 | 359622 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. (Japan) | 6400 | 90546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 8700 | 323466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 1400 | 339948 |
|  |  | 4273737 |
|  **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 17768 | 809155 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 9600 | 427776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 1890 | 36469 |
|  |  | 1273400 |
|  **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 20300 | 1903328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. (Japan) | 10500 | 256478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 4100 | 276810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc.\* | 1800 | 195282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 600 | 348426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 500 | 128015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 21969 | 2499413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 13500 | 389070 |
|  |  | 5996822 |
|  **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 12811 | 290893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 7100 | 3568815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 3322 | 73436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 14072 | 935225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 3700 | 248529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 1800 | 139320 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A180

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Financial Services (cont'd.)** | **Financial Services (cont'd.)** | **Financial Services (cont'd.)** | **Financial Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 724 | $| 32434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 21830 |  | 777925 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC (United Kingdom) | 16529 |  | 63634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 7063 |  | 4032126 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 15800 |  | 462107 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 7700 |  | 449526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 7751 |  | 194580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 5500 |  | 1928905 |
|  |  |  | 13197455 |
|  **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 1700 |  | 151436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 43100 |  | 746061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 4821 |  | 434850 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 10500 |  | 488250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 1900 |  | 209494 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 1800 |  | 176058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (Netherlands) (XAMS)\* | 1243 |  | 19890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (Netherlands) (BATE)\* | 2241 |  | 35569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 9389 |  | 505410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA (Norway) | 2750 |  | 66151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 16358 |  | 1623681 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 332500 |  | 370410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. (Japan) | 9600 |  | 201427 |
|  |  |  | 5028687 |
|  **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 5700 |  | 456342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA (Spain) | 14544 |  | 442841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 11300 |  | 392640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 41846 |  | 278061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 2900 |  | 114969 |
|  |  |  | 1684853 |
|  **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. (Japan) | 900 |  | 24930 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 28100 |  | 1018625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 520 |  | 150134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 14400 |  | 1176624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 3234 |  | 748089 |
|  |  |  | 3118402 |
|  **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 3764 |  | 471591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 1624 |  | 315170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 8200 |  | 781870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S (Denmark) (Class B Stock) | 540 |  | 46297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 9795 |  | 835024 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 2112 |  | 667810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 11744 |  | 255161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getinge AB (Sweden) (Class B Stock) | 3060 |  | 72246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 4700 |  | 712847 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** | **Health Care Equipment & Supplies (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 1100 | $| 744183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 500 |  | 142120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 2700 |  | 1529172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 13028 |  | 1251470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (Germany), 144A | 679 |  | 35591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 8731 |  | 145205 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 3200 |  | 811264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 1585 |  | 557080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. (Japan) | 3500 |  | 50873 |
|  |  |  | 9424974 |
|  **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 4600 |  | 945300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 430 |  | 145233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 15000 |  | 617250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 2335 |  | 642662 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 17939 |  | 1423639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 6565 |  | 313581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 5676 |  | 325188 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 200 |  | 93372 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 700 |  | 574203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 628 |  | 108977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 20767 |  | 312688 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 4737 |  | 1563731 |
|  |  |  | 7065824 |
|  **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** | **Health Care REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc.(a) | 44500 |  | 715560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 5352 |  | 414138 |
|  |  |  | 1129698 |
|  **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 33600 |  | 595728 |
|  **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain) | 2079 |  | 153869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 16300 |  | 600818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 4359 |  | 168756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 320 |  | 1713706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 10993 |  | 406741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 6362 |  | 201580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 400 |  | 73608 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 915 |  | 207229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 1700 |  | 481627 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED (France) | 1044 |  | 28899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 39000 |  | 192302 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC (United Kingdom) | 209 |  | 29371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. (The) (Australia) | 23100 |  | 79371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 707 |  | 219340 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 5623 |  | 1718557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 1595 |  | 81721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd.\* | 11100 |  | 792651 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A181

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 4608 | $| 697098 |
|  |  |  | 7847244 |
|  **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC (Ireland) | 78921 |  | 191999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 18700 |  | 242427 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 3700 |  | 433862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 46400 |  | 1190206 |
|  |  |  | 2058494 |
|  **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 10600 |  | 837612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 4696 |  | 135016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 635 |  | 48327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 7803 |  | 1118248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 7072 |  | 572262 |
|  |  |  | 2711465 |
|  **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 7800 |  | 111852 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 5664 |  | 300118 |
|  |  |  | 411970 |
|  **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 3401 |  | 544500 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 44000 |  | 299132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. (Japan) | 100 |  | 28020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 35000 |  | 1097655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 2900 |  | 565761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 6500 |  | 109312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 5582 |  | 1563388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd. (Hong Kong) (Class A Stock) | 10500 |  | 84644 |
|  |  |  | 4292412 |
|  **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 13506 |  | 1724176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC (United Kingdom) | 21626 |  | 209515 |
|  |  |  | 1933691 |
|  **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 2296 |  | 98218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 35048 |  | 272544 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 65800 |  | 677286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 1792 |  | 828580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 4500 |  | 936675 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 13400 |  | 1146370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co.(a) | 3567 |  | 923104 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV (Netherlands) | 6729 |  | 478774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 1500 |  | 361275 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 30735 |  | 1474698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 800 |  | 85672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 3708 |  | 1157341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 29800 |  | 247655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 4000 |  | 742080 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 13700 |  | 1081478 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 19700 | $| 462498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 1195 |  | 786413 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 6847 |  | 528209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Financial Ltd. (Israel) | 3468 |  | 143433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 19056 |  | 188651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 2627 |  | 598221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 37197 |  | 572204 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 50993 |  | 675119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 11000 |  | 373364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 1084 |  | 180583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 3047 |  | 404760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 5800 |  | 214404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 1572 |  | 455974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 15335 |  | 367912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 387 |  | 292844 |
|  |  |  | 16756339 |
|  **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 30991 |  | 9700183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 22890 |  | 7182882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC (United |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingdom), 144A | 8943 |  | 70554 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. (Australia) | 1845 |  | 37788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 17132 |  | 28559 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 73400 |  | 195314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 12276 |  | 8103265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 1442 |  | 144834 |
|  |  |  | 25463379 |
|  **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 4475 |  | 1200643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 2568 |  | 426412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 13700 |  | 1137100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 11500 |  | 316054 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 1962 |  | 581164 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 2000 |  | 839380 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 18400 |  | 622573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. (Japan) | 3100 |  | 117969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 6000 |  | 188332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. (Japan) | 15400 |  | 317326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc.\* | 400 |  | 87744 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 4000 |  | 134382 |
|  |  |  | 5969079 |
|  **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. (Japan) | 4700 |  | 125096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 1900 |  | 141056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 1400 |  | 114800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. (Japan) | 1000 |  | 104571 |
|  |  |  | 485523 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A182

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 5193 | $1188782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE (Luxembourg) | 962 | 70350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 656 | 442288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 200 | 112330 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 3926 | 178542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 2000 | 1158900 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 1500 | 412710 |
|  |  | 3563902 |
|  **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (France)\* | 15584 | 459758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class A Stock) | 2840 | 50559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 9591 | 153329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 3000 | 1718610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 3900 | 719277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 1000 | 510450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. (Japan) | 3800 | 119608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG (Germany) | 2630 | 113912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 2476 | 1152751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 2309 | 450809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 2346 | 47198 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 8100 | 315218 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG (Germany) | 775 | 52376 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. (Japan) | 1900 | 33403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 3400 | 107891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (Finland) (Class B Stock) | 2196 | 155571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 1500 | 359460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 1600 | 48494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ (Finland) | 3675 | 63942 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. (Japan) | 15800 | 317921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 23100 | 563927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 1600 | 1406336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 18438 | 595568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 144 | 50953 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 700 | 242201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. (Hong Kong) | 2500 | 28758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 12259 | 434025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 1200 | 163416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 70500 | 190455 |
|  |  | 10626176 |
|  **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class A Stock) | 17 | 38994 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class B Stock) | 32 | 73426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 10000 | 139202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 5300 | 583954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 4900 | 147316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 8200 | 265611 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 62000 | 221860 |
|  |  | 1470363 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 45564 | $1361908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 2418 | 251104 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 47893 | 215146 |
|  |  | 1828158 |
|  **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC (South Africa) | 2844 | 117635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC (Chile) | 2548 | 111922 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 3115 | 143039 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 34356 | 1036834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 6926 | 383675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC (Ivory Coast) | 1188 | 62070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 34898 | 292052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 22443 | 328173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 11900 | 604401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC (Mexico) | 11360 | 506548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC (Australia)\* | 77917 | 425946 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 8300 | 105816 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. (Japan) | 10000 | 125011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 5600 | 559160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 34500 | 141176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA (Norway) | 4111 | 31734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 10798 | 190019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 5400 | 880794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 2284 | 222817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 9008 | 725604 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. (Australia) | 15081 | 35698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. (South Africa) | 326 | 27207 |
|  |  | 7057331 |
|  **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 2900 | 289594 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 6184 | 432447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 5074 | 297286 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 35692 | 675825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 17807 | 467779 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 21355 | 327553 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 3500 | 146160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 857 | 68817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 5000 | 441450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA (France) | 695 | 24184 |
|  |  | 3171095 |
|  **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA (France) | 1378 | 130872 |
|  **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 87600 | 510880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 21987 | 371963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 2400 | 466536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 10841 | 1652277 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 19057 | 1783926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 8500 | 311355 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 44700 | 316257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (Italy) | 4752 | 90079 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 8841 | 928393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 4734 | 111636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 25300 | 3044602 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A183

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA (Portugal) | 11603 | $199808 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 8100 | 373248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. (Japan) | 10200 | 77227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan) | 6300 | 126003 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC (Russia)\*^ | 3042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 3000 | 387120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA (Spain) | 8061 | 150406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 54987 | 2026395 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 10145 | 661434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 2900 | 174319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 12298 | 191758 |
|  |  | 13955622 |
|  **Passenger Airlines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. (Japan) | 3300 | 62673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 2600 | 180440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (Germany) | 6721 | 66027 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 53384 | 296410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 67172 | 464070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 10449 | 360256 |
|  |  | 1429876 |
|  **Personal Care Products — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock) | 1600 | 167552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. (Japan) | 1800 | 71841 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (France) | 623 | 267464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. (Japan) | 3100 | 45114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XLON) | 9962 | 650889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XAMS) | 5526 | 361564 |
|  |  | 1564424 |
|  **Pharmaceuticals — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 29400 | 391300 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 10011 | 1852629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Germany) | 10634 | 461258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co | 11346 | 612003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 2000 | 104923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 4650 | 4997262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 2760 | 562027 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 24970 | 612195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 1394 | 29061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 11270 | 2332327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 8563 | 901341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 15607 | 2150582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 20857 | 1057835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 693 | 51703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan) | 1000 | 56559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 10800 | 150336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 42400 | 1055760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 4739 | 1957066 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Pharmaceuticals (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 4126 | $| 299573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 10585 |  | 1024154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. (Japan) | 8800 |  | 159279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 1200 |  | 37278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. (Israel), ADR\* | 3800 |  | 118598 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 1029 |  | 286707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 3800 |  | 478116 |
|  |  |  | 21739872 |
|  **Professional Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc | 900 |  | 231507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 135700 |  | 453238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 8855 |  | 200686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 11700 |  | 486486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 1800 |  | 238428 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 2000 |  | 80400 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 9600 |  | 285408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 7200 |  | 404580 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 1964 |  | 79123 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (Switzerland) | 567 |  | 64835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 1635 |  | 118325 |
|  |  |  | 2643016 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 1200 |  | 192948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 18300 |  | 348468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 6100 |  | 202635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 2500 |  | 841175 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 2577 |  | 187956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 11245 |  | 323624 |
|  |  |  | 2096806 |
|  **Residential REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 482 |  | 87391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 1500 |  | 165120 |
|  |  |  | 252511 |
|  **Retail REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 4313 |  | 170645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 3400 |  | 191658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 100387 |  | 280621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield (France) | 1265 |  | 137565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 118794 |  | 202247 |
|  |  |  | 982736 |
|  **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** | **Semiconductors & Semiconductor Equipment — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 8800 |  | 1884608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 5100 |  | 644884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 6065 |  | 1644828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 1400 |  | 359786 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 2638 |  | 2842498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 24380 |  | 8437918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 6123 |  | 267152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 34900 |  | 1287810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan)\* | 5900 |  | 392675 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A184

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 500 | $607540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 10659 | 1824608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan) | 100 | 19054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 4100 | 348418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 6200 | 1769542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 202 | 67527 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 124329 | 23187359 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 4428 | 961142 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 1000 | 171050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan)\* | 30100 | 412275 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 1200 | 116885 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV (Singapore) | 8275 | 216268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 1000 | 193560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 2424 | 420540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 900 | 200455 |
|  |  | 48278382 |
|  **Software — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 2900 | 1014971 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 900 | 606438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 2200 | 356708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 3200 | 947232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 2600 | 812708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\*(a) | 900 | 167004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 1400 | 190386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV\* | 7200 | 543168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 2800 | 222348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 19700 | 535643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 1879 | 1244687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 41675 | 20154863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 500 | 73780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 1306 | 147626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 8661 | 1688116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (Japan) | 400 | 33620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 11000 | 1955250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 798 | 355214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 4700 | 1245077 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 4840 | 1175968 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 7830 | 1199478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. (Japan) | 2300 | 95524 |
|  |  | 34765809 |
|  **Specialized REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 2129 | 373789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc.(a) | 5900 | 524333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 665 | 102882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage(a) | 3200 | 830400 |
|  |  | 1831404 |
|  **Specialty Retail — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 900 | 185832 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 30 | 101745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 2090 | 123268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 600 | 217553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 1800 | 339048 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Specialty Retail (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB (Sweden) (Class B Stock) | 4454 | $| 89275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 3248 |  | 1117637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 6942 |  | 457927 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 192951 |  | 218707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 110900 |  | 466839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.(a) | 11560 |  | 2787810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 1100 |  | 174119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 1700 |  | 306238 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 10778 |  | 1655609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 400 |  | 242004 |
|  |  |  | 8483611 |
|  **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 76016 |  | 20665710 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. (Japan) | 2300 |  | 48802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 12669 |  | 304309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 2462 |  | 249938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 1800 |  | 427284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC(a) | 765 |  | 210673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.(a) | 6400 |  | 1102528 |
|  |  |  | 23009244 |
|  **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 15800 |  | 379302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 4237 |  | 913714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA (France) | 47 |  | 116694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA (France) | 432 |  | 150957 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 1493 |  | 1125328 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 2489 |  | 158574 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Switzerland)<br>(Class A Stock)\* | 8400 |  | 390432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 1065 |  | 117774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 1800 |  | 229986 |
|  |  |  | 3582761 |
|  **Tobacco — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc | 15000 |  | 864900 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 14366 |  | 814418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 17580 |  | 738187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 7000 |  | 251596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 5745 |  | 921498 |
|  |  |  | 3590599 |
|  **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 2300 |  | 330648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC (United Kingdom) | 1940 |  | 132268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 993 |  | 220159 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 1000 |  | 196850 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 44000 |  | 556020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 6400 |  | 178240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 44000 |  | 1006398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 17600 |  | 522673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 12400 |  | 429195 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A185

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Trading Companies & Distributors (cont'd.)** | **Trading Companies & Distributors (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 2600 | $| 87670 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 287 |  | 232275 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 2000 |  | 489280 |
|  |  |  | 4381676 |
|  **Water Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 7427 |  | 119325 |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. (Japan) | 12900 |  | 223269 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 22800 |  | 639616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 9879 |  | 165539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 350060 |  | 466633 |
|  |  |  | 1495057 |
|  **TOTAL COMMON STOCKS**<br> (cost $385,788,534) | **TOTAL COMMON STOCKS**<br> (cost $385,788,534) |  | 488248403 |
|  **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
|  **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 333 |  | 35484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE (Germany) (PRFC) | 944 |  | 44043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 1178 |  | 143762 |
|  |  |  | 223289 |
|  **Household Products — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 4187 |  | 341596 |
|  **TOTAL PREFERRED STOCKS**<br>(cost $529,404) | **TOTAL PREFERRED STOCKS**<br>(cost $529,404) |  | 564885 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.5%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.5%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.5%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional Core Fixed Income ETF | 686665 |  | 29224462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional International Core Equity Market ETF | 645541 |  | 24601568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Equity Market ETF | 2524486 |  | 187241127 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 366 |  | 32742 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 72122 |  | 49399243 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF | 165122 |  | 15897946 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 38346 |  | 3682366 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 55216 |  | 26133733 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 200043 |  | 42077045 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Gold MiniShares Trust\* | 152259 |  | 12998351 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Health Care Select Sector SPDR ETF | 77088 |  | 11933222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 75769 |  | 16652511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term Corporate Bond ETF(a) | 16222 |  | 1358592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Short-Term Corporate Bond ETF(a) | 21524 |  | 1716109 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $388,384,841) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $388,384,841) |  | 422949017 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services Diamond Sports Group LLC, expiring 06/30/26(x) | 32045 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | |
|  **ASSET-BACKED SECURITIES — 8.6%** | **ASSET-BACKED SECURITIES — 8.6%** | **ASSET-BACKED SECURITIES — 8.6%** | **ASSET-BACKED SECURITIES — 8.6%** |
|  **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 309301 |
|  Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 08/15/31 | 50 | 50266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | 08/15/31 | 50 | 50435 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560% | 04/22/30 | 115 | 115751 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | 06/15/27 | 364 | 361516 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 02/15/36 | 200 | 207295 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | 05/15/28 | 400 | 401275 |
|  GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.740% | 08/15/31 | 131 | 131529 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% | 04/16/29 | 100 | 101378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 09/15/31 | 82 | 82500 |
|  |  |  | 1811246 |
|  **Collateralized Loan Obligations — 8.4%** | **Collateralized Loan Obligations — 8.4%** | **Collateralized Loan Obligations — 8.4%** | **Collateralized Loan Obligations — 8.4%** |
|  AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), | AGL CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%(c) | 07/21/38 | 1250 | 1254010 |
|  AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.214%(c) | 01/20/38 | 500 | 502029 |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.387%(c) | 07/22/37 | 6000 | 6020025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(c) | 07/15/37 | 1000 | 1003306 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A186

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.779%(c) | 04/15/32 | 3519 | $4131940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, Class A, 144A, 3 Month EURIBOR + 1.270% (Cap N/A, Floor 1.270%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.279%(c) | 10/15/38 | 8750 | 10287549 |
|  Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.085%(c) | 03/31/38 | 4050 | 4049248 |
|  Atlas Senior Loan Fund Ltd. (United Kingdom), | Atlas Senior Loan Fund Ltd. (United Kingdom), | Atlas Senior Loan Fund Ltd. (United Kingdom), | Atlas Senior Loan Fund Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class B, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class B, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class B, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class B, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884%(c) | 07/20/37 | 10000 | 10040623 |
|  Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.179%(c) | 04/15/39 | 250 | 294295 |
|  Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 04/20/37 | 3500 | 3498788 |
|  BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.626%(c) | 04/15/31 | 2807 | 3283553 |
|  Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999%(c) | 10/15/35 | 10235 | 12010094 |
|  Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.226%(c) | 10/15/37 | 8100 | 9555527 |
|  CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.748%(c) | 01/25/37 | 7250 | 7263310 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.949%(c) | 08/26/32 | 5514 | 6479290 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.412%(c) | 04/17/37 | 13000 | 13045922 |
|  Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), | Generate CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634%(c) | 01/20/38 | 6750 | 6771342 |
|  Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.305%(c) | 04/15/34 | 2859 | 2860139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.324%(c) | 10/20/31 | 380 | 379847 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), | Grosvenor Place CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.654%(c) | 05/24/38 | 7500 | $8817511 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254%(c) | 10/19/38 | 3750 | 4403272 |
|  Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.659%(c) | 07/15/31 | 1977 | 2322345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class AR, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class AR, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class AR, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class AR, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.384%(c) | 07/20/38 | 500 | 589555 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%(c) | 01/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;7000 | 7026571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.264%(c) | 10/16/37 | 1250 | 1254324 |
|  Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.015%(c) | 04/15/34 | 2000 | 1998374 |
|  Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), | Monument CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.654%(c) | 05/15/37 | 12000 | 14135328 |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(c) | 10/12/30 | 422 | 422222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.286%(c) | 07/15/31 | 102 | 101995 |
|  Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.494%(c) | 07/20/38 | 9000 | 10580435 |
|  NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.984%(c) | 07/20/37 | 5000 | 5004429 |
|  Ocean Trails CLO Ltd. (United Kingdom), | Ocean Trails CLO Ltd. (United Kingdom), | Ocean Trails CLO Ltd. (United Kingdom), | Ocean Trails CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-15A, Class A, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.605%(c) | 01/15/37 | 4000 | 4012306 |
|  Octagon Alto Ltd. (Cayman Islands), | Octagon Alto Ltd. (Cayman Islands), | Octagon Alto Ltd. (Cayman Islands), | Octagon Alto Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.024%(c) | 10/20/36 | 7250 | 7247781 |
|  OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%(c) | 04/15/31 | 164 | 164373 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A187

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.399%(c) | 01/15/38 | 7000 | $8242690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.376%(c) | 07/15/38 | 250 | 294468 |
|  Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.996%(c) | 07/20/34 | 806 | 806062 |
|  Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.346%(c) | 10/15/34 | 7500 | 7502866 |
|  PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%(c) | 07/15/31 | 69 | 68898 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.432%(c) | 04/17/37 | 12500 | 12531262 |
|  RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.169%(c) | 04/15/40 | 250 | 295596 |
|  Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), | Silver Rock CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.634%(c) | 01/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;6000 | 6013319 |
|  Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.614%(c) | 02/15/37 | 2000 | 2352593 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.190%(c) | 01/26/31 | 82 | 81637 |
|  St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.866%(c) | 01/17/32 | 4046 | 4747925 |
|  St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.895%(c) | 04/25/30 | 915 | 1072872 |
|  Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.115%(c) | 04/16/31 | 129 | 129079 |
|  Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.199%(c) | 10/15/38 | 8000 | 9421006 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), | Tikehau US CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.754%(c) | 01/20/36 | &nbsp;&nbsp;&nbsp;&nbsp;2900 | $2905105 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class B1RR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class B1RR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class B1RR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class B1RR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.915%(c) | 07/25/34 | 4550 | 5351865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.676%(c) | 04/15/37 | 8000 | 9432059 |
|  Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | 01/20/37 | 7000 | 7003430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.614%(c) | 03/18/38 | 6750 | 6775326 |
|  Trinitas Euro CLO DAC (Ireland), | Trinitas Euro CLO DAC (Ireland), | Trinitas Euro CLO DAC (Ireland), | Trinitas Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.286%(c) | 01/15/39 | 6500 | 7657790 |
|  |  |  | 263497506 |
|  **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** |
|  Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.790% | 05/17/51 | 160 | 161059 |
|  Foundation Finance Trust, | Foundation Finance Trust, | Foundation Finance Trust, | Foundation Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560% | 08/15/52 | 313 | 313186 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520% | 12/27/60 | 105 | 105244 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 11/20/31 | 250 | 243608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 10/20/34 | 330 | 332688 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/14/35 | 230 | 226671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/14/38 | 800 | 825987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.490% | 06/14/38 | 200 | 211373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740% | 09/15/36 | 100 | 103276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.520% | 09/15/36 | 200 | 207203 |
|  |  |  | 2730295 |
|  **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** |
|  NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.024%(c) | 03/15/32 | 500 | 677060 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A188

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%(c) | 05/25/34 | 19 | $18349 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.346%(c) | 03/25/43 | 10 | 9966 |
|  Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%(c) | 08/25/33 | 16 | 17067 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.344%(cc) | 09/25/44 | 352 | 353776 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | 01/25/64 | 57 | 57424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.167%(cc) | 09/25/64 | 178 | 177852 |
|  |  |  | 634434 |
|  **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** |
|  Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/25/44 | 100 | 100328 |
|  NMABS Issuer I LLC, | NMABS Issuer I LLC, | NMABS Issuer I LLC, | NMABS Issuer I LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140% | 11/22/55 | 150 | 149785 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% | 07/17/42 | 280 | 266844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/17/42 | 162 | 157351 |
|  Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.720% | 04/20/44 | 76 | 76258 |
|  |  |  | 750566 |
|  **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.446%(c) | 02/25/34 | 5 | 4643 |
|  Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.574%(c) | 10/25/34 | 11 | 11056 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.896%(c) | 11/25/34 | — (r) | 116 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%(c) | 01/25/35 | 10 | 9555 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** |
|  Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.786%(c) | 09/25/34 | 38 | $40414 |
|  |  |  | 65784 |
|  **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | 11/16/48 | 41 | 40218 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | 05/15/46 | 78 | 75344 |
|  |  |  | 115562 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $261,590,320) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $261,590,320) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $261,590,320) | 270282453 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.8%** |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254% | 07/15/60 | 104 | 102561 |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884% | 08/15/57 | 800 | 837835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | 10/15/57 | 850 | 875919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646% | 04/15/58 | 1260 | 1317681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.452% | 07/15/58 | 2100 | 2180941 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | 08/15/52 | 325 | 311377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.208% | 09/15/57 | 400 | 411097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.659% | 05/15/58 | 790 | 827090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C36, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.517% | 08/15/58 | 1550 | 1616833 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602% | 08/15/57 | 480 | 498761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.277% | 09/15/57 | 650 | 669083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.439%(cc) | 08/15/58 | 450 | 467634 |
|  BFLD Trust, | BFLD Trust, | BFLD Trust, | BFLD Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%(c) | 06/15/42 | 400 | 399999 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.857% | 02/15/57 | 375 | 391684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316% | 09/15/57 | 950 | 976962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.669% | 07/15/58 | 2100 | 2196514 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A189

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  BPR Trust, | BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.565%(c) | 09/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $299636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.215%(c) | 09/15/38 | 600 | 599271 |
|  BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.155%(c) | 11/15/41 CAD | 480 | 350309 |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.202% | 12/09/41 | 450 | 427213 |
|  BXMT Ltd. (Cayman Islands), | BXMT Ltd. (Cayman Islands), | BXMT Ltd. (Cayman Islands), | BXMT Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(c) | 10/18/42 | 200 | 198954 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171% | 08/15/50 | 340 | 334492 |
|  CENT, | CENT, | CENT, | CENT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(cc) | 07/10/40 | 450 | 455473 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 11/10/49 | 348 | 346130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | 12/10/54 | 325 | 323062 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.209% | 10/12/50 | 308 | 303081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.620% | 08/10/56 | 375 | 354820 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.961% | 05/10/51 | 550 | 545136 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | 09/15/37 | 125 | 114824 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.191% | 11/15/50 | 285 | 281215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959% | 08/15/51 | 265 | 264030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.763% | 09/15/52 | 145 | 137355 |
|  CSTL Commercial Mortgage Trust, | CSTL Commercial Mortgage Trust, | CSTL Commercial Mortgage Trust, | CSTL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560%(cc) | 11/10/42 | 280 | 278993 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632% | 08/10/49 | 301 | 300023 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.335%(cc) | 03/25/26 | 2602 | 2839 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.725%(cc) | 07/25/31 | 15001 | 514137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.259%(cc) | 07/25/26 | 80 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.559%(cc) | 12/25/27 | 200 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, | &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, | &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, | &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005% | 07/15/52 | 59 | 56945 |
|  One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516% | 09/15/54 | 195 | 181004 |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.364%(c) | 03/15/36 | 150 | 149515 |
|  PRM7 Trust, | PRM7 Trust, | PRM7 Trust, | PRM7 Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.363%(cc) | 11/10/42 | 255 | 251454 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | 08/15/51 | 435 | 430552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.344% | 04/15/52 | 375 | 369432 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 07/15/50 | 316 | 311775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749% | 03/15/52 | 118 | 118074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643% | 08/15/52 | 239 | 227489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% | 07/15/57 | 900 | 942258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590% | 07/15/58 | 1750 | 1827650 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $25,574,713) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $25,574,713) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $25,574,713) | 25381278 |
|  **CORPORATE BONDS — 7.0%** | **CORPORATE BONDS — 7.0%** | **CORPORATE BONDS — 7.0%** | **CORPORATE BONDS — 7.0%** |
|  **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/01/31 | 820 | 787963 |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/28 | 875 | 877021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 02/01/29 | 45 | 46850 |
|  |  |  | 1711834 |
|  **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/20/35 | 100 | 105099 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A190

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/20/26 | 13 | $13367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | 676304 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/20/28 | 500 | 502064 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 840 | 839523 |
|  |  |  | 2031258 |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  Levi Strauss & Co., | Levi Strauss & Co., | Levi Strauss & Co., | Levi Strauss & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/31 | 200 | 186377 |
|  **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
|  American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 06/27/28 | 300 | 353563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/27/31 | 700 | 819911 |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/12/32 | 650 | 573310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/43 | 12 | 9491 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/13/30 | 700 | 660149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/28/27 | 200 | 200669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.730% | 09/05/30 | 200 | 203171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 05/17/27 | 315 | 319765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | 05/12/28 | 575 | 599928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200% | 06/10/30 | 200 | 214133 |
|  Sr. Unsec'd. Notes, EMTN | Sr. Unsec'd. Notes, EMTN | Sr. Unsec'd. Notes, EMTN | Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.066% | 08/21/30 | 300 | 354873 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 04/04/32 | 620 | 645623 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 09/26/29 | 185 | 185942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/01/27 | 195 | 197474 |
|  Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 06/17/29(oo) | 800 | 924262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.493%(ff) | 11/15/30(oo) | 100 | 121046 |
|  |  |  | 6383310 |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 50 | 52193 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/29 | 315 | 326304 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** |
|  Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/33 | 95 | 98662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/32 | 150 | 153652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;2100 | 2109151 |
|  |  |  | 2739962 |
|  **Banks — 1.4%** | **Banks — 1.4%** | **Banks — 1.4%** | **Banks — 1.4%** |
|  Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/17/34 | 200 | 226002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 06/29/29 | 400 | 430395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 05/25/30 | 200 | 211230 |
|  Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 10/27/30 | 5000 | 774507 |
|  Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/23/29 | 500 | 601694 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%(ff) | 03/19/29(oo) | 200 | 222728 |
|  Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 05/20/31(oo) | 200 | 245020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%(ff) | 09/13/30 | 100 | 122024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/08/29 | 100 | 125221 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%(ff) | 05/21/33(a)(oo) | 200 | 239562 |
|  Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/15/31 | 400 | 477405 |
|  Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/30 | 100 | 112731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 10/13/28 | 100 | 109783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 03/13/35 | 100 | 118361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/08/27 | 300 | 361399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/13/32 | 100 | 121793 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 07/26/30(oo) | 145 | 146962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 | 545 | 491319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162%(ff) | 01/24/31 | 340 | 351150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%(ff) | 03/08/37 | 58 | 54735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%(ff) | 02/12/36 | 510 | 531807 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A191

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 03/10/30(oo) | EUR | 200 | $245409 |
|  Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 02/04/33 | EUR | 200 | 234565 |
|  Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), | Barclays Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 01/28/33 | MXN | 5000 | 128871 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.476%(ff) | 11/11/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 200660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.090%(ff) | 11/06/29 | GBP | 100 | 143437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%(ff) | 03/22/31 | EUR | 300 | 350877 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | 08/16/29(oo) |  | 200 | 210712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | 11/19/30 |  | 450 | 462314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%(ff) | 01/13/33 |  | 200 | 209801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/29/28 | CNH | 5000 | 725616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(ff) | 03/31/32 | EUR | 400 | 466716 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | 01/14/31 |  | 250 | 260826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%(ff) | 10/19/29 |  | 390 | 413381 |
|  Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.063% | 10/09/30 | EUR | 100 | 116199 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 07/24/32(oo) | EUR | 200 | 246853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%(ff) | 09/13/34 |  | 200 | 222889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673%(ff) | 03/15/30 |  | 200 | 207545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 03/05/37 | EUR | 200 | 235973 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/30 |  | 400 | 399467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/05/26 |  | 600 | 603118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 |  | 600 | 631155 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 02/18/26(oo) |  | 605 | 603193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 |  | 470 | 426602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.493%(ff) | 10/22/34 | EUR | 600 | 691356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | 03/20/30 |  | 135 | 133783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412%(ff) | 03/31/31 |  | 150 | 149963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.503%(ff) | 09/11/31 |  | 94 | 94254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%(ff) | 09/19/30 |  | 150 | 151134 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 02/13/30 | 90 | $92373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 09/11/36 | 63 | 63661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 06/11/35 | 10 | 10344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | 02/13/35 | 80 | 83213 |
|  Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.253%(ff) | 03/05/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | 924267 |
|  Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982%(ff) | 01/30/30 | 189 | 197206 |
|  Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 07/16/32 | 500 | 602591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%(ff) | 10/16/34 | 100 | 122699 |
|  Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/14/26 | 400 | 262536 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%(ff) | 09/23/28(oo) | 200 | 251462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.316%(ff) | 10/03/29 | 250 | 263138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.818%(ff) | 09/25/33 | 250 | 249570 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 | 400 | 415534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(ff) | 06/21/30 | 100 | 124013 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | 01/07/28 | 335 | 329170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%(ff) | 08/04/31 | 150 | 151516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999%(ff) | 09/11/30 | 525 | 532499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(ff) | 02/13/31 | 700 | 822344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%(ff) | 02/10/34 | 260 | 285384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 06/24/32 | 400 | 474436 |
|  Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 02/26/30 | 950 | 582294 |
|  Fifth Third Bank NA, | Fifth Third Bank NA, | Fifth Third Bank NA, | Fifth Third Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.967%(ff) | 01/28/28 | 450 | 454160 |
|  First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 02/16/26 | 400 | 467687 |
|  Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%(ff) | 05/21/27 | 700 | 703282 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%(ff) | 11/10/26(oo) | 385 | 380618 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A192

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.369%(ff) | 10/21/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | $319335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | 10/23/30 | 465 | 471368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.939%(ff) | 10/21/36 | 312 | 309785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%(ff) | 07/23/30 | 135 | 138321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.207%(ff) | 01/28/31 | 110 | 113602 |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%(ff) | 12/17/30(oo) | 220 | 209000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.206%(ff) | 08/17/29 | 325 | 308896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(ff) | 07/22/28 | 800 | 1057630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%(ff) | 11/19/28 | 200 | 203426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546%(ff) | 03/04/30 | 210 | 217637 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 03/30/28(oo) | 200 | 245782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(ff) | 09/16/32 | 300 | 358312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/20/33 | 270 | 297108 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%(ff) | 11/08/32 | 430 | 387917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%(ff) | 10/15/30 | 130 | 123325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.603%(ff) | 10/22/30 | 225 | 228114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.012%(ff) | 01/23/30(a) | 550 | 563999 |
|  KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 11/27/30(oo) | 200 | 241546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%(ff) | 10/16/30 | 200 | 203489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/20/28 | 100 | 137275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.151%(ff) | 03/19/34 | 200 | 279026 |
|  KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.401%(ff) | 03/06/35 | 10 | 10861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.121%(ff) | 04/04/31 | 516 | 529939 |
|  Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%(ff) | 03/25/26(oo) | 200 | 199200 |
|  Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 09/27/31(a)(oo) | 200 | 206000 |
|  M&T Bank Corp., | M&T Bank Corp., | M&T Bank Corp., | M&T Bank Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.082%(ff) | 03/13/32 | 39 | 41486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.385%(ff) | 01/16/36 | 48 | 48772 |
|  Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%(ff) | 05/13/31 | 560 | 574598 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | 10/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | $976445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/15/31 | 75 | 77312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/02/32 | 200 | 146260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749%(ff) | 11/07/36 | 600 | 693253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | 01/21/33 | 220 | 200794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | 04/21/34 | 55 | 56588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(ff) | 07/21/34 | 49 | 50966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.356%(ff) | 10/22/31 | 224 | 223298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.948%(ff) | 01/19/38 | 170 | 179186 |
|  Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(ff) | 05/26/28 | 550 | 560840 |
|  Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.734%(ff) | 07/18/31 | 250 | 253395 |
|  National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146% | 02/05/31 | 750 | 892183 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 11/10/33(oo) | 200 | 223750 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%(ff) | 10/21/32 | 85 | 86528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | 07/21/36 | 30 | 30896 |
|  QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/01/28 | 550 | 364515 |
|  Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%(ff) | 09/11/30 | 415 | 419483 |
|  Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/12/31 | 470 | 555736 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%(ff) | 06/09/32 | 200 | 180603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%(ff) | 04/13/33 | 200 | 211066 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(ff) | 10/15/30 | 200 | 203646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.545%(ff) | 01/21/29 | 210 | 215466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.018%(ff) | 02/08/30 | 200 | 215360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%(ff) | 08/12/36 | 220 | 224596 |
|  Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.666% | 09/08/31 | 500 | 608905 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A193

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.964%(ff) | 10/23/36 | 180 | 178096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(ff) | 01/24/35 | 35 | 36844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%(ff) | 06/08/34 | 55 | 58470 |
|  TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.704% | 02/18/30 | 350 | 408465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.319% | 03/05/29 | 690 | 825400 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.009%(ff) | 05/21/32 | 800 | 962983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%(ff) | 01/23/35 | 25 | 26397 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/13/28(oo) | 200 | 219250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/13/33(oo) | 200 | 234500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.398%(ff) | 09/23/31 | 200 | 198918 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%(ff) | 01/17/29 | 100 | 121954 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 09/15/36 | 310 | 309008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%(ff) | 04/23/31 | 255 | 263097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.211%(ff) | 12/03/35 | 273 | 278957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(ff) | 01/24/31 | 95 | 98328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%(ff) | 01/23/35 | 60 | 62552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%(ff) | 03/02/33 | 295 | 275134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 | 36 | 37777 |
|  |  |  | 44361443 |
|  **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/01/53 | 160 | 140793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 | 28 | 27348 |
|  |  |  | 168141 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/29/32 | 200 | 247627 |
|  Griffon Corp., | Griffon Corp., | Griffon Corp., | Griffon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/28 | 888 | 889552 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 12/15/27 | 600 | 523383 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 555 | 577530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/33 | 70 | 73093 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** |
|  Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/28 | 875 | 879799 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/15/30 | 625 | 604272 |
|  |  |  | 3795256 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/01/43 | 50 | 44736 |
|  Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/01/28 | 860 | 865848 |
|  |  |  | 910584 |
|  **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
|  Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/31/29 | 400 | 476311 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/29 | 805 | 796985 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarl, | &nbsp;&nbsp;&nbsp;&nbsp; Sarl, | &nbsp;&nbsp;&nbsp;&nbsp; Sarl, | &nbsp;&nbsp;&nbsp;&nbsp; Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/28 | 1380 | 1356388 |
|  Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/29 | 620 | 560711 |
|  Ayvens SA (France), | Ayvens SA (France), | Ayvens SA (France), | Ayvens SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/24/28 | 400 | 481298 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 280 | 287604 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 500 | 584844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/25/30 | 300 | 393264 |
|  Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 05/15/28 | 300 | 315298 |
|  Gov't. Gtd. Notes, 144A | Gov't. Gtd. Notes, 144A | Gov't. Gtd. Notes, 144A | Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 05/15/28 | 300 | 315298 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/17/31 | 300 | 367107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/15/35 | 100 | 99458 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/30 | 365 | 383900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/33(a) | 160 | 169580 |
|  Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 08/09/35 | 180 | 180550 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A194

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 1375 | 1290039 |
|  |  |  | 8058635 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 04/01/29 | 394 | 427958 |
|  **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/29/28 | 280 | 270981 |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%(ff) | 07/20/33 | 60 | 61063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%(ff) | 04/25/36 | 50 | 52828 |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/15/27 | 50 | 49455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/28 | 145 | 147040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/15/30 | 80 | 81442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/30/30 | 280 | 287664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/29 | 365 | 377720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/29 | 110 | 113960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/04/28 | 255 | 265685 |
|  Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%(ff) | 11/14/36 | 200 | 199126 |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 04/01/32 | 300 | 316497 |
|  LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/20/27 | 80 | 81551 |
|  OMERS Finance Trust (Canada), | OMERS Finance Trust (Canada), | OMERS Finance Trust (Canada), | OMERS Finance Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | 04/21/27 | 250 | 179555 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/29 | 325 | 325233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 03/15/26 | 282 | 283448 |
|  Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% | 05/19/28 | 400 | 445078 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/29 | 655 | 640046 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.841% | 09/21/28 | 500 | 564266 |
|  Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | 05/15/28 | 450 | 506511 |
|  REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 09/01/26 | 200 | 197250 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
|  Stellantis Financial Services US Corp., | Stellantis Financial Services US Corp., | Stellantis Financial Services US Corp., | Stellantis Financial Services US Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 09/15/30 | 325 | 329872 |
|  |  |  | 5776271 |
|  **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 12/01/52 | 5 | 5187 |
|  Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 07/22/28 | 200 | 226005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/19/30 | 100 | 117225 |
|  Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 02/28/34 | 202 | 178380 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/01/31 | 340 | 328184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/15/28 | 1155 | 1155628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 40 | 39968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 | 860 | 860155 |
|  CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 12/02/26 | 300 | 347275 |
|  Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | 10/20/35 | 200 | 206276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672% | 10/20/35 | 388 | 401556 |
|  Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.010% | 01/20/33 | 358 | 375116 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/29/36 | 747 | 691573 |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 10/01/39 | 40 | 43438 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 02/15/56 | 284 | 285869 |
|  DTE Energy Co., | DTE Energy Co., | DTE Energy Co., | DTE Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 10/01/35 | 145 | 144967 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/55 | 2 | 1975 |
|  Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 06/15/53 | 64 | 66592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/29 | 72 | 73220 |
|  Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%(ff) | 12/01/27(oo) | 200 | 229372 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A195

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/17/32(oo) | 200 | 244473 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/52 | 200 | 187217 |
|  Energuate Trust 2 0 (Guatemala), | Energuate Trust 2 0 (Guatemala), | Energuate Trust 2 0 (Guatemala), | Energuate Trust 2 0 (Guatemala), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 09/15/35 | 200 | 199322 |
|  Engie SA (France), | Engie SA (France), | Engie SA (France), | Engie SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/06/31 | 100 | 119760 |
|  Entergy Corp., | Entergy Corp., | Entergy Corp., | Entergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%(ff) | 06/15/56 | 22 | 22007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 12/01/54 | 211 | 221756 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 09/15/54 | 15 | 14559 |
|  Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 1500 | 1551563 |
|  EUSHI Finance, Inc., | EUSHI Finance, Inc., | EUSHI Finance, Inc., | EUSHI Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 04/01/56 | 95 | 94842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%(ff) | 12/15/54 | 68 | 71502 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.866% | 09/15/28 | 45 | 43508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/44 | 75 | 72373 |
|  Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.874%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/26(oo) | 900 | 1053756 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/22/32 | 400 | 375100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 12/15/27 | 500 | 528645 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/14/30 | 65 | 61350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/33 | 230 | 237374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/09/34 | 55 | 57379 |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 03/01/32 | 110 | 98876 |
|  Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.156%(c) | 07/24/26 | 400 | 466277 |
|  MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 11/18/27 | 100 | 112666 |
|  National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.530% | 09/20/28 | 300 | 359433 |
|  National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 09/01/28 | 200 | 220237 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 08/15/55 | 40 | $41298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/54 | 100 | 106653 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/29 | 150 | 143380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/31 | 720 | 672647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/32 | 55 | 51394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/28(oo) | 275 | 299539 |
|  NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/01/27 | 600 | 702525 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 06/15/43 | 50 | 41772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/15/34 | 120 | 124761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/15/35 | 185 | 194349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/15/33 | 55 | 58378 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 11/05/31 | 500 | 524803 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 03/15/55 | 36 | 37496 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/53 | 45 | 42601 |
|  SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.453% | 03/15/36 | 208 | 209031 |
|  Sempra, | Sempra, | Sempra, | Sempra, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 04/01/56 | 70 | 71535 |
|  Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%(ff) | 12/15/55 | 145 | 144187 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/34 | 24 | 24126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/01/35 | 49 | 49712 |
|  Southern Power Co., | Southern Power Co., | Southern Power Co., | Southern Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/01/30 | 23 | 22963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/01/35 | 62 | 61373 |
|  Texas Electric Market Stabilization Funding M LLC, | Texas Electric Market Stabilization Funding M LLC, | Texas Electric Market Stabilization Funding M LLC, | Texas Electric Market Stabilization Funding M LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.147% | 08/01/51 | 1090 | 1094384 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/26(oo) | 825 | 836287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/26(oo) | 2100 | 2145413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/29(oo) | 1300 | 1432711 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A196

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/15/32 | 270 | 284294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 | 30 | 29799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 10/15/30 | 23 | 22974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/35 | 55 | 54718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 12/30/34 | 55 | 56609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/34 | 90 | 94458 |
|  VoltaGrid LLC, | VoltaGrid LLC, | VoltaGrid LLC, | VoltaGrid LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 11/01/30 | 465 | 460783 |
|  |  |  | 22328889 |
|  **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Emerson Electric Co., | Emerson Electric Co., | Emerson Electric Co., | Emerson Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/15/31 | 1100 | 1284456 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Fortive Corp., | Fortive Corp., | Fortive Corp., | Fortive Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 08/15/29 | 400 | 479876 |
|  Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/17/32 | 400 | 475723 |
|  |  |  | 955599 |
|  **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
|  Bioceanico Sovereign Certificate Ltd. (Paraguay), | Bioceanico Sovereign Certificate Ltd. (Paraguay), | Bioceanico Sovereign Certificate Ltd. (Paraguay), | Bioceanico Sovereign Certificate Ltd. (Paraguay), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.282%(s) | 06/05/34 | 207 | 168743 |
|  Ferrovial SE, | Ferrovial SE, | Ferrovial SE, | Ferrovial SE, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 09/13/30 | 100 | 123652 |
|  Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 03/14/36 | 100 | 101799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/11/35 | 100 | 123469 |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 206 | 201237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 200 | 176188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 294 | 287203 |
|  |  |  | 1182291 |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/29 | 1025 | 983888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 425 | 440124 |
|  Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/29 | 350 | 342734 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** |
|  Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 01/15/27 |  | 300 | 299583 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/01/29 |  | 46 | 46261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/15/31 |  | 330 | 357661 |
|  |  |  |  | 2470251 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/31 |  | 240 | 251306 |
|  **Foods — 0.2%** | **Foods — 0.2%** | **Foods — 0.2%** | **Foods — 0.2%** | **Foods — 0.2%** |
|  Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, | Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/31/31 |  | 70 | 70823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/31/34 |  | 105 | 105394 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., |
|  Gtd. Notes | Gtd. Notes | Gtd. Notes | Gtd. Notes | Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/15/27 |  | 800 | 782234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 09/15/28 |  | 625 | 615893 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | EUR | 833 | 950797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/14/30 | GBP | 853 | 1067878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | EUR | 450 | 512500 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 11/15/53 |  | 45 | 49756 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/36 |  | 210 | 213114 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/30 |  | 500 | 483430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 |  | 420 | 400296 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 |  | 100 | 102694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/01/45 |  | 20 | 20174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/01/55 |  | 175 | 174786 |
|  Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 07/03/31 | CAD | 650 | 490078 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/31 |  | 625 | 592473 |
|  |  |  |  | 6632320 |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/20/27 |  | 36 | 36191 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A197

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Gas (cont'd.)** | **Gas (cont'd.)** | **Gas (cont'd.)** | **Gas (cont'd.)** |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | 11/30/54 | 135 | 140616 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/33 | 35 | 37120 |
|  Terega SA (France), | Terega SA (France), | Terega SA (France), | Terega SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 09/17/30 | 600 | 628031 |
|  |  |  | 841958 |
|  **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
|  American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/08/34 | 500 | 575337 |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/01/29 | 1195 | 1168420 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/13/31 | 300 | 312926 |
|  |  |  | 2056683 |
|  **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/31 | 100 | 92325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/30 | 1315 | 1279636 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/30 | 300 | 288566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/15/51 | 55 | 37359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 11/15/32 | 104 | 103221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/49 | 5 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/47 | 60 | 56735 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/01/29 | 350 | 345095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 425 | 417372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/28 | 425 | 425657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 11/01/27 | 685 | 684968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/32 | 150 | 152137 |
|  |  |  | 3887597 |
|  **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 2315 | 2444521 |
|  **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/15/28 | 827 | 827458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 | 50 | 50011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 10/15/29(a) | 1113 | 1135053 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Home Builders (cont'd.)** | **Home Builders (cont'd.)** | **Home Builders (cont'd.)** | **Home Builders (cont'd.)** |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/29 | 2155 | 2077679 |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/01/28 | 600 | 597596 |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/01/30 | 1740 | 1688479 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 08/01/30 | 795 | 800003 |
|  |  |  | 7176279 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/30(a) | 220 | 214967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/32 | 115 | 111184 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 02/01/32 | 875 | 821130 |
|  |  |  | 1147281 |
|  **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
|  Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 12/31/32 | 335 | 347797 |
|  Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 08/06/35 | 2000 | 280298 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/03/31 | 450 | 424378 |
|  Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%(ff) | 09/30/41 | 400 | 442905 |
|  Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 05/16/44 | 300 | 399598 |
|  |  |  | 1894976 |
|  **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 781 | 826818 |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/01/33 | 216 | 222549 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/15/35 | 204 | 203844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 | 55 | 51175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/45 | 145 | 140929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 11/15/55 | 120 | 115370 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A198

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Internet (cont'd.)** | **Internet (cont'd.)** | **Internet (cont'd.)** | **Internet (cont'd.)** |
|  Netflix, Inc., | Netflix, Inc., | Netflix, Inc., | Netflix, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/29 | 100 | 123872 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/35 | 370 | 367257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 09/15/54 | 15 | 14259 |
|  |  |  | 2066073 |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 03/10/27 | 500 | 570715 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 | 375 | 388166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33 | 250 | 259906 |
|  Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/33 | 150 | 153410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/15/35 | 150 | 153791 |
|  |  |  | 955273 |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/01/32 | 315 | 322550 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/28 | 25 | 25442 |
|  |  |  | 347992 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/18/26 | 190 | 189016 |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/37 | 320 | 327578 |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/15/32 | 1025 | 1055678 |
|  |  |  | 1572272 |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 09/01/28 | 475 | 505350 |
|  **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/01/29 | 235 | 232369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/32 (a) | 265 | 237871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/01/31 | 86 | 79030 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/30 | 50 | 47105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/01/30 | 476 | 455358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/28 | 90 | 89261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/27 | 316 | 315641 |
|  Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, | &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, | &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, | &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 110 | 102929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 04/01/31 | 255 | 229473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 120 | 85308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 06/01/52 | 330 | 213066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% | 02/01/34 | 105 | 110712 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 11/01/56 | 100 | 56236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 05/15/33 | 85 | 85756 |
|  CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, | CSC Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/31 | 200 | 121086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 12/01/30 | 200 | 122981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/28 | 375 | 272410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 1425 | 1220031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 12/01/30 | 1550 | 553446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/30 | 1000 | 367000 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/01/29 (x) | 85 | 75533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 07/01/28 (x) | 125 | 120625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 07/01/26 (x) | 2610 | 2577543 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., | &nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., | &nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., | &nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | 11/15/27 (x) | 550 | 572335 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDF Infrastructure SASU (France), | &nbsp;&nbsp;&nbsp;&nbsp; TDF Infrastructure SASU (France), | &nbsp;&nbsp;&nbsp;&nbsp; TDF Infrastructure SASU (France), | &nbsp;&nbsp;&nbsp;&nbsp; TDF Infrastructure SASU (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 10/23/31 | 200 | 237847 |
|  Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 08/15/28 | 705 | 729970 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/30 | 900 | 1111650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 05/15/29 | 690 | 897533 |
|  |  |  | 11320105 |
|  **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
|  Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 09/21/32 | 200 | 247911 |
|  Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 10/01/31 | 515 | 567736 |
|  Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.763% | 04/14/27 | 400 | 401000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A199

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** |
|  Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 03/01/29 | EUR | 100 | 109818 |
|  Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371% | 04/04/29 |  | 200 | 206132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634% | 04/04/34 |  | 265 | 276729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 10/06/28 |  | 110 | 115167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/06/30 |  | 20 | 21502 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/01/32 |  | 205 | 217152 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/30/30 |  | 375 | 389194 |
|  |  |  |  | 2552341 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Alstom SA (France), | Alstom SA (France), | Alstom SA (France), | Alstom SA (France), | Alstom SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.868%(ff) | 05/29/29 (oo) | EUR | 100 | 124157 |
|  Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/30 | EUR | 500 | 583992 |
|  |  |  |  | 708149 |
|  **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/13/30 | EUR | 100 | 120441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/16/29 | GBP | 300 | 408296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 |  | 355 | 365760 |
|  European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.422%(s) | 05/28/37 | CAD | 400 | 180595 |
|  Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 07/15/27 |  | 300 | 311608 |
|  |  |  |  | 1386700 |
|  **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 |  | 455 | 417258 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 11/01/27 |  | 30 | 38125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 10/15/32 |  | 400 | 413777 |
|  BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 03/22/29 (oo) | EUR | 600 | 704482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(ff) | 03/18/35 (oo) |  | 200 | 205500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%(ff) | 12/01/33 (oo) |  | 180 | 190800 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 07/01/28 |  | 75 | 77349 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 | 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 07/01/31 (a) | 25 | 25951 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% | 03/15/62 | 30 | 21824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 | 40 | 38567 |
|  Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 02/15/55 | 118 | 113442 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 04/01/32 | 1125 | 1091925 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/29 | 950 | 951374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/15/30 | 285 | 289333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29 | 575 | 575778 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/29 | 140 | 138157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/30 | 575 | 557914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/31 | 140 | 132851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/32 | 700 | 658522 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/45 | 24 | 19261 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/16/34 | 400 | 534799 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 | 835 | 832604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.690% | 01/23/50 | 385 | 345091 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649% | 04/29/31 | 840 | 784672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 09/19/33 | 75 | 81638 |
|  Tecpetrol SA (Argentina), | Tecpetrol SA (Argentina), | Tecpetrol SA (Argentina), | Tecpetrol SA (Argentina), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 11/03/30 | 50 | 49650 |
|  TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275% | 09/10/54 | 10 | 9384 |
|  TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%(ff) | 10/25/27 (oo) | 600 | 682602 |
|  Transocean International Ltd., | Transocean International Ltd., | Transocean International Ltd., | Transocean International Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 05/15/29 | 265 | 266073 |
|  |  |  | 10536677 |
|  **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 04/15/30 | 945 | 960911 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A200

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/32 | 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360317 |
|  |  |  | 1321228 |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/21/49 | 180 | 148448 |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 08/01/28 | 450 | 453178 |
|  Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/30/28 | 120 | 104975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/15/29 | 544 | 414316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/30/30 | 1605 | 1125939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/15/31 | 405 | 259706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/15/29 | 313 | 250400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/15/28 | 250 | 226250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/01/28 | 150 | 133875 |
|  Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828% | 06/07/32 | 300 | 359162 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/22/54 | 220 | 216259 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/31(x) | 15 | 13824 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/30/31(a) | 350 | 290044 |
|  Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/17/35 | 75 | 75843 |
|  |  |  | 4072219 |
|  **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/29 | 1225 | 1225618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 02/01/32 | 255 | 264448 |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/29 | 280 | 280830 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | 08/15/30 | 20 | 21171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.962% | 02/15/55 | 70 | 68984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 215 | 230150 |
|  Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 07/15/77 | 45 | 44658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%(ff) | 01/15/84 | 40 | 45838 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 02/15/56 | 518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 05/15/30 (oo) | 795 | 814364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 11/15/26 (oo) | 815 | 819101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/15/34 | 65 | 66841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 09/01/34 | 40 | 41173 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 01/15/36 | 110 | 111956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 02/15/78 | 35 | 34779 |
|  Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/25/31 | 700 | 813602 |
|  Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853% | 02/23/36 | 210 | 219225 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 250 | 266066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/30 | 110 | 117952 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/31/30 | 385 | 388035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., | &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/35 | 400 | 409762 |
|  Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/15/79 | 150 | 148740 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 35 | 32876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 35 | 31845 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | 09/30/29 (oo) | 860 | 679551 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 02/01/30 | 745 | 729882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 | 40 | 34520 |
|  |  |  | 8458496 |
|  **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
|  Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 01/20/29 | 700 | 769830 |
|  Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 05/04/28 | 200 | 224540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/20/30 | 100 | 108446 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A201

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate (cont'd.)** | **Real Estate (cont'd.)** | **Real Estate (cont'd.)** | **Real Estate (cont'd.)** |
|  Corp. Inmobiliaria Vesta SAB de CV (Mexico), | Corp. Inmobiliaria Vesta SAB de CV (Mexico), | Corp. Inmobiliaria Vesta SAB de CV (Mexico), | Corp. Inmobiliaria Vesta SAB de CV (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/30/33 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201923 |
|  Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 03/03/27 | 200 | 231282 |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/01/28 | 1690 | 1697287 |
|  Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 07/15/27 | 1000 | 1156750 |
|  Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/15/31 | 200 | 179388 |
|  P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 01/26/29 | 600 | 674553 |
|  Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160% | 01/25/28 | 3000 | 435404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 08/14/27 | 7000 | 1013589 |
|  Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 12/14/29 | 100 | 106930 |
|  |  |  | 6799922 |
|  **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** | **Real Estate Investment Trusts (REITs) — 0.4%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/35 | 300 | 305010 |
|  CFE Fibra E (Mexico), | CFE Fibra E (Mexico), | CFE Fibra E (Mexico), | CFE Fibra E (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 09/23/40 | 198 | 197398 |
|  Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 01/15/32 | 400 | 401924 |
|  Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/01/31 | 500 | 437324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/28 | 584 | 563600 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 | 420 | 401740 |
|  Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 06/03/27 | 400 | 463930 |
|  Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/26/31 | 700 | 808096 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 08/01/29 | 280 | 234859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/27 | 20 | 19308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 02/15/32 | 50 | 53428 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  Prologis LP, | Prologis LP, | Prologis LP, | Prologis LP, | Prologis LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/15/33 | CAD | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219936 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 06/20/31 | EUR | 1100 | 1281913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 07/06/30 | EUR | 600 | 749782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/29 | GBP | 500 | 683303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/06/34 | EUR | 200 | 255011 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/32 |  | 830 | 861100 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 02/01/29 |  | 925 | 884031 |
|  Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 07/15/26 |  | 650 | 644613 |
|  Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/04/30(oo) | EUR | 200 | 240453 |
|  VICI Properties LP, | VICI Properties LP, | VICI Properties LP, | VICI Properties LP, | VICI Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/15/30 |  | 385 | 389605 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/30 |  | 10 | 9711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/01/26 |  | 30 | 30007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/26 |  | 125 | 125063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/15/28 |  | 440 | 440817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/27 |  | 5 | 5056 |
|  WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 07/23/32 | EUR | 400 | 482440 |
|  WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | 04/15/28 | EUR | 100 | 113576 |
|  |  |  |  | 11303034 |
|  **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
|  Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/31/32 | EUR | 200 | 242385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 08/31/32 | GBP | 225 | 313306 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/30 |  | 950 | 995781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/31 |  | 572 | 646074 |
|  EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | 11/30/28 | EUR | 1600 | 2030971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 11/30/28 |  | 1200 | 1301148 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 01/15/29 |  | 50 | 48577 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A202

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |
|  Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/01/29 | 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/01/31 | 375 | 346900 |
|  Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/01/29 | 900 | 870070 |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/32 | 365 | 381342 |
|  |  |  | 7579075 |
|  **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
|  Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/20/27(oo) | 200 | 268916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/28/27 | 100 | 116790 |
|  |  |  | 385706 |
|  **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 02/15/33 | 565 | 497836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469% | 04/15/34 | 94 | 85881 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/25/35 | 230 | 244077 |
|  Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/15/31 | 90 | 83366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/35 | 335 | 345077 |
|  Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 11/01/35 | 14 | 14945 |
|  |  |  | 1271182 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 02/01/31 | 425 | 388326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 06/01/30 | 390 | 362745 |
|  Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 02/15/31 | 90 | 89246 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/25/51 | 40 | 26326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/27/54 | 20 | 16200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/03/55 | 91 | 80420 |
|  Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/15/30 | 90 | 90378 |
|  |  |  | 1053641 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
|  Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/29 |  | 525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365531 |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/30/31 | EUR | 400 | 484821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 11/01/35 |  | 175 | 172854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/01/45 |  | 55 | 52977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 11/01/54 |  | 140 | 134327 |
|  EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., | EchoStar Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.750% | 11/30/29(x) |  | 975 | 1076892 |
|  Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 05/17/33 | EUR | 300 | 296447 |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 11/01/29 |  | 1650 | 1675056 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 |  | 500 | 511700 |
|  NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.876% | 07/16/30 |  | 200 | 203614 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 03/15/32 |  | 55 | 66546 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 02/15/26 |  | 50 | 49870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 02/15/29 |  | 370 | 353504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 02/15/31 |  | 284 | 263882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/01/28 |  | 35 | 35018 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/31/29 | GBP | 830 | 1058663 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 10/01/31 |  | 210 | 220411 |
|  |  |  |  | 7022113 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%(ff) | 07/18/29(oo) | EUR | 300 | 328447 |
|  Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.398% | 10/07/33 | CHF | 200 | 249248 |
|  Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/14/27 | EUR | 400 | 476680 |
|  La Poste SA (France), | La Poste SA (France), | La Poste SA (France), | La Poste SA (France), | La Poste SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 04/21/32 | EUR | 500 | 523446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/12/30 | EUR | 100 | 120665 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A203

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** |
|  Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/05/34 | 206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213059 |
|  Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350% | 06/20/29 | 100 | 107945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 05/25/32 | 600 | 646190 |
|  SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 05/29/37 | 100 | 91118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 06/01/35 | 300 | 223839 |
|  Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/02/29 | 300 | 339446 |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 02/15/30 | 1110 | 1033899 |
|  |  |  | 4353982 |
|  **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 07/01/29 | 410 | 421355 |
|  **TOTAL CORPORATE BONDS**<br>(cost $217,447,283) | **TOTAL CORPORATE BONDS**<br>(cost $217,447,283) | **TOTAL CORPORATE BONDS**<br>(cost $217,447,283) | 217774135 |
|  **FLOATING RATE AND OTHER LOANS — 0.3%** | **FLOATING RATE AND OTHER LOANS — 0.3%** | **FLOATING RATE AND OTHER LOANS — 0.3%** | **FLOATING RATE AND OTHER LOANS — 0.3%** |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.466%(c) | 01/28/32 | 324 | 325403 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.739%(c) | 11/17/28 | 459 | 449929 |
|  |  |  | 775332 |
|  **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
|  Hudson River Trading LLC, | Hudson River Trading LLC, | Hudson River Trading LLC, | Hudson River Trading LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.486%(c) | 03/18/30 | 340 | 341587 |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%(c) | 11/03/32 | 375 | 443102 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | 01/02/28 | 127 | 44131 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.769%(c) | 07/01/31 | 3125 | 3687043 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
|  Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.829%(c) | 07/17/29 | 4075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4811687 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br>(cost $9,397,835) | **TOTAL FLOATING RATE AND OTHER LOANS**<br>(cost $9,397,835) | **TOTAL FLOATING RATE AND OTHER LOANS**<br>(cost $9,397,835) | 10102882 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.1%** |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150%<br>(Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.024%(c) | 12/25/41 | 220 | 224138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250%<br>(Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.124%(c) | 03/25/42 | 115 | 121944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250%<br>(Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.124%(c) | 03/25/42 | 60 | 62911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950%<br>(Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.824%(c) | 09/25/45 | 105 | 105017 |
|  Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000%<br>(Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000%<br>(Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000%<br>(Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000%<br>(Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.865%(c) | 09/26/33 | 44 | 44141 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800%<br>(Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%(c) | 11/25/41 | 180 | 181341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100%<br>(Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.974%(c) | 09/25/41 | 430 | 433434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350%<br>(Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350%<br>(Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.224%(c) | 12/25/41 | 200 | 201708 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4194, Class BI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/15/43 | 53 | 7773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/25/49 | 68 | 13917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/25/50 | 322 | 51137 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%(cc) | 07/25/65 | 96 | 94135 |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%(cc) | 11/25/70 | 448 | 448437 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,959,151) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,959,151) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,959,151) | 1990033 |
|  **SOVEREIGN BONDS — 3.0%** | **SOVEREIGN BONDS — 3.0%** | **SOVEREIGN BONDS — 3.0%** | **SOVEREIGN BONDS — 3.0%** |
|  Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 03/20/34 | 400 | 455566 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A204

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** |
|  Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.034% | 01/16/42 |  | 200 | $206330 |
|  Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 05/06/31 | EUR | 1000 | 1052336 |
|  Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/21/54 | AUD | 1420 | 880402 |
|  Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 05/28/30 | EUR | 100 | 128987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 11/30/41 | EUR | 200 | 276243 |
|  Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | 06/10/27 | EUR | 400 | 491737 |
|  Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 05/18/34 |  | 220 | 210993 |
|  Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 07/22/31 | EUR | 200 | 205762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/25/32 | EUR | 300 | 353412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 05/25/34 | EUR | 400 | 464041 |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | 02/15/28 |  | 2017 | 2016761 |
|  Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/27/33 | EUR | 130 | 163661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 09/23/34 | EUR | 600 | 767262 |
|  Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 10/10/30 | EUR | 3110 | 3612957 |
|  Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 03/09/29 | CAD | 300 | 222936 |
|  Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 01/27/32 |  | 900 | 806400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/14/32 | EUR | 121 | 144332 |
|  China Government Bond (China), | China Government Bond (China), | China Government Bond (China), | China Government Bond (China), | China Government Bond (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 06/29/43 | CNH | 12500 | 2208887 |
|  City of Milan (Italy), | City of Milan (Italy), | City of Milan (Italy), | City of Milan (Italy), | City of Milan (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.019% | 06/29/35 | EUR | 315 | 375515 |
|  City of Montreal (Canada), | City of Montreal (Canada), | City of Montreal (Canada), | City of Montreal (Canada), | City of Montreal (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 12/01/43 | CAD | 450 | 314050 |
|  City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 07/30/53 | CAD | 150 | 99386 |
|  City of Toronto (Canada), | City of Toronto (Canada), | City of Toronto (Canada), | City of Toronto (Canada), | City of Toronto (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/28/35 | CAD | 300 | 202530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** | **SOVEREIGN BONDS(continued)** |
|  City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 10/18/52 | CAD | 250 | $151548 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 09/19/28 | EUR | 860 | 1001576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/19/32 | EUR | 110 | 124101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/45 |  | 665 | 487445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/19/36 | EUR | 120 | 132386 |
|  Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/17/31 | EUR | 1000 | 1093300 |
|  Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 01/21/40 | EUR | 1500 | 1308870 |
|  Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 04/14/34 | CZK | 40050 | 2005315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/11/32 | CZK | 6110 | 300207 |
|  Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/17/30 |  | 570 | 579690 |
|  El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.650% | 06/15/35 |  | 66 | 68425 |
|  Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/12/32 | EUR | 140 | 171973 |
|  European Union (Supranational Bank), | European Union (Supranational Bank), | European Union (Supranational Bank), | European Union (Supranational Bank), | European Union (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series UFA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 07/04/34 | EUR | 610 | 727476 |
|  Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/15/30 |  | 200 | 191600 |
|  Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.097% | 08/01/38 |  | 500 | 508425 |
|  Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/36 |  | 200 | 209252 |
|  Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%(c) | 02/24/37 | EUR | 322 | 369347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/04/35 | EUR | 1840 | 1903309 |
|  Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/17/34 | EUR | 120 | 153888 |
|  Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 06/07/33 | CNH | 2000 | 307886 |
|  Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/24/35 | HUF | 430520 | 1333726 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/26/36 |  | 200 | 199836 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A205

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/16/34 | EUR | 800 | $948678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/28/32 | EUR | 700 | 717918 |
|  Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 04/15/28 | EUR | 300 | 332257 |
|  Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% | 05/28/31 | EUR | 400 | 407802 |
|  Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% | 03/12/33 | EUR | 900 | 876917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% | 10/30/31 | EUR | 200 | 209322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 10/31/35 | CNH | 1000 | 142741 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 01/18/27 | EUR | 100 | 115912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 10/21/34 | GBP | 100 | 148715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/19/30 |  | 400 | 413600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/12/34 |  | 200 | 207398 |
|  Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 07/01/30 | EUR | 1192 | 1413553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 11/01/33 | EUR | 336 | 424885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 08/01/35 | EUR | 2565 | 3060273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 02/01/35 | EUR | 40 | 48640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 10/01/40 | EUR | 500 | 583937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 03/01/35 | EUR | 135 | 158454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 10/01/54 | EUR | 4390 | 5115851 |
|  Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 03/20/52 | JPY | 76450 | 287034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 09/20/54 | JPY | 4150 | 20293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 12/20/54 | JPY | 119950 | 614116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 03/20/55 | JPY | 231650 | 1213171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 88 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 88 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 88 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 88 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 09/20/55 | JPY | 25000 | 154550 |
|  Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/20/43 | JPY | 350900 | 1831476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 09/20/45 | JPY | 30000 | 184539 |
|  Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/30/34 | EUR | 170 | 167194 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.124% | 03/18/29 | EUR | 500 | $594510 |
|  Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 03/17/31 | EUR | 300 | 300568 |
|  Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.950% | 05/26/27 | EUR | 494 | 568473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 06/01/32 | EUR | 300 | 329883 |
|  Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/16/29 | EUR | 300 | 377408 |
|  Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/26/33 | MXN | 25500 | 1317627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 05/29/31 | MXN | 42540 | 2275237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/23/34 | MXN | 20500 | 1055954 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 01/17/30 | EUR | 900 | 958787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/19/29 | EUR | 260 | 304177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/19/34 | EUR | 160 | 187797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/19/38 | EUR | 100 | 116969 |
|  New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/20/35 | AUD | 790 | 509522 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870% | 07/23/60 |  | 230 | 151915 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 03/11/33 | EUR | 1100 | 1090733 |
|  Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% | 02/03/29 | EUR | 1040 | 1137876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 04/28/33 | EUR | 300 | 298202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/04/32 | EUR | 100 | 119025 |
|  Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.470%(c) | 10/20/40 |  | 250 | 223755 |
|  Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/05/50 | CAD | 625 | 357926 |
|  Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 12/01/51 | CAD | 400 | 224192 |
|  Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 06/02/33 | CAD | 2080 | 1528210 |
|  Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/01/33 | CAD | 2030 | 1477735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.694%(s) | 10/01/39 | CAD | 100 | 39059 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A206

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 06/02/48 | CAD | 500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297316 |
|  Region of Ile de France (France), | Region of Ile de France (France), | Region of Ile de France (France), | Region of Ile de France (France), | Region of Ile de France (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 04/30/31 | EUR | 200 | 233744 |
|  Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.088% | 03/31/43 | EUR | 308 | 338468 |
|  Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 12/01/34 | CAD | 115 | 91289 |
|  Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 07/31/34 | EUR | 300 | 391569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/04/28 | GBP | 958 | 1335978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 10/17/29 |  | 1390 | 1337099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/17/49 |  | 475 | 361150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/06/51 |  | 2100 | 1538933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/33 |  | 830 | 880008 |
|  Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 01/31/30 | ZAR | 11235 | 693518 |
|  Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 12/11/55 |  | 203 | 200970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/30/49 |  | 245 | 206719 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.624% | 05/26/30 | EUR | 25 | 28930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/29/35 | EUR | 30 | 30728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 07/13/30 | EUR | 1100 | 1165419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/29/35 | EUR | 25 | 25606 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/09/39 | EUR | 600 | 555458 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/15/27 | EUR | 1260 | 1473348 |
|  SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 01/22/31 | EUR | 700 | 815891 |
|  Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/23/35 | EUR | 200 | 238698 |
|  Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 11/25/30 | EUR | 400 | 408510 |
|  Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 10/31/50 | EUR | 1800 | 1129701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 10/31/40 | EUR | 880 | 743798 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity<br> Date** | **Principal<br>Amount<br> (000)#** | **Principal<br>Amount<br> (000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 10/31/35 | EUR | 880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/31/54 | EUR | 2050 | 2362564 |
|  Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 11/06/35 |  | 200 | 216050 |
|  Transport for London (United Kingdom), | Transport for London (United Kingdom), | Transport for London (United Kingdom), | Transport for London (United Kingdom), | Transport for London (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 12/19/31 | GBP | 200 | 266894 |
|  Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 09/15/33 | AUD | 975 | 531889 |
|  Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/12/32 |  | 275 | 291225 |
|  United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/07/35 | GBP | 6900 | 9314899 |
|  **TOTAL SOVEREIGN BONDS**<br>(cost $93,923,443) | **TOTAL SOVEREIGN BONDS**<br>(cost $93,923,443) | **TOTAL SOVEREIGN BONDS**<br>(cost $93,923,443) | **TOTAL SOVEREIGN BONDS**<br>(cost $93,923,443) | 92868385 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.7%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/50 |  | 1538 | 1525847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/53 |  | 929 | 944355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/54 |  | 1999 | 2027110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/53 |  | 764 | 790760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 05/01/54 |  | 599 | 624621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 (h) |  | 1280 | 1457359 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 |  | 1086 | 937521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 |  | 1888 | 1621393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/52 |  | 2679 | 2378514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 |  | 1179 | 1096782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 |  | 689 | 689413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/53 |  | 1018 | 1018842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/52 |  | 463 | 471467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/53 |  | 481 | 489202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/52 |  | 132 | 137055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/53 |  | 1009 | 1038033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/53 |  | 653 | 678549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/54 |  | 1328 | 1379329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 11/15/30 |  | 585 | 659654 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/20/51 |  | 1536 | 1382294 |
|  U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 10/15/30 |  | 278 | 272648 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $21,528,341) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $21,528,341) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $21,528,341) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $21,528,341) | 21620748 |
|  **U.S. TREASURY OBLIGATIONS — 4.2%** | **U.S. TREASURY OBLIGATIONS — 4.2%** | **U.S. TREASURY OBLIGATIONS — 4.2%** | **U.S. TREASURY OBLIGATIONS — 4.2%** |  |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 08/15/49 (h) |  | 1095 | 688139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 02/15/42 (h) |  | 16905 | 12459513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 05/15/51 (k) |  | 2780 | 1755309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 05/15/49 |  | 800 | 575000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/15/44 |  | 8700 | 6738422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/42 |  | 2055 | 1716567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 08/15/42 |  | 1800 | 1522969 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A207

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS(continued)** | **U.S. TREASURY OBLIGATIONS(continued)** | **U.S. TREASURY OBLIGATIONS(continued)** | **U.S. TREASURY OBLIGATIONS(continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/15/48 (h)(k) | 2600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/43 | 605 | 545162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/42 (h) | 13079 | 12004070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/44 | 980 | 900834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/15/54 | 531 | 501878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 11/15/44 | 2810 | 2757313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/43 | 1428 | 1430008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/45 | 4705 | 4686621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/55 | 50 | 49242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 08/15/55 | 34 | 33107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 08/15/45 | 510 | 515658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/45 (h) | 5265 | 5412255 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/31/27 | 6405 | 6406751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/15/33 | 180 | 174994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/31/30 | 5010 | 4990038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/30/27 | 2690 | 2698406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/28 | 8945 | 8993918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 10/31/32 | 6600 | 6530906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/31/27 | 5740 | 5769373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/30 | 1215 | 1224682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/30/30 | 6260 | 6307928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/31/32 | 115 | 115665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/31/32 | 2965 | 3005074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/15/35 | 1980 | 1997944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/15/35 | 805 | 811415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/15/34 | 2945 | 3012183 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.026%(s) | 08/15/41 (h)(k) | 10845 | 5071847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.203%(s) | 05/15/43 | 4745 | 1998119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.481%(s) | 05/15/44 | 1845 | 732050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.769%(s) | 08/15/44 | 1035 | 404527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.298%(s) | 11/15/40 (k) | 5590 | 2733799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.895%(s) | 02/15/43 (k) | 5840 | 2495205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | 05/15/46 (h) | 825 | 293870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.719%(s) | 02/15/39 | 1295 | 702894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.733%(s) | 05/15/39 | 1945 | 1040104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.878%(s) | 11/15/41 | 585 | 269338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(s) | 08/15/48 (h) | 675 | 214642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | 11/15/45 | 210 | 76711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.968%(s) | 05/15/42 (k) | 7965 | 3556612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.991%(s) | 11/15/43 | 1510 | 616643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.021%(s) | 08/15/39 | 220 | 115904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%(s) | 11/15/39 | 215 | 111615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.056%(s) | 02/15/40 | 215 | 109892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.069%(s) | 05/15/40 | 215 | 108494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.095%(s) | 08/15/40 | 215 | 106682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.111%(s) | 02/15/41 | 215 | 103594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.117%(s) | 05/15/41 | 215 | 102136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%(s) | 02/15/42 | 215 | 97433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%(s) | 08/15/42 | 215 | 94518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.196%(s) | 11/15/42 | 215 | 93263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220%(s) | 02/15/45 | 1020 | 389139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(s) | 08/15/43 | 215 | 89089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.239%(s) | 02/15/44 | 215 | 86514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.246%(s) | 11/15/44 | 215 | 82974 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $136,651,673) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $136,651,673) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $136,651,673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130289046 |

---

---

| | |
|:---|:---|
|  | **Value** |
|  **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $0) | $5978 |
|  **TOTAL LONG-TERM INVESTMENTS, BEFORE<br>LONG-TERM OPTIONS WRITTEN—91.1%**<br> (cost $2,532,133,180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850547736 |
|  **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $0) | (4821) |
|  **TOTAL LONG-TERM INVESTMENTS, NET OF<br>LONG-TERM OPTIONS WRITTEN—91.1%**<br> (cost $2,532,133,180) | 2850542915 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
|  **SHORT-TERM INVESTMENTS — 9.3%** | **SHORT-TERM INVESTMENTS — 9.3%** | **SHORT-TERM INVESTMENTS — 9.3%** |
|  **AFFILIATED MUTUAL FUNDS — 8.9%** | **AFFILIATED MUTUAL FUNDS — 8.9%** | **AFFILIATED MUTUAL FUNDS — 8.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 260354614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260354614 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<br>(cost $18,869,859; includes<br>$18,801,385 of cash collateral for<br>securities on loan)(b)(wa) | 18881188 | 18869859 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $279,224,473) | **TOTAL AFFILIATED MUTUAL FUNDS**<br>(cost $279,224,473) | 279224473 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | |
|  **U.S. TREASURY OBLIGATION(k)(n) — 0.4%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.4%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.4%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.4%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | 03/05/26 | 12000 | 11927041 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $11,924,034) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $11,924,034) |  |  |
|  **OPTIONS PURCHASED\*~ — 0.0%**<br>(cost $334,243) | **OPTIONS PURCHASED\*~ — 0.0%**<br>(cost $334,243) | **OPTIONS PURCHASED\*~ — 0.0%**<br>(cost $334,243) | 153299 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $291,482,750) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $291,482,750) | **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $291,482,750) | 291304813 |
|  **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN—100.4%**<br>(cost $2,823,615,930) | **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN—100.4%**<br>(cost $2,823,615,930) | **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN—100.4%**<br>(cost $2,823,615,930) | 3141847728 |
|  **OPTIONS WRITTEN\*~ — (0.0)%**<br>(premiums received $489,669) | **OPTIONS WRITTEN\*~ — (0.0)%**<br>(premiums received $489,669) | **OPTIONS WRITTEN\*~ — (0.0)%**<br>(premiums received $489,669) | (339047) |
|  **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN—100.4%**<br>(cost $2,823,126,261) | **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN—100.4%**<br>(cost $2,823,126,261) | **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN—100.4%**<br>(cost $2,823,126,261) | 3141508681 |
|  **Liabilities in excess of other assets(z) — (0.4)%** | **Liabilities in excess of other assets(z) — (0.4)%** | **Liabilities in excess of other assets(z) — (0.4)%** | **(13785840)** |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $**3127722841** |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A208

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

~ See tables subsequent to the Schedule of Investments for options detail.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $0 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $18,301,663; cash collateral of $18,801,385 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original**<br>**Cost** | **Market**<br>**Value** | **Percentage<br>of<br>Net Assets** |
|  Cencora, Inc., Sr. Unsec'd. Notes, 2.700%, 03/15/31 | 12/11/24 | $13218 | $13824 | 0.0% |
|  Diamond Sports Group LLC\* | 01/02/25 | 44850 | 28559 | 0.0 |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  |  | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 07/09/21 | 83984 | 75533 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 04/19/24 | 54375 | 120625 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 07/09/21-07/20/21 | 2950464 | 2577543 | 0.1 |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 01/03/24-02/20/24 | 571875 | 572335 | 0.0 |
|  EchoStar Corp., Sr. Sec'd. Notes, 10.750%, 11/30/29 | 05/29/25 | 988406 | 1076892 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $4707172 | $4465311 | 0.1% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

**Options Purchased:**

**Exchange Traded**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  10 Year U.S. Treasury Notes Futures | Put | 02/20/26 | $111.00 | 101 | 101 | $23672 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $34,719) |  |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP<br> Call | BOA | 05/13/26 | 1.30% – | 925 | $1 |
|  2-Year 30 CMS Curve CAP<br> Call | BOA | 05/13/26 | 1.30% – | 5505 | 4 |
|  2-Year 30 CMS Curve CAP<br> Call | CITI | 05/13/26 | 1.30% – | 1850 | 1 |
|  2-Year 30 CMS Curve CAP<br> Call | CITI | 05/13/26 | 1.30% – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11010 | 9 |
|  10-Year 30 CMS Curve CAP<br> Call | BARC | 07/15/26 | 0.32% – EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895 | 3106 |
|  Currency Option EUR vs CZK<br> Call | MSI | 01/08/26 | 26.00 – EUR | 722 |  |
|  Currency Option EUR vs CZK<br> Call | CITI | 01/20/26 | 26.00 – EUR | 712 | 1 |
|  Currency Option EUR vs PLN<br> Call | JPM | 01/20/26 | 5.00 – EUR | 369 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A209

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 99.00 |  | EUR | 3202 | $1379 |
|  Currency Option USD vs MXN | Call | CITI | 01/08/26 | 18.31 |  |  | 3349 | 1522 |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 99.00 |  |  | 1086 | 132 |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 99.00 |  |  | 2913 | 836 |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 99.00 |  |  | 843 | 519 |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 99.00 |  |  | 831 | 493 |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 35.00 |  |  | 832 | 30 |
|  Currency Option USD vs ZAR | Call | CITI | 01/08/26 | 17.07 |  |  | 1674 | 464 |
|  10-Year 30 CMS Curve FLOOR | Put | BARC | 07/15/26 | 0.16% |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895 | 351 |
|  Currency Option EUR vs PLN | Put | JPM | 01/20/26 | 4.20 |  | EUR | 1107 | 1787 |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3500.00 |  |  | 835 | 2 |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3300.00 |  |  | 832 | 5 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 5579 |  |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 1550 |  |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 17.00 |  |  | 3349 | 6 |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 15.50 |  |  | 1674 | 2 |
|  **Total OTC Traded** (cost $58,754) |  |  |  |  |  |  |  | $10650 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  1-Year Interest Rate Swap, 02/06/27 | Call | MSI | 02/04/26 | 2.81% | 2.81%(T) | 1 Day SOFR(T)/<br>3.870% | 4930 | $92 |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 3.61% | 1 Day SOFR(A)/<br>3.870% | 3.61%(A) | 2560 | 5976 |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 7.22% | 1 Day SOFR(A)/<br>3.870% | 7.22%(A) | 2560 | 2 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/<br>3.870% | 3.21%(A) | 14920 | 91448 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/<br>3.870% | 3.21%(A) | 2600 | 15936 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/<br>3.870% | 8.19%(A) | 14920 | 7 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/<br>3.870% | 8.19%(A) | 2600 | 1 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 1700 | 236 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 2790 | 387 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.58% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 65680 | 10870 |
|  **Total OTC Swaptions** (cost $240,770) | **Total OTC Swaptions** (cost $240,770) | **Total OTC Swaptions** (cost $240,770) |  |  |  |  |  | $124955 |
|  **Total Options Purchased** (cost $334,243) | **Total Options Purchased** (cost $334,243) | **Total Options Purchased** (cost $334,243) |  |  |  |  |  | $159277 |

---

#### Options Written:

#### OTC Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional<br>Amount<br>(000)#** | **Value** |
|  10-Year 30 CMS Curve CAP<br> Call | BARC | 07/15/26 | 0.52% – EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(666) |
|  Currency Option EUR vs CZK<br> Call | MSI | 01/08/26 | 24.30 – EUR | 722 | (269) |
|  Currency Option EUR vs CZK<br> Call | CITI | 01/20/26 | 24.40 – EUR | 712 | (427) |
|  Currency Option EUR vs PLN<br> Call | JPM | 01/20/26 | 4.29 – EUR | 369 | (278) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A210

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Written (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 52.75 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202 | $(18280) |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 43.65 |  |  | 1086 | (2380) |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 43.75 |  |  | 2913 | (11443) |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 43.75 |  |  | 843 | (5268) |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 44.50 |  |  | 831 | (4387) |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 30.60 |  |  | 832 | (23179) |
|  10-Year 30 CMS Curve FLOOR | Put | BARC | 07/15/26 | 0.07% |  | EUR | 3895 | (709) |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3800.00 |  |  | 835 | (7772) |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3800.00 |  |  | 832 | (9394) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 3569 | (13) |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 18.25 |  |  | 3349 | (42915) |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 17.01 |  |  | 1674 | (44709) |
|  **Total OTC Traded** (premiums received $196,156) |  |  |  |  |  |  |  | $(172089) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  1-Year Interest Rate Swap, 02/06/27 | Call | MSI | 02/04/26 | 2.37% | 1 Day SOFR(T)/<br>3.870% | 2.37%(T) | 9860 | $(16) |
|  CDX.NA.IG.45.V1, 12/20/30 | Call | JPM | 01/21/26 | 0.50% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 65680 | (31031) |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 3.86% | 3.86%(A) | 1 Day SOFR(A)/<br>3.870% | 2560 | (3183) |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 4.11% | 4.11%(A) | 1 Day SOFR(A)/<br>3.870% | 2560 | (1638) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/<br>3.870% | 14920 | (53162) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/<br>3.870% | 2600 | (9264) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/<br>3.870% | 14920 | (34741) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/<br>3.870% | 2600 | (6054) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 1700 | (5170) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 2790 | (8486) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 32090 | (1888) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 3450 | (203) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 13030 | (675) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 1930 | (100) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BNP | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 2770 | (128) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 65680 | (3036) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | CITI | 04/15/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 18500 | (13004) |
|  **Total OTC Swaptions** (premiums received $293,513) | **Total OTC Swaptions** (premiums received $293,513) | **Total OTC Swaptions** (premiums received $293,513) | **Total OTC Swaptions** (premiums received $293,513) |  |  |  |  | $(171779) |
|  **Total Options Written** (premiums received $489,669) | **Total Options Written** (premiums received $489,669) | **Total Options Written** (premiums received $489,669) | **Total Options Written** (premiums received $489,669) |  |  |  |  | $(343868) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A211

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /**<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions:** | **Long Positions:** |  |  |  |
| 49 | 3 Month Euro EURIBOR | Dec. 2026 | $14093160 | $(27979) |
| 42 | 3 Month EuroSTR | Mar. 2026 | 12100520 | (386) |
| 309 | 2 Year U.S. Treasury Notes | Mar. 2026 | 64515820 | (10592) |
| 7 | 5 Year Canadian Government Bonds | Mar. 2026 | 577779 | (3825) |
| 1544 | 5 Year U.S. Treasury Notes | Mar. 2026 | 168766441 | (440551) |
| 17 | 10 Year Canadian Government Bonds | Mar. 2026 | 1497556 | (16225) |
| 14 | 10 Year Euro-Bund | Mar. 2026 | 2098884 | (28640) |
| 5 | 10 Year Japanese Bonds | Mar. 2026 | 4226570 | (32559) |
| 37 | 10 Year Korean Treasury Bonds | Mar. 2026 | 2900309 | 17535 |
| 23 | 10 Year U.K. Gilt | Mar. 2026 | 2832730 | 13587 |
| 705 | 10 Year U.S. Treasury Notes | Mar. 2026 | 79268438 | (387363) |
| 445 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 51181955 | (142637) |
| 387 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 44734781 | (364835) |
| 130 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 15340000 | (281644) |
| 166 | Euro Schatz Index | Mar. 2026 | 20832935 | (18286) |
| 24 | Euro-BTP Italian Government Bond | Mar. 2026 | 3389653 | (5453) |
| 96 | Mini MSCI EAFE Index | Mar. 2026 | 13930080 | 97664 |
| 85 | Russell 2000 E-Mini Index | Mar. 2026 | 10616500 | (237125) |
| 113 | S&P 500 E-Mini Index | Mar. 2026 | 38942625 | 77568 |
|  |  |  |  | (1791746) |
| **Short Positions:** | **Short Positions:** |  |  |  |
| 73 | 3 Month CME SOFR | Mar. 2026 | 17577031 | (8798) |
| 49 | 3 Month Euro EURIBOR | Dec. 2028 | 14019739 | 20146 |
| 58 | 2 Year U.S. Treasury Notes | Mar. 2026 | 12109766 | 6046 |
| 54 | 3 Year Australian Treasury Bonds | Mar. 2026 | 3783714 | (3854) |
| 66 | 5 Year Euro-Bobl | Mar. 2026 | 9009741 | 50562 |
| 52 | 5 Year U.S. Treasury Notes | Mar. 2026 | 5683844 | 18017 |
| 36 | 10 Year Euro-Bund | Mar. 2026 | 5397130 | 4995 |
| 52 | 10 Year U.S. Treasury Notes | Mar. 2026 | 5846750 | 37802 |
| 126 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 14491969 | 63234 |
| 2 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 231188 | 310 |
| 40 | 30 Year Euro Buxl | Mar. 2026 | 5176521 | 35515 |
| 56 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 6608000 | 92136 |
| 74 | British Pound Currency | Mar. 2026 | 6224325 | (56235) |
| 15 | Canadian Dollar Currency | Mar. 2026 | 1096800 | (17957) |
| 333 | Euro Currency | Mar. 2026 | 49034250 | (306225) |
| 1 | Euro Schatz Index | Mar. 2026 | 125500 | 222 |
| 26 | Euro-OAT | Mar. 2026 | 3684652 | 11153 |
|  |  |  |  | (52931) |
|  |  |  |  | $(1844677) |

---

#### Bond forward contract outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase Bond**<br> **Forwards** | **Counterparty** | **Settlement**<br>**Date** | **Notional<br>Amount**<br>**(000)#** | **Strike<br>Price** | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** | **OTC Bond Forward Contract:** |  |  |  |  |  |
|  U.S. Treasury Bond 2.000%, 02/28/2050 | CITI | 06/12/26 | 25820 | $59.75 | $15428326 | $15199323 | $— | $(229003) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A212

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current <br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | AUD | 217 | $141036 | $145029 | $3993 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 89 | 59129 | 59600 | 471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | AUD | 42 | 28129 | 28039 |  | (90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | AUD | 775 | 512237 | 517053 | 4816 |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6061464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5978556 |  | (82908) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | GBP | 12 | 15757 | 15750 |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | GBP | 7 | 9879 | 9847 |  | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | GBP | 1651 | 2159669 | 2224964 | 65295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | GBP | 423 | 567229 | 569507 | 2278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | TD | GBP | 374 | 493780 | 503857 | 10077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | GBP | 137 | 182376 | 184092 | 1716 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CAD | 567 | 403459 | 413578 | 10119 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | CLP | 419198 | 460000 | 466031 | 6031 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CNH | 886 | 125948 | 127238 | 1290 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | CNH | 1284 | 182557 | 184374 | 1817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | CNH | 1011 | 142993 | 145317 | 2324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7336507 | 1875625 | 1892561 | 16936 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 17803 | 856000 | 866305 | 10305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | CZK | 1435 | 69863 | 69872 | 9 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 8159 | 9601011 | 9598370 |  | (2641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 741 | 870580 | 871897 | 1317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 735 | 848050 | 864672 | 16622 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 368 | 432000 | 432605 | 605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 219 | 257473 | 257693 | 220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | EUR | 439 | 513660 | 516486 | 2826 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 2487 | 2925663 | 2925374 |  | (289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 199 | 233841 | 234093 | 252 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 100 | 118122 | 118152 | 30 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 14 | 16286 | 16415 | 129 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 4379 | 5115713 | 5151941 | 36228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 3522 | 4149233 | 4142888 |  | (6345) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 2306 | 2687812 | 2712889 | 25077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 736 | 858118 | 866124 | 8006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 550 | 642672 | 647223 | 4551 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 110 | 129446 | 129248 |  | (198) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 110 | 129330 | 129148 |  | (182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | EUR | 252 | 297488 | 297571 | 83 |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | HKD | 3341 | 430510 | 429874 |  | (636) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | HUF | 183131 | 550000 | 559123 | 9123 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | HUF | 315841 | 953000 | 964306 | 11306 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 214322 | 2365000 | 2367602 | 2602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 128891 | 1422000 | 1423847 | 1847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 610774 | 6741064 | 6747178 | 6114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 102586 | 1128000 | 1133260 | 5260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 610774 | 6717340 | 6747178 | 29838 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A213

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current <br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 53885752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219174 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220896 | $1722 | $— |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | ILS | 185 | 56460 | 58152 | 1692 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | ILS | 609 | 185638 | 191316 | 5678 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 338922 | 2251661 | 2167963 |  | (83698) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 43443 | 288621 | 277892 |  | (10729) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | JPY | 77690 | 496358 | 496954 | 596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | JPY | 2398 | 15485 | 15339 |  | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 126730 | 842168 | 810647 |  | (31521) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | CITI | JPY | 11834 | 75715 | 75833 | 118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 21539 | 140669 | 138028 |  | (2641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 14356 | 92448 | 91995 |  | (453) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 12467 | 80209 | 79894 |  | (315) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | MSI | JPY | 80806 | 525132 | 517831 |  | (7301) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | MXN | 2634 | 144025 | 145943 | 1918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | MXN | 803 | 43790 | 44510 | 720 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | TWD | 17220 | 544000 | 547395 | 3395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | TWD | 24141 | 773000 | 767381 |  | (5619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 44291 | 1421909 | 1407916 |  | (13993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 26512 | 851000 | 842771 |  | (8229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 25348 | 815000 | 805759 |  | (9241) |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | NZD | 87 | 49993 | 50062 | 69 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | NZD | 4746 | 2760834 | 2734992 |  | (25842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | NZD | 884 | 511401 | 509348 |  | (2053) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | NZD | 115 | 65668 | 66040 | 372 |  |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | NOK | 1588 | 156476 | 157446 | 970 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 4855 | 1439203 | 1440301 | 1098 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 40545 | 690000 | 684852 |  | (5148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 61650 | 1041261 | 1041345 | 84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 49053 | 830000 | 828560 |  | (1440) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 1027 | 284842 | 285915 | 1073 |  |
|  Romanian Leu, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | RON | 200 | 45962 | 46058 | 96 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | SGD | 1 | 1087 | 1095 | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | CITI | SGD | 393 | 304488 | 306515 | 2027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | SGD | 102 | 79394 | 79886 | 492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | SGD | 956 | 747000 | 747538 | 538 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | SGD | 578 | 451000 | 452273 | 1273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 609 | 475000 | 476369 | 1369 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | ZAR | 26854 | 1588969 | 1619147 | 30178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR | 7251 | 422000 | 435451 | 13451 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | ZAR | 9078 | 532851 | 545150 | 12299 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | KRW | 182460 | 126078 | 126538 | 460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | KRW | 3300420 | 2253000 | 2292043 | 39043 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A214

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current <br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  South Korean Won (cont'd.), | South Korean Won (cont'd.), |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466296 | $317500 | $323829 | $6329 | $— |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | SEK | 14899 | 1607081 | 1620191 | 13110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | SEK | 4309 | 468419 | 469903 | 1484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | SEK | 1640 | 178323 | 178879 | 556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | SEK | 490 | 53006 | 53417 | 411 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | CHF | 176 | 223667 | 223632 |  | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | CHF | 997 | 1269146 | 1268734 |  | (412) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CHF | 102 | 129321 | 129699 | 378 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | THB | 11787 | 373801 | 374642 | 841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 1947 | 61814 | 62170 | 356 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/12/26 | BOA | TRY | 36392 | 834000 | 840134 | 6134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 30154 | 684303 | 690798 | 6495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 28001 | 637101 | 641455 | 4354 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | TRY | 24658 | 561112 | 564882 | 3770 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BOA | TRY | 36432 | 832000 | 834617 | 2617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | TRY | 28001 | 636710 | 641455 | 4745 |  |
|  |  |  |  | $101066815 | $101236503 | 471832 | (302144) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount** <br>**(000)** | **Notional**<br> **Amount** <br>**(000)** | **Value at<br> Settlement** <br>**Date** | **Current <br> Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 159 | $103406 | $105918 | $— | $(2512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | AUD | 26 | 17229 | 17620 |  | (391) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | WBC | AUD | 112 | 73347 | 74950 |  | (1603) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | AUD | 1818 | 1173362 | 1213724 |  | (40362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | AUD | 4274 | 2850623 | 2852693 |  | (2070) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 3166 | 581000 | 572806 | 8194 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | GBP | 16 | 21139 | 21089 | 50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | GBP | 5 | 6170 | 6157 | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8730 | 11674709 | 11767792 |  | (93083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 3791 | 5039810 | 5110422 |  | (70612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 1510 | 2007845 | 2035976 |  | (28131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | GBP | 382 | 509385 | 514436 |  | (5051) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | GBP | 383 | 511928 | 516040 |  | (4112) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | GBP | 160 | 211048 | 215827 |  | (4779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | GBP | 71 | 94819 | 95011 |  | (192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | GBP | 54 | 72396 | 72640 |  | (244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | GBP | 872 | 1170564 | 1174500 |  | (3936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | GBP | 691 | 922268 | 930975 |  | (8707) |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | CAD | 390 | 279859 | 284617 |  | (4758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 96 | 68566 | 69842 |  | (1276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | CAD | 11 | 8158 | 8311 |  | (153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CAD | 4236 | 3024041 | 3089586 |  | (65545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CAD | 6109 | 4447074 | 4455222 |  | (8148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CAD | 352 | 255756 | 256504 |  | (748) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A215

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount** <br>**(000)** | **Notional**<br> **Amount** <br>**(000)** | **Value at<br> Settlement** <br>**Date** | **Current <br> Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  Canadian Dollar (cont'd.), | Canadian Dollar (cont'd.), | Canadian Dollar (cont'd.), | Canadian Dollar (cont'd.), | Canadian Dollar (cont'd.), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | CAD | 21 | $15430 | $15520 | $— | $(90) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | CAD | 12 | 8347 | 8395 |  | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | CAD | 7 | 5066 | 5142 |  | (76) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 2860137 | 3109115 | 3179674 |  | (70559) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | CNH | 966 | 137213 | 138763 |  | (1550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | CNH | 1943 | 277719 | 279868 |  | (2149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 43076 | 6130088 | 6203697 |  | (73609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 4113 | 585278 | 592306 |  | (7028) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | COP | 1983738 | 505000 | 511735 |  | (6735) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 13123 | 635000 | 638596 |  | (3596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 89045 | 4275827 | 4333067 |  | (57240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | CZK | 11860 | 574000 | 577116 |  | (3116) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | CZK | 10030 | 487000 | 488071 |  | (1071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | CZK | 46385 | 2248473 | 2257175 |  | (8702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CZK | 1438 | 69603 | 70018 |  | (415) |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | DKK | 549 | 86795 | 86816 |  | (21) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 6433 | 7445524 | 7567752 |  | (122228) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 135 | 157946 | 159155 |  | (1209) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | EUR | 157 | 184420 | 184474 |  | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | EUR | 440 | 510034 | 517589 |  | (7555) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 439 | 512945 | 516782 |  | (3837) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 129 | 150535 | 151732 |  | (1197) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 50768 | 59008513 | 59724453 |  | (715940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 5812 | 6755935 | 6837904 |  | (81969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 1678 | 1969917 | 1974382 |  | (4465) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 574 | 661975 | 675129 |  | (13154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 200 | 231766 | 235055 |  | (3289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 125 | 146623 | 146872 |  | (249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | EUR | 4359 | 5093382 | 5128428 |  | (35046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | EUR | 639 | 738390 | 751666 |  | (13276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 32343 | 38009921 | 38049065 |  | (39144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 593 | 691690 | 697222 |  | (5532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 38266 | 44844439 | 45017221 |  | (172782) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 4359 | 5108744 | 5128428 |  | (19684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | EUR | 38266 | 44717971 | 45017222 |  | (299251) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | EUR | 307 | 362815 | 362322 | 493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 52 | 61902 | 61803 | 99 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | EUR | 424 | 500415 | 500552 |  | (137) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | HUF | 540386 | 1647360 | 1649871 |  | (2511) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 305874 | 931000 | 933876 |  | (2876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 189494 | 569000 | 578551 |  | (9551) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | JPY | 80203 | 512183 | 513032 |  | (849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | JPY | 79713 | 511676 | 509896 | 1780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | JPY | 479916 | 3089264 | 3069852 | 19412 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | JPY | 5858 | 37334 | 37473 |  | (139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | JPY | 29772 | 191591 | 190443 | 1148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 25347 | 165824 | 162138 | 3686 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A216

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount** <br>**(000)** | **Notional**<br> **Amount** <br>**(000)** | **Value at<br> Settlement** <br>**Date** | **Current <br> Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Japanese Yen (cont'd.), | Japanese Yen (cont'd.), | Japanese Yen (cont'd.), | Japanese Yen (cont'd.), | Japanese Yen (cont'd.), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | CITI | JPY | 8426 | $55027 | $53995 | $1032 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | WBC | JPY | 11502 | 74747 | 73711 | 1036 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | MXN | 46591 | 2576027 | 2581838 |  | (5811) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNY | MXN | 8304 | 452402 | 457600 |  | (5198) |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | NZD | 442 | 255756 | 254546 | 1210 |  |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | NOK | 30 | 2926 | 2925 | 1 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 1705 | 504000 | 505625 |  | (1625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 1579 | 467922 | 468403 |  | (481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 1116 | 330000 | 331150 |  | (1150) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 5104 | 1399000 | 1421505 |  | (22505) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 2493 | 680000 | 694424 |  | (14424) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 3484 | 949898 | 970262 |  | (20364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 1599 | 437845 | 445414 |  | (7569) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | PLN | 1518 | 417155 | 422703 |  | (5548) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | SGD | 2971 | 2305806 | 2314741 |  | (8935) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 20604 | 16013750 | 16110812 |  | (97062) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | ZAR | 1993 | 119493 | 120150 |  | (657) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 14525 | 864368 | 872251 |  | (7883) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | KRW | 182691 | 126286 | 126699 |  | (413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | KRW | 632621 | 432000 | 439336 |  | (7336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 7322445 | 5000099 | 5085219 |  | (85120) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CHF | 410 | 510909 | 519049 |  | (8140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | CHF | 1942 | 2451730 | 2457972 |  | (6242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | CHF | 99 | 125367 | 125635 |  | (268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | CHF | 100 | 127130 | 127070 | 60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CHF | 45 | 57006 | 57149 |  | (143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | CHF | 51 | 65226 | 65422 |  | (196) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 88787 | 2818280 | 2834530 |  | (16250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | THB | 20887 | 665000 | 666815 |  | (1815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | THB | 16138 | 515000 | 515191 |  | (191) |
|  |  |  |  | $320595645 | $323021099 | 38214 | (2463668) |
|  |  |  |  |  |  | $510046 | $(2765812) |

---

#### Cross currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement**  | **Type** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **In Exchange<br>For (000)** | **In Exchange<br>For (000)** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |  |  |  |  |  |
|  01/22/26 | Buy | AUD | 772 | EUR | 439 | $— | $(2022) | BNP |
|  01/22/26 | Buy | CZK | 3789 | EUR | 155 | 1628 |  | MSI |
|  01/22/26 | Buy | EUR | 234 | PLN | 987 | 338 |  | CITI |
|  01/22/26 | Buy | PLN | 664 | EUR | 157 | 441 |  | MSI |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A217

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Cross currency exchange contracts outstanding at December 31, 2025 (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement**  | **Type** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **In Exchange<br>For (000)** | **In Exchange<br>For (000)** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts (cont'd.):** | **OTC Cross Currency Exchange Contracts (cont'd.):** | **OTC Cross Currency Exchange Contracts (cont'd.):** | **OTC Cross Currency Exchange Contracts (cont'd.):** | **OTC Cross Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  01/22/26 | Buy | SEK | 4769 | EUR | 439 | $2054 | $— | BNP |
|  |  |  |  |  |  | $4461 | $(2022) |  |

---

#### Credit default swap agreements outstanding at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Arab Republic of Egypt | 12/20/30 | 1.000 %(Q) | 500 | $36527 | $239 | $36288 DB |
|  Dominican Republic | 12/20/30 | 1.000 %(Q) | 500 | 9300 | 239 | 9061 DB |
|  Emirate of Abu Dhabi | 12/20/30 | 1.000 %(Q) | 500 | (16723) | 239 | (16962) DB |
|  Federal Republic of Nigeria | 12/20/30 | 1.000 %(Q) | 500 | 43924 | 239 | 43685 DB |
|  Federation of Malaysia | 12/20/30 | 1.000 %(Q) | 500 | (14247) | 239 | (14486) DB |
|  Federative Republic of Brazil | 12/20/30 | 1.000 %(Q) | 2250 | 37495 | 1076 | 36419 DB |
|  Kingdom of Bahrain | 12/20/30 | 1.000 %(Q) | 500 | 17927 | 239 | 17688 DB |
|  Kingdom of Morocco | 12/20/30 | 1.000 %(Q) | 500 | (7178) | 239 | (7417) DB |
|  Kingdom of Saudi Arabia | 12/20/30 | 1.000 %(Q) | 2250 | (34011) | 1076 | (35087) DB |
|  People's Republic of China | 12/20/30 | 1.000 %(Q) | 2250 | (58454) | 1076 | (59530) DB |
|  Republic of Argentina | 12/20/30 | 1.000 %(Q) | 500 | 105345 | 239 | 105106 DB |
|  Republic of Chile | 12/20/30 | 1.000 %(Q) | 1000 | (26417) | 478 | (26895) DB |
|  Republic of Colombia | 12/20/30 | 1.000 %(Q) | 1500 | 70456 | 717 | 69739 DB |
|  Republic of Indonesia | 12/20/30 | 1.000 %(Q) | 1750 | (25133) | 837 | (25970) DB |
|  Republic of Ivory Coast | 12/20/30 | 1.000 %(Q) | 500 | 33001 | 239 | 32762 DB |
|  Republic of Panama | 12/20/30 | 1.000 %(Q) | 750 | 8032 | 359 | 7673 DB |
|  Republic of Peru | 12/20/30 | 1.000 %(Q) | 750 | (10322) | 359 | (10681) DB |
|  Republic of Philippines | 12/20/30 | 1.000 %(Q) | 750 | (14898) | 359 | (15257) DB |
|  Republic of South Africa | 12/20/30 | 1.000 %(Q) | 2250 | 34438 | 1076 | 33362 DB |
|  Republic of Turkey | 12/20/30 | 1.000 %(Q) | 2250 | 101557 | 1076 | 100481 DB |
|  Sultanate of Oman | 12/20/30 | 1.000 %(Q) | 500 | (7339) | 239 | (7578) DB |
|  United Mexican States | 12/20/30 | 1.000 %(Q) | 2250 | (10963) | 1076 | (12039) DB |
|  |  |  |  | $272317 | $11955 | $260362 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** |  |  |
|  CDX.EM.44.V1 | 12/20/30 | 1.000%(Q) | 25000 | 1.242% | $(261879) | $(14344) | $(247535) | DB |

---

\*\* The Portfolio entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Portfolio bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |
|  China Development Bank | 06/20/29 | 1.000%(Q) | 415 | $(8933) | $(2944) | $(5989) | JPM |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A218

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Credit default swap agreements outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** |
|  Industrial & Commercial Bank of China Ltd. | 06/20/29 | 1.000 %(Q) | 415 | $(9304) | $(2571) | $(6733) | JPM |
|  Israel Electric Corp. Ltd. | 03/20/32 | 1.000 %(Q) | 400 | 1383 | 14781 | (13398) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000 %(Q) | 270 | (3779) | 2858 | (6637) | BNP |
|  Republic of France | 12/20/30 | 0.250 %(Q) | 190 | (987) | (564) | (423) | BARC |
|  Republic of Italy | 12/20/27 | 1.000 %(Q) | EUR1,370 | (31047) | (19366) | (11681) | BARC |
|  Republic of Italy | 12/20/30 | 1.000 %(Q) | 285 | (9481) | (10692) | 1211 | BARC |
|  Republic of South Africa | 12/20/28 | 1.000 %(Q) | 900 | (6565) | 52232 | (58797) | JPM |
|  Republic of South Africa | 12/20/28 | 1.000 %(Q) | 600 | (4377) | 34078 | (38455) | MSI |
|  |  |  |  | $(73090) | $67812 | $(140902) |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |
|  Alphabet, Inc. | 06/20/30 | 1.000 %(Q) |  | 255 | 0.348% | $6975 | $6281 | $694 | GSI |
|  Bank of Nova Scotia | 12/20/26 | 1.000 %(Q) |  | 128 | 0.138% | 1096 | 890 | 206 | CITI |
|  Barclays Bank PLC | 06/20/26 | 1.000 %(Q) | EUR | 135 | 0.215% | 631 | 504 | 127 | GSI |
|  Citigroup, Inc. | 12/20/26 | 1.000 %(Q) |  | 870 | 0.284% | 6223 | 5813 | 410 | GSI |
|  Federative Republic of Brazil | 06/20/26 | 1.000 %(Q) |  | 100 | 0.488% | 267 | 278 | (11) | BARC |
|  Kingdom of Norway | 12/20/26 | — %(Q) |  | 420 | 0.047% | (191) | (203) | 12 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000 %(Q) |  | 90 | 0.231% | 175 | 148 | 27 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000 %(Q) |  | 90 | 0.238% | 346 | 310 | 36 | CITI |
|  Kingdom of Spain | 06/20/26 | 1.000 %(Q) | EUR | 152 | 0.028% | 868 | 807 | 61 | BARC |
|  Kingdom of Spain | 06/20/26 | — %(Q) | EUR | 100 | 0.028% | (15) | (11) | (4) | BARC |
|  Nomura Holdings, Inc. | 06/20/26 | 1.000 %(Q) |  | 331 | 0.242% | 1266 | 1162 | 104 | BARC |
|  Oracle Corp. | 06/20/30 | 1.000 %(Q) |  | 115 | 1.367% | (1665) | 2341 | (4006) | GSI |
|  People's Republic of China | 06/20/29 | 1.000 %(Q) |  | 830 | 0.367% | 17452 | 7156 | 10296 | JPM |
|  Republic of Estonia | 12/20/26 | 1.000 %(Q) |  | 240 | 0.199% | 1915 | 440 | 1475 | JPM |
|  Republic of France | 12/20/30 | 0.250 %(Q) |  | 190 | 0.298% | (405) | (1162) | 757 | BARC |
|  Republic of France | 06/20/34 | 0.250 %(Q) |  | 465 | 0.538% | (9629) | (8679) | (950) | CITI |
|  Republic of France | 12/20/34 | 0.250 %(Q) |  | 1195 | 0.566% | (28416) | (25683) | (2733) | BOA |
|  Republic of France | 12/20/34 | 0.250 %(Q) |  | 470 | 0.566% | (11177) | (13739) | 2562 | BOA |
|  Republic of France | 12/20/34 | 0.250 %(Q) |  | 40 | 0.566% | (951) | (1227) | 276 | BOA |
|  Republic of France | 06/20/35 | 0.250 %(Q) |  | 1450 | 0.590% | (38772) | (48404) | 9632 | BARC |
|  Republic of France | 06/20/35 | 0.250 %(Q) |  | 510 | 0.590% | (13637) | (17271) | 3634 | BARC |
|  Republic of Italy | 12/20/30 | 1.000 %(Q) |  | 285 | 0.281% | 9481 | 8012 | 1469 | BARC |
|  Republic of Italy | 12/20/34 | 1.000 %(Q) |  | 185 | 0.542% | 6466 | (1031) | 7497 | CITI |
|  Republic of Italy | 12/20/34 | 1.000 %(Q) |  | 185 | 0.542% | 6466 | (1031) | 7497 | CITI |
|  Republic of Panama | 06/20/26 | 1.000 %(Q) |  | 138 | 0.459% | 388 | 322 | 66 | CITI |
|  Republic of Romania | 12/20/26 | 1.000 %(Q) |  | 19 | 0.379% | 119 | 91 | 28 | BOA |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000 %(Q) |  | 207 | 0.115% | 1819 | 1765 | 54 | MSI |
|  Slovak Republic | 12/20/27 | 1.000 %(Q) |  | 75 | 0.155% | 1238 | 1192 | 46 | BARC |
|  Standard Chartered PLC | 12/20/26 | 1.000 %(Q) |  | 80 | 0.187% | 648 | 636 | 12 | MSI |
|  State of Qatar | 12/20/26 | 1.000 %(Q) |  | 125 | 0.084% | 1136 | 1054 | 82 | BARC |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A219

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |  |
|  U.S. Treasury Notes | 06/20/26 | 0.250 %(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;310 | 0.049% | $371 | $224 | $147 | BARC |
|  |  |  |  |  |  | $(39512) | $(79015) | $39503 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied Credit<br>Spread at<br>December 31,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |  |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000 %(Q) | 13000 | 0.500% | $271081 | $297979 | $26898 |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000 %(Q) | 22300 | 0.500% | 498361 | 511149 | 12788 |
|  |  |  |  |  | $769442 | $809128 | $39686 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500 %(M) | 500 | \* | $(5652) | $(12162) | $6510 | CITI |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500 %(M) | 480 | \* | (5426) | (6003) | 577 | CITI |
|  CMBX.NA.18.AAA | 12/17/57 | 0.500 %(M) | 600 | \* | 1091 | 701 | 390 | GSI |
|  |  |  |  |  | $(9987) | $(17464) | $7477 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A220

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. <br>

#### Interest rate swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |  |
|  AUD | 455 | 12/03/28 | 2.650%(S) | 6 Month BBSW(2)(S)/ 4.121% | $(12585) | $(14388) | $(1803) |
|  AUD | 360 | 12/03/30 | 2.750%(S) | 6 Month BBSW(2)(S)/ 4.121% | (12134) | (18466) | (6332) |
|  AUD | 910 | 12/03/32 | 2.850%(S) | 6 Month BBSW(2)(S)/ 4.121% | (41414) | (63927) | (22513) |
|  AUD | 1080 | 12/03/33 | 2.800%(S) | 6 Month BBSW(2)(S)/ 4.121% | (72255) | (90389) | (18134) |
|  AUD | 340 | 12/03/34 | 2.850%(S) | 6 Month BBSW(2)(S)/ 4.121% | (20336) | (31444) | (11108) |
|  AUD | 940 | 11/07/35 | 4.330%(S) | 6 Month BBSW(2)(S)/ 4.121% |  | (21082) | (21082) |
|  AUD | 190 | 12/03/38 | 2.900%(S) | 6 Month BBSW(2)(S)/ 4.121% | (18357) | (24757) | (6400) |
|  CAD | 740 | 12/03/26 | 3.850%(S) | 1 Day CORRA(2)(S)/ 2.300% | (1120) | 8173 | 9293 |
|  CAD | 995 | 12/03/29 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.300% | 1502 | 22247 | 20745 |
|  CAD | 865 | 12/03/30 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.300% | (899) | 21188 | 22087 |
|  CAD | 535 | 12/03/32 | 3.450%(S) | 1 Day CORRA(2)(S)/ 2.300% | 19039 | 12553 | (6486) |
|  CAD | 645 | 12/03/35 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.300% | 16947 | 14223 | (2724) |
|  CAD | 100 | 12/03/53 | 3.300%(S) | 1 Day CORRA(2)(S)/ 2.300% | (1298) | (3110) | (1812) |
|  CHF | 800 | 08/10/31 | (0.220)%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | (34182) | (34182) |
|  CHF | 250 | 03/31/33 | 1.909%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | 37155 | 37155 |
|  CHF | 415 | 03/20/34 | 1.258%(A) | 1 Day SARON(1)(A)/ (0.079)% | (30329) | (35539) | (5210) |
|  CHF | 340 | 12/13/34 | 0.371%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | (8459) | (8459) |
|  CHF | 295 | 05/08/35 | 2.000%(A) | 1 Day SARON(2)(A)/ (0.079)% | 54665 | 52642 | (2023) |
|  CHF | 735 | 07/04/35 | 0.519%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | (6974) | (6974) |
|  CLP | 264250 | 08/12/26 | 3.620%(S) | 1 Day CLOIS(2)(S)/ 4.500% |  | (2823) | (2823) |
|  CNH | 10000 | 03/04/26 | 1.765%(Q) | 7 Day China Fixing Repo Rates(1)(Q)/ 1.800% |  | (566) | (566) |
|  CNH | 76685 | 08/20/26 | 2.440%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | (63) | 75515 | 75578 |
|  CNH | 12180 | 03/01/28 | 2.955%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 56142 | 56142 |
|  CNH | 28550 | 05/11/28 | 2.600%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 35404 | 109802 | 74398 |
|  CNH | 6900 | 06/01/28 | 2.473%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 23376 | 23376 |
|  CNH | 31900 | 05/10/29 | 2.650%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 134648 | 172202 | 37554 |
|  CNH | 13520 | 05/15/29 | 2.027%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 997 | 31871 | 30874 |
|  CNH | 6040 | 11/11/29 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 913 | (1875) | (2788) |
|  CNH | 26205 | 05/11/30 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | (13815) | (11518) | 2297 |
|  CNH | 37700 | 06/11/30 | 1.447%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | (29836) | (29836) |
|  CZK | 25000 | 08/12/26 | 2.062%(A) | 6 Month PRIBOR(2)(S)/ 3.540% |  | (17895) | (17895) |
|  DKK | 3200 | 04/08/32 | 1.581%(A) | 6 Month CIBOR(2)(S)/ 2.237% | (14042) | (34080) | (20038) |
|  EUR | 1840 | 04/23/26 | 3.076%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (23974) | (23974) |
|  EUR | 460 | 10/11/29 | 2.101%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 1862 | 1862 |
|  EUR | 2265 | 05/11/31 | 2.650%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | (56105) | (52288) | 3817 |
|  EUR | 795 | 11/11/32 | 2.600%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | (15338) | (8600) | 6738 |
|  EUR | 1500 | 03/20/33 | 2.996%(A) | 6 Month EURIBOR(2)(S)/ 2.107% |  | 59844 | 59844 |
|  EUR | 1827 | 02/15/34 | 2.231%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 49609 | 49609 |
|  EUR | 1169 | 02/15/34 | 2.258%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 28665 | 28665 |
|  EUR | 45 | 03/20/34 | 2.560%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 139 | 184 | 45 |
|  EUR | 1625 | 05/11/34 | 2.650%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 39856 | 18747 | (21109) |
|  EUR | 1075 | 03/20/38 | 2.982%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | (13904) | (13904) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A221

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at**<br>**December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |  |
|  EUR | 925 | 11/24/41 | 0.565%(A) | 6 Month EURIBOR(1)(S)/ 2.107% | $— | $237716 | $237716 |
|  EUR | 925 | 11/24/41 | 0.600%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% |  | (233326) | (233326) |
|  EUR | 2243 | 11/25/41 | 0.629%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | 563978 | 563978 |
|  EUR | 2243 | 11/25/41 | 0.663%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% |  | (553634) | (553634) |
|  EUR | 2165 | 02/17/42 | 0.536%(A) | 6 Month EURIBOR(2)(S)/ 2.107% |  | (874644) | (874644) |
|  EUR | 1140 | 03/22/42 | 1.257%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | 224728 | 224728 |
|  EUR | 1140 | 03/22/42 | 1.310%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% |  | (218011) | (218011) |
|  EUR | 960 | 02/24/43 | 2.910%(A) | 6 Month EURIBOR(1)(S)/ 2.107% | 796 | 24852 | 24056 |
|  EUR | 960 | 02/24/43 | 2.960%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% | (428) | (4119) | (3691) |
|  EUR | 200 | 05/11/44 | 1.150%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (45884) | (64032) | (18148) |
|  EUR | 1050 | 05/11/52 | 1.200%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (253979) | (427718) | (173739) |
|  EUR | 1235 | 11/28/54 | 1.468%(A) | 6 Month EURIBOR(1)(S)/ 2.107% | (886) | 126013 | 126899 |
|  GBP | 1780 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.726% | (65128) | 71107 | 136235 |
|  GBP | 5750 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.726% | (79656) | 229697 | 309353 |
|  GBP | 1035 | 05/08/27 | 1.050%(A) | 1 Day SONIA(2)(A)/ 3.726% | (50071) | (73060) | (22989) |
|  GBP | 2405 | 05/08/28 | 1.100%(A) | 1 Day SONIA(1)(A)/ 3.726% | 389270 | 236466 | (152804) |
|  GBP | 400 | 05/08/29 | 1.100%(A) | 1 Day SONIA(2)(A)/ 3.726% | (37424) | (51664) | (14240) |
|  GBP | 815 | 05/08/30 | 3.950%(A) | 1 Day SONIA(2)(A)/ 3.726% | 13796 | 13398 | (398) |
|  GBP | 2500 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.726% | (192636) | 473001 | 665637 |
|  GBP | 595 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.726% | (13710) | 112574 | 126284 |
|  GBP | 2460 | 05/08/33 | 1.150%(A) | 1 Day SONIA(2)(A)/ 3.726% | (417171) | (625094) | (207923) |
|  GBP | 895 | 05/08/40 | 3.950%(A) | 1 Day SONIA(2)(A)/ 3.726% | (45569) | (37771) | 7798 |
|  GBP | 170 | 05/08/41 | 1.250%(A) | 1 Day SONIA(2)(A)/ 3.726% | 21239 | (82302) | (103541) |
|  GBP | 650 | 05/08/43 | 1.250%(A) | 1 Day SONIA(1)(A)/ 3.726% | 310954 | 347093 | 36139 |
|  GBP | 305 | 05/08/44 | 3.950%(A) | 1 Day SONIA(1)(A)/ 3.726% | 9648 | 21702 | 12054 |
|  GBP | 510 | 05/08/45 | 3.950%(A) | 1 Day SONIA(1)(A)/ 3.726% | 32127 | 39562 | 7435 |
|  GBP | 3880 | 05/08/46 | 1.250%(A) | 1 Day SONIA(2)(A)/ 3.726% | 618322 | (2326038) | (2944360) |
|  GBP | 305 | 05/08/52 | 1.250%(A) | 1 Day SONIA(1)(A)/ 3.726% | 44587 | 213060 | 168473 |
|  GBP | 165 | 05/08/55 | 3.900%(A) | 1 Day SONIA(2)(A)/ 3.726% | (11580) | (20726) | (9146) |
|  HUF | 100000 | 08/10/31 | 2.748%(A) | 6 Month BUBOR(2)(S)/ 6.390% |  | (53221) | (53221) |
|  ILS | 1415 | 07/08/30 | 3.950%(A) | 1 Day SHIR(2)(A)/ 4.250% | 376 | 4660 | 4284 |
|  JPY | 160000 | 07/08/26 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.727% | (1972) | (7062) | (5090) |
|  JPY | 150000 | 07/08/27 | (0.050)%(A) | 1 Day TONAR(1)(A)/ 0.727% | 15106 | 18012 | 2906 |
|  JPY | 475000 | 07/08/27 | 0.500%(A) | 1 Day TONAR(2)(A)/ 0.727% | (13036) | (23959) | (10923) |
|  JPY | 189000 | 04/11/28 | 0.609%(A) | 1 Day TONAR(1)(A)/ 0.727% |  | 14911 | 14911 |
|  JPY | 640000 | 07/08/28 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.727% | (51677) | (141605) | (89928) |
|  JPY | 131500 | 07/31/28 | 0.268%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (21751) | (21751) |
|  JPY | 220000 | 07/08/29 | 0.650%(A) | 1 Day TONAR(2)(A)/ 0.727% | (7286) | (33920) | (26634) |
|  JPY | 85000 | 07/08/30 | (0.050)%(A) | 1 Day TONAR(1)(A)/ 0.727% | 28861 | 37360 | 8499 |
|  JPY | 502500 | 07/08/31 | 0.000%(A) | 1 Day TONAR(2)(A)/ 0.727% | 6717 | (269457) | (276174) |
|  JPY | 80000 | 07/08/31 | 0.800%(A) | 1 Day TONAR(1)(A)/ 0.727% | 2458 | 19364 | 16906 |
|  JPY | 19935 | 07/08/32 | 0.050%(A) | 1 Day TONAR(1)(A)/ 0.727% | 6247 | 12625 | 6378 |
|  JPY | 215000 | 07/08/32 | 0.900%(A) | 1 Day TONAR(2)(A)/ 0.727% | (18008) | (58440) | (40432) |
|  JPY | 15000 | 07/08/33 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.727% | (3662) | (10956) | (7294) |
|  JPY | 55000 | 07/08/34 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.727% | (24807) | (47053) | (22246) |
|  JPY | 100000 | 07/08/34 | 1.050%(A) | 1 Day TONAR(2)(A)/ 0.727% | 6143 | (34571) | (40714) |
|  JPY | 273000 | 07/08/35 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.727% | 5630 | (269265) | (274895) |
|  JPY | 25000 | 07/08/38 | 0.200%(A) | 1 Day TONAR(2)(A)/ 0.727% | (20423) | (33411) | (12988) |
|  JPY | 60000 | 07/08/40 | 1.400%(A) | 1 Day TONAR(2)(A)/ 0.727% | (11475) | (37315) | (25840) |
|  JPY | 361000 | 07/08/41 | 0.250%(A) | 1 Day TONAR(2)(A)/ 0.727% | 8944 | (623000) | (631944) |
|  JPY | 15000 | 07/08/43 | 0.300%(A) | 1 Day TONAR(2)(A)/ 0.727% | (17090) | (29572) | (12482) |
|  JPY | 85000 | 07/08/45 | 1.600%(A) | 1 Day TONAR(2)(A)/ 0.727% | (29071) | (75703) | (46632) |
|  JPY | 60000 | 12/19/45 | 2.481%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (3061) | (3061) |
|  JPY | 75000 | 07/08/46 | 0.350%(A) | 1 Day TONAR(2)(A)/ 0.727% | 8700 | (174076) | (182776) |
|  JPY | 30000 | 07/08/48 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.727% | (39268) | (73567) | (34299) |
|  JPY | 30000 | 07/08/49 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.727% | (42465) | (76971) | (34506) |
|  JPY | 90000 | 07/08/49 | 1.700%(A) | 1 Day TONAR(1)(A)/ 0.727% | (221) | 97985 | 98206 |
|  JPY | 330500 | 07/08/51 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.727% | 35995 | (917773) | (953768) |
|  JPY | 60000 | 07/08/52 | 0.450%(A) | 1 Day TONAR(1)(A)/ 0.727% | 74035 | 172462 | 98427 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A222

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at**<br>**December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |  |
|  JPY | 25100 | 07/31/53 | 1.102%(A) | 1 Day TONAR(1)(A)/ 0.727% | $— | $53389 | $53389 |
|  JPY | 100000 | 07/08/54 | 1.750%(A) | 1 Day TONAR(2)(A)/ 0.727% | 8656 | (132979) | (141635) |
|  JPY | 35000 | 07/08/55 | 1.750%(A) | 1 Day TONAR(2)(A)/ 0.727% | (32644) | (48325) | (15681) |
|  JPY | 45000 | 09/01/55 | 2.485%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (18400) | (18400) |
|  KRW | 120000 | 04/19/28 | 3.135%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | 441 | 441 |
|  KRW | 2410000 | 08/13/31 | 1.630%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | (136161) | (136161) |
|  KRW | 816265 | 03/10/33 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% | (6042) | (2579) | 3463 |
|  KRW | 125000 | 11/24/33 | 3.610%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | 2402 | 2402 |
|  KRW | 979000 | 03/10/34 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% | 2752 | (4259) | (7011) |
|  KRW | 1351000 | 03/10/35 | 3.200%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% | 45920 | (4254) | (50174) |
|  MXN | 5000 | 08/02/28 | 6.740%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.379% |  | (5561) | (5561) |
|  MXN | 2380 | 05/09/34 | 8.400%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.379% |  | 812 | 812 |
|  MYR | 200 | 04/15/35 | 3.700%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | 1118 | 675 | (443) |
|  NOK | 1975 | 08/10/31 | 1.460%(A) | 6 Month NIBOR(2)(S)/ 4.230% |  | (27890) | (27890) |
|  NZD | 695 | 08/10/31 | 1.876%(S) | 3 Month BBR(2)(Q)/ 2.515% |  | (34685) | (34685) |
|  NZD | 190 | 05/08/35 | 4.400%(S) | 3 Month BBR(2)(Q)/ 2.515% | 6613 | 3444 | (3169) |
|  NZD | 800 | 07/31/35 | 4.068%(S) | 3 Month BBR(2)(Q)/ 2.515% |  | 6304 | 6304 |
|  PLN | 1560 | 08/10/31 | 1.665%(A) | 6 Month WIBOR(2)(S)/ 3.870% |  | (51531) | (51531) |
|  SEK | 4000 | 08/10/31 | 0.530%(A) | 3 Month STIBOR(2)(Q)/ 1.958% |  | (47386) | (47386) |
|  SGD | 600 | 07/29/31 | 1.120%(S) | 1 Day SORA(2)(S)/ 0.895% | (1422) | (21441) | (20019) |
|  SGD | 240 | 09/10/35 | 2.500%(S) | 1 Day SORA(2)(S)/ 0.895% | 9831 | 4976 | (4855) |
|  SGD | 165 | 09/15/35 | 1.680%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (6152) | (6152) |
|  SGD | 315 | 09/17/35 | 1.680%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (11750) | (11750) |
|  SGD | 215 | 09/25/35 | 1.710%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (7607) | (7607) |
|  THB | 60550 | 08/18/26 | 1.168%(Q) | 1 Day THOR(1)(Q)/ 1.246% |  | (69) | (69) |
|  THB | 22500 | 08/17/31 | 1.320%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 1989 | 1989 |
|  THB | 9500 | 04/18/34 | 2.895%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 34987 | 34987 |
|  THB | 8370 | 04/22/34 | 2.818%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 29145 | 29145 |
|  THB | 5700 | 12/16/34 | 2.173%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 10085 | 10085 |
|  THB | 17480 | 09/10/35 | 2.400%(Q) | 1 Day THOR(2)(Q)/ 1.246% | 37104 | 42126 | 5022 |
|  TWD | 35100 | 02/17/28 | 1.390%(Q) | 3 Month TAIBOR(1)(Q)/ 1.678% |  | 11599 | 11599 |
|  | 2010 | 04/23/26 | 4.861%(A) | 1 Day SOFR(2)(A)/ 3.870% |  | 15282 | 15282 |
|  | 35000 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 3.870% | 61208 | 223904 | 162696 |
|  | 66340 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (381360) | (381360) |
|  | 29490 | 08/27/26 | 3.809%(T) | 1 Day SOFR(2)(T)/ 3.870% |  | (3889) | (3889) |
|  | 8465 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% | 1566 | (83158) | (84724) |
|  | 3315 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (32566) | (32566) |
|  | 28140 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.870% | 4768 | 449469 | 444701 |
|  | 3330 | 08/15/28 | 1.220%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 213340 | 213340 |
|  | 1730 | 11/07/28 | 4.223%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (42455) | (42455) |
|  | 17515 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.870% | (18623) | (485454) | (466831) |
|  | 850 | 05/17/29 | 4.143%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (20460) | (20460) |
|  | 400 | 02/22/32 | 3.989%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (8628) | (8628) |
|  | 630 | 03/28/32 | 3.841%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (7881) | (7881) |
|  | 155 | 08/01/35 | 3.869%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (951) | (951) |
|  | 600 | 11/10/35 | 3.669%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 6391 | 6391 |
|  | 17820 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 3.870% |  | (382438) | (382438) |
|  | 845 | 05/11/45 | 4.000%(A) | 1 Day SOFR(2)(A)/ 3.870% | (34938) | (20089) | 14849 |
|  | 770 | 05/11/49 | 1.350%(A) | 1 Day SOFR(2)(A)/ 3.870% | (294165) | (344629) | (50464) |
|  | 10980 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 3.870% | (76041) | (651746) | (575705) |
|  | 220 | 04/30/54 | 4.027%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 5961 | 5961 |
|  | 420 | 05/10/54 | 3.850%(A) | 1 Day SOFR(2)(A)/ 3.870% | (2351) | (24245) | (21894) |
|  | 2590 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 1182250 | 1276084 | 93834 |
|  | 710 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 311266 | 349815 | 38549 |
|  | 3975 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 16380 | 158289 | 141909 |
|  | 13760 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 201236 | 547936 | 346700 |
|  | 400 | 12/15/54 | 3.638%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 33319 | 33319 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A223

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at**<br>**Trade Date** | **Value at**<br>**December 31,**<br>**2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |  |
| 9720 | 12/16/54 | 3.719 %(A) | 1 Day SOFR(1)(A)/ 3.870% | $75344 | $748592 | $673248 |
| 13585 | 12/20/54 | 3.825 %(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 802109 | 802109 |
| 1035 | 05/11/55 | 3.850 %(A) | 1 Day SOFR(1)(A)/ 3.870% | 46537 | 59522 | 12985 |
| 455 | 05/10/74 | 3.420 %(A) | 1 Day SOFR(1)(A)/ 3.870% | 4698 | 55789 | 51091 |
| 690 | 05/11/74 | 1.950 %(A) | 1 Day SOFR(1)(A)/ 3.870% | 3109 | 37605 | 34496 |
|  |  |  |  | $1693518 | $(2914795) | $(4608313) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Fair<br>Value** | **Upfront**<br>**Premiums**<br>**Paid(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty**  |
|  **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** |  |  |  |
|  BRL 3,298 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/ 0.055% | $(11628) | $— | $(11628) | GSI |
|  BRL 3,298 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/ 0.055% | 10858 |  | 10858 | GSI |
|  CNH 1,200 | 07/31/30 | 2.515%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 7355 |  | 7355 | MSI |
|  CNH 700 | 11/24/30 | 2.495%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 4361 |  | 4361 | MSI |
|  MYR8,100 | 08/12/26 | 2.605%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | (9062) | (22) | (9040) | HSBC |
|  MYR1,505 | 02/28/32 | 3.625%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | 4795 |  | 4795 | JPM |
|  MYR1,500 | 07/29/35 | 3.330%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | (6818) | (1) | (6817) | JPM |
|  |  |  |  | $(139) | $(23) | $(116) |  |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |
|  Bloomberg Commodity Total Return Index(Q) | 3 Month<br> U.S. Treasury Bill<br> +8bps(Q)/ 3.650% | ML | 04/01/26 | 10982 | $(1113) | $— | $(1113) |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br> +26bps(T)/<br> 3.900% | JPM | 05/04/26 | 14400 | (263203) |  | (263203) |
|  |  |  |  |  | $(264316) | $— | $(264316) |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $156031 | $(187110) | $575528 | $(921055) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A224

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $— | $2972401 |
|  GS | 1009000 | 8945281 |
|  MLC |  | 5997365 |
|  **Total** | $1009000 | $17915047 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $197566737 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 943802963 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | 27100793 |  |  |
|  Common Stocks | 344741303 | 143507100 |  |
|  Preferred Stocks |  | 564885 |  |
|  Unaffiliated Exchange-Traded Funds | 422949017 |  |  |
|  Warrants |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 1811246 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 263497506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 2730295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 677060 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 634434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 750566 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 65784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 115562 |  |
|  Commercial Mortgage-Backed Securities |  | 25381278 |  |
|  Corporate Bonds |  | 217774135 |  |
|  Floating Rate and Other Loans |  | 10102882 |  |
|  Residential Mortgage-Backed Securities |  | 1990033 |  |
|  Sovereign Bonds |  | 92868385 |  |
|  U.S. Government Agency Obligations |  | 21620748 |  |
|  U.S. Treasury Obligations |  | 130289046 |  |
|  Options Purchased |  | 5978 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 279224473 |  |  |
|  U.S. Treasury Obligation |  | 11927041 |  |
|  Options Purchased | 23672 | 129627 |  |
|  **Total** | $**2215408958** | $**926443591** | $**—** |
|  **Liabilities** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Written | $— | $(4821) | $— |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A225

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Short-Term Investments** |  |  |  |
|  Options Written | $— | $(339047) | $— |
|  **Total** | $**—** | $**(343868)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546492 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 510046 |  |
|  OTC Cross Currency Exchange Contracts |  | 4461 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 498002 |  |
|  Centrally Cleared Credit Default Swap Agreements |  | 39686 |  |
|  OTC Credit Default Swap Agreements |  | 67820 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;6688479 |  |
|  OTC Interest Rate Swap Agreements |  | 27369 |  |
|  **Total** | $**546492** | $**7835863** | $**—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(2391169) | $— | $— |
|  OTC Bond Forward Contract |  | (229003) |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (2765812) |  |
|  OTC Cross Currency Exchange Contracts |  | (2022) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (487564) |  |
|  OTC Credit Default Swap Agreements. |  | (190409) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (11296792) |  |
|  OTC Interest Rate Swap Agreements |  | (27508) |  |
|  OTC Total Return Swap Agreements |  | (264316) |  |
|  **Total** | $**(2391169)** | $**(15263426)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, bond forward contracts, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (0.6% represents investments purchased with collateral from securities on loan) | 46.2 |
|  Unaffiliated Exchange-Traded Funds | 13.5 |
|  Collateralized Loan Obligations | 8.4 |
|  U.S. Treasury Obligations | 4.6 |
|  Sovereign Bonds | 3.0 |
|  Banks | 2.6 |
|  Semiconductors & Semiconductor Equipment | 1.5 |
|  Software | 1.1 |
|  Pharmaceuticals | 0.8 |
|  Interactive Media & Services | 0.8 |
|  Commercial Mortgage-Backed Securities | 0.8 |
|  Technology Hardware, Storage & Peripherals | 0.7 |
|  Electric | 0.7 |
|  U.S. Government Agency Obligations | 0.7 |
|  Insurance | 0.6 |
|  Capital Markets | 0.6 |
|  Aerospace & Defense | 0.5 |
|  Oil, Gas & Consumable Fuels | 0.5 |
|  Media | 0.5 |
|  Broadline Retail | 0.4 |
|  Financial Services | 0.4 |

---

---

| | |
|:---|:---|
|  Automobiles | 0.4 |
|  Telecommunications | 0.4 |
|  Real Estate Investment Trusts (REITs) | 0.4 |
|  Retail | 0.4 |
|  Machinery | 0.3 |
|  Oil & Gas | 0.3 |
|  Health Care Equipment & Supplies | 0.3 |
|  Biotechnology | 0.3 |
|  Electric Utilities | 0.3 |
|  Consumer Staples Distribution & Retail | 0.3 |
|  Specialty Retail | 0.3 |
|  Entertainment | 0.3 |
|  Pipelines | 0.3 |
|  Electrical Equipment | 0.3 |
|  Commercial Services | 0.3 |
|  Hotels, Restaurants & Leisure | 0.3 |
|  Home Builders | 0.2 |
|  Health Care Providers & Services | 0.2 |
|  Metals & Mining | 0.2 |
|  Real Estate | 0.2 |
|  Foods | 0.2 |
|  Auto Manufacturers | 0.2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A226

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Chemicals | 0.2 |
|  Diversified Financial Services | 0.2 |
|  IT Services | 0.2 |
|  Food Products | 0.2 |
|  Diversified Telecommunication Services | 0.2 |
|  Trading Companies & Distributors | 0.1 |
|  Consumer Finance | 0.1 |
|  Transportation | 0.1 |
|  Industrial Conglomerates | 0.1 |
|  Electronic Equipment, Instruments & Components | 0.1 |
|  Beverages | 0.1 |
|  Healthcare-Services | 0.1 |
|  Building Materials | 0.1 |
|  Tobacco | 0.1 |
|  Textiles, Apparel & Luxury Goods | 0.1 |
|  Life Sciences Tools & Services | 0.1 |
|  Auto Parts & Equipment | 0.1 |
|  Building Products | 0.1 |
|  Multi-Utilities | 0.1 |
|  Communications Equipment | 0.1 |
|  Ground Transportation | 0.1 |
|  Household Products | 0.1 |
|  Construction & Engineering | 0.1 |
|  Consumer Loans | 0.1 |
|  Professional Services | 0.1 |
|  Mining | 0.1 |
|  Holding Companies-Diversified | 0.1 |
|  Internet | 0.1 |
|  Real Estate Management & Development | 0.1 |
|  Household Durables | 0.1 |
|  Healthcare-Products | 0.1 |
|  Residential Mortgage-Backed Securities | 0.1 |
|  Airlines | 0.1 |
|  Industrial REITs | 0.1 |
|  Commercial Services & Supplies | 0.1 |
|  Specialized REITs | 0.1 |
|  Construction Materials | 0.1 |
|  Gas Utilities | 0.1 |
|  Lodging | 0.1 |
|  Personal Care Products | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Marine Transportation | 0.1 |
|  Passenger Airlines | 0.1 |
|  Multi-National | 0.1 |
|  Packaging & Containers | 0.1 |

---

---

| | |
|:---|:---|
|  Electrical Components & Equipment | 0.1 |
|  Automobile Components | 0.0 |
|  Air Freight & Logistics | 0.0 |
|  Energy Equipment & Services | 0.0 |
|  Semiconductors | 0.0 |
|  Engineering & Construction | 0.0 |
|  Housewares | 0.0 |
|  Health Care REITs | 0.0 |
|  Retail REITs | 0.0 |
|  Electronics | 0.0 |
|  Iron/Steel | 0.0 |
|  Gas | 0.0 |
|  Diversified REITs | 0.0 |
|  Other | 0.0 |
|  Diversified Consumer Services | 0.0 |
|  Miscellaneous Manufacturing | 0.0 |
|  Credit Cards | 0.0 |
|  Home Equity Loans | 0.0 |
|  Hotel & Resort REITs | 0.0 |
|  Investment Companies | 0.0 |
|  Machinery-Diversified | 0.0 |
|  Leisure Products | 0.0 |
|  Computers | 0.0 |
|  Trucking & Leasing | 0.0 |
|  Independent Power & Renewable Electricity Producers | 0.0 |
|  Savings & Loans | 0.0 |
|  Leisure Time | 0.0 |
|  Containers & Packaging | 0.0 |
|  Residential REITs | 0.0 |
|  Environmental Control | 0.0 |
|  Apparel | 0.0 |
|  Distributors | 0.0 |
|  Options Purchased | 0.0 |
|  Office REITs | 0.0 |
|  Water Utilities | 0.0 |
|  Student Loans | 0.0 |
| Agriculture | 0.0 |
|  | 100.4 |
| Options Written | (0.0) |
| Liabilities in excess of other assets | (0.4) |
|  | 100.0 |

---

\* Less than 0.05%

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are commodity risk, credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

**SEE NOTES TO FINANCIAL STATEMENTS.**

A227

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Commodity contracts |  | $— | Unrealized depreciation on OTC swap agreements | $1113 |
|  Credit contracts | Due from/to broker-variation margin swaps | 39686 \* |  |  |
|  Credit contracts | Premiums paid for OTC swap agreements | 156031 | Premiums received for OTC swap agreements | 187087 |
|  Credit contracts | Unaffiliated investments | 11493 | Options written outstanding, at value | 63721 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 548159 | Unrealized depreciation on OTC swap agreements | 629254 |
|  Equity contracts | Due from/to broker-variation margin futures | 175232 \* | Due from/to broker-variation margin futures | 237125 \* |
|  Foreign exchange contracts |  |  | Due from/to broker-variation margin futures | 380417 \* |
|  Foreign exchange contracts | Unaffiliated investments | 7178 | Options written outstanding, at value | 170714 |
|  Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 4461 | Unrealized depreciation on OTC cross currency exchange contracts | 2022 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 510046 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 2765812 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 371260 \* | Due from/to broker-variation margin futures | 1773627 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 6688479 \* | Due from/to broker-variation margin swaps | 11296792 \* |
|  Interest rate contracts |  |  | Premiums received for OTC swap agreements | 23 |
|  Interest rate contracts | Unaffiliated investments | 140606 | Options written outstanding, at value | 109433 |
|  Interest rate contracts |  |  | Unrealized depreciation on OTC bond forward contracts | 229003 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 27369 | Unrealized depreciation on OTC swap agreements | 290688 |
|  |  | $8680000 |  | $18136831 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

#### Amount of Realized Gain (Loss) on Derivatives Recognized in Income

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Bond<br>Forward<br>Contracts** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $— | $— | $— | $298165 |
|  Credit contracts | (388195) | 535667 |  |  |  | (564846) |
|  Equity contracts |  |  | 7204737 |  |  |  |
|  Foreign exchange contracts | (285455) | 1419996 | (4396022) |  | (12857515) |  |
|  Interest rate contracts | (8938) | 60897 | 8466737 | 100107 |  | (2377) |
|  **Total** | $(682588) | $2016560 | $11275452 | $100107 | $(12857515) | $(269058) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A228

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Bond<br>Forward<br>Contracts** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Commodity contracts | $— | $— | $— | $— | $— | $(1113) |
|  Credit contracts | (72401) | 81313 |  |  |  | 149218 |
|  Equity contracts |  |  | 3274520 |  |  |  |
|  Foreign exchange contracts | (58400) | (3585) | (1347802) |  | (10507868) |  |
|  Interest rate contracts | (79684) | 99504 | 4946970 | (229003) |  | (1870139) |
|  **Total** | $(210485) | $177232 | $6873688 | $(229003) | $(10507868) | $(1722034) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $208505 |
|  Options Written (2) | 282207691 |
|  Futures Contracts - Long Positions (2) | 670005299 |
|  Futures Contracts - Short Positions (2) | 142463718 |
|  Bond Forward Contracts - Purchased (2) | 5875000 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 88956481 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 313729304 |
|  Cross Currency Exchange Contracts (4) | 3062703 |
|  Credit Default Swap Agreements - Buy Protection (2) | 46683664 |
|  Credit Default Swap Agreements - Sell Protection (2) | 63826869 |
|  Interest Rate Swap Agreements (2) | 570816022 |
|  Total Return Swap Agreements (2) | 58540971 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net<br>Amount** |
|  Securities on Loan | $18301663 | $(18301663) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BARC(4) | $90071 | $(364107) | $(274036) | $274036 | $— |
|  BARC(6) | 14391 | (1306) | 13085 |  | 13085 |
|  BNP(4) | 110250 | (261653) | (151403) | 127914 | (23489) |
|  BNP(6) | 7955 | (144703) | (136748) |  | (136748) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A229

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BNY(4) | $— | $(111496) | $(111496) | $76299 | $(35197) |
|  BOA(4) | 24540 | (82821) | (58281) |  | (58281) |
|  CITI(4) | 84683 | (546596) | (461913) | 406753 | (55160) |
|  CITI(5) | 9157 | (5229) | 3928 |  | 3928 |
|  CITI(6) | 220 | (10934) | (10714) |  | (10714) |
|  DB(4) | 529516 | (1300533) | (771017) | 771017 |  |
|  GSI(4) | 49208 | (103557) | (54349) | 54349 |  |
|  GSI(5) | 3310 | (14326) | (11016) |  | (11016) |
|  GSI(6) | 41513 | (4112) | 37401 |  | 37401 |
|  HSBC(4) | 6374 | (122392) | (116018) | 97494 | (18524) |
|  HSBC(6) | 19823 | (11744) | 8079 |  | 8079 |
|  JPM(4) | 159687 | (515799) | (356112) | 334688 | (21424) |
|  ML(3) |  | (1113) | (1113) |  | (1113) |
|  MSI(4) | 201544 | (258382) | (56838) | 56838 |  |
|  MSI(5) | 10373 | (17131) | (6758) |  | (6758) |
|  MSI(6) | 5780 | (63249) | (57469) |  | (57469) |
|  RBC(4) | 387 | (8486) | (8099) |  | (8099) |
|  SSB(4) | 60 | (192466) | (192406) | 192406 |  |
|  TD(4) | 10077 |  | 10077 |  | 10077 |
|  UAG(4) |  | (304799) | (304799) | 304799 |  |
|  WBC(5) | 2752 | (1936) | 816 |  | 816 |
|  | $1381671 | $(4448870) | $(3067199) | $2696593 | $(370606) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

(3) PGIM Quant Solutions

(4) PGIM Fixed Income

(5) Putnam

(6) J.P. Morgan

**SEE NOTES TO FINANCIAL STATEMENTS.**

A230

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<br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

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| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $18,301,663: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,555,033,815) | $1694157583.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,268,582,115) | 1447694966.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $1,160,788) | 1164475.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 8420164.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 1231144.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 1009000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 933948.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 653769.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 575528.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 510046.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 156031.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 12345.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 4461.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 2031.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 25400.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 3156550891.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 18801385.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 2765812.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 2257148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 1445951.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 921055.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 794086.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 400677.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 374171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $489,669) | 343868.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC bond forward contracts | 229003.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 187110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 179819.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 123155.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2310.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 2022.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 28828050.0 |
|  **NET ASSETS** | $3127722841.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $3127722841.0 |
|  Net asset value and redemption price per share, $3,127,722,841 / 132,029,124 outstanding shares of beneficial interest | $23.69 |

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#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

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| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of $24,402 foreign withholding tax) | $38227483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $475,929 foreign withholding tax, of which $76,219 is reimbursable by an affiliate) | 14714585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 13220298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $37,830) | 41392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 66203758 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 18548236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 7941648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 566131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 115752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 83922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 62140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 17313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 121594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 27467076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (1448671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver | (406820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 25611585 |
|  **NET INVESTMENT INCOME (LOSS)** | 40592173 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $55,972,643) (net of foreign capital gains taxes $4,014) | 145733312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 11275452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contract transactions | 100107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (12857515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 2016560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (269058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2495117 |
|  | 148493975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $54,388,755) (net of change in foreign capital gains taxes $(1004)) | 147306887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 6873688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contracts | (229003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (10507868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 177232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (1722034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 340252 |
|  | 142239154 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 290733129 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $331325302 |

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#### STATEMENTS OF CHANGES IN NET ASSETS

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| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $40592173 | $57416848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 148493975 | 173255712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 142239154 | 31103055 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 331325302 | 261775615 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [9,368,280 and 10,646,838 shares, respectively] | 204989128 | 220238557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [33,491,824 and 37,543,485 shares, respectively] | (731121099) | (773391054) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (526131971) | (553152497) |
|  **TOTAL INCREASE (DECREASE)** | (194806669) | (291376882) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3322529510 | 3613906392 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3127722841 | $3322529510 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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<br> **AST PRESERVATION ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $21.28 | $19.74 | $17.66 | $20.93 | $19.70 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.29 | 0.34 | 0.34 | 0.21 | 0.02 |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.12 | 1.20 | 1.74 | (3.48) | 1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.41 | 1.54 | 2.08 | (3.27) | 1.23 |
|  Net Asset Value, end of year | $23.69 | $21.28 | $19.74 | $17.66 | $20.93 |
|  **Total Return<sup>(b)</sup>** | 11.33% | 7.80% | 11.78% | (15.62)% | 6.24% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $3128 | $3323 | $3614 | $3554 | $6028 |
|  Average net assets (in millions) | $3177 | $3526 | $3518 | $4535 | $6263 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.81% | 0.83% | 0.84% | 0.82% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.86% | 0.91% | 0.91% | 0.90% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.28% | 1.63% | 1.84% | 1.12% | 0.10% |
|  Portfolio turnover rate<sup>(d)(e)</sup> | 50% | 70% | 85% | 69% | 79% |

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(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

(e) The Portfolio accounts for mortgage dollar roll transactions as purchases and sales which, as a result, can increase its portfolio turnover rate.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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#### NOTES TO FINANCIAL STATEMENTS OF

#### ADVANCED SERIES TRUST
1. Organization

Advanced Series Trust (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust operates as a series company and as of December 31, 2025 consisted of 33 separate portfolios. The information presented in these financial statements pertains only to the 4 Portfolios listed below (each, a "Portfolio" and collectively, the "Portfolios") together with their investment objective(s). Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

Shares of each Portfolio may be purchased only by separate accounts of participating insurance companies for investing assets which are attributable to variable annuity contracts and variable life insurance policies (the "Participating Insurance Companies"). These separate accounts place orders to purchase and redeem shares of the Portfolios primarily based upon the amount of premium payments to be invested, and the amount of surrender and transfer requests to be effected on a specific day under the variable annuity contracts and variable life insurance policies.

The Portfolios have the following investment objectives:

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| | |
|:---|:---|
| **Portfolio** | **Investment Objective** |
|  AST Balanced Asset Allocation Portfolio<br> ("Balanced Asset Allocation") | Highest potential total return<br>consistent with its specified level<br>of risk tolerance. |
|  AST Multi-Asset Diversified Portfolio<br> ("Multi-Asset Diversified") formerly known as<br> AST Advanced Strategies Portfolio | High level of absolute return by<br>using traditional and<br>non-traditional investment<br>strategies and by investing in<br>domestic and foreign equity and<br>fixed income securities, derivative<br>instruments and other investment<br>companies. |
|  AST PGIM Aggressive Multi-Asset Portfolio<br> ("PGIM Aggressive Multi-Asset") formerly known as<br> AST Prudential Growth Allocation Portfolio | Highest potential total return<br>consistent with its specified level<br>of risk tolerance. |
|  AST Preservation Asset Allocation Portfolio<br> ("Preservation Asset Allocation") | Highest potential total return<br>consistent with its specified level<br>of risk tolerance. |

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2. Accounting Policies

The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Trust in the preparation of the Portfolios' financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Trust and the Portfolios consistently follow such policies in the preparation of their financial statements.

The Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Portfolios' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Portfolios, as listed in the Portfolios' Statement of Additional Information, act as each Portfolio's chief operating decision maker ("CODM"). The CODM has determined that each Portfolio has a single operating segment as the CODM monitors the operating results of each Portfolio as a whole and the Portfolios' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Portfolios' subadviser.

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The CODM allocates resources and assesses performance based on the operating results of each Portfolio, which is consistent with the results presented in the Portfolio's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Portfolios' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust's Board of Trustees (the "Board") has approved the Portfolios' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments") and/orAST Investment Services, Inc., the co-managers of the Portfolio, as applicable (collectively, the "Investment Manager" or "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit each Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios' foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other

B2

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loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

Private debt/loans are generally valued at prices obtained by independent valuation providers. Such valuation providers typically utilize the income approach as the primary methodology, but may use other fair value approaches based on facts and circumstances. Valuations received from the independent valuation providers are reviewed by the Valuation Designee to ensure the valuations are in accordance with the Portfolios' valuation policies and procedures as well as all relevant valuation and accounting standards. Private debt/loans are generally classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes

B3

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recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Bond Forward Contracts:* Certain Portfolios invested in bond forward contracts which are primarily used to hedge their exposure to interest rate fluctuations. These transactions involve a commitment by the Portfolio to purchase or sell a specific bond at a future date for a predetermined fixed price and with no upfront payments. Bond forward contracts are valued daily at the current underlying bond forward price and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on bond forward contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference of the agreed upon forward price and the actual price of the security at settlement. This gain (loss), if any, is included in net realized gain (loss) on bond forward transactions.

*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, of the applicable Portfolios in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

*Options:* Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market exposure. The Portfolios' principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised. Certain Portfolios entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as "variation margin", based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

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*Financial/Commodity Futures Contracts:* A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a futures contract, the Portfolios are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Portfolios each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial and/or commodity futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

*Interest Rate Swaps:* Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios' maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract's remaining life.

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be "short the credit" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Portfolio's maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into

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for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

*Currency Swaps:* Certain Portfolios entered into currency swap agreements primarily to gain yield exposure on foreign bonds. Currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates.

*Total Return Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios' maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

*Floating Rate and Other Loans:* Certain Portfolios invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The Trust, on behalf of each Portfolio is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between each Portfolio and the counterparty permits each Portfolio to offset amounts payable by each Portfolio to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Portfolio to cover each Portfolio's exposure to the counterparty. However, there is no assurance that such mitigating factors are easily

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enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Trust, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio's custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio's net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio's counterparties to elect early termination could impact the Portfolio's future derivative activity.

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants and Rights:* Certain Portfolios held warrants and rights acquired either through a direct purchase or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Portfolios until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

*Payment-In-Kind:*Certain Portfolios invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

*Delayed-Delivery Transactions:* Certain Portfolios purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value ("NAV"). The Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Portfolio forfeits its eligibility to realize future gains (losses) with respect to the security.

*Securities Lending:* Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value

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of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolios. Upon termination of the loan, the borrower will return to the Portfolios securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolios have the right to repurchase the securities in the open market using the collateral.

The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolios also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolios become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

*Taxes:* For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes that is not a "publicly traded partnership" as defined in Section 7704 of the Internal Revenue Code of 1986, as amended (the "Code") for US federal income tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Participating Insurance Companies. Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio's understanding of the applicable country's tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. ("Prudential") as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

*Distributions:* Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. Distributions are recorded on the ex-date.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Trust, on behalf of the Portfolios, has entered into investment management agreements with the Investment Manager which provide that the Investment Manager will furnish each Portfolio with investment advice, investment management and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolios. The

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Investment Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Investment Manager out of the management fee that it receives from the Portfolios.

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| | |
|:---|:---|
| **Portfolio** | **Subadviser(s)** |
|  Balanced Asset Allocation | Jennison Associates LLC ("Jennison") (a wholly-owned subsidiary of PGIM, Inc.); J.P. Morgan Investment Management, Inc. ("J.P. Morgan"); PGIM Fixed Income ("PFI") (a business unit of PGIM, Inc.); PGIM Limited; PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions") (a wholly-owned subsidiary of PGIM, Inc.); Putnam Investment Management LLC ("Putnam") |
|  Multi-Asset Diversified | Jennison; J.P. Morgan; PFI; PGIM Quantitative Solutions; PGIM Real Estate (a business unit of PGIM, Inc.); Putnam |
|  PGIM Aggressive Multi-Asset | Jennison; PFI; PGIM Limited; PGIM Quantitative Solutions; PGIM Real Estate |
|  Preservation Asset Allocation | J.P. Morgan; Jennison; PFI; PGIM Limited; PGIM Quantitative Solutions; Putnam |

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*Management Fees and Expense Limitations:* The Investment Manager receives a management fee, accrued daily and payable monthly, based on the annual rates specified below, using the value of each Portfolio's average daily net assets at the respective annual rate specified below. The Investment Manager pays each subadviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable by the Portfolios to the Investment Manager under the agreements are reflected in the Statement of Operations.

The Investment Manager has contractually agreed to waive a portion of its management fee and/or reimburse certain Portfolios so that management fees plus other annual ordinary operating expenses, excluding taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales, do not exceed the percentage stated below of the Portfolio's average daily net assets unless otherwise noted. Fees and/or expenses waived and/or reimbursed by the Investment Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Investment Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable.

Each voluntary waiver/reimbursement, if any, may be modified or terminated by the Investment Manager at any time without notice.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Contractual**<br> **Management Fee** | **Effective Management**<br> **Fee,**<br> **before any waivers**<br> **and/or expense**<br> **reimbursements** | **Effective Management**<br> **Fee,**<br> **after any waivers**<br> **and/or expense**<br> **reimbursements** |
|  Balanced Asset Allocation# | 0.6225% first $15 billion;<br> 0.6025% on next $5 billion;<br> 0.5825% on next $5 billion;<br> 0.5625% on next $5 billion;<br> 0.5425% on next $5 billion;<br> 0.5225% on next $5 billion;<br> 0.5025% in excess of $40 billion | 0.58% | 0.52% |
|  Multi-Asset Diversified | 0.6125% first $10 billion;<br> 0.5925% on next $2.5 billion;<br> 0.5725% on next $2.5 billion;<br> 0.5525% on next $5 billion;<br> 0.5325% in excess of $20 billion | 0.61% | 0.52% |
|  PGIM Aggressive Multi-Asset | 0.6425% first $6 billion;<br> 0.6125% on next $4 billion;<br> 0.5925% on next $2.5 billion;<br> 0.5725% on next $2.5 billion;<br> 0.5525% on next $5 billion;<br> 0.5325% in excess of $20 billion | 0.62% | 0.62% |

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| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Contractual**<br> **Management Fee** | **Effective Management**<br> **Fee,**<br> **before any waivers**<br> **and/or expense**<br> **reimbursements** | **Effective Management**<br> **Fee,**<br> **after any waivers**<br> **and/or expense**<br> **reimbursements** |
|  Preservation Asset Allocation# | 0.6225% first $15 billion;<br> 0.6025% on next $5 billion;<br> 0.5825% on next $5 billion;<br> 0.5625% on next $5 billion;<br> 0.5425% on next $5 billion;<br> 0.5225% on next $5 billion;<br> 0.5025% in excess of $40 billion | 0.58% | 0.54% |

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| | |
|:---|:---|
| **Portfolio** | **Fee Waivers and/or**<br> **Expense Limitations<sup>(1)</sup>** |
|  Multi-Asset Diversified | contractually waive 0.05%<br> through June 30, 2026 |

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<sup>(1)</sup> For Balanced Asset Allocation, Multi-Asset Diversified and Preservation Asset Allocation, the Investment Manager and Prudential Annuities Distributors, Inc. ("PAD") have agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the management and distribution fee they receive from other portfolios of the Trust and Funds of other affiliated investment companies due to the Portfolios' investment in any such portfolios/funds. The Investment Manager has also agreed to waive a portion of its investment management fee equal to the amount of the management fee received by the subadviser due to the Portfolios' investment in any fund managed or subadvised by the Subadviser. 

<sup>#</sup> Management fees are calculated based on an aggregation of net assets of Aggressive Asset Allocation, Balanced Asset Allocation, Multi-Asset Diversified Plus and Preservation Asset Allocation.

The Trust, on behalf of the Portfolios, has entered into an agreement with PAD, which serves as the distributor for the shares of each Portfolio. The Trust, on behalf of the Portfolios, has adopted a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940Act (the "12b-1 Plan") for the shares of each Portfolio. Under the 12b-1 Plan, the shares of each covered Portfolio are charged an annual fee, primarily to compensate PAD and its affiliates for providing various administrative and distribution services to each covered Portfolio. The annual shareholder services and distribution fee (the "12b-1 fee") for each covered Portfolio's shares is 0.25% of the average daily net assets of the Portfolios. The 12b-1 fee is waived for the assets of Balanced Asset Allocation, Multi-Asset Diversified and Preservation Asset Allocation Portfolios, that are invested in other portfolios of the Trust.

The Trust, on behalf of certain Portfolios, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paid solely to those Portfolios generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the year ended December 31, 2025, brokerage commissions recaptured under these agreements was as follows:

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| | |
|:---|:---|
| **Portfolio** | **Amount** |
|  Balanced Asset Allocation | $10435 |
|  Multi-Asset Diversified | 827 |
|  PGIM Aggressive Multi-Asset | 22372 |
|  Preservation Asset Allocation | 672 |

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AST Investment Services, Inc., Jennison, PAD, PGIM Investments, PGIM Limited, PGIM, Inc., PGIM Real Estate and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

#### a.) Related Parties
Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

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Certain officers and a Trustee of the Trust are officers, employees or directors of the Investment Manager. The Trust pays no compensation directly to its officers, employees or any Trustee who receives compensation from the Investment Manager, a subadviser or their respective affiliates. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Portfolios bear all other costs and expenses.

The Portfolios may invest their overnight sweep cash in the PGIM Core Government Money Market Fund, a series of the Prudential Government Money Market Fund, Inc., registered under the 1940 Act and managed by PGIM Investments. The Portfolios may invest their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the PGIM Core Government Money Market Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the PGIM Core Government Money Market Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income from securities lending, net", respectively.

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended December 31, 2025, no Rule 17a-7 transactions were entered into by the Portfolios.

#### b.) Foreign Withholding Tax Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies ("RICs"). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, "excess withholding tax").

Prudential instituted a process in consultation with the Trust's independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios' partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as "Payable to affiliate" on the Statement of Assets and Liabilities and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as "Receivable from affiliate" on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as "Tax reclaim receivable" on the Statement of Assets and Liabilities. To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
|  Balanced Asset Allocation | $824474 |
|  Multi-Asset Diversified | 326469 |
|  PGIM Aggressive Multi-Asset | 567251 |
|  Preservation Asset Allocation | 76219 |

---

B11

------

The following amounts have been paid by Prudential for excess withholding taxes related to timing differences as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| **Portfolio** | **2025 Payments** |
|  Balanced Asset Allocation | $960765 |
|  Multi-Asset Diversified | 390976 |
|  PGIM Aggressive Multi-Asset | 673720 |
|  Preservation Asset Allocation | 76583 |

---

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** |
|  Balanced Asset Allocation | $12309655933 | $14527804734 |
|  Multi-Asset Diversified | 3140297747 | 3894961285 |
|  PGIM Aggressive Multi-Asset | 8696631924 | 10653726721 |
|  Preservation Asset Allocation | 1233577010 | 1638050927 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended December 31, 2025, is presented as follows:

#### Balanced Asset Allocation

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of<br>Year** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |  |  |  |  |  |
| <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* |
| $1624867938 | $— | $413485000 | 27579859 | 164204646 | $1403167443 | 12704096 | $— | $— |
| <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* |
| 615333318 |  | 162800000 | 29239916 | 47358030 | 529131264 | 8670019 |  |  |
| <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* |
| 4257580120 | 311433654 | 1037820198 | 191777151 | 130536464 | 3853507191 | 322469221 |  |  |
| <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* |
| 434439986 |  | 96630000 | 10369844 | 16018283 | 364198113 | 4229943 |  |  |
| <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund |
| 36882757 | 72019294 | 62633000 | 956904 | (700180) | 46525775 | 2266234 | 692295 |  |
| <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund |
| 27963262 | 30469383 | 46775000 | 802284 | (316111) | 12143818 | 615812 | 269382 |  |
| <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund |
|  | 45050487 | 47285000 | 301893 | 3608180 | 1675560 | 22643 | 20487 |  |
| <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* |
| 76282001 | 134151000 | 157445000 | 2430014 | 2757761 | 58175776 | 7429856 |  |  |
| $7073349382 | $593123818 | $2024873198 | 263457865 | 363467073 | $6268524940 |  | $982164 | $— |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |
| <br> PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | <br> PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | <br> PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | <br> PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | <br> PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | <br> PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> |  |  |  |
|  | 1159002 | 1159002 |  |  |  |  | 988 |  |
| <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |
| 2610885565 | 8657955968 | 9395985645 |  |  | 1872855888 | 1872855888 | 94518246 |  |

---

B12

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of<br>Year** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |  |  |  |
| $239766356 | $2971593173 | $2916426726 | $— | $(6558) | $294926245 | 295103307 | $482075<sup>(1)</sup> | $— |
| $2850651921 | $11630708143 | $12313571373 | $— | $(6558) | $2167782133 |  | $95001309 | $— |
| $9924001303 | $12223831961 | $14338444571 | $263457865 | $363460515 | $8436307073 |  | $95983473 | $— |

---

#### Multi-Asset Diversified

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** |  | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |  |  |  |  |  |  |
| <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* |  |  |  |  |
| $167246950 | $10588900 | $69625959 | $3885047 | $22562660 | $134657598 | 1219172 | $— |  | $— |
| <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* |  |  |  |  |
| 150461229 | 34872752 | 55231688 | 10758709 | 9327957 | 150188959 | 2460904 |  |  |  |
| <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* |  |  |  |  |
| 655740456 | 21918674 | 250262422 | 12170414 | 31253287 | 470820409 | 39399197 |  |  |  |
| <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* |  |  |  |  |
| 87047850 | 3318570 | 27381335 | (162665) | 4778770 | 67601190 | 785147 |  |  |  |
| <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund |  |  |  |  |
|  | 11249629 | 11194383 | (637) | (39748) | 14861 | 754 | 330 |  |  |
| <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* |  |  |  |  |
| 19660879 | 17802480 | 36399715 | 163093 | 697959 | 1924696 | 245810 |  |  |  |
| $1080157364 | $99751005 | $450095502 | $26813961 | $68580885 | $825207713 |  | $330 |  | $— |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |  |
| <br> PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | <br> PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | <br> PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | <br> PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | <br> PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | <br> PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> |  |  |  |  |
|  | 140216 | 140216 |  |  |  |  | 216 |  |  |
| <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |  |  |  |  |  |  |  |
| 387876372 | 2127540691 | 2198360525 |  |  | 317056538 | 317056538 | 15649056 |  |  |
| <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |  |  |  |  |
| 204302930 | 1851732822 | 1826294944 | 1759 | 8173 | 229750740 | 229888674 | 362911 | (1) |  |
| $592179302 | $3979413729 | $4024795685 | $1759 | $8173 | $546807278 |  | $16012183 |  | $— |
| $1672336666 | $4079164734 | $4474891187 | $26815720 | $68589058 | $1372014991 |  | $16012513 |  | $— |

---

#### PGIM Aggressive Multi-Asset

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |  |  |  |  |  |
| <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* |  |  |  |  |  |  |
| $1652088523 | $282659221 | $404646342 | $84943053 | $51361242 | $1666405697 | 139448175 | $— | $— |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |
| <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |  |  |  |  |
| $1247772178 | $5252819303 | $5444794558 | $— | $— | $1055796923 | 1055796923 | $52324565 | $— |

---

B13

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |  |  |  |  |
| $243784351 | $1692340715 | $1673405655 | $10489 | $(1571) | $262728329 | 262886061 | $425766<sup>(1)</sup> | $— |
| $1491556529 | $6945160018 | $7118200213 | $10489 | $(1571) | $1318525252 |  | $52750331 | $— |
| $3143645052 | $7227819239 | $7522846555 | $84953542 | $51359671 | $2984930949 |  | $52750331 | $— |

---

#### Preservation Asset Allocation

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |  |  |  |  |  |
| <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* | <br> AST Large-Cap Growth Portfolio\* |
| $123545387 | $— | $45119999 | $(6267496) | $19718922 | $91876814 | 831841 | $— | $— |
| <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* | <br> AST Large-Cap Value Portfolio\* |
| 46253243 |  | 18115000 | (1346237) | 6632521 | 33424527 | 547674 |  |  |
| <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* | <br> AST PGIM Fixed Income Central Portfolio\* |
| 1024541832 | 50270258 | 216260240 | 49531279 | 27989828 | 936072957 | 78332465 |  |  |
| <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* | <br> AST Small-Cap Equity Portfolio\* |
| 30055186 |  | 10500000 | 1110140 | 589483 | 21254809 | 246862 |  |  |
| <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund | <br> PGIM Global Real Estate Fund |
| 5166021 | 9646594 | 8585000 | 139690 | (112896) | 6254409 | 304647 | 93594 |  |
| <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund | <br> PGIM Jennison Emerging Markets Equity Opportunities Fund |
| 4161115 | 4192891 | 6720000 | 124289 | (50148) | 1708147 | 86620 | 37892 |  |
| <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund | <br> PGIM Jennison International Opportunities Fund |
| 21781187 | 721214 | 6295000 | 2567990 | 362846 | 19138237 | 550899 | 46213 |  |
| <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund | <br> PGIM Jennison Natural Resources Fund |
|  | 5839204 | 6035000 | 61962 | 477730 | 343896 | 4647 | 4205 |  |
| <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* | <br> PSF PGIM High Yield Bond Portfolio\* |
| 10682338 | 17095000 | 20752000 | 333101 | 371567 | 7730006 | 987229 |  |  |
| <br> PSF PGIM Jennison Blend Portfolio\* | <br> PSF PGIM Jennison Blend Portfolio\* | <br> PSF PGIM Jennison Blend Portfolio\* | <br> PSF PGIM Jennison Blend Portfolio\* | <br> PSF PGIM Jennison Blend Portfolio\* | <br> PSF PGIM Jennison Blend Portfolio\* | <br> PSF PGIM Jennison Blend Portfolio\* | <br> PSF PGIM Jennison Blend Portfolio\* | <br> PSF PGIM Jennison Blend Portfolio\* |
| 39796048 |  | 5715000 | 6493212 | 64662 | 40638922 | 278807 |  |  |
| <br> PSF PGIM Jennison Value Portfolio\* | <br> PSF PGIM Jennison Value Portfolio\* | <br> PSF PGIM Jennison Value Portfolio\* | <br> PSF PGIM Jennison Value Portfolio\* | <br> PSF PGIM Jennison Value Portfolio\* | <br> PSF PGIM Jennison Value Portfolio\* | <br> PSF PGIM Jennison Value Portfolio\* | <br> PSF PGIM Jennison Value Portfolio\* | <br> PSF PGIM Jennison Value Portfolio\* |
| 16043679 |  | 7585000 | 1640825 | (71735) | 10027769 | 140307 |  |  |
| $1322026036 | $87765161 | $351682239 | $54388755 | $55972780 | $1168470493 |  | $181904 | $— |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |
| <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | <br> PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |  |  |  |  |
| 380540165 | 1148528330 | 1268713881 |  |  | 260354614 | 260354614 | 13038394 |  |
| <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | <br> PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |  |  |  |  |
| 28025066 | 290991129 | 300146199 |  | (137) | 18869859 | 18881188 | 37830<sup>(1)</sup> |  |
| $408565231 | $1439519459 | $1568860080 | $— | $(137) | $279224473 |  | $13076224 | $— |
| $1730591267 | $1527284620 | $1920542319 | $54388755 | $55972643 | $1447694966 |  | $13258128 | $— |

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\* Non-income producing security.

(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wa) Represents investments in Funds affiliated with the Manager.

B14

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6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership's income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio's adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Investment Manager has analyzed the Portfolios' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2025 are subject to such review.

7. Borrowings

The Trust, on behalf of the Portfolios, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

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| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
| &nbsp;&nbsp; **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent |

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Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Investment Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Portfolios did not utilize the SCA during the year ended December 31, 2025.

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust's Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios with a par value of $0.001 per share. As of December 31, 2025, all Portfolios offer only a single share class to investors.

As of December 31, 2025, the following number of shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.

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| | | |
|:---|:---|:---|
| **Portfolio** | **Number of Shares** | **Percentage of<br>Outstanding Shares** |
|  Balanced Asset Allocation | 596169815 | 82.3% |
|  Multi-Asset Diversified | 130092302 | 81.7 |
|  PGIM Aggressive Multi-Asset | 384605439 | 80.4 |
|  Preservation Asset Allocation | 100498701 | 76.1 |

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The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

B15

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| | | |
|:---|:---|:---|
| **Portfolio** | **Number of<br>Shareholders** | **Percentage of**<br> **Outstanding Shares** |
|  **Affiliated:** |  |  |
|  Balanced Asset Allocation | 2 | 82.3% |
|  Multi-Asset Diversified | 2 | 81.7 |
|  PGIM Aggressive Multi-Asset | 2 | 80.4 |
|  Preservation Asset Allocation | 2 | 76.1 |
|  **Unaffiliated:** |  |  |
|  Balanced Asset Allocation | 1 | 17.5 |
|  Multi-Asset Diversified | 1 | 18.2 |
|  PGIM Aggressive Multi-Asset | 1 | 19.6 |
|  Preservation Asset Allocation | 1 | 23.6 |

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9. Risks of Investing in the Portfolios

Each Portfolio's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Risks** | **Balanced<br>Asset<br>Allocation** | **Multi-Asset**<br> **Diversified** | **PGIM<br>Aggressive<br>Asset<br>Allocation** | **Preservation<br>Asset<br>Allocation** |
|  Asset Allocation | X | X | X | X |
|  Asset-Backed and/or Mortgage-Backed Securities | X | X |  | X |
|  Asset Transfer Program | X | X | X | X |
|  Blend Style | X | X | X | X |
|  Covenant-Lite | X | X |  | X |
|  Credit | X | X | X | X |
|  Derivatives | X | X | X | X |
|  Emerging Markets | X | X | X | X |
|  Equity Securities | X | X | X | X |
|  Exchange-Traded Funds (ETF) | X | X | X | X |
|  Expense | X | X |  | X |
|  Fixed Income Securities | X | X | X | X |
|  Foreign Investment | X | X | X | X |
|  Fund of Funds | X | X | X | X |
|  High Yield | X | X | X | X |
|  Interest Rate | X | X | X | X |
|  Investment Style |  |  | X |  |
|  Large Company | X | X | X | X |
|  Liquidity Allocation | X | X |  | X |
|  Liquidity and Valuation | X | X | X | X |
|  Loan | X | X |  | X |
|  Market and Management | X | X | X | X |
|  Portfolio Turnover | X | X | X |  |
|  Prepayment or Call | X | X |  | X |
|  Quantitative Model |  |  | X |  |
|  Real Estate | X | X | X | X |
|  Regulatory | X | X | X | X |
|  Small Sized Company | X | X |  | X |
|  Sovereign Debt Securities | X | X | X | X |

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*Asset Allocation Risk:* The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

*Asset-Backed and/or Mortgage-Backed Securities Risk:* Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to "subprime" borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

*Asset Transfer Program Risk:* Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

*Blend Style Risk:* A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other mutual funds.

*Covenant-Lite Risk:* Some of the loans or debt obligations in which the Portfolio may invest or get exposure to may be "covenant-lite," which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms that allow the lender to monitor the borrower's performance and declare a default if certain criteria are breached. An investment by the Portfolio in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Portfolio may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Portfolio's exposure to losses may be increased, which could result in an adverse impact on the Portfolio's net income and net asset value.

*Credit Risk:* This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

B17

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*Emerging Markets Risk:* The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political, and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the manager or a Portfolio's subadviser(s) to evaluate local companies or their potential impact on a Portfolio's performance. Characteristics of emerging market economies can include heavy economic dependence on international aid, agriculture or exports (particularly commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that depart from norms for developed countries, and generally less liquid markets. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility, and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions including, but not limited to, Asia, Latin America, the Middle East, Southern Europe, Eastern Europe, Africa and the region comprising the former Soviet Union. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased liquidity, custody of assets, different settlement and clearance procedures, and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Equity Securities Risk:* The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

*Exchange-Traded Funds (ETF) Risk:* An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

*Expense Risk:* The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table above for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

*Fixed Income Securities Risk:* Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

*Foreign Investment Risk:* Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American

B18

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Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

*Fund of Funds Risk:* In addition to the risks associated with the investment in an underlying portfolio, the Portfolio is exposed to the investment objectives, investment risks, and investment performance of the underlying portfolios. The Portfolio is also subject to a potential conflict of interest between the Portfolio and its investment manager(s) and subadviser(s), which could impact the Portfolio. Moreover, the Portfolio will incur its pro rata share of the relevant underlying portfolios' expenses, which will reduce the Portfolio's performance.

*High Yield Risk:* Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield securities" or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

*Investment Style Risk:* Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.

*Large Company Risk:* Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

*Liquidity* Allocation *Risk:* The Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities and an increase in the amount invested in derivatives (e.g., futures and options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

*Liquidity and Valuation Risk:* The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

*Loan Risk:* A Portfolio's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower.

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The failure by the Portfolio to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Portfolio and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Portfolio may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Portfolio's access to collateral, if any, may be limited by bankruptcy laws. Loans that are secured and senior to other debtholders of a borrower tend to have more favorable loss recovery rates as compared to more junior types of below investment grade debt obligations, and junior loans can involve a higher degree of risk than more senior loans. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Portfolio to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may have an impact on the length and timing of completing trades. To the extent the Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections.

*Market and Management Risk:* Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its services providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

*Portfolio Turnover Risk:* A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

*Prepayment or Call Risk:* Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

*Quantitative Model Risk:* The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

*Real Estate Risk:* Investments in real estate investment trusts (REITs) and real estate-linked derivative instruments are subject to risks similar to those associated with direct ownership of real estate. Poor performance by the manager of the REIT and adverse changes to or inability to qualify for favorable tax laws will adversely affect the Portfolio. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Higher interest rates have a negative impact on real estate markets by increasing financing costs

B20

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associated with purchasing new real estate or refinancing debt obligations. Additionally, occupancy rates for commercial real estate can reduce the value of existing real estate investments and rental income.

*Regulatory Risk:* The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

*Small Sized Company Risk:* Securities of small sized companies tend to be less liquid than those of larger, more established companies, which can have an adverse effect on the price of these securities and on the Portfolio's ability to sell these securities. The market price of such investments also may rise more in response to buying demand and fall more in response to selling pressure and be more volatile than investments in larger companies. Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

*Sovereign Debt Securities Risk:* Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

10. Reorganization

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST T. Rowe Price Asset Allocation Portfolio ("T. Rowe Price Asset Allocation") (the "Merged Portfolio") for shares of Balanced Asset Allocation (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. Shareholders approved the Plan at a meeting on November 26, 2024 and the reorganization took place at the close of business on December 6, 2024.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Total Investment<br>Value** | **Total Investment <br>Cost** |
| T. Rowe Price Asset Allocation | $13852805910 | $11705196004 |

---

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 6, 2024:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | | **Shares** |
| T. Rowe Price Asset Allocation |  | 291536444 |
| **Acquiring Portfolio** | **Shares** | **Value** |
|  Balanced Asset Allocation | 479609664 | $13889495857 |

---

For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

---

| | | |
|:---|:---|:---|
| **Merged Portfolio** | **Unrealized<br>Appreciation<br>on Investments** | **Net Assets** |
| T. Rowe Price Asset Allocation | $2147609906 | $13889495857 |
| **Acquiring Portfolio** |  | **Net Assets** |
|  Balanced Asset Allocation |  | $11910178462 |

---

Assuming the acquisition had been completed on January 1, 2024, the Acquiring Portfolio's unaudited pro forma results of

B21

------

operations for the year ended December 31, 2024 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net<br>investment<br>income (a)** | **Net realized and<br>unrealized gain<br>on investments (b)** | **Net increase in<br>net assets resulting<br>from operations** |
|  Balanced Asset Allocation | $435861165 | $2448513324 | $2884374490 |

---

(a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: T. Rowe Price Asset Allocation $245,271,921.

(b) Net realized and unrealized gain on investments as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net realized and unrealized gain on investments from the Merged Portfolio pre-merger as follows: T. Rowe Price Asset Allocation $1,760,978,318.

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since December 6, 2024.

11. Recent Accounting Pronouncement and Regulatory Developments

During the reporting period, the Portfolios adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) -Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Portfolios did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

12. Subsequent Event

Each Portfolio's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of December 31, 2025.

B22

------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Advanced Series Trust and Shareholders of AST Balanced Asset Allocation Portfolio, AST Multi-Asset Diversified Portfolio, AST PGIM Aggressive Multi-Asset Portfolio and AST Preservation Asset Allocation Portfolio

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of AST Balanced Asset Allocation Portfolio, AST Multi-Asset Diversified Portfolio, AST PGIM Aggressive Multi-Asset Portfolio and AST Preservation Asset Allocation Portfolio (four of the portfolios constituting Advanced Series Trust, hereafter collectively referred to as the "Portfolios") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agents, issuer of a privately held security, agent banks and brokers; when replies were not received from transfer agents, agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in the Prudential Insurance Portfolios complex since 2020.

C1

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

## Advanced Series Trust

### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### December 31, 2025

---

| | |
|:---|:---|
| ![LOGO](g771506dsp001.jpg)  | &nbsp;&nbsp; <br> **AST Aggressive Asset Allocation Portfolio (formerly, AST Capital Growth Asset Allocation)**<br> **AST J.P. Morgan Aggressive Multi-Asset Portfolio**<br> **AST J.P. Morgan Conservative Multi-Asset**<br> **Portfolio**<br> **AST J.P. Morgan Moderate Multi-Asset Portfolio**<br> **AST Multi-Asset Diversified Plus Portfolio (formerly, AST Academic Strategies Asset Allocation Portfolio)** |

---

![LOGO](g771506dsp001a.jpg)

------

Advanced Series Trust **Table of Contents** Financial Statements and Other Information December 31, 2025 <br> <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>        

∎ **FORM N-CSR ITEM 7 - FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

---

| | | |
|:---|:---|:---|
| Section A | [Schedule of Investments, Financial Statements, and Financial Highlights](#edgar771506_1) |  |
|  | [Glossary](#edgar771506_2) | A1 |
|  | [AST Aggressive Asset Allocation Portfolio](#edgar771506_3) | A3 |
|  | [AST J.P. Morgan Aggressive Multi-Asset Portfolio](#edgar771506_4) | A63 |
|  | [AST J.P. Morgan Conservative Multi-Asset Portfolio](#edgar771506_5) | A75 |
|  | [AST J.P. Morgan Moderate Multi-Asset Portfolio](#edgar771506_6) | A86 |
|  | [AST Multi-Asset Diversified Plus Portfolio](#edgar771506_7) | A96 |
| Section B | [Notes to Financial Statements](#edgar771506_8) |  |
| Section C | [Report of Independent Registered Public Accounting Firm](#edgar771506_9) |  |

---

∎ **[OTHER INFORMATION - FORM N-CSR ITEMS 8-11](#edgar771506_10)** 

**This report may include financial information pertaining to certain portfolios that are not available through the variable life insurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuity prospectus to determine which portfolios are available to you.** 

------

---

| | |
|:---|:---|
| <br> ***Glossary*** <br>|  |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

The following abbreviations are used in the Portfolios' descriptions:

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CNH Chinese Renminbi

COP Colombian Peso

CZK Czech Koruna

DKK Danish Krone

---

| | |
|:---|:---|
| EUR | Euro  |

---

GBP British Pound

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PEN Peruvian Nuevo Sol

PHP Philippine Peso

PLN Polish Zloty

RON Romanian Leu

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD New Taiwanese Dollar

USD US Dollar

UYU Uruguayan Peso

ZAR South African Rand

144A — Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

A — Annual payment frequency for swaps

ADR — American Depositary Receipt

BARC — Barclays Bank PLC

BATE — CBOE- Europe – BXE Order Books

BBR — New Zealand Bank Bill Rate

BBSW — Australian Bank Bill Swap Reference Rate

BNP — BNP Paribas S.A.

BNY — Bank of New York Mellon

BOA — Bank of America, N.A.

BOS — BofA Securities, Inc.

BROIS — Brazil Overnight Index Swap

BTP — Buoni del Tesoro Poliennali

BUBOR — Budapest Interbank Offered Rate

CDX — Credit Derivative Index

CIBOR — Copenhagen Interbank Offered Rate

CITI — Citibank, N.A.

CLO — Collateralized Loan Obligation

CLOIS — Sinacofi Chile Interbank Rate Average

CMBX — Commercial Mortgage-Backed Index

CME — Chicago Mercantile Exchange

CMS — Constant Maturity Swap

CORRA — Canadian Overnight Repo Rate Average

CVA — Certificate Van Aandelen (Bearer)

DAC — Designated Activity Company

DB — Deutsche Bank AG

DJ — Dow Jones

EAFE — Europe, Australasia, Far East

EMTN — Euro Medium Term Note

ETF — Exchange-Traded Fund

EURIBOR — Euro Interbank Offered Rate

EuroSTR — Euro Short-Term Rate

FHLMC — Federal Home Loan Mortgage Corporation

FTSE — Financial Times Stock Exchange

GDR — Global Depositary Receipt

GMTN — Global Medium Term Note

GS — Goldman Sachs & Co. LLC

GSI — Goldman Sachs International

HSBC — HSBC Bank PLC

iBoxx — Bond Market Indices

IO — Interest Only (Principal amount represents notional)

JPM — JPMorgan Chase Bank N.A.

KLIBOR — Kuala Lumpur Interbank Offered Rate

KWCDC — Korean Won Certificate of Deposit

LME — London Metal Exchange

LP — Limited Partnership

M — Monthly payment frequency for swaps

ML — Merrill Lynch International

MLC — Merrill Lynch Capital Services, Inc.

MPLE — Maple Bonds

MSC — Morgan Stanley & Co. LLC

MSCI — Morgan Stanley Capital International

MSI — Morgan Stanley & Co. International PLC

**SEE NOTES TO FINANCIAL STATEMENTS.**

A1

------

<br> ***Glossary (CONTINUED)*** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MTN — Medium Term Note

N/A — Not Applicable

NASDAQ — National Association of Securities Dealers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automated Quotations

NIBOR — Norwegian Interbank Offered Rate

OAT — Obligations Assimilables du Tresor

OTC — Over-the-counter

PIK — Payment-in-Kind

PJSC — Public Joint-Stock Company

PRFC — Preference Shares

PRI — Primary Rate Interface

PRIBOR — Prague Interbank Offered Rate

Q — Quarterly payment frequency for swaps

RBC — Royal Bank of Canada

RBOB — Reformulated Gasoline Blendstock for Oxygen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blending

REITs — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

S — Semiannual payment frequency for swaps

S&P — Standard & Poor's

SARON — Swiss Average Rate Overnight

SCB — Standard Chartered Bank

SGMX — Sigma X MTF

SHIR — Shekel Overnight Interest Rate

SOFR — Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

SORA — Singapore Overnight Rate Average

SPDR — Standard & Poor's Depositary Receipts

SSB — State Street Bank & Trust Company

STIBOR — Stockholm Interbank Offered Rate

STOXX — Stock Index of the Eurozone

STRIPs — Separate Trading of Registered Interest and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal of Securities

T — Swap payment upon termination

TAIBOR — Taiwan Interbank Offered Rate

THOR — Thai Overnight Repurchase Rate

TIPS — Treasury Inflation-Protected Securities

TONAR — Tokyo Overnight Average Rate

TOPIX — Tokyo Stock Price Index

TSX — Toronto Stock Exchange

UAG — UBS AG

ULSD — Ultra-Low Sulfur Diesel

USOIS — United States Overnight Index Swap

UTS — Unit Trust Security

WBC — Westpac Banking Corp.

WIBOR — Warsaw Interbank Offered Rate

WTI — West Texas Intermediate

XAMS — Amsterdam Stock Exchange

XLON — London Stock Exchange

XNGS — NASDAQ Global Select Exchange

XTSE — Toronto Stock Exchange

**SEE NOTES TO FINANCIAL STATEMENTS.**

A2

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **LONG-TERM INVESTMENTS — 91.7%** | **LONG-TERM INVESTMENTS — 91.7%** |  |  |
|  **AFFILIATED MUTUAL FUNDS — 23.5%** | **AFFILIATED MUTUAL FUNDS — 23.5%** |  |  |
|  **Domestic Equity — 13.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Growth Portfolio\* | 8462401 | $| 934672157 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Large-Cap Value Portfolio\* | 5833319 |  | 356007481 |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Small-Cap Equity Portfolio\* | 2825585 |  | 243282845 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Natural Resources Fund | 18981 |  | 1404621 |
|  |  |  | 1535367104 |
|  **Fixed Income — 10.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 94674418 |  | 1131359290 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio\* | 3734322 |  | 29239739 |
|  |  |  | 1160599029 |
|  **International Equity — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund | 1114624 |  | 22883238 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Emerging Markets Equity Opportunities Fund | 306022 |  | 6034749 |
|  |  |  | 28917987 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $2,047,841,905)(wa) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $2,047,841,905)(wa) |  | 2724884120 |
|  **COMMON STOCKS — 46.5%** | **COMMON STOCKS — 46.5%** | **COMMON STOCKS — 46.5%** | **COMMON STOCKS — 46.5%** |
|  **Aerospace & Defense — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 62321 |  | 14472431 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 80400 |  | 9226704 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC (United Kingdom) | 127577 |  | 2936192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The)\* | 20057 |  | 4354776 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 5947 |  | 1027879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 1735 |  | 996109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA (Brazil), ADR | 60926 |  | 3921807 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 49674 |  | 16723249 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 94936 |  | 29243136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. (South Korea) | 692 |  | 451910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 50986 |  | 10453150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA (Italy) | 34255 |  | 1959405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 4900 |  | 2369983 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 1536 |  | 636715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 38979 |  | 22226216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 3675 |  | 6704651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 447727 |  | 6924417 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 98725 |  | 18106165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 18493 |  | 1072968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 34757 |  | 12106456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 558100 |  | 3646678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 8604 |  | 2321065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 8500 |  | 2569720 |
|  |  |  | 174451782 |
|  **Air Freight & Logistics — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 16189 |  | 2602544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 91112 |  | 4967946 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S (Denmark) | 1445 |  | 363933 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 14100 |  | 4072926 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Air Freight & Logistics (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 34400 | $3412136 |
|  |  | 15419485 |
|  **Automobile Components — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. (Japan) | 29400 | 550846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 101400 | 7715526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aumovio SE (Germany)\* | 13265 | 666064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. (Japan) | 55200 | 1241960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 13026 | 431762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 67500 | 2718717 |
|  |  | 13324875 |
|  **Automobiles — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) | 21394 | 2319867 |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (China) (Class H Stock) | 80129 | 979237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (Italy) | 1449 | 538469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co.(a) | 400000 | 5248000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co | 195969 | 15936199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 426500 | 4185958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 227500 | 3550621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. (India) | 24265 | 1002122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 56273 | 3900962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 88749 | 971864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. (Japan) | 63800 | 1373692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 139775 | 62859613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 521800 | 11206750 |
|  |  | 114073354 |
|  **Banks — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 52892 | 1847988 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 692119 | 7398994 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 194270 | 4696985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 331157 | 7768023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 719269 | 8466149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 125133 | 2830142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 104165 | 2295558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 638104 | 35095720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC (Ireland) | 52003 | 994573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA (Spain) | 19176 | 317846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 2184645 | 13984194 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 136629 | 12926066 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 483500 | 2453758 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA (Italy) | 30875 | 417198 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 724652 | 8859686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 190724 | 22255583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | 7650 | 322865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 56764 | 6058936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 104004 | 2141222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 50754 | 2534467 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 123980 | 5430901 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 19072 | 2143502 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A3

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG (Austria) | 8017 | $961314 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA (Italy) | 43844 | 1135979 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 1355393 | 21328385 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 461390 | 12968858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 476282 | 3291159 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 144353 | 46513424 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | 18122 | 2360137 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 46600 | 961824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 3224926 | 4265654 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 25530 | 5143784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 877900 | 13933216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 42600 | 1554668 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 90357 | 2540545 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 736137 | 6457601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 275702 | 5187130 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 184480 | 3088195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 157600 | 2421244 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 78954 | 16480068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp.(a) | 262000 | 7100200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. (Japan) | 210200 | 2000625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia)\*^ | 306596 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 57203 | 4605071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 173453 | 4232330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 320000 | 10291653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 19606 | 284043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 115870 | 4020115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 149934 | 7378252 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 160987 | 8590266 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 84337 | 6985356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 418376 | 38992643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | 101407 | 2602258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 10869 | 1519704 |
|  |  | 400436057 |
|  **Beverages — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 56883 | 3650810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. (Japan)(a) | 143400 | 1503091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 126663 | 8855010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 8100 | 1241730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United Kingdom) | 31866 | 2890246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 10748 | 556033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 55639 | 1198904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. (Japan) | 83300 | 1246919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 134700 | 10327449 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 54133 | 7769168 |
|  |  | 39239360 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |
|  **Biotechnology — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc.(a) | 157736 | $36041099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\*(a) | 2982 | 1185792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 38591 | 12631220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 5941 | 5011494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 3937 | 3310820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 29500 | 5191705 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. (Australia) | 26426 | 3041144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 20800 | 911664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (Denmark)\* | 683 | 211719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 121400 | 14900636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 36500 | 3605105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 17200 | 2439476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 9707 | 7492542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (Sweden)\* | 27322 | 980507 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 1900 | 925775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 10215 | 4631072 |
|  |  | 102511770 |
|  **Broadline Retail — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China), ADR(a) | 11496 | 1685084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 566228 | 130696747 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 61200 | 5330520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 241100 | 5316255 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 419 | 843975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 21868 | 4025903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. (Japan) | 133500 | 795247 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc. (China), ADR\*(a) | 8949 | 1014727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 74016 | 4582995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 22627 | 2886526 |
|  |  | 157177979 |
|  **Building Products — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB (Sweden) (Class B Stock) | 33955 | 1311711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belimo Holding AG (Switzerland) | 225 | 219839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 194352 | 10269560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 35851 | 3645756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 49916 | 5977441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 21600 | 1370736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 62400 | 6983184 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 38670 | 1358627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 11269 | 4385895 |
|  |  | 35522749 |
|  **Capital Markets — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 55341 | 2426639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 4633 | 2271745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 40291 | 3330043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp. (Class A Stock) | 12837 | 2074844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 158931 | 18450300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 1534 | 1641902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 63018 | 9713595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 180278 | 18011575 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A4

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Capital Markets (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 8716 | $2380165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 72100 | 631870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 123052 | 4742318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 226700 | 5415863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR\* | 9681 | 1589717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 16351 | 14372529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 50257 | 2629514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 8596 | 1497337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd. (China) (Class A Stock) | 395748 | 1338862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 12100 | 1959716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 211600 | 5558732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 135600 | 6450492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. (Japan) | 26500 | 282849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (Switzerland) | 5529 | 431985 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC (United Kingdom) | 20334 | 2445947 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 2500 | 892925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | 6958 | 940236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 150733 | 26759629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 5000 | 1086550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 102000 | 9907260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 264400 | 2202576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 39600 | 5408964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG (Switzerland) | 1878 | 2304272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 57300 | 9201807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. (Class A Stock)\* | 13140 | 1486134 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 20900 | 10922131 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 83400 | 1797271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC (United Kingdom) | 255488 | 1396616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 169900 | 2236553 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 6800 | 877268 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc.(a) | 16000 | 1638080 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 226876 | 10475909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock)(a) | 41300 | 1376116 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. (Brazil) (Class A Stock) | 81669 | 1336922 |
|  |  | 201895758 |
|  **Chemicals — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 13136 | 2468963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc.(a) | 15992 | 3950344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 440500 | 3915494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 26400 | 1116192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc.(a) | 109300 | 7326379 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc.(a) | 40187 | 1615517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co | 37000 | 2361710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 14400 | 3780288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG (Germany) | 57183 | 892403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Switzerland) | 76 | 300675 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc.(a) | 37100 | 2500169 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG (Germany) | 44883 | 919716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 17747 | 7567143 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock)(a) | 56200 | 2433460 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Chemicals (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 92500 | $541461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. (Australia) | 166865 | 2695043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 19900 | 6448197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 73300 | 2276783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 70760 | 2895642 |
|  |  | 56005579 |
|  **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 180993 | 2763821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 75900 | 1306542 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. (Canada) | 29200 | 3003804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc. | 10556 | 2237133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 24300 | 1458486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 60557 | 963045 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 53800 | 1599296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 42200 | 4210716 |
|  |  | 17542843 |
|  **Communications Equipment — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 46600 | 6105998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 47000 | 10991890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 234580 | 18069698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 345939 | 2230294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 340442 | 3313195 |
|  |  | 40711075 |
|  **Construction & Engineering — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Spain) | 24671 | 2448975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 36053 | 1874229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 19444 | 2785925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 7775 | 503748 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG (Germany) | 3256 | 1274664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 54600 | 2035898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 6200 | 2616772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Sweden) (Class B Stock) | 42302 | 1152659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. (Japan) | 26200 | 2482998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 49058 | 6901632 |
|  |  | 24077500 |
|  **Construction Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 37454 | 4654090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 1991 | 516181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 27690 | 2695630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc.(a) | 3500 | 2179310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 19173 | 5468523 |
|  |  | 15513734 |
|  **Consumer Finance — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc.(a) | 74400 | 3369576 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 60102 | 22234735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 80053 | 19401645 |
|  |  | 45005956 |
|  **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA (France) | 13603 | 226974 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A5

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Consumer Staples Distribution & Retail (cont'd.)** | **Consumer Staples Distribution & Retail (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 112399 | $1606549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 24400 | 21041096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 24000 | 3186480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group Ltd. (Australia) | 296755 | 723529 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Health International, Inc. (China), 144A\* | 68347 | 489486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 109000 | 4469751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 124300 | 7766264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC (United Kingdom) | 117377 | 522332 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. (Japan) | 100200 | 1734821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 49400 | 3640286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 13900 | 1358725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 1319863 | 7849000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. (Japan) | 29700 | 545688 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\*(a) | 60300 | 4541796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 306705 | 34170004 |
|  |  | 93872781 |
|  **Containers & Packaging — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 63800 | 3379486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 9688 | 997573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 6726 | 1387103 |
|  |  | 5764162 |
|  **Distributors — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group (Belgium) | 1938 | 349075 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 39900 | 1204980 |
|  |  | 1554055 |
|  **Diversified Consumer Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc. | 731100 | 5899977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC (United Kingdom) | 83978 | 1187368 |
|  |  | 7087345 |
|  **Diversified REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 15836 | 1051202 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) (Australia) | 301013 | 1086231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group (Australia) | 875382 | 1193217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 586123 | 2234718 |
|  |  | 5565368 |
|  **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 499890 | 12417268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 363313 | 11826222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ (Finland) | 18986 | 841380 |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. (Hong Kong), UTS | 156000 | 230998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 388741 | 1816476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP (Belgium) | 161129 | 1338132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. (Singapore) | 135000 | 477630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 368262 | 1573940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 1280712 | 4155351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 417350 | 16998665 |
|  |  | 51676062 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |
|  **Electric Utilities — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA (Spain) | 2553 | $555633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp.(a) | 11561 | 751581 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc.(a) | 90800 | 10470148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 45400 | 699456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 20970 | 7408072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 7700 | 902517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 25000 | 1500500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA/NV (Belgium) | 4775 | 614460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA (Spain)(a) | 32450 | 1167573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 1276103 | 13268071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp.(a) | 49007 | 4529717 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp.(a) | 179700 | 8045169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 225708 | 4887344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 81000 | 1272080 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc.(a) | 188264 | 15113834 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 33200 | 5286768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. (Australia) | 76244 | 582238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 121834 | 10623925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 192570 | 2048695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 35607 | 2629933 |
|  |  | 92357714 |
|  **Electrical Equipment — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 149112 | 10992171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 38221 | 12173771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. (Japan) | 17905 | 1357827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 22000 | 2439699 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 21300 | 13921041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 6736 | 918588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 18395 | 2734652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 127500 | 3717499 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIDEC Corp. (Japan) | 15800 | 214533 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 50100 | 5108697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA (Italy) | 15281 | 1524392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 22885 | 8903867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 25416 | 6953189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding PLC | 28800 | 958752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 65984 | 9256802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. (Class A Stock) | 26700 | 4325667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S (Denmark) | 65825 | 1780383 |
|  |  | 87281530 |
|  **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 87662 | 11846643 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 6000 | 817200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 8400 | 1550388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 114288 | 10007057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. (Taiwan) | 43678 | 1332352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 92478 | 4389456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 1400 | 506415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 12600 | 2560194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. (Japan) | 135000 | 1892526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. (Japan) | 146800 | 3034056 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. (Japan) | 49400 | 698899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 117000 | 4350060 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A6

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 12100 | $2938122 |
|  |  | 45923368 |
|  **Energy Equipment & Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 163812 | 7459998 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 130209 | 5802113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 28475 | 549450 |
|  |  | 13811561 |
|  **Entertainment — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 222818 | 20891416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. (Japan) | 70400 | 1719625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 86861 | 5864383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc.\* | 14500 | 1573105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 9509 | 5521971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 4800 | 1228944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group (China), ADR | 71096 | 1246313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 263984 | 30033460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 137600 | 3965632 |
|  |  | 72044849 |
|  **Financial Services — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Netherlands), 144A\* | 1088 | 1754481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 101981 | 2315634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 74800 | 37598220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 30278 | 669324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 150944 | 10031738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 59600 | 4003332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 12500 | 967500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 10296 | 461244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 179799 | 6407245 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC (United Kingdom) | 121218 | 466666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 71082 | 40579292 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 135300 | 3957158 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 75100 | 4384338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 44877 | 1126588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. (Class A Stock)\*(a) | 14323 | 901919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 77976 | 27346963 |
|  |  | 142971642 |
|  **Food Products — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA(a) | 15600 | 1389648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 453000 | 7841430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 38277 | 3452551 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 125800 | 5849700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 16500 | 1819290 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 9000 | 880290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.(a) | 14400 | 603216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (Netherlands) (XAMS)\* | 10720 | 171536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (Netherlands) (BATE)\* | 16879 | 267905 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Food Products (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 91428 | $4921569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA (Norway) | 29721 | 714937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 134059 | 13306579 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 2635500 | 2935984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. (Japan)(a) | 83400 | 1749898 |
|  |  | 45904533 |
|  **Gas Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 42600 | 3410556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA (Spain) | 64860 | 1974880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 86100 | 2991706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 485955 | 3229110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 23400 | 927681 |
|  |  | 12533933 |
|  **Ground Transportation — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. (Canada) | 15691 | 1551895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (Canada) | 5728 | 421753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. (Japan) | 11700 | 324090 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 297100 | 10769875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 5530 | 1596621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 208470 | 17034084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 53834 | 12452881 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. (Japan) | 68040 | 1355707 |
|  |  | 45506906 |
|  **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 40083 | 5021999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 15644 | 3036031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 93600 | 8924760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S (Denmark) (Class B Stock) | 3345 | 286784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 78714 | 6710369 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 28098 | 8884530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 94537 | 2053999 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc.(a) | 11721 | 961356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 39700 | 6021283 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 12400 | 8388972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 6900 | 1961256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 29400 | 16650984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 129042 | 12395775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 92569 | 1539511 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 30400 | 7707008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 14617 | 5137437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. (Japan) | 27300 | 396810 |
|  |  | 96078864 |
|  **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 48200 | 9905100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 4578 | 1546220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 165600 | 6814440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 25093 | 6906346 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 188902 | 14991263 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A7

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Health Care Providers & Services (cont'd.)** | **Health Care Providers & Services (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 9175 | $973835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 56360 | 2692067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 47701 | 2732876 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 6200 | 5085798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.(a) | 6813 | 1182260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 194460 | 2927981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 5300 | 1053216 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 60208 | 19875263 |
|  |  | 76686665 |
|  **Health Care REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 427400 | 6872592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 74789 | 5787173 |
|  |  | 12659765 |
|  **Health Care Technology — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. (Class A Stock)\* | 8293 | 1851246 |
|  **Hotel & Resort REITs — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 197500 | 3501675 |
|  **Hotels, Restaurants & Leisure — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain) | 15024 | 1111942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 200200 | 7379372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 34628 | 1340602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 3000 | 16065990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 113312 | 4192544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 157633 | 4994610 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 8432 | 1909679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd. (India)\* | 640599 | 1985206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 15800 | 4476298 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED (France) | 13756 | 380777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 307000 | 1513761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 13600 | 885224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. (The) (Australia) | 129800 | 445988 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (India)\*(a) | 6071 | 498550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 6514 | 2020903 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 56426 | 17245478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 8650 | 443192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co | 14400 | 1015632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. (China), ADR | 20652 | 1485085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd.\* | 129600 | 9254736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 52045 | 7873368 |
|  |  | 86518937 |
|  **Household Durables — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC (Ireland) | 679475 | 1653027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 157800 | 2045726 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 35100 | 4115826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. (Japan) | 15400 | 343624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 385800 | 9896151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 21803 | 2948202 |
|  |  | 21002556 |
|  **Household Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The)(a) | 8500 | 857055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co | 102000 | 8060040 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |  |
|  **Household Products (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 35511 | $| 1020990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 5033 |  | 383043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 82350 |  | 11801579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 58234 |  | 4712257 |
|  |  |  | 26834964 |
|  **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 65000 |  | 932100 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 48115 |  | 2549462 |
|  |  |  | 3481562 |
|  **Industrial Conglomerates — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 43543 |  | 6971234 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 390500 |  | 2654799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. (Japan) | 900 |  | 252179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 288700 |  | 9054086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 37400 |  | 7296366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 63800 |  | 1072941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 46841 |  | 13119068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd. (Hong Kong) (Class A Stock) | 87000 |  | 701338 |
|  |  |  | 41122011 |
|  **Industrial REITs — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 168461 |  | 21505732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC (United Kingdom) | 186437 |  | 1806226 |
|  |  |  | 23311958 |
|  **Insurance — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 22446 |  | 960192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 284024 |  | 2208657 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 579800 |  | 5967936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 14459 |  | 6685513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 47700 |  | 9928755 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 123400 |  | 10556870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock) | 2500 |  | 882200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co.(a) | 34191 |  | 8848289 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV (Netherlands) | 59224 |  | 4213835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 21400 |  | 5154190 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 281578 |  | 13510406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 27700 |  | 2966393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 51460 |  | 16061695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 223500 |  | 1857412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 26610 |  | 1184943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc.\* | 1097 |  | 2358166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 45021 |  | 8352296 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 218339 |  | 17235681 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 155200 |  | 3643634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 9854 |  | 6484784 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 56181 |  | 4334063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Financial Ltd. (Israel) | 14250 |  | 589367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 153157 |  | 1516230 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A8

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Insurance (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 25672 | $5846028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 304034 | 4676979 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 417878 | 5532473 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 3632 | 1021173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 88200 | 2993703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 9087 | 1513800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 25865 | 3435880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 57800 | 2136641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 15303 | 4438788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 133610 | 3205524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 5702 | 4314719 |
|  |  | 174617215 |
|  **Interactive Media & Services — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 414524 | 129746012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 241278 | 75713036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC (United Kingdom), 144A | 56200 | 443382 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. (Australia) | 19323 | 395760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 18991 | 31658 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 548800 | 1460328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 141908 | 93672052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 14891 | 1495651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 41689 | 3199362 |
|  |  | 306157241 |
|  **IT Services — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 51867 | 13915916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 20642 | 3427568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 131100 | 10881300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 93500 | 2569652 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp.(a) | 38451 | 11389571 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 20800 | 8729552 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 152300 | 5153148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. (Japan) | 22900 | 871451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 49100 | 1541184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. (Japan) | 119100 | 2454127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 46070 | 7415888 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 23300 | 782777 |
|  |  | 69132134 |
|  **Leisure Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. (Japan) | 39000 | 1038027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 13600 | 1009664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 11200 | 918400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. (Japan) | 6600 | 690169 |
|  |  | 3656260 |
|  **Life Sciences Tools & Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 56073 | 12836231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE (Luxembourg) | 4685 | 342607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 5511 | 3715626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 2400 | 1347960 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV. | 34646 | 1575594 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Life Sciences Tools & Services (cont'd.)** | **Life Sciences Tools & Services (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech (France) | 1826 | $448505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 22100 | 12805845 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 16400 | 4512296 |
|  |  | 37584664 |
|  **Machinery — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (France)\* | 134347 | 3963494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class A Stock) | 25938 | 461763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 78935 | 1261912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 35745 | 20477238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 41500 | 7653845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 8100 | 4134645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. (Japan) | 40800 | 1284208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG (Germany) | 20725 | 897653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 24267 | 11297987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 18522 | 3616235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 21510 | 432751 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 59100 | 2299921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 43042 | 924112 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG (Germany) | 3855 | 260530 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. (South Korea) | 1214 | 427873 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. (Japan) | 32200 | 566095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 35200 | 1116983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (Finland) (Class B Stock) | 10784 | 763970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 10400 | 2492256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 20200 | 612241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ (Finland) | 17970 | 312663 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. (Japan) | 127000 | 2555441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 188300 | 4596862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 19069 | 16760888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 153815 | 4968392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 1170 | 413995 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 4700 | 1626204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 104291 | 3692383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 37347 | 5085915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 661000 | 1785686 |
|  |  | 106744141 |
|  **Marine Transportation — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class A Stock) | 234 | 536739 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class B Stock) | 340 | 780148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 77000 | 1071857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 51500 | 5674270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 37100 | 1115389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 70500 | 2283607 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 536000 | 1918020 |
|  |  | 13380030 |
|  **Media — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 480705 | 14368273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa PLC (United Kingdom) | 18933 | 224644 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A9

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Media (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 18766 | $1948806 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 357042 | 1603916 |
|  |  | 18145639 |
|  **Metals & Mining — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada) | 9177 | 1555777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC (South Africa) | 24343 | 1006888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC (Chile) | 53672 | 2357570 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 21511 | 987775 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 284407 | 8583156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 52092 | 2885703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC (Ivory Coast) (TSX) | 10951 | 563926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC (Ivory Coast) (XLON) | 9471 | 494836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 263174 | 2202435 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia)\* | 55482 | 1487551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 178233 | 2606211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 121200 | 6155748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC (Mexico) | 81632 | 3640009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC (Australia)\* | 712271 | 3893744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. (Congo (Democratic Republic)) (Class A Stock)\* | 77721 | 883920 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 82500 | 1051783 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. (Japan) | 87800 | 1097594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 63000 | 6290550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 278300 | 1138819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA (Norway) | 28319 | 218599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 88965 | 1565575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 48800 | 7959768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 19026 | 1856094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 71618 | 5768905 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. (Australia) | 139480 | 330164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale SA (Brazil), ADR | 122896 | 1601335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. (South Africa) | 2828 | 236018 |
|  |  | 68420453 |
|  **Multi-Utilities — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 28000 | 2796080 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc.(a) | 98381 | 3771927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC (United Kingdom) | 591866 | 1349490 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 87673 | 6130973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.(a) | 54003 | 3164036 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 347502 | 6579923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 146410 | 3846096 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 309414 | 4745941 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc.(a) | 159068 | 6642680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 20988 | 1685336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 67200 | 5933088 |
|  |  | 46645570 |
|  **Office REITs — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA (France) | 9113 | 865486 |
|  **Oil, Gas & Consumable Fuels — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. (Canada) | 38998 | 731630 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 731291 | 4264862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 189305 | 3202552 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Oil, Gas & Consumable Fuels (cont'd.)** | **Oil, Gas & Consumable Fuels (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 46193 | $8979457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 143419 | 21858490 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 181360 | 16977110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 84300 | 3087909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | 21884 | 1047205 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 322600 | 2282429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (Italy) | 27725 | 525558 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 113340 | 11901833 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 19573 | 1049113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 49281 | 1162136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 12207 | 1347165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp.(a) | 285274 | 34329873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA (Portugal) | 63560 | 1094525 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 64200 | 2958336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. (Japan) | 126100 | 954738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan)(a) | 56000 | 1120030 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC (Russia), ADR\*^(a) | 15069 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 43000 | 5548720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA (Spain) | 80172 | 1495883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 455868 | 16799762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 117045 | 8600467 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 101970 | 6648241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 75383 | 4531272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 105737 | 1648716 |
|  |  | 164148014 |
|  **Passenger Airlines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. (Japan) | 27500 | 522272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 20300 | 1408820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (Germany) | 81681 | 802429 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 543283 | 3016530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 570082 | 3938518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 85209 | 2937802 |
|  |  | 12626371 |
|  **Personal Care Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock)(a) | 25670 | 2688162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. (Japan) | 19100 | 762311 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (France) | 11152 | 4787732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. (Japan) | 26000 | 378376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XLON) | 75020 | 4901596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XAMS) | 47645 | 3117396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR | 72786 | 4760204 |
|  |  | 21395777 |
|  **Pharmaceuticals — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 233200 | 3103779 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 97945 | 18125638 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom), ADR | 76555 | 7037701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Germany) | 87534 | 3796854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 136584 | 7367341 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A10

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Pharmaceuticals (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 15800 | $828893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 44706 | 1011697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 57078 | 61340585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 42293 | 8612245 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 204900 | 5023578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 17952 | 374244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 120920 | 25024394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 98879 | 10408004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 127706 | 17597375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 168701 | 8556258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 8598 | 641477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan) | 11800 | 667399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC(a) | 89100 | 1240272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 418800 | 10428120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 42120 | 17394308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG, ADR(a) | 26663 | 1375011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 35002 | 2541361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 84318 | 8158207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR(a) | 37835 | 1833484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. (Japan) | 52800 | 955671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 14700 | 456659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. (Israel), ADR\* | 36200 | 1129802 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 15594 | 4344903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 36000 | 4529520 |
|  |  | 233904780 |
|  **Professional Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 17300 | 4450079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 1028800 | 3436192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 77607 | 1758852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 107000 | 4449060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 24600 | 3258516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kanzhun Ltd. (China), ADR | 20400 | 415752 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 106400 | 3163272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 58800 | 3304065 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 16308 | 656998 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (Switzerland) | 4628 | 529203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 8855 | 640835 |
|  |  | 26062824 |
|  **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 11400 | 1833006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 130500 | 2484978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 56300 | 1870220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 26700 | 8983749 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 23590 | 1720558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. (Hong Kong) | 31500 | 383553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 92605 | 2665114 |
|  |  | 19941178 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |
|  **Residential REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc.(a) | 5224 | $947163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 23590 | 2596787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 31500 | 875385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 7460 | 1036269 |
|  |  | 5455604 |
|  **Retail REITs — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 36616 | 1448723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.(a) | 36500 | 2057505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 806177 | 2253578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield (France) | 11478 | 1248197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 782361 | 1331972 |
|  |  | 8339975 |
|  **Semiconductors & Semiconductor Equipment — 4.9%** | **Semiconductors & Semiconductor Equipment — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 112534 | 24100281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 57897 | 7320955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 63926 | 17336731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 19401 | 4985863 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XAMS) | 21593 | 23266893 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XNGS) | 3672 | 3928526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 288036 | 99689260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 44755 | 1952704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 374100 | 13804290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan)\* | 47100 | 3134742 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 5500 | 6682940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 131112 | 22443752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan) | 1000 | 190543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 43200 | 3671136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 68200 | 19464962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 2633 | 880194 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 1432995 | 267253568 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 42511 | 9227438 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 13600 | 2326280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan)\* | 247400 | 3388601 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 10100 | 983784 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. (South Korea) | 3636 | 1646665 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV (Singapore) | 71350 | 1864740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 63464 | 19286075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 8700 | 1683972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 32733 | 5678848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 7500 | 1670455 |
|  |  | 567864198 |
|  **Software — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 27800 | 9729722 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 15432 | 10398390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 22100 | 3583294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 34600 | 10241946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 24800 | 7751984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd.<br>(Israel)\*(a) | 6900 | 1280364 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 4930 | 2199076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 34354 | 4671800 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A11

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Software (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV\* | 69300 | $5227992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 23800 | 1889958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc.(a) | 233100 | 6337989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 20461 | 13553776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 478213 | 231273371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 3900 | 575484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE (Germany) | 1771 | 191605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 11303 | 1277657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 85797 | 16722693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (Japan) | 3400 | 285767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 117500 | 20885625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 9601 | 4273693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) (United Kingdom) | 18811 | 273596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 46700 | 12371297 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 49847 | 12111252 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 77630 | 11892140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. (Japan)(a) | 21300 | 884638 |
|  |  | 389885109 |
|  **Specialized REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 29483 | 5176330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 59800 | 5314426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc.(a) | 7211 | 1115614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 72097 | 3222015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 33200 | 8615400 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 31500 | 885780 |
|  |  | 24329565 |
|  **Specialty Retail — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 5200 | 1073696 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 300 | 1017450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 24395 | 1438814 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 21000 | 811440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 4700 | 1704165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 27560 | 5191202 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB (Sweden) (Class B Stock) | 27100 | 543189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 34589 | 11902075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 88259 | 5821977 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 1532375 | 1736927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 888446 | 3739960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.(a) | 133822 | 32272513 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 27193 | 2480273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 8700 | 1377123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 21600 | 3891024 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 120826 | 18560082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 6800 | 4114068 |
|  |  | 97675978 |
|  **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 874987 | 237873966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) | 42069 | 5295646 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. (Japan) | 21600 | 458318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 134836 | 3238761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 20142 | 2044776 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Technology Hardware, Storage & Peripherals (cont'd.)** | **Technology Hardware, Storage & Peripherals (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) | 42638 | $3573700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 19600 | 4652648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings PLC | 8140 | 2241674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.(a) | 67700 | 11662679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (China) (Class B Stock), 144A\* | 168042 | 848080 |
|  |  | 271890248 |
|  **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 6748 | 1335335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports, Inc. (Finland)\* | 27500 | 1027125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 133400 | 3202463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA (Italy) | 27014 | 3098443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 48406 | 10438804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA (France) | 1900 | 4717416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA (France) | 2940 | 1027347 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 12765 | 9621437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (Italy) | 35623 | 2277030 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 26496 | 1688060 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Switzerland) (Class A Stock)\* | 87356 | 4060307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 10495 | 1160601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | 7708 | 2725626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 26800 | 3424236 |
|  |  | 49804230 |
|  **Tobacco — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 150500 | 8677830 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 114147 | 6471068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 146248 | 6140980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 54400 | 1955262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc.(a) | 60346 | 9679498 |
|  |  | 32924638 |
|  **Trading Companies & Distributors — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 20500 | 2947080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC (United Kingdom) | 16605 | 1132116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 18220 | 946893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 8553 | 1896298 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 5700 | 1122045 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 364000 | 4599800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 47300 | 1317305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 366500 | 8382839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 160800 | 4775332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexel SA (France) | 7046 | 276359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 106500 | 3686232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 24700 | 832864 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 4090 | 3310119 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 24300 | 5944752 |
|  |  | 41170034 |
|  **Transportation Infrastructure — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (Spain), 144A | 49886 | 1393858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE (France) | 71773 | 1324860 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A12

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Transportation Infrastructure (cont'd.)** | **Transportation Infrastructure (cont'd.)** | **Transportation Infrastructure (cont'd.)** | **Transportation Infrastructure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Group (Australia), UTS | 149426 | $| 1414108 |
|  |  |  | 4132826 |
|  **Water Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 37297 |  | 599230 |
|  **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. (Japan) | 115300 |  | 1995578 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. (Japan) | 157300 |  | 215966 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 275220 |  | 7720840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 73041 |  | 1223919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 2828856 |  | 3770891 |
|  |  |  | 14927194 |
|  **TOTAL COMMON STOCKS**<br>(cost $4,240,263,475) |  |  | 5402242474 |
|  **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** |
|  **Automobiles — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 4662 |  | 496785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE (Germany) (PRFC) | 8784 |  | 409821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 10226 |  | 1247969 |
|  |  |  | 2154575 |
|  **Household Products — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 39755 |  | 3243405 |
|  **Life Sciences Tools & Services — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (Germany) (PRFC) | 9669 |  | 2784329 |
|  **TOTAL PREFERRED STOCKS**<br>(cost $7,472,417) | **TOTAL PREFERRED STOCKS**<br>(cost $7,472,417) |  | 8182309 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.2%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.2%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.2%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 13.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional Core Fixed Income ETF | 1100915 |  | 46854942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional International Core Equity Market ETF | 2681869 |  | 102206027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Equity Market ETF | 8754998 |  | 649358202 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF | 141582 |  | 12665926 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 104336 |  | 71463900 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF | 603670 |  | 58121348 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 438375 |  | 42097151 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 129416 |  | 61252593 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 982595 |  | 206679032 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Gold MiniShares Trust\* | 548640 |  | 46837397 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Health Care Select Sector SPDR ETF | 282367 |  | 43710412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 853412 |  | 187562889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Intermediate-Term Corporate Bond ETF(a) | 10689 |  | 895204 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $1,398,937,378) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br>(cost $1,398,937,378) |  | 1529705023 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Interactive Media & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 35519 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | Maturity<br> Date | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  |  |
|  **ASSET-BACKED SECURITIES — 2.7%** | **ASSET-BACKED SECURITIES — 2.7%** | **ASSET-BACKED SECURITIES — 2.7%** |  |
|  **Automobiles — 0.0%** | **Automobiles — 0.0%** |  |  |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 12/20/30 | 300 | 309301 |
|  Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 08/15/31 | 65 | 65346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | 08/15/31 | 70 | 70609 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 03/20/30 | 260 | 262275 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | 06/15/27 | 255 | 253061 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.600% | 02/15/36 | 300 | 310943 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | 05/15/28 | 500 | 501593 |
|  GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, | GLS Auto Receivables Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.740% | 08/15/31 | 187 | 187755 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.980% | 04/16/29 | 100 | 101378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 09/15/31 | 109 | 109665 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171926 |
|  **Collateralized Loan Obligations — 2.6%** | **Collateralized Loan Obligations — 2.6%** | **Collateralized Loan Obligations — 2.6%** |  |
|  AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), | AGL Core CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.214%(c) | 01/20/38 | 1500 | 1506087 |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.387%(c) | 07/22/37 | 11750 | 11789216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(c) | 07/15/37 | 1000 | 1003306 |
|  Apidos CLO, | Apidos CLO, | Apidos CLO, | Apidos CLO, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A1R2, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.187%(c) | 01/22/38 | 10500 | 10534387 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A13

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), | Ares European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.779%(c) | 04/15/32 | 2619 | $3075042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229%(c) | 04/15/38 | 250 | 293226 |
|  Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.085%(c) | 03/31/38 | 10000 | 9998144 |
|  Armada Euro CLO DAC (Ireland), | Armada Euro CLO DAC (Ireland), | Armada Euro CLO DAC (Ireland), | Armada Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.199%(c) | 04/15/39 | 5050 | 5953364 |
|  Atlas Senior Loan Fund Ltd. (United Kingdom), | Atlas Senior Loan Fund Ltd. (United Kingdom), | Atlas Senior Loan Fund Ltd. (United Kingdom), | Atlas Senior Loan Fund Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A1, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%(c) | 07/20/37 | 16000 | 16050874 |
|  Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), | Avoca CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A1, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.179%(c) | 04/15/39 | 346 | 407304 |
|  Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), | Balboa Bay Loan Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.510% (Cap N/A, Floor 1.510%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.394%(c) | 07/20/37 | 14000 | 14044164 |
|  BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), | BNPP AM Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.626%(c) | 04/15/31 | 2089 | 2444002 |
|  Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999%(c) | 10/15/35 | 7645 | 8970900 |
|  Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.226%(c) | 10/15/37 | 10600 | 12504763 |
|  CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), | CQS US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.748%(c) | 01/25/37 | 8000 | 8014686 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.949%(c) | 08/26/32 | 4034 | 4740944 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.584%(c) | 10/20/37 | 10000 | 10036474 |
|  Fidelity Grand Harbour CLO DAC (Ireland), | Fidelity Grand Harbour CLO DAC (Ireland), | Fidelity Grand Harbour CLO DAC (Ireland), | Fidelity Grand Harbour CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.009%(c) | 10/15/34 | 4250 | 4995705 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), | Greywolf CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1SR, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.305%(c) | 04/15/34 | 2128 | $2128848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.324%(c) | 10/20/31 | 283 | 282808 |
|  ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), | ICG Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254%(c) | 10/19/38 | 10000 | 11742058 |
|  Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.659%(c) | 07/15/31 | 1470 | 1727548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class BR, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class BR, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class BR, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class BR, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.074%(c) | 10/30/38 | 8500 | 10003447 |
|  Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.477%(c) | 04/22/37 | 17750 | 17814415 |
|  Madison Park Euro Funding DAC (Ireland), | Madison Park Euro Funding DAC (Ireland), | Madison Park Euro Funding DAC (Ireland), | Madison Park Euro Funding DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826%(c) | 07/15/32 | 4703 | 5516832 |
|  Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), | Marathon CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1AR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.015%(c) | 04/15/34 | 2600 | 2597887 |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(c) | 10/12/30 | 314 | 314357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.286%(c) | 07/15/31 | 76 | 75916 |
|  Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.494%(c) | 07/20/38 | 10500 | 12343841 |
|  NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), | NGC Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.984%(c) | 07/20/37 | 5750 | 5755094 |
|  Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.334%(c) | 07/19/37 | 10000 | 10033900 |
|  Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), | Oaktree CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class BRR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class BRR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class BRR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04A, Class BRR, 144A, 3 Month SOFR + 1.920% (Cap N/A, Floor 1.920%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 07/20/37 | 8000 | 8022449 |
|  OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), | OZLM Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-18A, Class A, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%(c) | 04/15/31 | 120 | 119830 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A14

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), | Palmer Square European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.399%(c) | 01/15/38 | 8000 | $9420217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.376%(c) | 07/15/38 | 250 | 294468 |
|  Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), | Parallel Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A2R, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.996%(c) | 07/20/34 | 588 | 588045 |
|  Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.346%(c) | 10/15/34 | 6000 | 6002293 |
|  Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), | Penta CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.266%(c) | 10/17/38 | 1250 | 1469686 |
|  PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), | PPM CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%(c) | 07/15/31 | 51 | 51282 |
|  Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), | Ravensdale Park CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.235%(c) | 04/25/38 | 251 | 295519 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.285%(c) | 09/06/37 | 19000 | 19072890 |
|  Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.306%(c) | 10/20/31 | 901 | 901319 |
|  RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), | RRE Loan Management DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 24A, Class A1, 144A, 3 Month EURIBOR + 1.160% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.169%(c) | 04/15/40 | 350 | 413834 |
|  Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), | Sona Fios CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.614%(c) | 02/15/37 | 2600 | 3058371 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.190%(c) | 01/26/31 | 61 | 60623 |
|  St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), | St. Pauls CLO (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.866%(c) | 01/17/32 | 4046 | 4747925 |
|  St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), | St. Paul's CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.895%(c) | 04/25/30 | 674 | 789975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.761%(c) | 02/20/30 | 1934 | 2270694 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-19A, Class A, 144A, 3 Month SOFR + 1.222% (Cap N/A, Floor 0.960%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.115%(c) | 04/16/31 | 94 | $93875 |
|  Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), | Tikehau CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 13A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.199%(c) | 10/15/38 | 11000 | 12953883 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.676%(c) | 04/15/37 | 9000 | 10611067 |
|  Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.458%(c) | 04/25/37 | 8250 | 8278933 |
|  Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-37A, Class A1RR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.155%(c) | 07/15/32 | 7568 | 7568477 |
|  |  |  | 303785194 |
|  **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** | **Consumer Loans — 0.1%** |  |
|  Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.790% | 05/17/51 | 211 | 212188 |
|  Foundation Finance Trust, | Foundation Finance Trust, | Foundation Finance Trust, | Foundation Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560% | 08/15/52 | 429 | 429902 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.520% | 12/27/60 | 135 | 135314 |
|  GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670% | 06/25/59 | 40 | 41276 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 11/20/31 | 185 | 180270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 10/20/34 | 449 | 452657 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/14/35 | 230 | 226671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.490% | 06/14/38 | 200 | 211373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740% | 09/15/36 | 100 | 103276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.520% | 09/15/36 | 200 | 207203 |
|  UPG HI Issuer Trust, | UPG HI Issuer Trust, | UPG HI Issuer Trust, | UPG HI Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/25/47 | 100 | 99957 |
|  |  |  | 2300087 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A15

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** |
|  NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), | NewDay Funding (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, SONIA + 1.180% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.024%(c) | 03/15/32 | 700 | $947884 |
|  NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), | NewDay Funding Master Issuer PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A, SONIA + 0.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.744%(c) | 07/15/32 | 300 | 405143 |
|  |  |  | 1353027 |
|  **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** | **Home Equity Loans — 0.0%** |  |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%(c) | 05/25/34 | 14 | 13668 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.346%(c) | 03/25/43 | 7 | 7343 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.618%(c) | 03/20/54 | 11 | 11193 |
|  Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, | Option One Mortgage Accept Corp., Asset-Backed Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%(c) | 08/25/33 | 12 | 12819 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.344%(cc) | 09/25/44 | 423 | 424531 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | 01/25/64 | 57 | 57424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.167%(cc) | 09/25/64 | 178 | 177852 |
|  |  |  | 704830 |
|  **Other — 0.0%** | **Other — 0.0%** | **Other — 0.0%** |  |
|  Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, | Hilton Grand Vacations Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03EXT, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/25/44 | 137 | 137450 |
|  NMABS Issuer I LLC, | NMABS Issuer I LLC, | NMABS Issuer I LLC, | NMABS Issuer I LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.140% | 11/22/55 | 192 | 191725 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% | 07/17/42 | 370 | 352616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR06, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/17/42 | 203 | 196688 |
|  Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.720% | 04/20/44 | 76 | 76258 |
|  |  |  | 954737 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | Maturity<br> Date | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** | **Residential Mortgage-Backed Securities — 0.0%** |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.446%(c) | 02/25/34 | 4 | $3503 |
|  Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.574%(c) | 10/25/34 | 9 | 8269 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.896%(c) | 11/25/34 | — (r) | 85 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%(c) | 01/25/35 | 7 | 7007 |
|  Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.786%(c) | 09/25/34 | 28 | 29957 |
|  |  |  | 48821 |
|  **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** |  |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | 11/16/48 | 31 | 30409 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | 05/15/46 | 59 | 57206 |
|  |  |  | 87615 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $302,585,049) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $302,585,049) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $302,585,049) | 311406237 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%** |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254% | 07/15/60 | 77 | 75806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | 08/15/61 | 293 | 292048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | 09/15/62 | 384 | 364307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.438% | 06/15/63 | 165 | 145957 |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.884% | 08/15/57 | 1000 | 1047294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.302% | 10/15/57 | 1050 | 1082017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.646% | 04/15/58 | 1680 | 1756908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05YR15, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.452% | 07/15/58 | 2750 | 2855994 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | 08/15/52 | 247 | 236647 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A16

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.208% | 09/15/57 | 500 | 513872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.659% | 05/15/58 | 1060 | 1109766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C36, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.517% | 08/15/58 | 2100 | 2190547 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.602% | 08/15/57 | 1000 | 1039085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.277% | 09/15/57 | 800 | 823487 |
|  BFLD Trust, | BFLD Trust, | BFLD Trust, | BFLD Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300%(c) | 06/15/42 | 550 | 549999 |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.857% | 02/15/57 | 450 | 470021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316% | 09/15/57 | 1150 | 1182638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C11, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C11, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.669% | 07/15/58 | 2700 | 2824090 |
|  BPR Trust, | BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.565%(c) | 09/15/38 | 200 | 199757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.215%(c) | 09/15/38 | 450 | 449453 |
|  BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), | BX Commercial Mortgage Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PURE, Class A, 144A, CORRA + 1.900% (Cap N/A, Floor 1.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.155%(c) | 11/15/41 CAD | 575 | 420371 |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.202% | 12/09/41 | 600 | 569617 |
|  BXMT Ltd. (Cayman Islands), | BXMT Ltd. (Cayman Islands), | BXMT Ltd. (Cayman Islands), | BXMT Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(c) | 10/18/42 | 200 | 198954 |
|  Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.624% | 11/15/52 | 696 | 660564 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171% | 08/15/50 | 255 | 250869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.657% | 08/15/57 | 673 | 639516 |
|  CENT, | CENT, | CENT, | CENT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CITY, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(cc) | 07/10/40 | 650 | 657906 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 11/10/49 | 276 | 275129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | 12/10/54 | 251 | 248845 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.209% | 10/12/50 | 229 | 225263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.620% | 08/10/56 | 280 | 264932 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | 10/10/49 | 330 | 327115 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.191% | 11/15/50 | 215 | 212145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959% | 08/15/51 | 195 | 194286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.763% | 09/15/52 | 105 | 99464 |
|  CSTL Commercial Mortgage Trust, | CSTL Commercial Mortgage Trust, | CSTL Commercial Mortgage Trust, | CSTL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560%(cc) | 11/10/42 | 373 | 371991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GATE02, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.144%(cc) | 11/10/42 | 100 | 99604 |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632% | 08/10/49 | 227 | 225900 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.335%(cc) | 03/25/26 | 1902 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.725%(cc) | 07/25/31 | 11325 | 388156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.559%(cc) | 12/25/27 | 144 | 1347 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC42, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.749% | 09/10/52 | 625 | 593497 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005% | 07/15/52 | 46 | 43804 |
|  One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516% | 09/15/54 | 140 | 129951 |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.364%(c) | 03/15/36 | 110 | 109644 |
|  PRM7 Trust, | PRM7 Trust, | PRM7 Trust, | PRM7 Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.363%(cc) | 11/10/42 | 310 | 305689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.941%(cc) | 11/10/42 | 100 | 99021 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | 08/15/51 | 325 | 321677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.344% | 04/15/52 | 280 | 275842 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 07/15/50 | 237 | 233832 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A17

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210% | 11/15/50 | 420 | 413131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749% | 03/15/52 | 90 | 89450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643% | 08/15/52 | 179 | 170617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.626% | 04/15/54 | 100 | 90408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.928% | 07/15/57 | 1100 | 1151648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C5, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.590% | 07/15/58 | 2290 | 2391610 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $32,327,234) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $32,327,234) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $32,327,234) | 31963563 |
|  **CORPORATE BONDS — 2.7%** | **CORPORATE BONDS — 2.7%** | **CORPORATE BONDS — 2.7%** | **CORPORATE BONDS — 2.7%** |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/01/31 | 815 | 783158 |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/15/28 | 1975 | 1979562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 06/15/33 | 360 | 379552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 02/01/29 | 45 | 46850 |
|  TransDigm, Inc., | TransDigm, Inc., | TransDigm, Inc., | TransDigm, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 01/15/29 | 170 | 168939 |
|  |  |  | 3358061 |
|  **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 06/15/31 | 815 | 944015 |
|  JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, | JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/20/35 | 140 | 147138 |
|  |  |  | 1091153 |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/20/26 | 9 | 9189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/20/29 | 715 | 727154 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 10/20/28 | 680 | 682807 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/15/26 | 1315 | 1314254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 04/15/29 | 270 | 268511 |
|  |  |  | 3001915 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | Maturity<br> Date | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
|  Levi Strauss & Co., | Levi Strauss & Co., | Levi Strauss & Co., | Levi Strauss & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/31 | 145 | $135123 |
|  **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
|  American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., | American Honda Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 06/27/28 | 300 | 353563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/27/31 | 800 | 937041 |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/12/32 | 525 | 463058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/43 | 12 | 9491 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/13/30 | 933 | 879885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/28/27 | 220 | 220736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.730% | 09/05/30 | 245 | 248884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 05/17/27 | 345 | 350219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.798% | 11/07/28 | 200 | 209678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | 05/12/28 | 675 | 704263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.066% | 08/21/30 | 400 | 473164 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 04/04/32 | 815 | 848683 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 09/26/29 | 225 | 226146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/01/27 | 260 | 263299 |
|  Volkswagen Financial Services NV (Germany), | Volkswagen Financial Services NV (Germany), | Volkswagen Financial Services NV (Germany), | Volkswagen Financial Services NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 04/13/27 | 200 | 265629 |
|  Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), | Volkswagen International Finance NV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 06/17/29 (oo) | 800 | 924262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.493%(ff) | 11/15/30 (oo) | 200 | 242091 |
|  |  |  | 7620092 |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/30 | 75 | 78290 |
|  Dana, Inc., | Dana, Inc., | Dana, Inc., | Dana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 06/15/28 | 475 | 474675 |
|  IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), | IHO Verwaltungs GmbH (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 6.750% or PIK 7.500% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/15/29 | 100 | 124026 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/29 | 365 | 378098 |
|  Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 08/15/33 | 115 | 119432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/32 | 200 | 204869 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A18

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 11/17/28 | 2625 | 2636439 |
|  ZF Europe Finance BV (Germany), | ZF Europe Finance BV (Germany), | ZF Europe Finance BV (Germany), | ZF Europe Finance BV (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/12/30 | 100 | 123481 |
|  |  |  | 4139310 |
|  **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |
|  Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), | Agence Francaise de Developpement EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/17/34 | 300 | 339002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 06/29/29 | 500 | 537993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 05/25/30 | 200 | 211230 |
|  Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), | Agricultural Development Bank of China (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 10/27/30 | 11500 | 1781366 |
|  AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 10/30/29 (oo) | 200 | 253843 |
|  Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), | Banca Monte dei Paschi di Siena SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/23/29 | 650 | 782202 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%(ff) | 03/19/29 (oo) | 400 | 445456 |
|  Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), | Banco de Sabadell SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 05/20/31 (oo) | 200 | 245020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250%(ff) | 09/13/30 | 200 | 244048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/08/29 | 100 | 125221 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%(ff) | 11/21/28 (oo) | 400 | 442404 |
|  Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), | Banco Santander Totta SA (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/15/31 | 400 | 477405 |
|  Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), | Bank Gospodarstwa Krajowego (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/30 | 100 | 112731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 03/13/35 | 200 | 236723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/08/27 | 200 | 240932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/13/32 | 300 | 365379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 03/18/37 | 200 | 238030 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 07/26/30 (oo) | 185 | 187504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 | 1305 | 1176462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162%(ff) | 01/24/31 | 455 | 469922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087%(ff) | 06/14/29 | 555 | 529210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%(ff) | 03/08/37 | 77 | 72666 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.744%(ff) | 02/12/36 (a) | 1070 | $1115752 |
|  Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 03/10/30 (oo) | 250 | 306762 |
|  Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), | Bankinter SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 02/04/33 | 300 | 351848 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.476%(ff) | 11/11/29 | 205 | 205677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.090%(ff) | 11/06/29 | 200 | 286873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%(ff) | 03/22/31 | 400 | 467837 |
|  BNG Bank NV (Netherlands), | BNG Bank NV (Netherlands), | BNG Bank NV (Netherlands), | BNG Bank NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.050% | 11/20/29 | 1491 | 1589915 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | 08/16/29 (oo) | 400 | 421424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.283%(ff) | 11/19/30 | 670 | 688334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.786%(ff) | 01/13/33 | 210 | 220291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%(ff) | 01/23/27 | 1000 | 1174166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(ff) | 03/31/32 | 500 | 583395 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | 01/14/31 | 250 | 260826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.714%(ff) | 10/19/29 | 525 | 556474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.003%(ff) | 10/19/34 | 250 | 277771 |
|  Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), | Caisse des Depots et Consignations (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.063% | 10/09/30 | 100 | 116199 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 07/24/32 (oo) | 200 | 246853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.037%(ff) | 06/15/35 | 200 | 212942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%(ff) | 09/13/34 | 200 | 222889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673%(ff) | 03/15/30 | 240 | 249054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 03/05/37 | 300 | 353960 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/30 | 800 | 798934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/05/26 | 800 | 804157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 800 | 841540 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 02/18/26 (oo) | 425 | 423731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 | 225 | 204224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | 03/20/30 | 180 | 178377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412%(ff) | 03/31/31 | 625 | 624846 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A19

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.503%(ff) | 09/11/31 | 123 | $123332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%(ff) | 09/19/30 | 205 | 206550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.786%(ff) | 03/04/29 (a) | 2250 | 2282969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 02/13/30 | 1240 | 1272694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 09/11/36 | 82 | 82860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 06/11/35 | 15 | 15516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | 02/13/35 | 90 | 93614 |
|  Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., | Citizens Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.253%(ff) | 03/05/31 (a) | 1000 | 1026964 |
|  Comerica, Inc., | Comerica, Inc., | Comerica, Inc., | Comerica, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982%(ff) | 01/30/30 | 199 | 207640 |
|  Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), | Commerzbank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 07/16/32 | 700 | 843627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%(ff) | 10/16/34 | 400 | 490796 |
|  Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), | Cooperatieve Rabobank UA (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/14/26 | 300 | 196902 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250%(ff) | 09/23/28 (oo) | 200 | 251462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.316%(ff) | 10/03/29 | 290 | 305240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.631%(ff) | 09/11/28 | 250 | 251838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.818%(ff) | 09/25/33 | 250 | 249570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 04/20/28 | 100 | 111495 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.613%(ff) | 10/02/30 | 200 | 201480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 | 445 | 462281 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.552%(ff) | 01/07/28 | 295 | 289866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%(ff) | 08/04/31 | 175 | 176769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999%(ff) | 09/11/30 | 165 | 167357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.819%(ff) | 11/20/29 | 150 | 159804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%(ff) | 02/17/27 | 1000 | 1172281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(ff) | 02/13/31 | 1000 | 1174777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 06/24/32 | 400 | 474436 |
|  Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), | Emirates NBD Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 02/21/33 | 200 | 137002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 02/26/30 | 660 | 404541 |
|  First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), | First Abu Dhabi Bank PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 02/16/26 | 200 | 233844 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, | Goldman Sachs Bank USA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.414%(ff) | 05/21/27 | 800 | $803751 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%(ff) | 11/10/26 (oo) | 400 | 395447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%(ff) | 01/27/32 | 1095 | 972394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.369%(ff) | 10/21/31 | 420 | 419127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | 10/23/30 | 680 | 689312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.939%(ff) | 10/21/36 | 406 | 403118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.049%(ff) | 07/23/30 | 180 | 184428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.207%(ff) | 01/28/31 | 140 | 144585 |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600%(ff) | 12/17/30 (oo) | 285 | 270750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.206%(ff) | 08/17/29 | 390 | 370676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(ff) | 07/22/28 | 975 | 1288986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%(ff) | 11/19/28 | 200 | 203426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.546%(ff) | 03/04/30 | 285 | 295364 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 03/30/28 (oo) | 250 | 307227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(ff) | 09/16/32 | 700 | 836061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/20/33 | 365 | 401646 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%(ff) | 06/01/29 | 830 | 792248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%(ff) | 11/08/32 | 250 | 225533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%(ff) | 10/15/30 | 575 | 545476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.603%(ff) | 10/22/30 | 1000 | 1013838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.995%(ff) | 07/22/30 | 890 | 913568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%(ff) | 01/24/36 | 50 | 52305 |
|  KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 11/27/30 (oo) | 200 | 241546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.454%(ff) | 09/23/31 | 220 | 219144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.151%(ff) | 03/19/34 | 300 | 418538 |
|  KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.401%(ff) | 03/06/35 | 13 | 14119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.121%(ff) | 04/04/31 | 584 | 599776 |
|  Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), | Krung Thai Bank PCL (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400%(ff) | 03/25/26 (oo) | 200 | 199200 |
|  Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), | Lloyds Banking Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 09/27/31 (a)(oo) | 400 | 412000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(ff) | 05/09/35 | 300 | 358032 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A20

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  M&T Bank Corp., | M&T Bank Corp., | M&T Bank Corp., | M&T Bank Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.082%(ff) | 03/13/32 | 49 | $52123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.385%(ff) | 01/16/36 | 61 | 61981 |
|  MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), | MFB Magyar Fejlesztesi Bank Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 06/09/26 | 100 | 115877 |
|  Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.098%(ff) | 05/13/31 | 1290 | 1323627 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.406%(ff) | 10/29/27 | 650 | 751436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | 10/18/30 | 1820 | 1841585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(ff) | 01/16/30 | 165 | 169475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/15/31 | 95 | 97928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 04/02/32 | 200 | 146260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | 01/22/31 | 860 | 807020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749%(ff) | 11/07/36 | 900 | 1039879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | 01/21/33 | 175 | 159723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | 04/21/34 | 75 | 77166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(ff) | 07/21/34 | 68 | 70729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.356%(ff) | 10/22/31 | 295 | 294076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.948%(ff) | 01/19/38 | 228 | 240319 |
|  Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(ff) | 05/26/28 | 600 | 611825 |
|  Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.734%(ff) | 07/18/31 | 250 | 253395 |
|  National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), | National Australia Bank Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.146% | 02/05/31 | 1000 | 1189578 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 11/10/33 (oo) | 200 | 223750 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%(ff) | 10/21/32 | 115 | 117067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | 07/21/36 | 40 | 41195 |
|  QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), | QNB Finance Ltd. (Qatar), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 02/01/28 | 300 | 198827 |
|  Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.320%(ff) | 09/22/29 | 200 | 200095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%(ff) | 09/11/30 | 400 | 404321 |
|  Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), | Santander UK PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/12/31 | 630 | 744922 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%(ff) | 06/09/32 | 365 | 329601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100%(ff) | 04/13/33 | 210 | 221619 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(ff) | 10/15/30 | 230 | 234193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.545%(ff) | 01/21/29 | 235 | 241117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.018%(ff) | 02/08/30 | 200 | 215360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%(ff) | 08/12/36 | 335 | 341998 |
|  Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.666% | 09/08/31 | 650 | 791576 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.964%(ff) | 10/23/36 | 240 | 237461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.711%(ff) | 01/24/35 | 45 | 47371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.867%(ff) | 06/08/34 | 60 | 63785 |
|  TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), | TSB Bank PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.704% | 02/18/30 | 500 | 583522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.319% | 03/05/29 | 900 | 1076609 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.009%(ff) | 05/21/32 | 1000 | 1203729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%(ff) | 01/23/35 | 35 | 36956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.836%(ff) | 06/12/34 | 95 | 101289 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | 11/13/28 (oo) | 220 | 241175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | 11/13/33 (oo) | 200 | 234500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.398%(ff) | 09/23/31 | 200 | 198918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.010%(ff) | 03/23/37 | 200 | 198422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.650%(ff) | 01/14/28 | 1400 | 1613115 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800%(ff) | 01/17/29 | 200 | 243908 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 09/15/36 | 410 | 408688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%(ff) | 04/23/31 | 340 | 350797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.211%(ff) | 12/03/35 | 355 | 362746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(ff) | 01/24/31 | 130 | 134554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.499%(ff) | 01/23/35 | 85 | 88616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%(ff) | 03/02/33 | 330 | 307777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 | 47 | 49320 |
|  |  |  | 71751829 |
|  **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/01/53 | 210 | 184791 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A21

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 | 35 | 34185 |
|  |  |  | 218976 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., | Carrier Global Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/29/32 | 200 | 247627 |
|  Griffon Corp., | Griffon Corp., | Griffon Corp., | Griffon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/28 | 530 | 530927 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 12/15/27 | 1635 | 1426219 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 735 | 764837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/33 | 80 | 83534 |
|  Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, | Smyrna Ready Mix Concrete LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/28 | 1085 | 1090951 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 01/15/31 | 115 | 105415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/15/30 | 992 | 959100 |
|  |  |  | 5208610 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Alpek SAB de CV (Mexico), | Alpek SAB de CV (Mexico), | Alpek SAB de CV (Mexico), | Alpek SAB de CV (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/18/29 | 200 | 186812 |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/01/43 | 70 | 62630 |
|  INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), | INEOS Quattro Finance 2 PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 03/15/29 | 100 | 92747 |
|  Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/30/33 | 360 | 363419 |
|  Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/01/28 | 1060 | 1067208 |
|  |  |  | 1772816 |
|  **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
|  Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), | Adif Alta Velocidad (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/31/29 | 400 | 476311 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., | Allied Universal Holdco LLC/Allied Universal Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/29 | 445 | 440569 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/28 | 965 | 948489 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., | Alta Equipment Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/29 | 705 | 637583 |
|  Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, | Boost Newco Borrower LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/15/31 | 200 | 212579 |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/15/29 | 340 | 349234 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | 400 | 467875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/25/30 | 400 | 524353 |
|  Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, | Fiserv Funding ULC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/15/32 | 300 | 344077 |
|  Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), | Freeport Terminal Malta PLC (Malta), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 05/15/28 | 600 | 630595 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/17/31 | 500 | 611844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/15/35 | 135 | 134268 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/30 | 510 | 536409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 06/15/33 (a) | 210 | 222574 |
|  Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), | Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), | Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), | Mersin Uluslararasi Liman Isletmeciligi A/S (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 11/15/28 | 200 | 208750 |
|  Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 08/09/35 | 245 | 245748 |
|  Service Corp. International, | Service Corp. International, | Service Corp. International, | Service Corp. International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 10/15/32 | 370 | 377275 |
|  Toll Road Investors Partnership II LP, | Toll Road Investors Partnership II LP, | Toll Road Investors Partnership II LP, | Toll Road Investors Partnership II LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.184%(s) | 02/15/43 | 175 | 60215 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/32 | 1035 | 971047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/31 | 60 | 57422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/15/28 | 455 | 455359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/30 (a) | 895 | 907124 |
|  Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 06/15/31 | 45 | 41322 |
|  |  |  | 9861022 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 04/01/29 | 446 | 484440 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A22

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/29/28 | 375 | $362921 |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%(ff) | 07/20/33 | 75 | 76329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%(ff) | 04/25/36 | 70 | 73960 |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/15/27 | 70 | 69237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/28 | 190 | 192673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/15/30 | 105 | 106893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/30/30 | 355 | 364716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/01/29 | 490 | 507077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/29 | 145 | 150220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/04/28 | 345 | 359456 |
|  Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%(ff) | 11/14/36 | 265 | 263842 |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 04/01/32 | 400 | 421996 |
|  LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., | LPL Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/20/27 | 95 | 96841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/15/29 | 124 | 121921 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/29 | 725 | 725521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 03/15/26 | 632 | 635245 |
|  Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% | 05/19/28 | 400 | 445078 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/29 | 484 | 472950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/31 | 575 | 577839 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.841% | 09/21/28 | 600 | 677120 |
|  Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), | Power Sector Assets & Liabilities Management Corp. (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625% | 05/15/28 | 600 | 675348 |
|  REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), | REC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 09/01/26 | 200 | 197250 |
|  Stellantis Financial Services US Corp., | Stellantis Financial Services US Corp., | Stellantis Financial Services US Corp., | Stellantis Financial Services US Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 09/15/30 | 425 | 431371 |
|  |  |  | 8005804 |
|  **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |  |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 12/01/52 | 10 | 10373 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |  |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), | Bulgarian Energy Holding EAD (Bulgaria), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 07/22/28 | 300 | $339008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/19/30 | 100 | 117225 |
|  Caledonia Generating LLC, | Caledonia Generating LLC, | Caledonia Generating LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 02/28/34 | 269 | 237840 |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/01/31 | 1375 | 1327216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/15/28 | 970 | 970527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 30 | 29976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 | 360 | 365296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 | 1396 | 1396251 |
|  CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), | CEZ A/S (Czech Republic), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 12/02/26 | 300 | 347275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 04/30/33 | 100 | 118082 |
|  Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | 10/20/35 | 244 | 251556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.672% | 10/20/35 | 485 | 501945 |
|  Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), | Chile Electricity Lux MPC Sarl (Chile), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.010% | 01/20/33 | 358 | 375116 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/29/36 | 560 | 518680 |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 10/01/39 | 55 | 59727 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 02/15/56 | 376 | 378475 |
|  DTE Energy Co., | DTE Energy Co., | DTE Energy Co., |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 10/01/35 | 191 | 190956 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/55 | 3 | 2962 |
|  Edison International, | Edison International, | Edison International, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 06/15/53 | 85 | 88443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/29 | 98 | 99660 |
|  Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%(ff) | 12/01/27 (oo) | 200 | 229372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, EMTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%(ff) | 06/17/32 (oo) | 200 | 244473 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/30/55 | 265 | 257838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/52 | 200 | 187217 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A23

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | Maturity<br> Date | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Energuate Trust 2 0 (Guatemala), | Energuate Trust 2 0 (Guatemala), | Energuate Trust 2 0 (Guatemala), | Energuate Trust 2 0 (Guatemala), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 09/15/35 | 200 | 199322 |
|  Engie SA (France), | Engie SA (France), | Engie SA (France), | Engie SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/06/31 | 200 | 239521 |
|  Entergy Corp., | Entergy Corp., | Entergy Corp., | Entergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%(ff) | 06/15/56 | 29 | 29009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 12/01/54 | 282 | 296375 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 09/15/54 | 20 | 19412 |
|  Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 1500 | 1551562 |
|  EUSHI Finance, Inc., | EUSHI Finance, Inc., | EUSHI Finance, Inc., | EUSHI Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 04/01/56 | 124 | 123794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%(ff) | 12/15/54 | 89 | 93584 |
|  FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 03/01/30 | 69 | 64342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 07/15/47 | 139 | 122502 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.866% | 09/15/28 | 60 | 58011 |
|  Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), | Iberdrola International BV (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series NC5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.874%(ff) | 01/28/26 (oo) | 700 | 819588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), | &nbsp;&nbsp;&nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), | &nbsp;&nbsp;&nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), | &nbsp;&nbsp;&nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/22/32 | 400 | 375100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 12/15/27 | 500 | 528645 |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/14/30 | 90 | 84946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/33 | 315 | 325099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/09/34 | 70 | 73028 |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 03/01/32 | 145 | 130337 |
|  Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), | Landsvirkjun (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN, 3 Month EURIBOR + 0.090% |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.156%(c) | 07/24/26 | 600 | 699416 |
|  MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), | MVM Energetika Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 11/18/27 | 100 | 112666 |
|  National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), | National Grid Electricity Distribution East Midlands PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.530% | 09/20/28 | 100 | 119811 |
|  National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), | National Grid PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | 09/01/28 | 100 | 110119 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 08/15/55 | 35 | $36136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/54 | 135 | 143981 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/15/28 | 859 | 860447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 02/15/29 | 110 | 105145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/31 | 529 | 494209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/32 | 35 | 32705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | 03/15/28 (oo) | 275 | 299539 |
|  NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/01/27 | 700 | 819613 |
|  Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), | Ontario Electricity Financial Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.427%(s) | 04/11/31 | 400 | 242547 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 06/15/43 | 70 | 58481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/15/34 | 160 | 166348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/15/35 | 245 | 257382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/15/33 | 70 | 74299 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 11/05/31 | 600 | 629764 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 03/15/55 | 49 | 51037 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/53 | 65 | 61535 |
|  SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, | SCE Recovery Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.453% | 03/15/36 | 312 | 313547 |
|  Sempra, | Sempra, | Sempra, | Sempra, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 04/01/56 | 95 | 97084 |
|  Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%(ff) | 12/15/55 | 190 | 188934 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/34 | 32 | 32167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/01/35 | 60 | 60871 |
|  Southern Power Co., | Southern Power Co., | Southern Power Co., | Southern Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/01/30 | 31 | 30950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/01/35 | 81 | 80181 |
|  Texas Electric Market Stabilization Funding M LLC, | Texas Electric Market Stabilization Funding M LLC, | Texas Electric Market Stabilization Funding M LLC, | Texas Electric Market Stabilization Funding M LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.147% | 08/01/51 | 1435 | 1440771 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A24

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | Maturity<br> Date | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | 12/15/26 (oo) | 1450 | 1469838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | 10/15/26 (oo) | 1975 | 2017710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | 01/15/29 (oo) | 1500 | 1653127 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/31/27 | 2085 | 2084130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/15/27 | 885 | 885517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/15/32 | 315 | 331676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 | 45 | 44698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 10/15/30 | 30 | 29966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/35 | 72 | 71631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 12/30/34 | 75 | 77193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/34 | 120 | 125945 |
|  |  |  | 30190782 |
|  **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
|  Emerson Electric Co., | Emerson Electric Co., | Emerson Electric Co., | Emerson Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/15/31 | 1200 | 1401225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/15/37 | 800 | 921686 |
|  |  |  | 2322911 |
|  **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
|  Fortive Corp., | Fortive Corp., | Fortive Corp., | Fortive Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 08/15/29 | 450 | 539860 |
|  Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., | Honeywell International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/17/32 | 400 | 475723 |
|  Sensata Technologies, Inc., | Sensata Technologies, Inc., | Sensata Technologies, Inc., | Sensata Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/31 | 75 | 70458 |
|  |  |  | 1086041 |
|  **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
|  India Green Power Holdings (India), | India Green Power Holdings (India), | India Green Power Holdings (India), | India Green Power Holdings (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/22/27 | 217 | 211234 |
|  **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
|  Bioceanico Sovereign Certificate Ltd. (Paraguay), | Bioceanico Sovereign Certificate Ltd. (Paraguay), | Bioceanico Sovereign Certificate Ltd. (Paraguay), | Bioceanico Sovereign Certificate Ltd. (Paraguay), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.283%(s) | 06/05/34 | 310 | 253114 |
|  Cellnex Finance Co. SA (Spain), | Cellnex Finance Co. SA (Spain), | Cellnex Finance Co. SA (Spain), | Cellnex Finance Co. SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 01/15/29 | 200 | 223396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/15/33 | 2100 | 2197744 |
|  Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), | Cellnex Telecom SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 10/23/30 | 400 | 437867 |
|  Ferrovial SE, | Ferrovial SE, | Ferrovial SE, | Ferrovial SE, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 09/13/30 | 100 | 123652 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Engineering & Construction (cont'd.)** | **Engineering & Construction (cont'd.)** | **Engineering & Construction (cont'd.)** | **Engineering & Construction (cont'd.)** |
|  Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), | Heathrow Funding Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 10/08/32 | 300 | 320529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 03/14/36 | 100 | 101799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 12/10/33 | 100 | 144568 |
|  IHS Holding Ltd. (Nigeria), | IHS Holding Ltd. (Nigeria), | IHS Holding Ltd. (Nigeria), | IHS Holding Ltd. (Nigeria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 11/29/28 | 200 | 198584 |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 256 | 250081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 200 | 176188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 294 | 287203 |
|  TopBuild Corp., | TopBuild Corp., | TopBuild Corp., | TopBuild Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 02/15/32 | 275 | 261307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 01/31/34 | 550 | 556170 |
|  |  |  | 5532202 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/29 (a) | 1250 | 1199864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 400 | 414234 |
|  Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., | Jacobs Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/29 | 400 | 391695 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/01/29 | 30 | 30170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 | 495 | 505652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/15/31 | 380 | 411852 |
|  |  |  | 2953467 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/31 | 300 | 314133 |
|  **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** |
|  B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., | B&G Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/15/27 | 600 | 586676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 09/15/28 | 1000 | 985428 |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 07/01/31 | 1707 | 1948392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | 05/14/30 | 1050 | 1314504 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 11/15/53 | 55 | 60813 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/36 | 280 | 284152 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A25

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | Maturity<br> Date | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/30 | 1365 | 1319765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/31/32 | 500 | 476543 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 130 | 133502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/01/45 | 28 | 28243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/01/55 | 230 | 229719 |
|  Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., | Mondelez International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 07/03/31 | 900 | 678569 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/31 | 475 | 450279 |
|  |  |  | 8496585 |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., | AmeriGas Partners LP/AmeriGas Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/20/27 | 44 | 44233 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | 11/30/54 | 180 | 187489 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/33 | 45 | 47725 |
|  Terega SA (France), | Terega SA (France), | Terega SA (France), | Terega SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 09/17/30 | 700 | 732703 |
|  |  |  | 1012150 |
|  **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
|  American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, | American Medical Systems Europe BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/08/34 | 600 | 690404 |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/01/29 | 1940 | 1896849 |
|  Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., | Medtronic, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 10/15/29 | 600 | 723837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/15/36 | 600 | 711939 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/13/31 | 400 | 417235 |
|  |  |  | 4440264 |
|  **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/31 | 100 | 92326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/01/30 | 1945 | 1892694 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/30 | 405 | 389564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/15/51 | 75 | 50945 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 11/15/32 | 124 | 123071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/49 | 5 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/47 | 70 | 66191 |
|  Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., | Tenet Healthcare Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 06/01/29 | 250 | 246496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/30 | 1140 | 1119539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 11/01/27 | 840 | 839960 |
|  |  |  | 4825312 |
|  **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
|  Benteler International AG (Austria), | Benteler International AG (Austria), | Benteler International AG (Austria), | Benteler International AG (Austria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 06/15/31 | 100 | 125893 |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 10/15/31 | 3905 | 4123478 |
|  |  |  | 4249371 |
|  **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/15/28 | 1612 | 1612893 |
|  Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 | 25 | 25005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 10/15/29 (a) | 789 | 804634 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 09/15/27 | 170 | 169810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/15/29 | 1585 | 1528130 |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/01/28 | 650 | 647396 |
|  Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), | Mattamy Group Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/01/30 | 1245 | 1208136 |
|  Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., | Taylor Morrison Communities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 08/01/30 | 545 | 548429 |
|  |  |  | 6544433 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/15/30 (a) | 280 | 273595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 05/15/32 | 135 | 130520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/01/28 | 300 | 314247 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 02/01/32 | 1025 | 961895 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A26

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | Maturity<br> Date | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Housewares (cont'd.)** | **Housewares (cont'd.)** | **Housewares (cont'd.)** | **Housewares (cont'd.)** |
|  SWF Holdings I Corp., | SWF Holdings I Corp., | SWF Holdings I Corp., | SWF Holdings I Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 10/06/29 | 419 | 167680 |
|  |  |  | 1847937 |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 12/31/32 | 400 | 415280 |
|  Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, | Chubb INA Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 08/06/35 | 2000 | 280298 |
|  Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/24/29 | 600 | 616155 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/03/31 | 440 | 414948 |
|  Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), | Helvetia Europe SA (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750%(ff) | 09/30/41 | 400 | 442905 |
|  Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), | Sogecap SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 05/16/44 | 400 | 532798 |
|  |  |  | 2702384 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 1009 | 1068195 |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/01/33 | 290 | 298793 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/15/35 | 266 | 265796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 | 75 | 69784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/45 | 190 | 184666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 11/15/55 | 155 | 149019 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/35 | 485 | 481404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 09/15/54 | 20 | 19012 |
|  |  |  | 2536669 |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), | MDGH GMTN RSC Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 03/10/27 | 500 | 570715 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/01/29 | 470 | 486502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 05/01/33 | 285 | 296293 |
|  Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/33 | 175 | 178978 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Iron/Steel (cont'd.)** | **Iron/Steel (cont'd.)** | **Iron/Steel (cont'd.)** | **Iron/Steel (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/15/35 | 175 | 179422 |
|  |  |  | 1141195 |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/01/30 | 50 | 50681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/01/32 | 410 | 419828 |
|  NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., | NCL Finance Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 03/15/28 | 425 | 435748 |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/28 | 25 | 25442 |
|  |  |  | 931699 |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/15/31 (a) | 1210 | 1183185 |
|  Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., | Hilton Domestic Operating Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/32 | 525 | 487292 |
|  Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/18/26 | 140 | 139275 |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/37 | 395 | 404354 |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/27 | 1400 | 1413062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 09/15/29 | 1070 | 1099850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/15/32 | 780 | 803346 |
|  |  |  | 5530364 |
|  **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
|  BWX Technologies, Inc., | BWX Technologies, Inc., | BWX Technologies, Inc., | BWX Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/30/28 | 123 | 120956 |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/01/30 | 150 | 156511 |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 09/01/28 | 500 | 531947 |
|  |  |  | 688458 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/01/29 | 170 | 168097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/01/32 (a) | 330 | 296217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/01/31 | 121 | 111194 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A27

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | Maturity<br> Date | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/30 | 87 | 81962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/01/30 | 350 | 334822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/28 | 65 | 64466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/01/27 | 245 | 244721 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 150 | 140358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 04/01/31 | 333 | 299665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 160 | 113743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 06/01/52 | 399 | 257616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% | 02/01/34 | 135 | 142344 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 11/01/56 | 130 | 73107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 05/15/33 | 115 | 116022 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/01/29 (x) | 80 | 71090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 07/01/28 (x) | 175 | 168876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 07/01/26 (x) | 2900 | 2863937 |
|  DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | 11/15/27 (x) | 1575 | 1638959 |
|  TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), | TDF Infrastructure SASU (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 10/23/31 | 300 | 356770 |
|  Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., | Univision Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 08/15/28 | 845 | 874929 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/30 | 1500 | 1812150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/15/30 | 600 | 741100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 05/15/29 | 457 | 594453 |
|  |  |  | 11566598 |
|  **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
|  Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 09/21/32 | 300 | 371866 |
|  Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, | Arsenal AIC Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | 10/01/31 | 615 | 677976 |
|  Fortescue Treasury Pty Ltd. (Australia), | Fortescue Treasury Pty Ltd. (Australia), | Fortescue Treasury Pty Ltd. (Australia), | Fortescue Treasury Pty Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 04/01/31 | 113 | 108971 |
|  Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.763% | 04/14/27 | 200 | 200500 |
|  Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), | Glencore Capital Finance DAC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.154% | 04/29/31 | 200 | 242268 |
|  Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.371% | 04/04/29 | 270 | 278279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.634% | 04/04/34 | 245 | 255844 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** | **Mining (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 10/06/28 |  | 145 | 151811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/06/30 |  | 25 | 26877 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/01/32 |  | 265 | 280709 |
|  Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., | Novelis Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/31 |  | 379 | 344718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 01/30/30 |  | 450 | 467032 |
|  |  |  |  | 3406851 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  Alstom SA (France), | Alstom SA (France), | Alstom SA (France), | Alstom SA (France), | Alstom SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.868%(ff) | 05/29/29 (oo) | EUR | 100 | 124157 |
|  Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., | Illinois Tool Works, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/17/28 | EUR | 500 | 596731 |
|  Maxam Prill Sarl (Luxembourg), | Maxam Prill Sarl (Luxembourg), | Maxam Prill Sarl (Luxembourg), | Maxam Prill Sarl (Luxembourg), | Maxam Prill Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/15/30 | EUR | 100 | 119766 |
|  Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., | Parker-Hannifin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/01/30 | EUR | 700 | 817589 |
|  |  |  |  | 1658243 |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), | Africa Finance Corp. (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 10/08/29 |  | 200 | 204728 |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/13/30 | EUR | 100 | 120441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/16/29 | GBP | 400 | 544394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 |  | 395 | 406973 |
|  European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), | European Investment Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 01/30/37 | CAD | 300 | 220659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.590%(s) | 05/28/37 | CAD | 1000 | 451488 |
|  Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), | Inter-American Development Bank (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 07/15/27 |  | 400 | 415477 |
|  |  |  |  | 2364160 |
|  **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 |  | 425 | 389746 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., | Ascent Resources Utica Holdings LLC/ARU Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 11/01/27 |  | 25 | 31771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 10/15/32 |  | 335 | 346538 |
|  BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, | BP Capital Markets PLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 03/22/29 (oo) | EUR | 650 | 763189 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A28

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(ff) | 03/18/35 (oo) | 260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%(ff) | 12/01/33 (oo) | 235 | 249100 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/37 | 134 | 130213 |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | 07/01/28 | 125 | 128915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 11/01/30 | 475 | 497410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 07/01/31 (a) | 485 | 503449 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.025% | 03/15/62 | 40 | 29099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 | 50 | 48209 |
|  Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 02/15/55 | 155 | 149013 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 04/01/32 | 1380 | 1339428 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 01/19/29 | 200 | 214530 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/01/32 | 450 | 444523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/29 | 1125 | 1126627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/15/30 | 378 | 383747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29 | 471 | 471637 |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/29 | 106 | 104604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/30 | 470 | 456034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/31 | 106 | 100587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 04/15/32 | 550 | 517410 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/45 | 34 | 27287 |
|  Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, | Permian Resources Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 04/15/27 | 750 | 759465 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/16/34 | 500 | 668499 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 | 1220 | 1216499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.690% | 01/23/50 | 510 | 457133 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649% | 04/29/31 | 585 | 546468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 09/19/33 | 100 | 108851 |
|  Tecpetrol SA (Argentina), | Tecpetrol SA (Argentina), | Tecpetrol SA (Argentina), | Tecpetrol SA (Argentina), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 11/03/30 | 100 | 99301 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275% | 09/10/54 | 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14075 |
|  TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), | TotalEnergies SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series NC7, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%(ff) | 10/25/27 (oo) | 650 | 739485 |
|  Transocean International Ltd., | Transocean International Ltd., | Transocean International Ltd., | Transocean International Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 05/15/29 | 310 | 311256 |
|  Vital Energy, Inc., | Vital Energy, Inc., | Vital Energy, Inc., | Vital Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% | 10/15/30 | 700 | 732472 |
|  |  |  | 14373720 |
|  **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 08/15/30 (a) | 1100 | 1015758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | 875 | 900393 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 04/15/30 | 1215 | 1235457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/32 | 450 | 463265 |
|  |  |  | 3614873 |
|  **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/21/49 | 240 | 197930 |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 08/01/28 | 500 | 503531 |
|  Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/30/28 | 95 | 83105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/15/29 | 385 | 293220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/30/30 | 535 | 375313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/15/31 | 331 | 212254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/15/29 | 1516 | 1212800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 01/15/28 | 275 | 248875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/01/28 | 275 | 245437 |
|  Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828% | 06/07/32 | 200 | 239441 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/22/54 | 290 | 285069 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 03/15/31 (x) | 20 | 18432 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 04/30/31 (a) | 375 | 310762 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A29

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
|  Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/17/35 | 95 | 96068 |
|  |  |  | 4322237 |
|  **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/29 | 1225 | 1225618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 02/01/32 | 280 | 290375 |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/29 | 380 | 381127 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | 08/15/30 | 30 | 31757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.962% | 02/15/55 | 90 | 88694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 255 | 272969 |
|  Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 07/15/77 | 65 | 64505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%(ff) | 01/15/84 | 55 | 63027 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 02/15/56 | 687 | 685049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 05/15/30 (oo) | 1840 | 1884817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 11/15/26 (oo) | 605 | 608044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 10/01/47 | 420 | 377487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/15/34 | 85 | 87407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 09/01/34 | 55 | 56613 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 01/15/36 | 140 | 142489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%(ff) | 02/15/78 | 45 | 44716 |
|  Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), | Gestion Securite de Stocks Securite SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/25/31 | 800 | 929831 |
|  Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), | Greensaif Pipelines Bidco Sarl (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.853% | 02/23/36 | 275 | 287081 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/47 | 325 | 290542 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 09/01/33 | 300 | 319279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/30 | 150 | 160843 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/31/30 | 285 | 287247 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/35 | 400 | 409762 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/15/79 | 200 | 198320 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 25 | 23483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 25 | 22746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/15/30 | 210 | 212393 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | 09/30/29 (oo) | 2105 | 1663320 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 02/01/30 | 540 | 529042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/01/48 | 30 | 25890 |
|  |  |  | 11664473 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), | Balder Finland OYJ (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 01/20/29 | 715 | 786327 |
|  Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), | Blackstone Property Partners Europe Holdings Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 05/04/28 | 300 | 336810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/20/30 | 100 | 108446 |
|  Corp. Inmobiliaria Vesta SAB de CV (Mexico), | Corp. Inmobiliaria Vesta SAB de CV (Mexico), | Corp. Inmobiliaria Vesta SAB de CV (Mexico), | Corp. Inmobiliaria Vesta SAB de CV (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/30/33 | 200 | 201923 |
|  Five Point Operating Co. LP, | Five Point Operating Co. LP, | Five Point Operating Co. LP, | Five Point Operating Co. LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 10/01/30 | 315 | 329479 |
|  Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), | Heimstaden Bostad Treasury BV (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 03/03/27 | 300 | 346923 |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/01/28 | 3130 | 3143497 |
|  Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), | Logicor Financing Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 07/15/27 | 975 | 1127831 |
|  P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), | P3 Group Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 01/26/29 | 100 | 112426 |
|  Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), | Sun Hung Kai Properties Capital Market Ltd. (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160% | 01/25/28 | 2000 | 290269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 08/14/27 | 5000 | 723992 |
|  Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), | Vonovia SE (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 12/14/29 | 200 | 213861 |
|  |  |  | 7721784 |
|  **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** | **Real Estate Investment Trusts (REITs) — 0.1%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/35 | 400 | 406680 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A30

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  CFE Fibra E (Mexico), | CFE Fibra E (Mexico), | CFE Fibra E (Mexico), | CFE Fibra E (Mexico), | CFE Fibra E (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 09/23/40 |  | 198 | $197398 |
|  Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, | Digital Dutch Finco BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 01/15/32 | EUR | 400 | 401924 |
|  Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, | Diversified Healthcare Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/01/31 |  | 300 | 262394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/28 |  | 351 | 338739 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/15/31 |  | 420 | 401740 |
|  Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), | Hammerson Ireland Finance DAC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 06/03/27 | EUR | 500 | 579913 |
|  Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/15/35 |  | 600 | 612809 |
|  Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), | Lineage Europe Finco BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/26/31 | EUR | 800 | 923538 |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 08/01/29 |  | 205 | 171950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/27 |  | 15 | 14481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 02/15/32 |  | 50 | 53428 |
|  Prologis LP, | Prologis LP, | Prologis LP, | Prologis LP, | Prologis LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/15/33 | CAD | 300 | 219936 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 06/20/31 | EUR | 1400 | 1631526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 07/06/30 | EUR | 700 | 874746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/15/29 | GBP | 500 | 683303 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 04/01/32 |  | 925 | 959660 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 02/01/29 |  | 1770 | 1691605 |
|  SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), | SELP Finance Sarl (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 08/10/27 | EUR | 400 | 476605 |
|  Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., | Starwood Property Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 07/15/26 |  | 750 | 743784 |
|  Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), | Unibail-Rodamco-Westfield SE (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%(ff) | 07/04/30 (oo) | EUR | 300 | 360679 |
|  VICI Properties LP, | VICI Properties LP, | VICI Properties LP, | VICI Properties LP, | VICI Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 02/15/30 |  | 375 | 379486 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/30 |  | 5 | 4855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/01/26 |  | 20 | 20005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/26 |  | 95 | 95048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/15/28 |  | 305 | 305566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/27 |  | 5 | 5056 |
|  WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 07/23/32 | EUR | 500 | 603050 |
|  WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, | WPC Eurobond BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | 04/15/28 | EUR | 100 | 113576 |
|  |  |  |  | 13533480 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/15/28 |  | 305 | 300230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 06/15/29 |  | 490 | 503710 |
|  Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 08/31/32 | EUR | 150 | 181788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 08/31/32 | GBP | 175 | 243683 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/30 |  | 1150 | 1205419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | 06/01/31 |  | 773 | 872199 |
|  EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | 11/30/28 | EUR | 2000 | 2538714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 11/30/28 |  | 1500 | 1626435 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 01/15/29 |  | 825 | 801521 |
|  Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), | Gap, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/01/29 |  | 325 | 307810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/01/31 |  | 300 | 277520 |
|  Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/01/29 |  | 1125 | 1087587 |
|  McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.857% | 05/21/31 | CAD | 800 | 611851 |
|  Penske Automotive Group, Inc., | Penske Automotive Group, Inc., | Penske Automotive Group, Inc., | Penske Automotive Group, Inc., | Penske Automotive Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/15/29 |  | 229 | 221977 |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/32 (a) |  | 400 | 417909 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., | Suburban Propane Partners LP/Suburban Energy Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/01/27 |  | 1000 | 1000000 |
|  |  |  |  | 12198353 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A31

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
|  Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), | Nationwide Building Society (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%(ff) | 06/20/27 (oo) | 200 | $268916 |
|  **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 02/15/33 (h) | 550 | 484619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469% | 04/15/34 | 123 | 112376 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 01/25/37 | 320 | 336470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/25/35 | 200 | 212241 |
|  Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/15/31 | 130 | 120417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/35 | 432 | 444995 |
|  Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 11/01/35 | 19 | 20283 |
|  |  |  | 1731401 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 06/01/30 | 480 | 446455 |
|  Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 02/15/31 | 120 | 118995 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/25/51 | 55 | 36198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/27/54 | 25 | 20250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/03/55 | 119 | 105165 |
|  Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/15/30 | 120 | 120504 |
|  |  |  | 847567 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/28 | 200 | 139000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/29 | 1175 | 818094 |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/30/31 | 500 | 606027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 11/01/35 | 230 | 227181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/01/45 | 75 | 72243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 11/01/54 | 185 | 177504 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 08/01/32 (x) | 200 | 207626 |
|  Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), | Emirates Telecommunications Group Co. PJSC (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 05/17/33 | 300 | 296446 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/28 |  | 1050 | 1052848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/15/27 |  | 1025 | 1026430 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 01/15/36 |  | 770 | 789775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 |  | 660 | 675444 |
|  NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.876% | 07/16/30 |  | 255 | 259608 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 03/15/32 |  | 40 | 48397 |
|  TalkTalk Telecom Group Ltd. (United Kingdom), | TalkTalk Telecom Group Ltd. (United Kingdom), | TalkTalk Telecom Group Ltd. (United Kingdom), | TalkTalk Telecom Group Ltd. (United Kingdom), | TalkTalk Telecom Group Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK 11.750% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK 11.750% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK 11.750% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK 11.750% | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK 11.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | 03/01/28^ (d) | GBP | 1341 | 2 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/31/29 | GBP | 690 | 880093 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | 10/01/31 |  | 275 | 288634 |
|  |  |  |  | 7565352 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), | CP - Comboios de Portugal EPE (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/05/30 | EUR | 700 | 889185 |
|  Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), | Deutsche Bahn AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CB |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600%(ff) | 07/18/29 (oo) | EUR | 400 | 437929 |
|  Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), | Empresa de Transporte de Pasajeros Metro SA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.398% | 10/07/33 | CHF | 200 | 249248 |
|  Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), | Ferrovie dello Stato Italiane SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/14/27 | EUR | 400 | 476680 |
|  La Poste SA (France), | La Poste SA (France), | La Poste SA (France), | La Poste SA (France), | La Poste SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 07/18/29 | EUR | 300 | 318291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 04/21/32 | EUR | 500 | 523446 |
|  Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/05/34 |  | 275 | 284079 |
|  Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), | Regie Autonome des Transports Parisiens EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350% | 06/20/29 | EUR | 100 | 107945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% | 12/19/36 | EUR | 164 | 160407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 05/25/32 | EUR | 900 | 969284 |
|  SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), | SNCF Reseau (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 05/29/37 | EUR | 200 | 182237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series MPLE |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 06/01/35 | CAD | 400 | 298452 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A32

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** | **Transportation (cont'd.)** |
|  Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), | Societe Nationale SNCF SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/02/29 | 400 | 452595 |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 02/15/30 | 1445 | 1345932 |
|  XPO, Inc., | XPO, Inc., | XPO, Inc., | XPO, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 06/01/31 | 100 | 104294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/01/32 | 295 | 310423 |
|  |  |  | 7110427 |
|  **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 07/01/29 | 490 | 503571 |
|  **TOTAL CORPORATE BONDS**<br>(cost $306,700,902) | **TOTAL CORPORATE BONDS**<br>(cost $306,700,902) | **TOTAL CORPORATE BONDS**<br>(cost $306,700,902) | 309350419 |
|  **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** | **FLOATING RATE AND OTHER LOANS — 0.1%** |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.466%(c) | 01/28/32 | 424 | 425527 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.739%(c) | 11/17/28 | 567 | 555231 |
|  |  |  | 980758 |
|  **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
|  Hudson River Trading LLC, | Hudson River Trading LLC, | Hudson River Trading LLC, | Hudson River Trading LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.486%(c) | 03/18/30 | 885 | 888127 |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), | Verisure Holding AB (PUBL) (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% | &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month EURIBOR + 2.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300%(c) | 11/03/32 | 450 | 531722 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | 01/02/28 | 141 | 48913 |
|  **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** | **Retail — 0.0%** |
|  Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), | Peer Holding III BV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.769%(c) | 07/01/31 | 3625 | 4276970 |
|  **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
|  Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), | Zegona Holdco Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% | &nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.829%(c) | 07/17/29 | 5100 | 6021989 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br>(cost $11,874,900) | **TOTAL FLOATING RATE AND OTHER LOANS**<br>(cost $11,874,900) | **TOTAL FLOATING RATE AND OTHER LOANS**<br>(cost $11,874,900) | 12748479 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | Maturity<br> Date | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 0.0%** |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.024%(c) | 12/25/41 | 200 | $203762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.124%(c) | 03/25/42 | 90 | 95435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.124%(c) | 03/25/42 | 80 | 83881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.824%(c) | 09/25/45 | 140 | 140022 |
|  Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.324%(c) | 04/25/34 | 74 | 74578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.865%(c) | 09/26/33 | 33 | 33106 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.974%(c) | 09/25/41 | 300 | 302396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.224%(c) | 12/25/41 | 200 | 201708 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class MI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/25/49 | 50 | 10123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 5020, Class IH, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/25/50 | 235 | 37312 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%(cc) | 07/25/65 | 96 | 94135 |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186%(cc) | 11/25/70 | 597 | 597916 |
|  Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.774%(c) | 04/25/34 | 96 | 96928 |
|  Radnor Re Ltd., | Radnor Re Ltd., | Radnor Re Ltd., | Radnor Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.574%(c) | 11/25/31 | 83 | 83444 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $2,029,797) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $2,029,797) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $2,029,797) | 2054746 |
|  **SOVEREIGN BONDS — 1.0%** | **SOVEREIGN BONDS — 1.0%** | **SOVEREIGN BONDS — 1.0%** | **SOVEREIGN BONDS — 1.0%** |
|  Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), | Agence France Locale (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 03/20/34 | 500 | 569458 |
|  Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.034% | 01/16/42 | 400 | 412659 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A33

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), | Andorra International Bond (Andorra), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 05/06/31 | EUR | 700 | $736635 |
|  Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), | Australia Government Bond (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; 06/21/54 | AUD | 1870 | 1159403 |
|  Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), | Autonomous Community of Catalonia (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220% | &nbsp;&nbsp;&nbsp;&nbsp; 04/26/35 | EUR | 100 | 119921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp; 11/30/41 | EUR | 200 | 276243 |
|  Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), | Autonomous Community of Valencia Spain (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | &nbsp;&nbsp;&nbsp;&nbsp; 06/10/27 | EUR | 500 | 614671 |
|  Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), | Bahrain Government International Bond (Bahrain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 05/18/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | 282923 |
|  Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), | Bpifrance SACA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp; 07/22/31 | EUR | 200 | 205762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/32 | EUR | 300 | 353412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp; 05/25/34 | EUR | 500 | 580052 |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | &nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 |  | 1317 | 1317105 |
|  Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), | Bulgaria Government International Bond (Bulgaria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 01/27/33 | EUR | 215 | 270671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 07Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp; 09/23/29 | EUR | 200 | 246243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp; 09/23/34 | EUR | 300 | 383631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp; 09/23/50 | EUR | 25 | 16438 |
|  Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), | Bundesobligation (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/30 | EUR | 1530 | 1777435 |
|  Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), | Caisse Francaise de Financement Local SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | &nbsp;&nbsp;&nbsp;&nbsp; 03/09/29 | CAD | 300 | 222936 |
|  Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), | Chile Government International Bond (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp; 01/27/32 |  | 1200 | 1075200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 01/14/32 | EUR | 166 | 198009 |
|  China Government Bond (China), | China Government Bond (China), | China Government Bond (China), | China Government Bond (China), | China Government Bond (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp; 06/29/43 | CNH | 9000 | 1590399 |
|  China Government International Bond (China), | China Government International Bond (China), | China Government International Bond (China), | China Government International Bond (China), | China Government International Bond (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | &nbsp;&nbsp;&nbsp;&nbsp; 11/25/30 | EUR | 700 | 733619 |
|  City of Milan (Italy), | City of Milan (Italy), | City of Milan (Italy), | City of Milan (Italy), | City of Milan (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.019% | &nbsp;&nbsp;&nbsp;&nbsp; 06/29/35 | EUR | 420 | 500686 |
|  City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), | City of Ottawa Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp; 07/30/53 | CAD | 200 | 132515 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br>Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), | City of Vancouver (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | &nbsp;&nbsp;&nbsp;&nbsp; 10/18/52 | CAD | 350 | $212167 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/28 | EUR | 990 | 1152977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/32 | EUR | 130 | 146665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/45 |  | 805 | 590065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp; 02/19/36 | EUR | 230 | 253740 |
|  Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), | Croatia Government International Bond (Croatia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp; 03/04/33 | EUR | 200 | 205674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/17/31 | EUR | 1300 | 1421290 |
|  Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), | Cyprus Government International Bond (Cyprus), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp; 01/21/40 | EUR | 1750 | 1527015 |
|  Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), | Czech Republic Government Bond (Czech Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp; 04/14/34 | CZK | 55330 | 2770389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 11/11/32 | CZK | 8180 | 401914 |
|  Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), | Eagle Funding Luxco Sarl (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 08/17/30 |  | 770 | 783090 |
|  El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), | El Salvador Government International Bond (El Salvador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.650% | &nbsp;&nbsp;&nbsp;&nbsp; 06/15/35 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | 91233 |
|  Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), | Estonia Government International Bond (Estonia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/12/32 | EUR | 150 | 184257 |
|  Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), | Export-Import Bank of India (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 |  | 200 | 191600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp; 06/25/26 | CNH | 1000 | 144149 |
|  Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.097% | &nbsp;&nbsp;&nbsp;&nbsp; 08/01/38 |  | 800 | 813480 |
|  Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), | Guatemala Government Bond (Guatemala), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp; 08/15/36 |  | 218 | 228085 |
|  Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), | Hellenic Republic Government Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp; 02/04/35 | EUR | 3500 | 3620425 |
|  Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), | Hellenic Republic Government International Bond (Greece), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp; 07/17/34 | EUR | 90 | 115416 |
|  Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), | Hong Kong Government International Bond (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | &nbsp;&nbsp;&nbsp;&nbsp; 06/07/33 | CNH | 2000 | 307886 |
|  Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), | Hungary Government Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 35/A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/35 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;575860 | 1783981 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp; 03/26/36 |  | 200 | 199836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp; 06/16/34 | EUR | 1105 | 1310361 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A34

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | 04/28/32 | EUR | 1020 | $1046109 |
|  Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), | Iceland Government International Bond (Iceland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 04/15/28 | EUR | 700 | 775266 |
|  Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), | Ile-de-France Mobilites (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.400% | 05/28/31 | EUR | 600 | 611702 |
|  Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), | Indonesia Government International Bond (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.100% | 03/12/33 | EUR | 600 | 584612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% | 10/30/31 | EUR | 100 | 104661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 10/31/35 | CNH | 1000 | 142741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/14/28 | EUR | 1960 | 2354067 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 01/18/32 | EUR | 200 | 198771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 10/21/34 | GBP | 100 | 148715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/19/30 |  | 600 | 620400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/12/34 |  | 200 | 207398 |
|  Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), | Italy Buoni Poliennali Del Tesoro (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 07/01/30 | EUR | 1280 | 1517909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/32 | EUR | 1705 | 1930415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 11/01/33 | EUR | 560 | 708141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 08/01/35 | EUR | 3870 | 4617254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 11Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 02/01/35 | EUR | 35 | 42560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 10/01/40 | EUR | 600 | 700724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 16Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/01/38 | EUR | 1085 | 1219164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 03/01/35 | EUR | 85 | 99768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 10/01/54 | EUR | 5790 | 6747329 |
|  Japan Bank for International Cooperation (Japan), | Japan Bank for International Cooperation (Japan), | Japan Bank for International Cooperation (Japan), | Japan Bank for International Cooperation (Japan), | Japan Bank for International Cooperation (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 02/15/28 | EUR | 240 | 285681 |
|  Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), | Japan Government Thirty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 03/20/52 | JPY | 66900 | 251178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 09/20/54 | JPY | 5600 | 27384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 12/20/54 | JPY | 157950 | 808667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 03/20/55 | JPY | 392450 | 2055294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 88 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 88 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 88 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 88 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 09/20/55 | JPY | 25000 | 154550 |
|  Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), | Japan Government Twenty Year Bond (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/20/43 | JPY | 328850 | 1716389 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 09/20/45 | JPY | 40000 | $246052 |
|  Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), | Kazakhstan Government International Bond (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/30/34 | EUR | 170 | 167194 |
|  Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), | Korea Housing Finance Corp. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Covered Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.124% | 03/18/29 | EUR | 650 | 772863 |
|  Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), | Latvia Government International Bond (Latvia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 01/24/29 | EUR | 100 | 108149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 03/17/31 | EUR | 200 | 200379 |
|  Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), | Lithuania Government International Bond (Lithuania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 06/01/32 | EUR | 600 | 659767 |
|  Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), | Magyar Export-Import Bank Zrt (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/16/29 | EUR | 300 | 377408 |
|  Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), | Metropolitano de Lisboa EPE (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.061% | 12/04/26 | EUR | 300 | 357619 |
|  Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), | Mexican Bonos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/26/33 | MXN | 33500 | 1731001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 05/29/31 | MXN | 62350 | 3334769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | 11/23/34 | MXN | 27500 | 1416523 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | 01/17/30 | EUR | 1300 | 1384914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 08/12/36 | EUR | 400 | 376029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/19/29 | EUR | 200 | 233982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/19/34 | EUR | 110 | 129110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/19/38 | EUR | 100 | 116969 |
|  New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), | New South Wales Treasury Corp. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/20/35 | AUD | 930 | 599817 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870% | 07/23/60 |  | 305 | 201453 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 03/11/33 | EUR | 1275 | 1264258 |
|  Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.700% | 02/03/29 | EUR | 730 | 798701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 04/28/33 | EUR | 767 | 762404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/04/32 | EUR | 400 | 476102 |
|  Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.470%(cc) | 10/20/40 |  | 300 | 268506 |
|  Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), | Province of Manitoba (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/05/50 | CAD | 900 | 515413 |
|  Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), | Province of Nova Scotia (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 12/01/51 | CAD | 500 | 280239 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A35

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | Maturity<br> Date | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), | Province of Ontario (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 06/02/33 | CAD | 2780 | $2042511 |
|  Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/01/33 | CAD | 2720 | 1980020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.694%(s) | 10/01/39 | CAD | 135 | 52729 |
|  Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), | Province of Saskatchewan (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 06/02/48 | CAD | 500 | 297316 |
|  Region of Ile de France (France), | Region of Ile de France (France), | Region of Ile de France (France), | Region of Ile de France (France), | Region of Ile de France (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 04/30/31 | EUR | 200 | 233744 |
|  Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), | Region of Lazio (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.088% | 03/31/43 | EUR | 385 | 423084 |
|  Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), | Republic of Austria Government International Bond (Austria), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 12/01/34 | CAD | 1000 | 793814 |
|  Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), | Republic of Italy Government International Bond (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/04/28 | GBP | 718 | 1001286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 10/17/29 |  | 3500 | 3366795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/17/49 |  | 330 | 250904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/06/51 |  | 400 | 293130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/15/33 |  | 805 | 853502 |
|  Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), | Republic of South Africa Government Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 01/31/30 | ZAR | 15025 | 927468 |
|  Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), | Republic of South Africa Government International Bond (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 12/11/55 (a) |  | 267 | 264330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/30/49 |  | 370 | 312188 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 12/02/40 | EUR | 150 | 115815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/14/41 | EUR | 131 | 101740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.624% | 05/26/30 | EUR | 20 | 23144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 07/13/30 | EUR | 174 | 184348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/29/35 | EUR | 20 | 20485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 07/13/30 | EUR | 400 | 423789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/28/32 | EUR | 197 | 197372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 10/29/35 | EUR | 20 | 20485 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/09/39 | EUR | 400 | 370306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 03/03/30 | EUR | 895 | 961749 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/15/27 | EUR | 900 | 1052392 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), | SFIL SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 01/22/31 | EUR | 900 | 1049003 |
|  Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), | Slovakia Government Bond (Slovakia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/17/47 | EUR | 100 | 79326 |
|  Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), | Slovenia Government Bond (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series RS91 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/11/33 | EUR | 200 | 246026 |
|  Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), | Slovenia Government International Bond (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/19/33 |  | 800 | 828640 |
|  Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), | Societe Des Grands Projets EPIC (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 11/25/30 | EUR | 500 | 510637 |
|  Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), | Spain Government Bond (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 10/31/50 | EUR | 3200 | 2008358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 10/31/40 | EUR | 800 | 676180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 10/31/35 | EUR | 1620 | 1890951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/31/54 | EUR | 2990 | 3445886 |
|  Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), | Suriname Government International Bond (Suriname), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 11/06/35 |  | 200 | 216050 |
|  Svensk Exportkredit AB (Sweden), | Svensk Exportkredit AB (Sweden), | Svensk Exportkredit AB (Sweden), | Svensk Exportkredit AB (Sweden), | Svensk Exportkredit AB (Sweden), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 08/30/30 | EUR | 400 | 481153 |
|  Transport for London (United Kingdom), | Transport for London (United Kingdom), | Transport for London (United Kingdom), | Transport for London (United Kingdom), | Transport for London (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 12/19/31 | GBP | 300 | 400341 |
|  Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), | Treasury Corp. of Victoria (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 09/15/33 | AUD | 1150 | 627356 |
|  Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), | Turkiye Government International Bond (Turkey), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 7Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | 02/12/32 |  | 360 | 381240 |
|  United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), | United Kingdom Gilt (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/07/35 | GBP | 9330 | 12595364 |
|  Uruguay Government International Bond (Uruguay), | Uruguay Government International Bond (Uruguay), | Uruguay Government International Bond (Uruguay), | Uruguay Government International Bond (Uruguay), | Uruguay Government International Bond (Uruguay), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/02/40 | UYU | 2790 | 76843 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $123,560,430)  | **TOTAL SOVEREIGN BONDS**<br> (cost $123,560,430)  | **TOTAL SOVEREIGN BONDS**<br> (cost $123,560,430)  | **TOTAL SOVEREIGN BONDS**<br> (cost $123,560,430)  | 120765991 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 0.2%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/50 |  | 2059 | 2042976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/53 |  | 1225 | 1245745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/54 |  | 2785 | 2824733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/53 |  | 1005 | 1039629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 05/01/54 |  | 786 | 820055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 |  | 430 | 489582 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/50 |  | 1585 | 1368732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 |  | 2524 | 2166853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/52 |  | 3581 | 3179442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 |  | 1494 | 1389257 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A36

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/53 | 909 | $| 909866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/53 | 1363 |  | 1364001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/52 | 432 |  | 440768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/53 | 633 |  | 644128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/52 | 174 |  | 180512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/53 | 1121 |  | 1153370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/53 | 856 |  | 890199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/54 | 1776 |  | 1845076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 11/15/30 | 405 |  | 456683 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/20/51 | 2023 |  | 1819875 |
|  U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 10/15/30 | 278 |  | 272648 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $26,218,819) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $26,218,819) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $26,218,819) |  | 26544130 |
|  **U.S. TREASURY OBLIGATIONS — 1.4%** | **U.S. TREASURY OBLIGATIONS — 1.4%** | **U.S. TREASURY OBLIGATIONS — 1.4%** | **U.S. TREASURY OBLIGATIONS — 1.4%** | **U.S. TREASURY OBLIGATIONS — 1.4%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 08/15/49 (h) | 2738 |  | 1720662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 05/15/51 (k) | 1535 |  | 969209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 05/15/49 | 1700 |  | 1221875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/42 | 8620 |  | 7200394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/15/48 (h)(k) | 3255 |  | 2579079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/42 (k) | 1247 |  | 1144512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/44 (h) | 18430 |  | 16941202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/15/54 | 1040 |  | 942337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 08/15/43 | 3650 |  | 3490883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/44 | 3080 |  | 3028506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 11/15/44 | 2495 |  | 2448219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/43 (k) | 10800 |  | 10815187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/45 | 8540 |  | 8506641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/45 (h) | 8890 |  | 9138642 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 06/30/28 | 605 |  | 572576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/15/32 | 40 |  | 35688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 03/31/29 | 90 |  | 86716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 08/15/28 | 355 |  | 349314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/30/29 | 160 |  | 158187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/30/26 | 505 |  | 504665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/31/27 | 4005 |  | 4006095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/15/33 (h) | 8120 |  | 7894162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 10/31/30 | 6610 |  | 6583663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/28 | 7430 |  | 7470633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 10/31/32 | 2970 |  | 2938908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/31/27 | 7710 |  | 7749454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/30/30 | 7990 |  | 8051173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/33 | 65 |  | 64502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/31/30 | 2085 |  | 2111714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/31/32 | 90 |  | 90520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 10/31/26 | 2029 |  | 2037560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 05/31/32 | 3485 |  | 3532102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/15/35 | 2555 |  | 2578155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 11/30/30 | 1105 |  | 1137028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/15/34 | 3610 |  | 3692353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/15/33 | 8 |  | 8265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/30/26 | 1180 |  | 1186038 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.070%(s) | 08/15/41 (k) | 7920 |  | 3703921 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest<br> Rate**  | **Maturity**<br> **Date** | **Principal**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%(s) | 05/15/45 | 640 | $240787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.305%(s) | 02/15/43 | 3540 | 1512504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.395%(s) | 05/15/43 | 2445 | 1029589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.675%(s) | 05/15/44 | 1485 | 589211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.077%(s) | 08/15/44 | 865 | 338083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.340%(s) | 08/15/45 (h)(k) | 10235 | 3791566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.424%(s) | 02/15/41 (h)(k) | 5270 | 2539266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | 05/15/46 | 1010 | 359768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.608%(s) | 11/15/48 | 225 | 70675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.716%(s) | 02/15/39 | 1685 | 914576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.727%(s) | 05/15/50 | 2895 | 838294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.730%(s) | 05/15/39 | 2540 | 1358285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.864%(s) | 05/15/41 (k) | 3910 | 1857452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.879%(s) | 11/15/42 (h)(k) | 6360 | 2758840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(s) | 08/15/48 | 825 | 262340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.924%(s) | 02/15/49 | 650 | 201081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | 11/15/45 | 270 | 98628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.996%(s) | 11/15/43 | 1905 | 777951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(s) | 11/15/41 | 405 | 186465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.021%(s) | 08/15/39 | 265 | 139612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040%(s) | 11/15/39 | 265 | 137572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.069%(s) | 05/15/40 | 265 | 133726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.095%(s) | 08/15/40 | 265 | 131492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.104%(s) | 11/15/40 | 265 | 129599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170%(s) | 02/15/42 | 265 | 120092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.183%(s) | 05/15/42 | 265 | 118330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%(s) | 08/15/42 | 265 | 116499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.220%(s) | 02/15/45 | 1070 | 408214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(s) | 08/15/43 | 265 | 109807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.239%(s) | 02/15/44 | 265 | 106634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.246%(s) | 11/15/44 | 265 | 102271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.276%(s) | 02/15/40 | 1330 | 679797 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $165,571,870) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $165,571,870) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $165,571,870) | 158849746 |
|  **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $0) | **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $0) | **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $0) | 7940 |
|  **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN—91.7%**<br> (cost $8,665,384,176) | **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN—91.7%**<br> (cost $8,665,384,176) | **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN—91.7%**<br> (cost $8,665,384,176) | 10638705177 |
|  **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** | **OPTIONS WRITTEN\*~ — (0.0)%** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(premiums received $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(premiums received $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(premiums received $0) | (6404) |
|  **TOTAL LONG-TERM INVESTMENTS, NET OF<br>LONG-TERM OPTIONS WRITTEN—91.7%**<br> (cost $8,665,384,176) | **TOTAL LONG-TERM INVESTMENTS, NET OF<br>LONG-TERM OPTIONS WRITTEN—91.7%**<br> (cost $8,665,384,176) | **TOTAL LONG-TERM INVESTMENTS, NET OF<br>LONG-TERM OPTIONS WRITTEN—91.7%**<br> (cost $8,665,384,176) | 10638698773 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A37

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS — 9.9%** | **SHORT-TERM INVESTMENTS — 9.9%** | **SHORT-TERM INVESTMENTS — 9.9%** | **SHORT-TERM INVESTMENTS — 9.9%** |
|  **AFFILIATED MUTUAL FUNDS — 9.5%** | **AFFILIATED MUTUAL FUNDS — 9.5%** | **AFFILIATED MUTUAL FUNDS — 9.5%** | **AFFILIATED MUTUAL FUNDS — 9.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 902343763 | $902343763 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<br>(cost $191,822,990; includes<br>$191,142,685 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<br>(cost $191,822,990; includes<br>$191,142,685 of cash collateral for securities on loan)(b)(wa) | 191938590 | 191823427 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $1,094,166,753) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $1,094,166,753) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $1,094,166,753) | 1094167190 |
| **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Principal**<br>**Amount**<br>**(000)#** |  |
|  **U.S. TREASURY OBLIGATIONS(n) — 0.4%** | **U.S. TREASURY OBLIGATIONS(n) — 0.4%** | **U.S. TREASURY OBLIGATIONS(n) — 0.4%** | **U.S. TREASURY OBLIGATIONS(n) — 0.4%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.635% | &nbsp;&nbsp;&nbsp;&nbsp; 04/23/26 | 130 | 128584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | &nbsp;&nbsp;&nbsp;&nbsp; 03/05/26(k) | 50000 | 49695999 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $49,812,018) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $49,812,018) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $49,812,018) | 49824583 |
|  **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $387,987) | **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $387,987) | **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $387,987) | 188007 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $1,144,366,758) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $1,144,366,758) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $1,144,366,758) | 1144179780 |
|  **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN—101.6%**<br> (cost $9,809,750,934) | **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN—101.6%**<br> (cost $9,809,750,934) | **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN—101.6%**<br> (cost $9,809,750,934) | 11782878553 |
|  **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $583,042) | **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $583,042) | **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $583,042) | (406387) |
|  **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN—101.6%**<br> (cost $9,809,167,892) | **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN—101.6%**<br> (cost $9,809,167,892) | **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN—101.6%**<br> (cost $9,809,167,892) | 11782472166 |
|  **Liabilities in excess of other assets(z) — (1.6)%** | **Liabilities in excess of other assets(z) — (1.6)%** | **Liabilities in excess of other assets(z) — (1.6)%** | (181180256) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $11601291910 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $4 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $185,637,173; cash collateral of $191,142,685 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | Acquisition<br> Date | Original<br>Cost | Market<br>Value | Percentage<br>of<br>Net Assets |
|  Cencora, Inc., Sr. Unsec'd. Notes, 2.700%, 03/15/31 | 12/11/24 | $17624 | $18432 | 0.0% |
|  Diamond Sports Group LLC\* | 01/02/25 | 49725 | 31658 | 0.0 |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 |  |  | 0.0 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 08/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;204500 | &nbsp;&nbsp;&nbsp;&nbsp;207626 | 0.0 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A38

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

(x) Restricted Securities (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition <br>Date | Original<br>Cost | Market<br>Value | Percentage<br>of<br>Net Assets |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 07/09/21 | $79044 | $71090 | 0.0% |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 04/19/24 | 76125 | 168876 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 07/09/21-09/16/25 | 3128663 | 2863937 | 0.0 |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 01/17/23-02/20/24 | 1622125 | 1638959 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $5177806 | $5000578 | 0.0% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  10 Year U.S. Treasury Notes Futures<br>(cost $45,719) | Put | 02/20/26 | $111.00 | 133 | 133 | $31172 |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  |  | 7105 | $6 |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  |  | 1217 | 1 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  |  | 14210 | 11 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  |  | 2435 | 2 |
|  10-Year 30 CMS Curve CAP | Call | BARC | 07/15/26 | 0.32% |  | EUR | 5130 | 4091 |
|  Currency Option EUR vs CZK | Call | MSI | 01/08/26 | 26.00 |  | EUR | 873 |  |
|  Currency Option EUR vs CZK | Call | CITI | 01/20/26 | 26.00 |  | EUR | 861 | 1 |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 5.00 |  | EUR | 447 |  |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 99.00 |  | EUR | 3874 | 1668 |
|  Currency Option USD vs MXN | Call | CITI | 01/08/26 | 18.31 |  |  | 4053 | 1841 |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 99.00 |  |  | 1314 | 159 |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 99.00 |  |  | 3522 | 1011 |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 99.00 |  |  | 1022 | 629 |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 99.00 |  |  | 1005 | 596 |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 35.00 |  |  | 1006 | 37 |
|  Currency Option USD vs ZAR | Call | CITI | 01/08/26 | 17.07 |  |  | 2026 | 562 |
|  10-Year 30 CMS Curve FLOOR | Put | BARC | 07/15/26 | 0.16% |  | EUR | 5130 | 462 |
|  Currency Option EUR vs PLN | Put | JPM | 01/20/26 | 4.20 |  | EUR | 1341 | 2165 |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3500.00 |  |  | 1010 | 2 |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3300.00 |  |  | 1006 | 6 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 7300 |  |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 2024 |  |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 17.00 |  |  | 4053 | 7 |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 15.50 |  |  | 2026 | 2 |
|  **Total OTC Traded** (cost $72,373) |  |  |  |  |  |  |  | $13259 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Value |
|  1-Year Interest Rate Swap, 02/06/27 | Call | MSI | 02/04/26 | 2.81% | 2.81%(A) | 1 Day SOFR(A)/ 3.870% | 6495 | $121 |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 3.61% | 1 Day SOFR(A)/3.870% | 3.61%(A) | 3400 | 7937 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A39

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Purchased (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Value |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 7.22% | 1 Day SOFR(A)/ 3.870% | 7.22%(A) | 3400 | $3 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.870% | 3.21%(A) | 18010 | 110387 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.870% | 3.21%(A) | 3425 | 20993 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.870% | 8.19%(A) | 18010 | 9 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.870% | 8.19%(A) | 3425 | 2 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 2060 | 286 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 3370 | 468 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.58% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 68340 | 11310 |
|  **Total OTC Swaptions** (cost $269,895) | **Total OTC Swaptions** (cost $269,895) | **Total OTC Swaptions** (cost $269,895) | **Total OTC Swaptions** (cost $269,895) |  |  |  |  | $151516 |
|  **Total Options Purchased** (cost $387,987) | **Total Options Purchased** (cost $387,987) | **Total Options Purchased** (cost $387,987) | **Total Options Purchased** (cost $387,987) |  |  |  |  | $195947 |

---

#### Options Written:

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  10-Year 30 CMS Curve CAP | Call | BARC | 07/15/26 | 0.52% |  | EUR | 5130 | $(877) |
|  Currency Option EUR vs CZK | Call | MSI | 01/08/26 | 24.30 |  | EUR | 873 | (325) |
|  Currency Option EUR vs CZK | Call | CITI | 01/20/26 | 24.40 |  | EUR | 861 | (517) |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 4.29 |  | EUR | 447 | (337) |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 52.75 |  | EUR | 3874 | (22116) |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 43.65 |  |  | 1314 | (2879) |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 43.75 |  |  | 3522 | (13835) |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 43.75 |  |  | 1022 | (6387) |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 44.50 |  |  | 1005 | (5306) |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 30.60 |  |  | 1006 | (28027) |
|  10-Year 30 CMS Curve FLOOR | Put | BARC | 07/15/26 | 0.07% |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 | (934) |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3800.00 |  |  | 1010 | (9401) |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3800.00 |  |  | 1006 | (11358) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 4664 | (17) |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 18.25 |  |  | 4053 | (51936) |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 17.01 |  |  | 2026 | (54111) |
|  **Total OTC Traded** (premiums received $239,983) |  |  |  |  |  |  |  | $(208363) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Value |
|  1-Year Interest Rate Swap, 02/06/27 | Call | MSI | 02/04/26 | 2.37% | 1 Day SOFR(A)/ 3.870% | 2.37%(A) | 12990 | $(21) |
|  CDX.NA.IG.45.V1, 12/20/30 | Call | JPM | 01/21/26 | 0.50% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 68340 | (32288) |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 3.86% | 3.86%(A) | 1 Day SOFR(A)/ 3.870% | 3400 | (4228) |
|  2-Year Interest Rate Swap, 09/30/28 | Put | CITI | 09/28/26 | 4.11% | 4.11%(A) | 1 Day SOFR(A)/ 3.870% | 3400 | (2176) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A40

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Expiration<br>Date** | **Strike** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive**  | **Pay** | Notional<br>Amount<br>(000)# | Value |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.870% | 18010 | $(64171) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.870% | 3425 | (12204) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.870% | 18010 | (41935) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.870% | 3425 | (7975) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 2060 | (6265) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 3370 | (10249) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 43100 | (2536) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 4560 | (268) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 17790 | (921) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 2540 | (132) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BNP | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 3640 | (168) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 68340 | (3159) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | CITI | 04/15/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 22380 | (15732) |
|  **Total OTC Swaptions** (premiums received $343,059) | **Total OTC Swaptions** (premiums received $343,059) | **Total OTC Swaptions** (premiums received $343,059) |  |  |  |  |  | $(204428) |
|  **Total Options Written** (premiums received $583,042) | **Total Options Written** (premiums received $583,042) | **Total Options Written** (premiums received $583,042) | **Total Options Written** (premiums received $583,042) | **Total Options Written** (premiums received $583,042) | **Total Options Written** (premiums received $583,042) |  |  | $(412791) |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 353 | 3 Month CME SOFR | Mar. 2026 | $84995781 | $19231 |
| 64 | 3 Month Euro EURIBOR | Dec. 2026 | 18407393 | (36549) |
| 57 | 3 Month EuroSTR | Mar. 2026 | 16422135 | (524) |
| 508 | 2 Year U.S. Treasury Notes | Mar. 2026 | 106064844 | (24436) |
| 2277 | 5 Year U.S. Treasury Notes | Mar. 2026 | 248886779 | (671938) |
| 28 | 10 Year Canadian Government Bonds | Mar. 2026 | 2466562 | (26724) |
| 6 | 10 Year Japanese Bonds | Mar. 2026 | 5071885 | (37921) |
| 49 | 10 Year Korean Treasury Bonds | Mar. 2026 | 3840950 | 23220 |
| 27 | 10 Year U.K. Gilt | Mar. 2026 | 3325379 | 15946 |
| 1094 | 10 Year U.S. Treasury Notes | Mar. 2026 | 123006625 | (678485) |
| 513 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 59003018 | (164116) |
| 595 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 68778281 | (584251) |
| 247 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 29146000 | (534957) |
| 219 | Euro Schatz Index | Mar. 2026 | 27484414 | (24103) |
| 28 | Euro-BTP Italian Government Bond | Mar. 2026 | 3954595 | (8884) |
| 1218 | Mini MSCI EAFE Index | Mar. 2026 | 176737890 | 1239108 |
| 295 | Russell 2000 E-Mini Index | Mar. 2026 | 36845500 | (822964) |
| 773 | S&P 500 E-Mini Index | Mar. 2026 | 266395125 | 530622 |
|  |  |  |  | (1787725) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A41

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Futures contracts outstanding at December 31, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 92 | 3 Month CME SOFR | Mar. 2026 | $22151875 | $(11088) |
| 64 | 3 Month Euro EURIBOR | Dec. 2028 | 18311496 | 26309 |
| 116 | 2 Year U.S. Treasury Notes | Mar. 2026 | 24219531 | 10458 |
| 61 | 3 Year Australian Treasury Bonds | Mar. 2026 | 4274196 | (4362) |
| 81 | 5 Year Euro-Bobl | Mar. 2026 | 11057410 | 61287 |
| 121 | 5 Year U.S. Treasury Notes | Mar. 2026 | 13225867 | 26243 |
| 63 | 10 Year Euro-Bund | Mar. 2026 | 9444977 | 36487 |
| 74 | 10 Year U.S. Treasury Notes | Mar. 2026 | 8320375 | 55112 |
| 146 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 16792282 | 69290 |
| 13 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 1502719 | 3194 |
| 55 | 30 Year Euro Buxl | Mar. 2026 | 7117716 | 49805 |
| 35 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 4130000 | 60120 |
| 69 | British Pound Currency | Mar. 2026 | 5803763 | (52490) |
| 26 | Canadian Dollar Currency | Mar. 2026 | 1901120 | (31125) |
| 469 | Euro Currency | Mar. 2026 | 69060250 | (431027) |
| 6 | Euro Schatz Index | Mar. 2026 | 752998 | 1334 |
| 35 | Euro-OAT | Mar. 2026 | 4960108 | 15007 |
|  |  |  |  | (115446) |
|  |  |  |  | $(1903171) |

---

#### Bond forward contract outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Notional | | Value at | | | |
| Purchase Bond |  | Settlement | Amount | Strike | Settlement | Current | Unrealized | Unrealized |
| **Forwards** | Counterparty | Date | (000)# | Price | Date | Value | Appreciation | Depreciation |
|  **OTC Bond Forward Contract:** |  |  |  |  |  |  |  |  |
|  U.S. Treasury Bond<br>2.000%, 02/15/50 | CITI | 06/12/26 | 33300 | $59.75 | $19897880 | $19602535 | $— | $(295345) |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | AUD | 766 | $507436 | $511505 | $4069 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 537 | 350578 | 358333 | 7755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | AUD | 579 | 378004 | 386564 | 8560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | AUD | 53 | 35359 | 35277 |  | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | AUD | 40 | 26818 | 26944 | 126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | AUD | 1020 | 674600 | 680943 | 6343 |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 38014 | 6972764 | 6877392 |  | (95372) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | GBP | 13 | 17149 | 17142 |  | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | GBP | 1432 | 1873717 | 1930366 | 56649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | GBP | 668 | 897082 | 900684 | 3602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | GBP | 1158 | 1545793 | 1560340 | 14547 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | WBC | CAD | 348 | 249107 | 253705 | 4598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CAD | 472 | 335563 | 343979 | 8416 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | CLP | 505772 | 555000 | 562277 | 7277 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A42

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CNH | 1168 | $165895 | $167594 | $1699 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | CNH | 1692 | 240428 | 242822 | 2394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | CITI | CNH | 2621 | 371190 | 376649 | 5459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | CNH | 4834 | 683680 | 694790 | 11110 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | COP | 8431034 | 2155448 | 2174911 | 19463 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 21588 | 1038000 | 1050496 | 12496 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | CZK | 11258 | 548204 | 548275 | 71 |  |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | DKK | 3161 | 500047 | 499525 |  | (522) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 4357 | 5126579 | 5125169 |  | (1410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 252 | 296024 | 295944 |  | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 893 | 1030352 | 1050548 | 20196 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 445 | 523000 | 523732 | 732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 289 | 339685 | 339977 | 292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | EUR | 578 | 676511 | 680233 | 3722 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 3275 | 3852761 | 3852380 |  | (381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 241 | 283670 | 283976 | 306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 137 | 160892 | 160933 | 41 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 19 | 21711 | 21875 | 164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 4510 | 5268860 | 5306172 | 37312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 1744 | 2032140 | 2051100 | 18960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 1150 | 1343653 | 1353168 | 9515 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 1134 | 1336585 | 1334541 |  | (2044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 437 | 509731 | 514487 | 4756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 998 | 1178497 | 1176840 |  | (1657) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | EUR | 2117 | 2495574 | 2496274 | 700 |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | HKD | 27280 | 3515467 | 3510270 |  | (5197) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | HKD | 2978 | 383710 | 383177 |  | (533) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | HUF | 221755 | 666000 | 677047 | 11047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | HUF | 382788 | 1155000 | 1168703 | 13703 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 259271 | 2861000 | 2864148 | 3148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 155720 | 1718000 | 1720232 | 2232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 124049 | 1364000 | 1370360 | 6360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 771501 | 8485023 | 8522713 | 37690 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | UAG | INR | 771501 | 8507854 | 8522713 | 14859 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 69916882 | 4176885 | 4179120 | 2235 |  |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | ILS | 6383 | 1944641 | 2004129 | 59488 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 443870 | 2948896 | 2839281 |  | (109615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 59349 | 394292 | 379636 |  | (14656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | JPY | 104531 | 667845 | 668647 | 802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | JPY | 2986 | 19279 | 19097 |  | (182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 163560 | 1086917 | 1046236 |  | (40681) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | CITI | JPY | 500664 | 3269714 | 3208418 |  | (61296) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | CITI | JPY | 100905 | 645622 | 646629 | 1007 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 168646 | 1101413 | 1080739 |  | (20674) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 125288 | 806841 | 802886 |  | (3955) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A43

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Japanese Yen (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 107160 | $689426 | $686719 | $— | $(2707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | MSI | JPY | 685810 | 4456854 | 4394890 |  | (61964) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | MXN | 3713 | 203059 | 205764 | 2705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | MXN | 1077 | 58742 | 59708 | 966 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | TWD | 20861 | 659000 | 663112 | 4112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | TWD | 29169 | 934000 | 927210 |  | (6790) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 56791 | 1823202 | 1805259 |  | (17943) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 32089 | 1030000 | 1020040 |  | (9960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 30667 | 986000 | 974820 |  | (11180) |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | NZD | 682 | 392353 | 392893 | 540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | NZD | 6250 | 3635611 | 3601581 |  | (34030) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | NZD | 1164 | 673456 | 670752 |  | (2704) |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | NOK | 14997 | 1478190 | 1487352 | 9162 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 6720 | 1992018 | 1993537 | 1519 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 49007 | 834000 | 827777 |  | (6223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 90227 | 1523918 | 1524040 | 122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 59336 | 1004000 | 1002258 |  | (1742) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 1372 | 380753 | 382188 | 1435 |  |
|  Romanian Leu, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | RON | 251 | 57767 | 57888 | 121 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | CITI | SGD | 3779 | 2928403 | 2947900 | 19497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | WBC | SGD | 563 | 438774 | 439372 | 598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | SGD | 1157 | 904000 | 904651 | 651 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | SGD | 699 | 545000 | 546539 | 1539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 736 | 574000 | 575654 | 1654 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | ZAR | 35155 | 2080149 | 2119655 | 39506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR | 8780 | 511000 | 527288 | 16288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | ZAR | 11338 | 665520 | 680882 | 15362 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | KRW | 1510541 | 1043771 | 1047583 | 3812 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | KRW | 3994782 | 2727000 | 2774257 | 47257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW | 564696 | 384500 | 392164 | 7664 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | SEK | 19632 | 2117562 | 2134836 | 17274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | SEK | 37576 | 4085027 | 4097969 | 12942 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | SEK | 17889 | 1944839 | 1950902 | 6063 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | CHF | 1620 | 2062650 | 2062330 |  | (320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | CHF | 9713 | 12366280 | 12362266 |  | (4014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | CHF | 167 | 211922 | 212559 | 637 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | THB | 15521 | 492209 | 493316 | 1107 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/12/26 | BOA | TRY | 44028 | 1009000 | 1016421 | 7421 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 36456 | 827296 | 835148 | 7852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 33852 | 770231 | 775495 | 5264 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A44

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Turkish Lira (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | TRY | 32477 | $739041 | $744006 | $4965 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BOA | TRY | 44052 | 1006000 | 1009165 | 3165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | TRY | 33852 | 769759 | 775496 | 5737 |  |
|  |  |  |  | $156332768 | $156485685 | 670838 | (517921) |
| **Sale<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | AUD | 247 | $160053 | $164584 | $— | $(4531) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 1508 | 982652 | 1006523 |  | (23871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | WBC | AUD | 40 | 26321 | 26896 |  | (575) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | AUD | 1437 | 927186 | 959079 |  | (31893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | AUD | 5418 | 3613375 | 3615999 |  | (2624) |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 3826 | 702000 | 692100 | 9900 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | GBP | 18 | 24809 | 24756 | 53 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | GBP | 3 | 4136 | 4128 | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | GBP | 11968 | 16003663 | 16131261 |  | (127598) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 4957 | 6588663 | 6680975 |  | (92312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 2512 | 3339292 | 3386078 |  | (46786) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 359 | 471420 | 483646 |  | (12226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | GBP | 503 | 670800 | 677451 |  | (6651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | GBP | 504 | 674182 | 679597 |  | (5415) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | GBP | 608 | 817733 | 819387 |  | (1654) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | GBP | 462 | 619999 | 622088 |  | (2089) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | GBP | 7462 | 10022794 | 10056499 |  | (33705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | GBP | 5955 | 7950220 | 8025280 |  | (75060) |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | CAD | 3742 | 2682749 | 2728353 |  | (45604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 873 | 624678 | 636305 |  | (11627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | CAD | 415 | 296631 | 302187 |  | (5556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CAD | 5884 | 4199917 | 4290948 |  | (91031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CAD | 8127 | 5915815 | 5926655 |  | (10840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CAD | 463 | 336799 | 337785 |  | (986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | CAD | 25 | 18332 | 18439 |  | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | CAD | 18 | 12698 | 12772 |  | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | CAD | 11 | 8186 | 8309 |  | (123) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 3456059 | 3756913 | 3842173 |  | (85260) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | CNH | 7056 | 1002796 | 1014123 |  | (11327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | CNH | 1943 | 277719 | 279868 |  | (2149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 39433 | 5611625 | 5679008 |  | (67383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 12424 | 1768112 | 1789343 |  | (21231) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | COP | 2396199 | 610000 | 618135 |  | (8135) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 15851 | 767000 | 771344 |  | (4344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 110780 | 5319510 | 5390722 |  | (71212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | CZK | 14339 | 694000 | 697768 |  | (3768) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | CZK | 12151 | 590000 | 591297 |  | (1297) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A45

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Czech Koruna (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | CZK | 63852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095134 | $3107113 | $— | $(11979) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CZK | 11282 | 546181 | 549439 |  | (3258) |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | DKK | 6447 | 1018735 | 1018980 |  | (245) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | EUR | 180 | 210609 | 212222 |  | (1613) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | EUR | 207 | 242881 | 242952 |  | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | EUR | 380 | 440520 | 447046 |  | (6526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 579 | 675546 | 680600 |  | (5054) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 343 | 400608 | 402988 |  | (2380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 183 | 213310 | 215006 |  | (1696) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 166 | 194657 | 195440 |  | (783) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 49572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57618715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58317793 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(699078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 9517 | 11062063 | 11196277 |  | (134214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 2355 | 2764524 | 2770791 |  | (6267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 835 | 963123 | 982260 |  | (19137) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 196 | 227732 | 230964 |  | (3232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | EUR | 173 | 203013 | 203358 |  | (345) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | EUR | 7174 | 8381507 | 8439178 |  | (57671) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | EUR | 728 | 841784 | 856919 |  | (15135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 42361 | 49783668 | 49834937 |  | (51269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 37365 | 43788240 | 43956952 |  | (168712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 7174 | 8406788 | 8439179 |  | (32391) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | EUR | 37365 | 43664751 | 43956954 |  | (292203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | EUR | 1710 | 2018987 | 2016244 | 2743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 454 | 536796 | 535935 | 861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | EUR | 4587 | 5407993 | 5409477 |  | (1484) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | HUF | 723303 | 2204980 | 2208341 |  | (3361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 369612 | 1125000 | 1128475 |  | (3475) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 229791 | 690000 | 701582 |  | (11582) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | JPY | 105625 | 674528 | 675646 |  | (1118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | GSI | JPY | 104981 | 673874 | 671529 | 2345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | JPY | 572410 | 3684657 | 3661504 | 23153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | JPY | 7375 | 47001 | 47176 |  | (175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | JPY | 39696 | 255455 | 253924 | 1531 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 21224 | 138846 | 135760 | 3086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | WBC | JPY | 659085 | 4282974 | 4223633 | 59341 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | MXN | 68070 | 3763649 | 3772139 |  | (8490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNY | MXN | 13104 | 713914 | 722116 |  | (8202) |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | NZD | 582 | 336799 | 335205 | 1594 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 2063 | 610000 | 611967 |  | (1967) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 1911 | 566202 | 566784 |  | (582) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 1350 | 399000 | 400391 |  | (1391) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 6180 | 1694000 | 1721251 |  | (27251) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 3023 | 824500 | 841989 |  | (17489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 4580 | 1248708 | 1275478 |  | (26770) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 1940 | 531048 | 540228 |  | (9180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | PLN | 1841 | 505952 | 512681 |  | (6729) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A46

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts**  | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | SGD | 3912 | $3036195 | $3047961 | $— | $(11766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 27060 | 21031550 | 21159026 |  | (127476) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | ZAR | 2584 | 154695 | 155823 |  | (1128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 17612 | 1048124 | 1057683 |  | (9559) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | KRW | 1512536 | 1045544 | 1048966 |  | (3422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | KRW | 767346 | 524000 | 532899 |  | (8899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 7707134 | 5262782 | 5352374 |  | (89592) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CHF | 540 | 672897 | 683618 |  | (10721) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | CHF | 2558 | 3228976 | 3237197 |  | (8221) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | CHF | 99 | 125367 | 125635 |  | (268) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | CHF | 100 | 127130 | 127070 | 60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CHF | 968 | 1228229 | 1231823 |  | (3594) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CHF | 388 | 492613 | 493849 |  | (1236) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 130790 | 4151540 | 4175478 |  | (23938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | THB | 25253 | 804000 | 806195 |  | (2195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | THB | 19522 | 623000 | 623231 |  | (231) |
|  |  |  |  | $399328372 | $402077492 | 104675 | (2853795) |
|  |  |  |  |  |  | $775513 | $(3371716) |

---

#### Cross currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type**  | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | In Exchange<br>For (000) | In Exchange<br>For (000) | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Counterparty |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |  |  |  |  |
|  01/22/26  | Buy | AUD | 1016 | EUR | 579 | $— | $(2664) | BNP |
|  01/22/26 | Buy | CZK | 4990 | EUR | 205 | 2143 |  | MSI |
|  01/22/26 | Buy | PLN | 874 | EUR | 207 | 582 |  | MSI |
|  01/22/26 | Buy | SEK | 6280 | EUR | 578 | 2705 |  | BNP |
|  |  |  |  |  |  | $5430 | $(2664) |  |

---

#### Credit default swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Arab Republic of Egypt | 12/20/30 | 1.000 %(Q) | 500 | $36527 | $239 | $36288 | DB |
|  Dominican Republic | 12/20/30 | 1.000 %(Q) | 500 | 9300 | 239 | 9061 | DB |
|  Emirate of Abu Dhabi | 12/20/30 | 1.000 %(Q) | 500 | (16723) | 239 | (16962) | DB |
|  Federal Republic of Nigeria | 12/20/30 | 1.000 %(Q) | 500 | 43924 | 239 | 43685 | DB |
|  Federation of Malaysia | 12/20/30 | 1.000 %(Q) | 500 | (14247) | 239 | (14486) | DB |
|  Federative Republic of Brazil | 12/20/30 | 1.000 %(Q) | 2250 | 37495 | 1076 | 36419 | DB |
|  Kingdom of Bahrain | 12/20/30 | 1.000 %(Q) | 500 | 17927 | 239 | 17688 | DB |
|  Kingdom of Morocco | 12/20/30 | 1.000 %(Q) | 500 | (7178) | 239 | (7417) | DB |
|  Kingdom of Saudi Arabia | 12/20/30 | 1.000 %(Q) | 2250 | (34011) | 1076 | (35087) | DB |
|  People's Republic of China | 12/20/30 | 1.000 %(Q) | 2250 | (58454) | 1076 | (59530) | DB |
|  Republic of Argentina | 12/20/30 | 1.000 %(Q) | 500 | 105345 | 239 | 105106 | DB |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A47

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Credit default swap agreements outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Chile | 12/20/30 | 1.000 %(Q) | 1000 | $(26417) | $478 | $(26895) | DB |
|  Republic of Colombia | 12/20/30 | 1.000 %(Q) | 1500 | 70456 | 717 | 69739 | DB |
|  Republic of Indonesia | 12/20/30 | 1.000 %(Q) | 1750 | (25133) | 837 | (25970) | DB |
|  Republic of Ivory Coast | 12/20/30 | 1.000 %(Q) | 500 | 33001 | 239 | 32762 | DB |
|  Republic of Panama | 12/20/30 | 1.000 %(Q) | 750 | 8032 | 359 | 7673 | DB |
|  Republic of Peru | 12/20/30 | 1.000 %(Q) | 750 | (10322) | 359 | (10681) | DB |
|  Republic of Philippines | 12/20/30 | 1.000 %(Q) | 750 | (14898) | 359 | (15257) | DB |
|  Republic of South Africa | 12/20/30 | 1.000 %(Q) | 2250 | 34438 | 1076 | 33362 | DB |
|  Republic of Turkey | 12/20/30 | 1.000 %(Q) | 2250 | 101557 | 1076 | 100481 | DB |
|  Sultanate of Oman | 12/20/30 | 1.000 %(Q) | 500 | (7339) | 239 | (7578) | DB |
|  United Mexican States | 12/20/30 | 1.000 %(Q) | 2250 | (10963) | 1076 | (12039) | DB |
|  |  |  |  | $272317 | $11955 | $260362 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices — Sell Protection(2)\*\*:** |
|  CDX.EM.44.V1 | 12/20/30 | 1.000 %(Q) | 25000 | 1.242% | $(261879) | $(14344) | $(247535) | DB |

---

\*\* The Portfolio entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Portfolio bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |
|  China Development Bank | 06/20/29 | 1.000 %(Q) | 480 | $(10331) | $(3405) | $(6926) | JPM |
|  Industrial & Commercial Bank of China Ltd. | 06/20/29 | 1.000 %(Q) | 480 | (10761) | (2974) | (7787) | JPM |
|  Israel Electric Corp. Ltd. | 03/20/32 | 1.000 %(Q) | 400 | 1383 | 14781 | (13398) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000 %(Q) | 255 | (3569) | 2699 | (6268) | BNP |
|  Republic of France | 12/20/30 | 0.250 %(Q) | 245 | (1272) | (727) | (545) | BARC |
|  Republic of Italy | 12/20/27 | 1.000 %(Q) | EUR 1,475 | (33427) | (20851) | (12576) | BARC |
|  Republic of Italy | 12/20/30 | 1.000 %(Q) | 370 | (12309) | (13881) | 1572 | BARC |
|  Republic of South Africa | 12/20/28 | 1.000 %(Q) | 900 | (6565) | 52232 | (58797) | JPM |
|  Republic of South Africa | 12/20/28 | 1.000 %(Q) | 600 | (4377) | 34078 | (38455) | MSI |
|  |  |  |  | $(81228) | $61952 | $(143180) |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Alphabet, Inc. | 06/20/30 | 1.000 %(Q) |  | 340 | 0.348% | $9301 | $8375 | $926 | GSI |
|  Bank of Nova Scotia | 12/20/26 | 1.000 %(Q) |  | 169 | 0.138% | 1448 | 1176 | 272 | CITI |
|  Barclays Bank PLC | 06/20/26 | 1.000 %(Q) | EUR | 220 | 0.215% | 1029 | 822 | 207 | GSI |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A48

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  Federative Republic of Brazil | 06/20/26 | 1.000 %(Q) |  | 135 | 0.488% | $361 | $376 | $(15) | BARC |
|  Kingdom of Norway | 12/20/26 | — %(Q) |  | 560 | 0.047% | (254) | (270) | 16 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000 %(Q) |  | 65 | 0.231% | 127 | 107 | 20 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000 %(Q) |  | 65 | 0.238% | 250 | 224 | 26 | CITI |
|  Kingdom of Spain | 06/20/26 | 1.000 %(Q) | EUR | 200 | 0.028% | 1143 | 1063 | 80 | BARC |
|  Kingdom of Spain | 06/20/26 | — %(Q) | EUR | 100 | 0.028% | (15) | (11) | (4) | BARC |
|  Nomura Holdings, Inc. | 06/20/26 | 1.000 %(Q) |  | 438 | 0.242% | 1676 | 1538 | 138 | BARC |
|  Oracle Corp. | 06/20/30 | 1.000 %(Q) |  | 150 | 1.367% | (2172) | 3053 | (5225) | GSI |
|  People's Republic of China | 06/20/29 | 1.000 %(Q) |  | 960 | 0.367% | 20186 | 8277 | 11909 | JPM |
|  Republic of Estonia | 12/20/26 | 1.000 %(Q) |  | 190 | 0.199% | 1516 | 348 | 1168 | JPM |
|  Republic of France | 12/20/30 | 0.250 %(Q) |  | 245 | 0.298% | (522) | (1498) | 976 | BARC |
|  Republic of France | 06/20/34 | 0.250 %(Q) |  | 520 | 0.538% | (10768) | (9706) | (1062) | CITI |
|  Republic of France | 12/20/34 | 0.250 %(Q) |  | 1855 | 0.566% | (44110) | (39868) | (4242) | BOA |
|  Republic of France | 12/20/34 | 0.250 %(Q) |  | 920 | 0.566% | (21877) | (28230) | 6353 | BOA |
|  Republic of France | 12/20/34 | 0.250 %(Q) |  | 575 | 0.566% | (13673) | (16808) | 3135 | BOA |
|  Republic of France | 06/20/35 | 0.250 %(Q) |  | 1550 | 0.590% | (41446) | (51742) | 10296 | BARC |
|  Republic of France | 06/20/35 | 0.250 %(Q) |  | 690 | 0.590% | (18450) | (23367) | 4917 | BARC |
|  Republic of Italy | 12/20/30 | 1.000 %(Q) |  | 370 | 0.281% | 12309 | 10402 | 1907 | BARC |
|  Republic of Italy | 12/20/34 | 1.000 %(Q) |  | 330 | 0.542% | 11534 | (1839) | 13373 | CITI |
|  Republic of Italy | 12/20/34 | 1.000 %(Q) |  | 330 | 0.542% | 11534 | (1839) | 13373 | CITI |
|  Republic of Panama | 06/20/26 | 1.000 %(Q) |  | 159 | 0.459% | 447 | 371 | 76 | CITI |
|  Republic of Romania | 12/20/26 | 1.000 %(Q) |  | 25 | 0.379% | 156 | 119 | 37 | BOA |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000 %(Q) |  | 272 | 0.115% | 2390 | 2319 | 71 | MSI |
|  Slovak Republic | 12/20/27 | 1.000 %(Q) |  | 100 | 0.155% | 1650 | 1589 | 61 | BARC |
|  SoftBank Group Corp. | 06/20/26 | 1.000 %(Q) |  | 195 | 1.706% | (588) | (451) | (137) | GSI |
|  Standard Chartered PLC | 12/20/26 | 1.000 %(Q) |  | 113 | 0.187% | 915 | 898 | 17 | MSI |
|  State of Qatar | 12/20/26 | 1.000 %(Q) |  | 170 | 0.084% | 1546 | 1434 | 112 | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250 %(Q) | EUR | 435 | 0.049% | 521 | 315 | 206 | BARC |
|  |  |  |  |  |  | $(73836) | $(132823) | $58987 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination**<br> **Date** | **Fixed**<br> **Rate** | **Notional**<br> **Amount**<br> **(000)#(3)** | Implied Credit<br>Spread at<br>December 31,<br>2025(4) | Value at<br>Trade Date | Value at<br>Trade Date | Value at<br>December 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |  |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 6370 | 0.500% |  | $142508 | $146010 | $3502 |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 19240 | 0.500% |  | 404347 | 441010 | 36663 |
|  |  |  |  |  |  | $546855 | $587020 | $40165 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A49

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  |
|  **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **OTC Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |  |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500 %(M) | 645 | \* | $(7291) | $(8066) | $775 | CITI |
|  CMBX.NA.17.AAA | 12/15/56 | 0.500 %(M) | 500 | \* | (5652) | (12162) | 6510 | CITI |
|  CMBX.NA.18.AAA | 12/17/57 | 0.500 %(M) | 800 | \* | 1454 | 934 | 520 | GSI |
|  |  |  |  |  | $(11489) | $(19294) | $7805 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

#### Interest rate swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | Termination<br>Date | Fixed<br> Rate | **Floating<br>Rate** | Value at<br>Trade Date | Value at<br>December 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |
|  AUD | 735 | 12/03/28 | 2.650%(S) | 6 Month BBSW(2)(S)/ 4.121% | $(20329) | $(23241) | $(2912) |
|  AUD | 1670 | 12/03/31 | 2.750%(S) | 6 Month BBSW(2)(S)/ 4.121% | 104206 | (104686) | (208892) |
|  AUD | 1710 | 12/03/33 | 2.800%(S) | 6 Month BBSW(2)(S)/ 4.121% | (121625) | (143115) | (21490) |
|  AUD | 525 | 12/03/34 | 2.850%(S) | 6 Month BBSW(2)(S)/ 4.121% | (33933) | (48553) | (14620) |
|  AUD | 1240 | 11/07/35 | 4.330%(S) | 6 Month BBSW(2)(S)/ 4.121% |  | (27811) | (27811) |
|  AUD | 20 | 12/03/38 | 2.900%(S) | 6 Month BBSW(2)(S)/ 4.121% | (1932) | (2606) | (674) |
|  AUD | 190 | 12/03/40 | 2.900%(S) | 6 Month BBSW(2)(S)/ 4.121% | (22212) | (28145) | (5933) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A50

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | Termination<br>Date | Fixed<br> Rate | **Floating<br>Rate** | Value at<br>Trade Date | Value at<br>December 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
|  CAD | 2445 | 12/03/26 | 2.550%(S) | 1 Day CORRA(2)(S)/ 2.300% | $392 | $(1519) | $(1911) |
|  CAD | 1130 | 12/03/30 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.300% | (3721) | 27678 | 31399 |
|  CAD | 720 | 12/03/32 | 3.450%(S) | 1 Day CORRA(2)(S)/ 2.300% | 25623 | 16894 | (8729) |
|  CAD | 900 | 12/03/33 | 3.500%(S) | 1 Day CORRA(1)(S)/ 2.300% | 13715 | (22585) | (36300) |
|  CAD | 860 | 12/03/35 | 3.500%(S) | 1 Day CORRA(2)(S)/ 2.300% | 22596 | 18964 | (3632) |
|  CAD | 185 | 12/03/43 | 3.550%(S) | 1 Day CORRA(2)(S)/ 2.300% | (2657) | 890 | 3547 |
|  CAD | 205 | 12/03/49 | 3.400%(S) | 1 Day CORRA(2)(S)/ 2.300% | 10015 | (3863) | (13878) |
|  CHF | 1050 | 08/10/31 | (0.220)%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | (44863) | (44863) |
|  CHF | 305 | 03/20/34 | 1.258%(A) | 1 Day SARON(1)(A)/ (0.079)% | (23909) | (26119) | (2210) |
|  CHF | 460 | 12/13/34 | 0.371%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | (11444) | (11444) |
|  CHF | 430 | 05/08/35 | 2.000%(A) | 1 Day SARON(2)(A)/ (0.079)% | 79537 | 76734 | (2803) |
|  CHF | 965 | 07/04/35 | 0.519%(A) | 1 Day SARON(2)(A)/ (0.079)% |  | (9156) | (9156) |
|  CLP | 204850 | 08/12/26 | 3.620%(S) | 1 Day CLOIS(2)(S)/ 4.500% |  | (2189) | (2189) |
|  CNH | 10000 | 03/04/26 | 1.765%(Q) | 7 Day China Fixing Repo Rates(1)(Q)/ 1.800% |  | (566) | (566) |
|  CNH | 29130 | 08/12/26 | 2.490%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | (10) | 30145 | 30155 |
|  CNH | 77820 | 08/20/26 | 2.440%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | (62) | 76633 | 76695 |
|  CNH | 10410 | 08/04/27 | 2.388%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 22992 | 22992 |
|  CNH | 18060 | 03/01/28 | 2.955%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 83245 | 83245 |
|  CNH | 2210 | 04/26/28 | 2.790%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 9985 | 9985 |
|  CNH | 28510 | 05/11/28 | 2.600%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 40245 | 109648 | 69403 |
|  CNH | 6900 | 06/01/28 | 2.473%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | 23376 | 23376 |
|  CNH | 54565 | 05/10/29 | 2.650%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 229740 | 294553 | 64813 |
|  CNH | 20450 | 05/15/29 | 2.027%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 2181 | 48207 | 46026 |
|  CNH | 9500 | 11/11/29 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 3646 | (2949) | (6595) |
|  CNH | 5200 | 12/12/29 | 1.496%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | 623 | (1857) | (2480) |
|  CNH | 37000 | 05/11/30 | 1.500%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% | (14693) | (16262) | (1569) |
|  CNH | 51300 | 06/11/30 | 1.447%(Q) | 7 Day China Fixing Repo Rates(2)(Q)/ 1.800% |  | (40599) | (40599) |
|  CZK | 18000 | 08/12/26 | 2.062%(A) | 6 Month PRIBOR(2)(S)/ 3.540% |  | (12884) | (12884) |
|  DKK | 3300 | 04/08/32 | 1.581%(A) | 6 Month CIBOR(2)(S)/ 2.237% | (15219) | (35145) | (19926) |
|  EUR | 2120 | 04/23/26 | 3.076%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (27622) | (27622) |
|  EUR | 805 | 10/11/29 | 2.101%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 3259 | 3259 |
|  EUR | 4535 | 05/11/31 | 2.650%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | (112333) | (104691) | 7642 |
|  EUR | 4405 | 05/11/32 | 2.600%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | (138333) | (72993) | 65340 |
|  EUR | 1360 | 03/20/33 | 2.996%(A) | 6 Month EURIBOR(2)(S)/ 2.107% |  | 54258 | 54258 |
|  EUR | 1958 | 02/15/34 | 2.231%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 53153 | 53153 |
|  EUR | 1299 | 02/15/34 | 2.258%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | 31850 | 31850 |
|  EUR | 450 | 03/20/34 | 2.560%(A) | 1 Day EuroSTR(1)(A)/ 1.921% |  | (1838) | (1838) |
|  EUR | 3250 | 05/11/34 | 2.650%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 79711 | 37494 | (42217) |
|  EUR | 975 | 03/20/38 | 2.982%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | (12611) | (12611) |
|  EUR | 715 | 11/24/41 | 0.565%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | 183748 | 183748 |
|  EUR | 715 | 11/24/41 | 0.600%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% |  | (180355) | (180355) |
|  EUR | 1734 | 11/25/41 | 0.629%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | 435995 | 435995 |
|  EUR | 1734 | 11/25/41 | 0.663%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% |  | (427999) | (427999) |
|  EUR | 1390 | 02/17/42 | 0.536%(A) | 6 Month EURIBOR(2)(S)/ 2.107% |  | (561549) | (561549) |
|  EUR | 1140 | 03/22/42 | 1.257%(A) | 6 Month EURIBOR(1)(S)/ 2.107% |  | 224728 | 224728 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A51

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | Termination<br>Date | Fixed<br> Rate | **Floating<br>Rate** | Value at<br>Trade Date | Value at<br>December 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
|  EUR | 1140 | 03/22/42 | 1.310%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% | $— | $(218011) | $(218011) |
|  EUR | 910 | 02/24/43 | 2.910%(A) | 6 Month EURIBOR(1)(S)/ 2.107% | 755 | 23558 | 22803 |
|  EUR | 910 | 02/24/43 | 2.960%(A) | 3 Month EURIBOR(2)(Q)/ 2.026% | (406) | (3905) | (3499) |
|  EUR | 300 | 05/11/44 | 1.150%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (68826) | (96048) | (27222) |
|  EUR | 1840 | 05/11/45 | 2.700%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | 35933 | (94150) | (130083) |
|  EUR | 350 | 05/11/52 | 1.200%(A) | 1 Day EuroSTR(2)(A)/ 1.921% | (84660) | (142573) | (57913) |
|  EUR | 1650 | 11/28/54 | 1.468%(A) | 6 Month EURIBOR(1)(S)/ 2.107% | (1171) | 168358 | 169529 |
|  GBP | 1260 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.726% | (46102) | 50334 | 96436 |
|  GBP | 4445 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.726% | (61578) | 177566 | 239144 |
|  GBP | 3875 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 3.726% | 63776 | 273533 | 209757 |
|  GBP | 700 | 05/08/29 | 1.100%(A) | 1 Day SONIA(2)(A)/ 3.726% | (65492) | (90412) | (24920) |
|  GBP | 750 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.726% | (57791) | 141900 | 199691 |
|  GBP | 635 | 05/08/32 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.726% | 4448 | 141036 | 136588 |
|  GBP | 1430 | 05/08/33 | 1.150%(A) | 1 Day SONIA(2)(A)/ 3.726% | (242502) | (363368) | (120866) |
|  GBP | 485 | 05/08/35 | 3.900%(A) | 1 Day SONIA(2)(A)/ 3.726% | (10935) | (3709) | 7226 |
|  GBP | 150 | 05/08/38 | 1.200%(A) | 1 Day SONIA(2)(A)/ 3.726% | (38286) | (61108) | (22822) |
|  GBP | 1225 | 05/08/40 | 3.950%(A) | 1 Day SONIA(2)(A)/ 3.726% | (54741) | (51697) | 3044 |
|  GBP | 250 | 05/08/41 | 1.250%(A) | 1 Day SONIA(2)(A)/ 3.726% | 31234 | (121032) | (152266) |
|  GBP | 640 | 05/08/43 | 1.250%(A) | 1 Day SONIA(1)(A)/ 3.726% | 242476 | 341752 | 99276 |
|  GBP | 370 | 05/08/45 | 3.950%(A) | 1 Day SONIA(1)(A)/ 3.726% | 24963 | 28702 | 3739 |
|  GBP | 3240 | 05/08/46 | 1.250%(A) | 1 Day SONIA(2)(A)/ 3.726% | 521636 | (1942361) | (2463997) |
|  GBP | 530 | 05/08/48 | 1.250%(A) | 1 Day SONIA(1)(A)/ 3.726% | 227097 | 337592 | 110495 |
|  GBP | 300 | 05/08/54 | 1.250%(A) | 1 Day SONIA(2)(A)/ 3.726% | (168112) | (217151) | (49039) |
|  GBP | 215 | 05/08/54 | 3.900%(A) | 1 Day SONIA(2)(A)/ 3.726% | (738) | (26572) | (25834) |
|  HUF | 50000 | 08/10/31 | 2.748%(A) | 6 Month BUBOR(2)(S)/ 6.390% |  | (26610) | (26610) |
|  ILS | 1120 | 07/08/30 | 3.950%(A) | 1 Day SHIR(2)(A)/ 4.250% | 298 | 3689 | 3391 |
|  JPY | 261000 | 07/08/26 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.727% | 1466 | (11520) | (12986) |
|  JPY | 110000 | 07/08/27 | (0.050)%(A) | 1 Day TONAR(1)(A)/ 0.727% | 8529 | 13208 | 4679 |
|  JPY | 220000 | 07/08/27 | 0.500%(A) | 1 Day TONAR(2)(A)/ 0.727% | (6006) | (11097) | (5091) |
|  JPY | 252000 | 04/11/28 | 0.609%(A) | 1 Day TONAR(1)(A)/ 0.727% |  | 19882 | 19882 |
|  JPY | 550000 | 07/08/28 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.727% | (49826) | (121692) | (71866) |
|  JPY | 140600 | 07/31/28 | 0.268%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (23256) | (23256) |
|  JPY | 145000 | 07/08/29 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.727% | (20302) | (47655) | (27353) |
|  JPY | 60000 | 07/08/30 | (0.050)%(A) | 1 Day TONAR(2)(A)/ 0.727% | (15242) | (26372) | (11130) |
|  JPY | 356000 | 07/08/31 | 0.000%(A) | 1 Day TONAR(2)(A)/ 0.727% | (2079) | (190900) | (188821) |
|  JPY | 200000 | 07/08/31 | 0.800%(A) | 1 Day TONAR(2)(A)/ 0.727% | 3981 | (48410) | (52391) |
|  JPY | 75000 | 07/08/32 | 0.050%(A) | 1 Day TONAR(1)(A)/ 0.727% | 15314 | 47496 | 32182 |
|  JPY | 390000 | 07/08/32 | 0.900%(A) | 1 Day TONAR(2)(A)/ 0.727% | (30617) | (106007) | (75390) |
|  JPY | 25000 | 07/08/33 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.727% | (6902) | (18259) | (11357) |
|  JPY | 515000 | 07/08/35 | 0.100%(A) | 1 Day TONAR(2)(A)/ 0.727% | 10620 | (507955) | (518575) |
|  JPY | 55000 | 07/08/38 | 0.200%(A) | 1 Day TONAR(2)(A)/ 0.727% | (42766) | (73504) | (30738) |
|  JPY | 30000 | 07/08/39 | 1.350%(A) | 1 Day TONAR(2)(A)/ 0.727% | 624 | (17148) | (17772) |
|  JPY | 95000 | 07/08/40 | 1.400%(A) | 1 Day TONAR(2)(A)/ 0.727% | (17940) | (59082) | (41142) |
|  JPY | 343000 | 07/08/41 | 0.250%(A) | 1 Day TONAR(2)(A)/ 0.727% | (8653) | (591936) | (583283) |
|  JPY | 110000 | 07/08/43 | 0.300%(A) | 1 Day TONAR(2)(A)/ 0.727% | (109417) | (216860) | (107443) |
|  JPY | 5000 | 07/08/44 | 0.350%(A) | 1 Day TONAR(2)(A)/ 0.727% | (5862) | (10305) | (4443) |
|  JPY | 65000 | 07/08/44 | 1.550%(A) | 1 Day TONAR(2)(A)/ 0.727% | 1313 | (55649) | (56962) |
|  JPY | 80000 | 07/08/45 | 1.600%(A) | 1 Day TONAR(2)(A)/ 0.727% | (27345) | (71251) | (43906) |
|  JPY | 80000 | 12/19/45 | 2.481%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (4081) | (4081) |
|  JPY | 40000 | 07/08/48 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.727% | (37134) | (98089) | (60955) |
|  JPY | 80000 | 07/08/49 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.727% | (113239) | (205254) | (92015) |
|  JPY | 40000 | 07/08/49 | 1.700%(A) | 1 Day TONAR(1)(A)/ 0.727% | 2590 | 43548 | 40958 |
|  JPY | 275000 | 07/08/51 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.727% | 30468 | (763653) | (794121) |
|  JPY | 39000 | 09/02/51 | 0.393%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | (111638) | (111638) |
|  JPY | 20000 | 07/08/52 | 0.450%(A) | 1 Day TONAR(2)(A)/ 0.727% | (10583) | (57527) | (46944) |
|  JPY | 45000 | 07/08/53 | 0.450%(A) | 1 Day TONAR(1)(A)/ 0.727% | 73770 | 133548 | 59778 |
|  JPY | 26800 | 07/31/53 | 1.102%(A) | 1 Day TONAR(1)(A)/ 0.727% |  | 57005 | 57005 |
|  JPY | 160000 | 07/08/54 | 1.750%(A) | 1 Day TONAR(2)(A)/ 0.727% | 1677 | (212767) | (214444) |
|  JPY | 50000 | 07/08/55 | 1.750%(A) | 1 Day TONAR(2)(A)/ 0.727% | (49064) | (69035) | (19971) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A52

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | Termination<br>Date | Fixed<br> Rate | **Floating<br>Rate** | Value at<br>Trade Date | Value at<br>December 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
|  JPY | 55000 | 09/01/55 | 2.485%(A) | 1 Day TONAR(2)(A)/ 0.727% | $— | $(22489) | $(22489) |
|  KRW | 300000 | 04/19/28 | 3.135%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | 1103 | 1103 |
|  KRW | 2570000 | 08/13/31 | 1.630%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | (145200) | (145200) |
|  KRW | 507960 | 03/10/33 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% | (6296) | (1605) | 4691 |
|  KRW | 125000 | 11/24/33 | 3.610%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% |  | 2402 | 2402 |
|  KRW | 1888140 | 03/10/34 | 3.150%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% | (2680) | (8215) | (5535) |
|  KRW | 2069000 | 03/10/35 | 3.200%(Q) | 3 Month KWCDC(2)(Q)/ 2.810% | 73924 | (6515) | (80439) |
|  MXN | 10400 | 04/19/32 | 8.945%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.379% |  | 24797 | 24797 |
|  MXN | 3065 | 05/09/34 | 8.400%(M) | 28 Day Mexican Interbank Rate(2)(M)/ 7.379% |  | 1045 | 1045 |
|  MYR | 300 | 04/15/35 | 3.700%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | 1677 | 1012 | (665) |
|  NOK | 1535 | 08/10/31 | 1.460%(A) | 6 Month NIBOR(2)(S)/ 4.230% |  | (21677) | (21677) |
|  NZD | 540 | 08/10/31 | 1.876%(S) | 3 Month BBR(2)(Q)/ 2.515% |  | (26950) | (26950) |
|  NZD | 485 | 05/08/35 | 4.400%(S) | 3 Month BBR(2)(Q)/ 2.515% | 16879 | 8789 | (8090) |
|  NZD | 1050 | 07/31/35 | 4.068%(S) | 3 Month BBR(2)(Q)/ 2.515% |  | 8275 | 8275 |
|  PLN | 2280 | 05/11/28 | 4.350%(A) | 6 Month WIBOR(2)(S)/ 3.870% | 1100 | 24538 | 23438 |
|  PLN | 1000 | 11/09/31 | 2.845%(A) | 6 Month WIBOR(2)(S)/ 3.870% |  | (14799) | (14799) |
|  SEK | 6000 | 08/10/31 | 0.530%(A) | 3 Month STIBOR(2)(Q)/ 1.958% |  | (71079) | (71079) |
|  SGD | 800 | 07/29/31 | 1.120%(S) | 1 Day SORA(2)(S)/ 0.895% | (1896) | (28588) | (26692) |
|  SGD | 280 | 09/10/35 | 2.500%(S) | 1 Day SORA(2)(S)/ 0.895% | 11294 | 5805 | (5489) |
|  SGD | 200 | 09/15/35 | 1.680%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (7456) | (7456) |
|  SGD | 425 | 09/17/35 | 1.680%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (15853) | (15853) |
|  SGD | 290 | 09/25/35 | 1.710%(S) | 1 Day SORA(2)(S)/ 0.895% |  | (10261) | (10261) |
|  THB | 79655 | 08/18/26 | 1.168%(Q) | 1 Day THOR(1)(Q)/ 1.246% |  | (90) | (90) |
|  THB | 28000 | 08/17/31 | 1.320%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 2475 | 2475 |
|  THB | 10200 | 04/18/34 | 2.895%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 37565 | 37565 |
|  THB | 8920 | 04/22/34 | 2.818%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 31060 | 31060 |
|  THB | 10735 | 09/10/34 | 2.350%(Q) | 1 Day THOR(2)(Q)/ 1.246% | 12073 | 24158 | 12085 |
|  THB | 7600 | 12/16/34 | 2.173%(Q) | 1 Day THOR(2)(Q)/ 1.246% |  | 13447 | 13447 |
|  THB | 17200 | 09/10/35 | 2.400%(Q) | 1 Day THOR(2)(Q)/ 1.246% | 36716 | 41451 | 4735 |
|  TWD | 33100 | 02/17/28 | 1.390%(Q) | 3 Month TAIBOR(1)(Q)/ 1.678% |  | 10938 | 10938 |
|  | 2320 | 04/23/26 | 4.861%(A) | 1 Day SOFR(2)(A)/ 3.870% |  | 17639 | 17639 |
|  | 66855 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (384320) | (384320) |
|  | 37970 | 08/27/26 | 3.809%(T) | 1 Day SOFR(2)(T)/ 3.870% |  | (5007) | (5007) |
|  | 9645 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% | 1784 | (94750) | (96534) |
|  | 3775 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (37085) | (37085) |
|  | 38895 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.870% | 6590 | 621254 | 614664 |
|  | 2467 | 08/15/28 | 1.220%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 158051 | 158051 |
|  | 2630 | 09/05/28 | 4.027%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (46132) | (46132) |
|  | 2140 | 11/07/28 | 4.223%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (52516) | (52516) |
|  | 24205 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.870% | (25736) | (670878) | (645142) |
|  | 980 | 05/17/29 | 4.143%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (23589) | (23589) |
|  | 1940 | 05/11/30 | 4.150%(A) | 1 Day SOFR(1)(A)/ 3.870% | 8620 | (55546) | (64166) |
|  | 400 | 02/22/32 | 3.989%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (8628) | (8628) |
|  | 840 | 03/28/32 | 3.841%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (10507) | (10507) |
|  | 200 | 08/01/35 | 3.869%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (1227) | (1227) |
|  | 790 | 11/10/35 | 3.669%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 8415 | 8415 |
|  | 23280 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 3.870% |  | (499616) | (499616) |
|  | 1205 | 05/11/45 | 4.000%(A) | 1 Day SOFR(2)(A)/ 3.870% | (49822) | (28647) | 21175 |
|  | 800 | 05/11/49 | 1.350%(A) | 1 Day SOFR(2)(A)/ 3.870% | (305626) | (358056) | (52430) |
|  | 13595 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 3.870% | (94164) | (806966) | (712802) |
|  | 3838 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 162636 | 162636 |
|  | 250 | 04/30/54 | 4.027%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 6774 | 6774 |
|  | 485 | 05/10/54 | 3.850%(A) | 1 Day SOFR(2)(A)/ 3.870% | (2715) | (27998) | (25283) |
|  | 2980 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 1360272 | 1468236 | 107964 |
|  | 735 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 322226 | 362132 | 39906 |
|  | 5325 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 21937 | 212046 | 190109 |
|  | 17930 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 262221 | 713989 | 451768 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A53

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | Termination<br>Date | Fixed<br> Rate | **Floating<br>Rate** | Value at<br>Trade Date | Value at<br>December 31,<br>2025 | Unrealized<br>Appreciation<br>(Depreciation) |
| **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |  |  |
| 531 | 12/15/54 | 3.638%(A) | 1 Day SOFR(1)(A)/ 3.870% | $— | $44231 | $44231 |
| 12040 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 3.870% | 93329 | 927267 | 833938 |
| 17745 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 1047732 | 1047732 |
| 940 | 05/11/55 | 3.850%(A) | 1 Day SOFR(1)(A)/ 3.870% | 45883 | 54059 | 8176 |
| 520 | 05/10/74 | 3.420%(A) | 1 Day SOFR(1)(A)/ 3.870% | 5392 | 63758 | 58366 |
| 790 | 05/11/74 | 1.950%(A) | 1 Day SOFR(1)(A)/ 3.870% | 3560 | 43055 | 39495 |
|  |  |  |  | $1746455 | $(2664399) | $(4410854) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | **Termination<br>Date** | **Fixed<br>Rate** | **Floating<br>Rate** | Fair<br>Value | Upfront<br>Premiums<br>Paid(Received) | Unrealized<br>Appreciation<br>(Depreciation) | Counterparty |
| OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: | OTC Interest Rate Swap Agreements: |  |
| BRL | 4404 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/ 0.055% | $(15529) | $— | $(15529) | GSI |
| BRL | 4404 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/ 0.055% | 14501 |  | 14501 | GSI |
| CNH | 1300 | 07/31/30 | 2.515%(Q) | 7 Day China Fixing Repo<br> Rates(2)(Q)/ 1.800% | 7967 |  | 7967 | MSI |
| CNH | 6000 | 09/01/30 | 2.360%(Q) | 7 Day China Fixing Repo<br> Rates(2)(Q)/ 1.800% | 30541 |  | 30541 | MSI |
| CNH | 1200 | 11/24/30 | 2.495%(Q) | 7 Day China Fixing Repo<br> Rates(2)(Q)/ 1.800% | 7476 |  | 7476 | MSI |
| MYR | 5400 | 08/12/26 | 2.605%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | (6041) | (14) | (6027) | HSBC |
| MYR | 465 | 11/23/30 | 3.880%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | 2836 | (1) | 2837 | MSI |
| MYR | 1845 | 02/28/32 | 3.625%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | 5878 |  | 5878 | JPM |
| MYR | 1000 | 04/07/32 | 3.870%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | 6929 | (12) | 6941 | CITI |
| MYR | 1500 | 07/29/35 | 3.330%(Q) | 3 Month KLIBOR(2)(Q)/ 3.280% | (6818) | (1) | (6817) | JPM |
|  |  |  |  |  | $47740 | $(28) | $47768 |  |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Termination<br>Date | Long (Short)<br>Notional<br>Amount<br>(000)#(1) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation)(2) |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |
|  Bloomberg Commodity Total Return Index(Q) | 3 Month U.S. Treasury Bill +8bps(Q)/ 3.650% | ML | 04/01/26 | 40271 | $(4083) | $— | $(4083) |
|  U.S. Treasury Bond(T) | 1 Day USOIS +26bps(T)/ 3.900% | JPM | 05/04/26 | 18655 | (340976) |  | (340976) |
|  |  |  |  |  | $(345059) | $— | $(345059) |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Premiums Paid | Premiums Received | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  OTC Swap Agreements | $159485 | $(252067) | $647454 | $(1008306) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A54

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  BOS | $— | $3810003 |
|  GS | 1341000 | 42738559 |
|  MLC |  | 7559697 |
|  **Total** | $1341000 | $54108259 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $1535367104 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 1160599029 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | 28917987 |  |  |
|  Common Stocks | 4113676834 | 1288565638 | 2 |
|  Preferred Stocks. |  | 8182309 |  |
|  Unaffiliated Exchange-Traded Funds | 1529705023 |  |  |
|  Warrants |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 2171926 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 303785194 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 2300087 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 1353027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 704830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 954737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 48821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans. |  | 87615 |  |
|  Commercial Mortgage-Backed Securities |  | 31963563 |  |
|  Corporate Bonds |  | 309350417 | 2 |
|  Floating Rate and Other Loans |  | 12748479 |  |
|  Residential Mortgage-Backed Securities |  | 2054746 |  |
|  Sovereign Bonds |  | 120765991 |  |
|  U.S. Government Agency Obligations. |  | 26544130 |  |
|  U.S. Treasury Obligations |  | 158849746 |  |
|  Options Purchased |  | 7940 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 1094167190 |  |  |
|  U.S. Treasury Obligations |  | 49824583 |  |
|  Options Purchased | 31172 | 156835 |  |
|  **Total.** | $9462464339 | $2320420614 | $4 |
|  **Liabilities** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Written | $— | $(6404) | $— |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A55

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Short-Term Investments** |  |  |  |
|  Options Written | $**—** | $**(406387)** | $**—** |
|  **Total.** | $**—** | $**(412791)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts. | $2242773 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 775513 |  |
|  OTC Cross Currency Exchange Contracts. |  | 5430 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 498002 |  |
|  Centrally Cleared Credit Default Swap Agreements |  | 40165 |  |
|  OTC Credit Default Swap Agreements |  | 82876 |  |
|  Centrally Cleared Interest Rate Swap Agreements. |  | 7026307 |  |
|  OTC Interest Rate Swap Agreements. |  | 76128 |  |
|  **Total.** | $**2242773** | $**8504421** | $**—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts. | $(4145944) | $— | $— |
|  OTC Bond Forward Contract |  | (295345) |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (3371716) |  |
|  OTC Cross Currency Exchange Contracts. |  | (2664) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (487564) |  |
|  OTC Credit Default Swap Agreements |  | (249429) |  |
|  Centrally Cleared Interest Rate Swap Agreements. |  | (11437161) |  |
|  OTC Interest Rate Swap Agreements. |  | (28388) |  |
|  OTC Total Return Swap Agreements |  | (345059) |  |
|  **Total.** | $**(4145944)** | $**(16217326)** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, bond forward contracts, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (1.6% represents investments purchased with collateral from securities on loan) | 33 |
|  Unaffiliated Exchange-Traded Funds | 13.2 |
|  Semiconductors & Semiconductor Equipment | 4.9 |
|  Banks | 4.1 |
|  Software | 3.4 |
|  Interactive Media & Services | 2.6 |
|  Collateralized Loan Obligations | 2.6 |
|  Technology Hardware, Storage & Peripherals | 2.3 |
|  Pharmaceuticals | 2 |
|  U.S. Treasury Obligations | 1.8 |
|  Capital Markets | 1.7 |
|  Insurance | 1.5 |
|  Aerospace & Defense | 1.5 |
|  Oil, Gas & Consumable Fuels | 1.4 |
|  Broadline Retail | 1.4 |
|  Financial Services | 1.2 |
|  Sovereign Bonds | 1 |
|  Automobiles | 1 |
|  Machinery | 0.9 |
|  Biotechnology | 0.9 |
|  Specialty Retail | 0.8 |

---

---

| | |
|:---|:---|
|  Health Care Equipment & Supplies | 0.8 |
|  Consumer Staples Distribution & Retail | 0.8 |
|  Electric Utilities | 0.8 |
|  Electrical Equipment | 0.8 |
|  Hotels, Restaurants & Leisure | 0.7 |
|  Health Care Providers & Services | 0.7 |
|  Entertainment | 0.6 |
|  IT Services | 0.6 |
|  Metals & Mining | 0.6 |
|  Chemicals | 0.5 |
|  Diversified Telecommunication Services | 0.4 |
|  Textiles, Apparel & Luxury Goods | 0.4 |
|  Multi-Utilities | 0.4 |
|  Electronic Equipment, Instruments & Components | 0.4 |
|  Food Products | 0.4 |
|  Ground Transportation | 0.4 |
|  Consumer Finance | 0.4 |
|  Trading Companies & Distributors | 0.4 |
|  Industrial Conglomerates | 0.4 |
|  Communications Equipment | 0.4 |
|  Life Sciences Tools & Services | 0.3 |
|  Beverages | 0.3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A56

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Building Products | 0.3% |
|  Tobacco | 0.3 |
|  Commercial Mortgage-Backed Securities | 0.3 |
|  Electric | 0.3 |
|  Household Products | 0.3 |
|  Media | 0.3 |
|  U.S. Government Agency Obligations | 0.2 |
|  Professional Services | 0.2 |
|  Specialized REITs | 0.2 |
|  Construction & Engineering | 0.2 |
|  Industrial REITs | 0.2 |
|  Personal Care Products | 0.2 |
|  Household Durables | 0.2 |
|  Real Estate Management & Development | 0.2 |
|  Commercial Services & Supplies | 0.2 |
|  Telecommunications | 0.2 |
|  Retail | 0.1 |
|  Construction Materials | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Oil & Gas | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Real Estate Investment Trusts (REITs) | 0.1 |
|  Marine Transportation | 0.1 |
|  Automobile Components | 0.1 |
|  Health Care REITs | 0.1 |
|  Passenger Airlines | 0.1 |
|  Gas Utilities | 0.1 |
|  Pipelines | 0.1 |
|  Commercial Services | 0.1 |
|  Diversified Financial Services | 0.1 |
|  Foods | 0.1 |
|  Retail REITs | 0.1 |
|  Real Estate | 0.1 |
|  Auto Manufacturers | 0.1 |
|  Transportation | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Home Builders | 0.1 |
|  Containers & Packaging | 0.1 |
|  Diversified REITs | 0.1 |
|  Engineering & Construction | 0.1 |
|  Lodging | 0.1 |
|  Residential REITs | 0.1 |
|  Building Materials | 0.1 |
|  Healthcare-Services | 0.1 |
|  Healthcare-Products | 0.1 |
|  Consumer Loans | 0.1 |
|  Auto Parts & Equipment | 0.0 \* |
|  Holding Companies-Diversified | 0.0 \* |
|  Transportation Infrastructure | 0.0 \* |
|  Leisure Products | 0.0 \* |
|  Packaging & Containers | 0.0 \* |
|  Hotel & Resort REITs | 0.0 \* |
|  Independent Power & Renewable Electricity Producers | 0.0 \* |
|  Mining | 0.0 \* |
|  Airlines | 0.0 \* |
|  Internet | 0.0 \* |
|  Multi-National | 0.0 \* |

---

---

| | |
|:---|:---|
|  Electrical Components & Equipment | 0.0 |
|  Residential Mortgage-Backed Securities | 0.0 |
|  Health Care Technology | 0.0 |
|  Housewares | 0.0 |
|  Semiconductors | 0.0 |
|  Miscellaneous Manufacturing | 0.0 |
|  Distributors | 0.0 |
|  Credit Cards | 0.0 |
|  Iron/Steel | 0.0 |
|  Agriculture | 0.0 |
|  Electronics | 0.0 |
|  Gas | 0.0 |
|  Other | 0.0 |
|  Leisure Time | 0.0 |
|  Office REITs | 0.0 |
|  Home Equity Loans | 0.0 |
|  Machinery-Diversified | 0.0 |
|  Water Utilities | 0.0 |
|  Investment Companies | 0.0 |
|  Trucking & Leasing | 0.0 |
|  Computers | 0.0 |
|  Environmental Control | 0.0 |
|  Savings & Loans | 0.0 |
|  Energy-Alternate Sources | 0.0 |
|  Options Purchased | 0.0 |
|  Apparel | 0.0 |
|  Machinery-Construction & Mining | 0.0 |
|  Student Loans | 0.0 |
|  | 101.6 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (1.6) |
|  | 100.0 |

---

\* Less than 0.05% 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A57

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are commodity risk, credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Commodity contracts |  | $— | Unrealized depreciation on OTC swap agreements | $4083 |
|  Credit contracts | Due from/to broker-variation margin swaps | 40165 \* |  |  |
|  Credit contracts | Premiums paid for OTC swap agreements | 159485 | Premiums received for OTC swap agreements | 252039 |
|  Credit contracts | Unaffiliated investments | 12064 | Options written outstanding, at value | 71718 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 571313 | Unrealized depreciation on OTC swap agreements | 634874 |
|  Equity contracts | Due from/to broker-variation margin futures | 1769730 \* | Due from/to broker-variation margin futures | 822964 \* |
|  Foreign exchange contracts |  |  | Due from/to broker-variation margin futures | 514642 \* |
|  Foreign exchange contracts | Unaffiliated investments | 8686 | Options written outstanding, at value | 206552 |
|  Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 5430 | Unrealized depreciation on OTC cross currency exchange contracts | 2664 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 775513 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 3371716 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 473043 \* | Due from/to broker-variation margin futures | 2808338 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 7026307 \* | Due from/to broker-variation margin swaps | 11437161 \* |
|  Interest rate contracts |  |  | Premiums received for OTC swap agreements | 28 |
|  Interest rate contracts | Unaffiliated investments | 175197 | Options written outstanding, at value | 134521 |
|  Interest rate contracts |  |  | Unrealized depreciation on OTC bond forward contracts | 295345 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 76141 | Unrealized depreciation on OTC swap agreements | 369349 |
|  |  | $11093074 |  | $20925994 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A58

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Options<br>Purchased(1) | Options<br>Written | Futures | Bond<br>Forward<br>Contracts | Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Commodity contracts. | $— | $— | $— | $— | $— | $1088666 |
|  Credit contracts | (472456) | 672850 |  |  |  | (854925) |
|  Equity contracts |  |  | 49192646 |  |  |  |
|  Foreign exchange contracts | (369902) | 1829482 | (5869113) |  | (13833032) |  |
|  Interest rate contracts | (8863) | 79327 | 11626834 | 186980 |  | (349329) |
|  **Total.** | $(851221) | $2581659 | $54950367 | $186980 | $(13833032) | $(115588) |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | Options<br>Purchased(2) | Options<br>Written | Futures | Bond<br>Forward<br>Contracts | Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Commodity contracts | $— | $— | $— | $— | $— | $(4083) |
|  Credit contracts | (66058) | 89112 |  |  |  | 194600 |
|  Equity contracts |  |  | 23509817 |  |  |  |
|  Foreign exchange contracts. | (70792) | (4298) | (1727568) |  | (10812863) |  |
|  Interest rate contracts | (106629) | 128615 | 7125231 | (295345) |  | (1322156) |
|  **Total** | $(243479) | $213429 | $28907480 | $(295345) | $(10812863) | $(1131639) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $254528 |
|  Options Written (2) | 347528996 |
|  Futures Contracts - Long Positions (2) | 1500935176 |
|  Futures Contracts - Short Positions (2) | 176022391 |
|  Bond Forward Contracts - Purchased (2) | 7988000 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 143184306 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 380809792 |
|  Cross Currency Exchange Contracts (4) | 3913200 |
|  Credit Default Swap Agreements - Buy Protection (2) | 47536238 |
|  Credit Default Swap Agreements - Sell Protection (2) | 67069133 |
|  Interest Rate Swap Agreements (2) | 635141031 |
|  Total Return Swap Agreements (2) | 82240024 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A59

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Description | Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | Net<br>Amount |
|  Securities on Loan | $185637173 | $(185637173) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Amounts<br>of Recognized<br>Assets(1) | Gross Amounts<br>of Recognized<br>Liabilities(1) | Net Amounts of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | Net Amount |
|  BARC(4) | $101693 | $(275719) | $(174026) | $174026 | $— |
|  BARC(6) | 18929 | (2830) | 16099 |  | 16099 |
|  BNP(4) | 134090 | (328204) | (194114) | 138651 | (55463) |
|  BNP(6) | 10602 | (195599) | (184997) |  | (184997) |
|  BNY(4) |  | (166052) | (166052) | 166052 |  |
|  BOA(4) | 35732 | (136877) | (101145) | 101145 |  |
|  CITI(4) | 108862 | (668422) | (559560) | 458134 | (101426) |
|  CITI(5) | 45788 | (115494) | (69706) |  | (69706) |
|  CITI(6) | 292 | (14519) | (14227) |  | (14227) |
|  DB(4) | 534863 | (1337771) | (802908) | 802908 |  |
|  GSI(4) | 55402 | (122720) | (67318) | 67318 |  |
|  GSI(5) | 14679 | (122156) | (107477) |  | (107477) |
|  GSI(6) | 54431 | (5415) | 49016 |  | 49016 |
|  HSBC(4) | 7276 | (140962) | (133686) | 117855 | (15831) |
|  HSBC(6) | 23664 | (15875) | 7789 |  | 7789 |
|  JPM(4) | 180520 | (640415) | (459895) | 427875 | (32020) |
|  ML(3) |  | (4083) | (4083) |  | (4083) |
|  MSI(4) | 229523 | (301961) | (72438) | 72438 |  |
|  MSI(5) | 93372 | (151446) | (58074) |  | (58074) |
|  MSI(6) | 7831 | (83504) | (75673) |  | (75673) |
|  RBC(4) | 468 | (10249) | (9781) | 9781 |  |
|  SSB(4) | 60 | (201103) | (201043) | 201043 |  |
|  UAG(4) | 14859 | (298932) | (284073) | 284073 |  |
|  WBC(5) | 79721 | (2581) | 77140 |  | 77140 |
|  | $1752657 | $(5342889) | $(3590232) | $3021299 | $(568933) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

(3) PGIM Quant Solutions

(4) PGIM Fixed Income

(5) Putnam

(6) J.P. Morgan

**SEE NOTES TO FINANCIAL STATEMENTS.**

A60

------

<br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $185,637,173: Unaffiliated investments (cost $6,667,742,276) | $7963833647.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $3,142,008,658) | 3819051310.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 353.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $4,307,197) | 4333484.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 13859995.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 7789128.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 2416508.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 1341000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 775513.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 647454.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 159485.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 157621.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 126678.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 49078.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 19806.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts. | 5430.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 134007.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 11814700497.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 191142685.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 4976094.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 4011944.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 3371716.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 3221656.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 1969582.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 1184810.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 1133324.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 1008306.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 417414.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $583,042) | 412791.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC bond forward contracts | 295345.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 252067.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 7711.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts. | 2664.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 213408587.0 |
|  **NET ASSETS** | $11601291910.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $11601291910.0 |
|  Net asset value and redemption price per share, $11,601,291,910 / 308,121,217 outstanding shares of beneficial interest | $37.65 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS) INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $4,110,243 foreign withholding tax, of which $467,210 is reimbursable by an affiliate) | $113151836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of $13,919 foreign withholding tax) | 52141107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income. | 45719123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $262,418) | 306760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 211318826 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 67940789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 29089658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 1055455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees. | 208500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 178414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 115752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 15905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 239645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 98854459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (9746764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver | (3880564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 85227131 |
|  **NET INVESTMENT INCOME (LOSS)** | 126091695 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $171,244,203) (net of foreign capital gains taxes $(28279)) | 857580886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 54950367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contract transactions | 186980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (13833032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 2581659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (115588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2887316 |
|  | 904238588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $131,756,155) (net of change in foreign capital gains taxes $254,260) | 650902213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 28907480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contracts. | (295345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (10812863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 213429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (1131639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies. | 666309 |
|  | 668449584 |
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 1572688172 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $1698779867 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $126091695 | $171388642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 904238588 | 1197757610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 668449584 | 313657753 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1698779867 | 1682804005 |
| PORTFOLIO SHARE TRANSACTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [7,796,454 and 6,554,611 shares, respectively] | 250433876 | 202651009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [72,857,249 and 70,379,013 shares, respectively] | (2441502678) | (2170634807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (2191068802) | (1967983798) |
|  **TOTAL INCREASE (DECREASE)** | (492288935) | (285179793) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 12093580845 | 12378760638 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $11601291910 | $12093580845 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A61

------

<br> **AST AGGRESSIVE ASSET ALLOCATION PORTFOLIO** *(*CONTINUED)<br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $32.41 | $28.33 | $23.99 | $28.87 | $24.68 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.37 | 0.42 | 0.42 | 0.25 | 0.02 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 4.87 | 3.66 | 3.92 | (5.13) | 4.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.24 | 4.08 | 4.34 | (4.88) | 4.19 |
|  Net Asset Value, end of year | $37.65 | $32.41 | $28.33 | $23.99 | $28.87 |
|  **Total Return<sup>(b)</sup>** | 16.17% | 14.40% | 18.09% | (16.90)% | 16.98% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $11601 | $12094 | $12379 | $10464 | $15317 |
|  Average net assets (in millions) | $11636 | $12571 | $11615 | $12222 | $15150 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.73% | 0.74% | 0.77% | 0.76% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.85% | 0.88% | 0.89% | 0.89% | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.08% | 1.36% | 1.61% | 0.98% | 0.07% |
|  Portfolio turnover rate<sup>(d)(e)</sup> | 65% | 79% | 83% | 65% | 84% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A62

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 93.2%** | **LONG-TERM INVESTMENTS — 93.2%** |  |
|  **AFFILIATED MUTUAL FUND — 16.2%** | **AFFILIATED MUTUAL FUND — 16.2%** |  |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST J.P. Morgan Fixed Income Central Portfolio\* | 34609087 | $403195859 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $386,659,568)(wa) |  |  |
|  **COMMON STOCKS — 36.1%** |  |  |
|  **Aerospace & Defense — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. (South Korea) | 5518 | 3603528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 22101 | 4531147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.\*(a) | 11909 | 871381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\*(a) | 14786 | 1005448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 52054 | 18131297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 2230 | 674174 |
|  |  | 28816975 |
|  **Automobile Components — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michelin SCA (France) | 67667 | 2242904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 37207 | 865807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 100600 | 4051895 |
|  |  | 7160606 |
|  **Automobiles — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. (South Korea) | 54339 | 4606508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 7228 | 3250576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 172900 | 3713390 |
|  |  | 11570474 |
|  **Banks — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank (Saudi Arabia) | 182209 | 4732901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT (Indonesia) | 7731500 | 3733516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 119496 | 6572280 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 28337 | 1262980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc.(a) | 30578 | 1600452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc.(a) | 13517 | 1711658 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 316500 | 13864173 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 48211 | 1206239 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 43414 | 1098374 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 34990 | 836261 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock) | 37149 | 1285355 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. (India), ADR | 291228 | 10641471 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | 51813 | 6747919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 830500 | 13180927 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece SA (Greece) | 229040 | 3493422 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 739896 | 6490576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) | 49749 | 8481125 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc.(a) | 17037 | 1223086 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 74785 | 3990528 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 79391 | 6575695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 46470 | 4331004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 14369 | 2009074 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 25965 | 1434307 |
|  |  | 106503323 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Beverages — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 92885 | $6493590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV (Netherlands) | 27203 | 2244436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA (France) | 10083 | 863371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp.(a) | 82872 | 1354957 |
|  |  | 10956354 |
|  **Biotechnology — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 23621 | 5397162 |
|  **Broadline Retail — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China) | 417900 | 7673046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 80786 | 18647025 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 1513 | 3047575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ozon Holdings PLC (Russia), ADR\*(a)^ | 6700 | 1 |
|  |  | 29367647 |
|  **Building Products — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc.(a) | 12682 | 967003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 15296 | 765106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 164642 | 2543719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.\* | 144797 | 946972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\*(a) | 13483 | 1800115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 10204 | 1647640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 16087 | 6261060 |
|  |  | 14931615 |
|  **Capital Markets — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 125830 | 5517499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. (Canada) | 64564 | 2964426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 89194 | 8911373 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. | 19404 | 5298844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG (Germany) | 17189 | 4517637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 5927 | 2016662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 155000 | 8109810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. (Japan) | 209500 | 2236111 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 10618 | 1924512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami International Holdings, Inc.\*(a) | 21293 | 944983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. (Class A Stock) | 14567 | 1001336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 18018 | 3198736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 9042 | 1964917 |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. (Class A Stock) | 27935 | 1792589 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 103164 | 4763557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wealthfront Corp.\*(a) | 54108 | 735328 |
|  |  | 55898320 |
|  **Chemicals — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 32392 | 6088205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 10926 | 1675611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc.(a) | 82579 | 2063649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 13278 | 5661607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B (Denmark) | 53002 | 3391096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 37530 | 1033201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp.(a) | 9800 | 1345638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 72100 | 2239509 |
|  |  | 23498516 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A63

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. (Class A Stock)\*(a) | 21978 | $| 2152525 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc.(a) | 17022 |  | 2725903 |
|  |  |  | 4878428 |
|  **Communications Equipment — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 13627 |  | 589913 |
|  **Construction & Engineering — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. (Japan) | 215000 |  | 4499501 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp.(a) | 104727 |  | 1972009 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc. (Canada) | 20494 |  | 3710735 |
|  |  |  | 10182245 |
|  **Construction Materials — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 8298 |  | 1715031 |
|  **Consumer Finance — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 16440 |  | 6081978 |
|  **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\*(a) | 7218 |  | 649836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc. (The)\* | 13196 |  | 822507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\*(a) | 18227 |  | 1638972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 65360 |  | 7281758 |
|  |  |  | 10393073 |
|  **Containers & Packaging — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 8853 |  | 1079712 |
|  **Distributors — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 6442 |  | 1473608 |
|  **Diversified Consumer Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 20413 |  | 2069878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\*(a) | 72534 |  | 1074954 |
|  |  |  | 3144832 |
|  **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 48669 |  | 1208938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 132703 |  | 4319623 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (Class A Stock)\*^ | 5713 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 1632539 |  | 5296875 |
|  |  |  | 10825437 |
|  **Electric Utilities — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 59267 |  | 4757955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 27680 |  | 1328363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 98064 |  | 8551181 |
|  |  |  | 14637499 |
|  **Electrical Equipment — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co.(a) | 26840 |  | 3562205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 39315 |  | 5844677 |
|  |  |  | 9406882 |
|  **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc.(a) | 8832 |  | 1540389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc. (Class B Stock) | 3904 |  | 662236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (Thailand)\*(a) | 3673 |  | 1672243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 11800 |  | 4268355 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** | **Electronic Equipment, Instruments & Components (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\*(a) | 18372 | $| 2186084 |
|  |  |  | 10329307 |
|  **Energy Equipment & Services — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 80163 |  | 3650623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc. (Class A Stock) | 39306 |  | 1795498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowco Holdings, Inc. (Class A Stock) | 53430 |  | 1001278 |
|  |  |  | 6447399 |
|  **Entertainment — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 100519 |  | 11436047 |
|  **Financial Services — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 42364 |  | 2815511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 16144 |  | 9216287 |
|  |  |  | 12031798 |
|  **Food Products — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 17012 |  | 1036541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA. | 68913 |  | 6840244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 133471 |  | 1385429 |
|  |  |  | 9262214 |
|  **Ground Transportation — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 11341 |  | 1629702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\*(a) | 4851 |  | 1583948 |
|  |  |  | 3213650 |
|  **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** | **Health Care Equipment & Supplies — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 86422 |  | 1876222 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 8421 |  | 2662703 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\*(a) | 12401 |  | 1769251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC. | 50426 |  | 4843921 |
|  |  |  | 11152097 |
|  **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** | **Health Care Providers & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 4163 |  | 1781181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 70765 |  | 1392655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 16377 |  | 1738255 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\*(a) | 17119 |  | 1568272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 4788 |  | 830909 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 13614 |  | 4494118 |
|  |  |  | 11805390 |
|  **Health Care Technology — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc. (Class A Stock)\* | 23440 |  | 1037923 |
|  **Hotel & Resort REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 20205 |  | 1911797 |
|  **Hotels, Restaurants & Leisure — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 159550 |  | 5055350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 14541 |  | 4119611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 14859 |  | 4609856 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 23367 |  | 7141656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 10861 |  | 1039398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc. (Class A Stock)\* | 18187 |  | 1972744 |

---

A64

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** | **Hotels, Restaurants & Leisure (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\*(a) | 12025 | 976069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc.(a) | 4641 | 616325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 23494 | 1775206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. (China)(a) | 86565 | 4132613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 39550 | 5983124 |
|  |  | 37421952 |
|  **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 566000 | 14518459 |
|  **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 22984 | 3679738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 46555 | 13038966 |
|  |  | 16718704 |
|  **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 5623 | 1001681 |
|  **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accelerant Holdings (Cayman Islands)<br>(Class A Stock)\*(a) 44,093 720,920 | &nbsp;&nbsp;&nbsp;&nbsp; Accelerant Holdings (Cayman Islands)<br>(Class A Stock)\*(a) 44,093 720,920 | &nbsp;&nbsp;&nbsp;&nbsp; Accelerant Holdings (Cayman Islands)<br>(Class A Stock)\*(a) 44,093 720,920 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 409800 | 4218110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co.(a) | 7924 | 2050652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. (The)\*(a) | 39875 | 958196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. (Canada) | 16549 | 3445081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc.(a) | 4041 | 1580516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 11780 | 7752258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune Insurance Holdings, Inc. (Class A Stock)\*(a) | 25773 | 751541 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp.(a) | 20694 | 1324002 |
|  |  | 22801276 |
|  **Interactive Media & Services — 1.7%** | **Interactive Media & Services — 1.7%** | **Interactive Media & Services — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 41310 | 12930030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 19072 | 12589237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 222100 | 17044740 |
|  |  | 42564007 |
|  **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 12491 | 997032 |
|  **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 19732 | 4517049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 8849 | 5966172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 1207 | 677912 |
|  |  | 11161133 |
|  **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliance Laundry Holdings, Inc.\*(a) | 40894 | 832193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class A Stock) | 533156 | 9491551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 145886 | 1263373 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. (Japan) | 210600 | 3702473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 5203 | 1246847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (The)\* | 4703 | 699195 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 4627 | 2074886 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Machinery (cont'd.)** | **Machinery (cont'd.)** | **Machinery (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Sweden) (Class B Stock) | 299901 | 9544240 |
|  |  | 28854758 |
|  **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 75669 | 6095217 |
|  **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.(a) | 60252 | 3530165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 311386 | 8179908 |
|  |  | 11710073 |
|  **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 12058 | 1443102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 102193 | 12297906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC (Russia)\*^ | 321836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC. | 316325 | 11657288 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 64232 | 1201138 |
|  |  | 26599434 |
|  **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. (Japan) | 98500 | 3931288 |
|  **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 11058 | 2046386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 100143 | 5401713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 48883 | 10116337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 51528 | 7100352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 43745 | 2218680 |
|  |  | 26883468 |
|  **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Andersen Group, Inc. (Class A Stock)\* . | 24801 | 643090 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp.\*(a) | 86058 | 1250423 |
| &nbsp;&nbsp;&nbsp;&nbsp; HeadHunter Group PLC (Russia), ADR\*(a)^ | 7400 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 12500 | 1906250 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 83416 | 3397580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 72192 | 1617822 |
|  |  | 8815166 |
|  **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Colliers International Group, Inc. (Canada) | 12640 | 1858206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 112855 | 1827123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 323000 | 3670660 |
|  |  | 7355989 |
|  **Semiconductors & Semiconductor Equipment — 4.1%** | **Semiconductors & Semiconductor Equipment — 4.1%** | **Semiconductors & Semiconductor Equipment — 4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 50884 | 1342320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 14515 | 3936468 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 10623 | 11446497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 15862 | 5489838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 173435 | 7567136 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 15171 | 2598489 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 158635 | 29585427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc.(a) | 40941 | 1455043 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. (South Korea) | 17476 | 7914499 |

---

A65

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br> **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 332000 | $| 16320219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 47767 |  | 14515914 |
|  |  |  | 102171850 |
|  **Software — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.\*(a) | 128822 |  | 1024135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. (Class A Stock)\*(a) | 57266 |  | 1381256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 51587 |  | 24948505 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\*(a) | 31965 |  | 819583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\*(a) | 8411 |  | 1117822 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 9519 |  | 848428 |
|  |  |  | 30139729 |
|  **Specialized REITs — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 18472 |  | 3243129 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 19275 |  | 694864 |
|  |  |  | 3937993 |
|  **Specialty Retail — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 9193 |  | 2655398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 4636 |  | 873237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 21711 |  | 5235825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc. (Class A Stock)\*(a) | 39592 |  | 862709 |
|  |  |  | 9627169 |
|  **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 89637 |  | 24368715 |
|  **Textiles, Apparel & Luxury Goods — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 12129 |  | 9142061 |
|  **Trading Companies & Distributors — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 6341 |  | 1628178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\*(a) | 39511 |  | 2053387 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 333000 |  | 4208059 |
|  |  |  | 7889624 |
|  **TOTAL COMMON STOCKS**<br> (cost $838,043,282) |  |  | 901844030 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 39.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 39.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 39.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 39.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Growth ETF | 2782473 |  | 258213494 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Value ETF(a) | 3587265 |  | 257278646 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Global Select Equity ETF | 2729880 |  | 184730980 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Ultra-Short Income ETF(a) | 5397053 |  | 273036911 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $917,553,799) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $917,553,799) |  | 973260031 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | Maturity<br> Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **U.S. TREASURY OBLIGATIONS(k) — 1.9%** | **U.S. TREASURY OBLIGATIONS(k) — 1.9%** | **U.S. TREASURY OBLIGATIONS(k) — 1.9%** | **U.S. TREASURY OBLIGATIONS(k) — 1.9%** |
|  U.S. Treasury Notes | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/27 | 3550 | $3572604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/31/26 | 43349 | 43354080 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $46,918,144) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $46,918,144) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $46,918,144) | 46926684 |
|  **TOTAL LONG-TERM INVESTMENTS—93.2%**<br> (cost $2,189,174,793) | **TOTAL LONG-TERM INVESTMENTS—93.2%**<br> (cost $2,189,174,793) | **TOTAL LONG-TERM INVESTMENTS—93.2%**<br> (cost $2,189,174,793) | 2325226604 |
|  |  | Shares |  |
|  **SHORT-TERM INVESTMENTS — 13.9%** | **SHORT-TERM INVESTMENTS — 13.9%** | **SHORT-TERM INVESTMENTS — 13.9%** |  |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) . | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) . | 170881221 | 170881221 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $176,991,301; includes $176,776,402 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $176,991,301; includes $176,776,402 of cash collateral for securities on loan)(b)(wa) | 177097559 | 176991301 |
|  **TOTAL SHORT-TERM INVESTMENTS<br>(cost $347,872,522)** | **TOTAL SHORT-TERM INVESTMENTS<br>(cost $347,872,522)** | **TOTAL SHORT-TERM INVESTMENTS<br>(cost $347,872,522)** | 347872522 |
|  **TOTAL INVESTMENTS—107.1%<br>(cost $2,537,047,315)** | **TOTAL INVESTMENTS—107.1%<br>(cost $2,537,047,315)** | **TOTAL INVESTMENTS—107.1%<br>(cost $2,537,047,315)** | 2673099126 |
|  **Liabilities in excess of other assets(z) — (7.1)%** | **Liabilities in excess of other assets(z) — (7.1)%** | **Liabilities in excess of other assets(z) — (7.1)%** | (178333383) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $2494765743 |

---

---

| | |
|:---|:---|
| See the Glossary for a list of the abbreviation(s) used in the annual report. | See the Glossary for a list of the abbreviation(s) used in the annual report. |
| \* | Non-income producing security. |
| # | Principal amount is shown in U.S. dollars unless otherwise stated. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $3 and 0.0% of net assets. |
| (a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $171,671,151; cash collateral of $176,776,402 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
| (b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
| (k) | Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives. |
| (wa) | Represents investments in Funds affiliated with the Manager. |
| (z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |

---

A66

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 200 | 5 Year U.S. Treasury Notes | Mar. 2026 | $21860938 | $(65918) |
| 884 | 10 Year U.K. Gilt | Mar. 2026 | 108875377 | 568482 |
| 956 | 10 Year U.S. Treasury Notes | Mar. 2026 | 107490250 | (613991) |
| 157 | Euro STOXX 50 Index | Mar. 2026 | 10777019 | 67151 |
| 584 | Euro-BTP Italian Government Bond | Mar. 2026 | 82481553 | (156719) |
| 151 | FTSE 100 Index | Mar. 2026 | 20233956 | 432623 |
| 1407 | Mini MSCI EAFE Index | Mar. 2026 | 204162735 | 830876 |
| 130 | S&P 500 E-Mini Communication Services Sector Index | Mar. 2026 | 20150000 | 227237 |
| 322 | S&P 500 E-Mini Financials Sector Index | Mar. 2026 | 54661915 | (160845) |
| 1584 | S&P 500 E-Mini Index | Mar. 2026 | 545886000 | (5918378) |
| 131 | S&P 500 E-Mini Technology Sector Index | Mar. 2026 | 38321430 | 18730 |
| 203 | S&P 500 E-Mini Utilities Sector Index | Mar. 2026 | 17604160 | (36950) |
| 85 | TOPIX Index | Mar. 2026 | 18523206 | 200911 |
|  |  |  |  | (4606791) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 565 | 10 Year Euro-Bund | Mar. 2026 | 84704949 | (131454) |
| 145 | 10 Year Japanese Bonds | Mar. 2026 | 122570544 | 942034 |
| 360 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 42480000 | 663113 |
| 488 | DJ US Real Estate Index | Mar. 2026 | 17460640 | 42798 |
| 1060 | Mini MSCI Emerging Markets Index | Mar. 2026 | 74804200 | (711758) |
| 1199 | Russell 2000 E-Mini Index | Mar. 2026 | 149755100 | 6936500 |
| 326 | S&P 500 E-Mini Consumer Staples Sector Index | Mar. 2026 | 25740960 | 436181 |
| 272 | S&P 500 E-Mini Materials Sector Index | Mar. 2026 | 26345920 | (184150) |
|  |  |  |  | 7993264 |
|  |  |  |  | $3386473 |

---

#### Forward foreign currency exchange contract outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br>Contracts**  | Counterparty | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | AUD | 89354 | $59595194 | $59638470 | $43276 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | MSI | AUD | 11383 | 7400728 | 7597397 | 196669 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | GBP | 14090 | 18842223 | 18992454 | 150231 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC | GBP | 9551 | 12722673 | 12873804 | 151131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | HSBC | GBP | 719 | 961784 | 969595 | 7811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | MSI | GBP | 1039 | 1364623 | 1400561 | 35938 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CAD | 4995 | 3636032 | 3642695 | 6663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | HSBC | CAD | 18031 | 12911689 | 13154219 | 242530 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 50922 | 59843753 | 59905383 | 61630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | CITI | EUR | 5683 | 6572778 | 6687959 | 115181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | HSBC | EUR | 2072 | 2418395 | 2438395 | 20000 |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | HSBC | HKD | 15919 | 2050853 | 2047581 |  | (3272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | HSBC | HKD | 8592 | 1105422 | 1105138 |  | (284) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | MSI | HKD | 12784 | 1644894 | 1644402 |  | (492) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | HSBC | JPY | 564196 | 3696840 | 3611188 |  | (85652) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | HSBC | JPY | 238326 | 1572800 | 1525427 |  | (47373) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A67

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contract outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | Counterparty | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Japanese Yen (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | MSI | JPY | 188756 | $1248472 | $1208149 | $— | $(40323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | MSI | JPY | 175815 | 1169726 | 1125320 |  | (44406) |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | ML | SEK | 46820 | 4982793 | 5093338 | 110545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | MSI | SEK | 14570 | 1542831 | 1584974 | 42143 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | HSBC | CHF | 6638 | 8430161 | 8406432 |  | (23729) |
|  |  |  |  | $213714664 | $214652881 | 1183748 | (245531) |
| **Sale**<br> **Contracts**  | Counterparty | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** | **OTC Forward Foreign Currency Exchange Contract:** |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | GSI | GBP | 4127 | $5417462 | $5562252 | $— | $(144790) |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | HSBC | DKK | 8041 | 1257571 | 1267280 |  | (9709) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | GSI | EUR | 5515 | 6387918 | 6490085 |  | (102167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC | EUR | 3440 | 4016120 | 4048793 |  | (32673) |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | HSBC | HKD | 78593 | 10125898 | 10109119 | 16779 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/05/26 | HSBC | JPY | 18886 | 120711 | 120623 | 88 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | MSI | JPY | 314162 | 2036396 | 2010823 | 25573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | SCB | JPY | 742076 | 4775212 | 4749723 | 25489 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | MSI | SGD | 4315 | 3342815 | 3363397 |  | (20582) |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | SEK | 176169 | 19002537 | 19157548 |  | (155011) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/29/26 | HSBC | SEK | 105745 | 11326550 | 11503526 |  | (176976) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | CHF | 62127 | 78420024 | 78619679 |  | (199655) |
|  |  |  |  | $146229214 | $147002848 | 67929 | (841563) |
|  |  |  |  |  |  | $1251677 | $(1087094) |

---

#### Cross currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | Type | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | In Exchange<br>For (000) | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Counterparty |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |  |  |  |  |
|  01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buy | SEK | 148479 | EUR 13,581 | $169335 | $— | ML |
|  01/22/26 | Buy | SEK | 203924 | EUR 18,628 | 261789 |  | CITI |
|  |  |  |  |  | $431124 | $— |  |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A68

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
| GS | $– | $45688333 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $403195859 | $— | $— |
|  Common Stocks | 530070972 | 371773055 | 3 |
|  Unaffiliated Exchange-Traded Funds | 973260031 |  |  |
|  U.S. Treasury Obligations |  | 46926684 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 347872522 |  |  |
|  **Total** | $2254399384 | $418699739 | $3 |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $11366636 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 1251677 |  |
|  OTC Cross Currency Exchange Contracts |  | 431124 |  |
|  **Total** | $11366636 | $1682801 | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(7980163) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | (1087094) |  |
|  **Total** | $(7980163) | $(1087094) | $— |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Unaffiliated Exchange-Traded Funds | 39.0 |
|  Affiliated Mutual Funds (7.1% represents investments purchased with collateral from securities on loan) | 30.1 |
|  Banks | 4.3 |
|  Semiconductors & Semiconductor Equipment | 4.1 |
|  Capital Markets | 2.2 |
|  U.S. Treasury Obligations | 1.9 |
|  Interactive Media & Services | 1.7 |
|  Hotels, Restaurants & Leisure | 1.5 |
|  Software | 1.2 |

---

---

| | |
|:---|:---|
|  Broadline Retail | 1.2 |
|  Machinery | 1.2 |
|  Aerospace & Defense | 1.1 |
|  Pharmaceuticals | 1.1 |
|  Oil, Gas & Consumable Fuels | 1.1 |
|  Technology Hardware, Storage & Peripherals | 1 |
|  Chemicals | 0.9 |
|  Insurance | 0.9 |
|  Industrial Conglomerates | 0.7 |
|  Building Products | 0.6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A69

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Electric Utilities | 0.6 |
|  Household Durables | 0.6 |
|  Financial Services | 0.5 |
|  Health Care Providers & Services | 0.5 |
|  Multi-Utilities | 0.5 |
|  Automobiles | 0.5 |
|  Entertainment | 0.5 |
|  Life Sciences Tools & Services | 0.4 |
|  Health Care Equipment & Supplies | 0.4 |
|  Beverages | 0.4 |
|  Diversified Telecommunication Services | 0.4 |
|  Consumer Staples Distribution & Retail | 0.4 |
|  Electronic Equipment, Instruments & Components | 0.4 |
|  Construction & Engineering | 0.4 |
|  Specialty Retail | 0.4 |
|  Electrical Equipment | 0.4 |
|  Food Products | 0.4 |
|  Textiles, Apparel & Luxury Goods | 0.4 |
|  Professional Services | 0.3 |
|  Trading Companies & Distributors | 0.3 |
|  Real Estate Management & Development | 0.3 |
|  Automobile Components | 0.3 |
|  Energy Equipment & Services | 0.3 |

---

---

| | |
|:---|:---|
|  Metals & Mining | 0.2% |
|  Consumer Finance | 0.2 |
|  Biotechnology | 0.2 |
|  Commercial Services & Supplies | 0.2 |
|  Specialized REITs | 0.2 |
|  Personal Care Products | 0.2 |
|  Ground Transportation | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Hotel & Resort REITs | 0.1 |
|  Construction Materials | 0.1 |
|  Distributors | 0.1 |
|  Containers & Packaging | 0.0 \* |
|  Health Care Technology | 0.0 \* |
|  Industrial REITs | 0.0 \* |
|  Leisure Products | 0.0 \* |
|  Communications Equipment | 0.0 \* |
|  | 107.1 |
|  Liabilities in excess of other assets | (7.1) |
|  | 100.0% |

---

\* Less than 0.05%

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Equity contracts | Due from/to broker-variation margin futures | $9193007 \* | Due from/to broker-variation margin futures | $7012081 \* |
|  Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 431124 |  |  |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 1251677 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 1087094 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 2173629 \* | Due from/to broker-variation margin futures | 968082 \* |
|  |  | $13049437 |  | $9067257 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A70

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures**  | Forward<br>& Cross<br>Currency<br>Exchange<br> Contracts |
|  Equity contracts | $36489753 | $— |
|  Foreign exchange contracts |  | (377659) |
|  Interest rate contracts | 6301770 |  |
|  **Total** | $42791523 | $(377659) |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures**  | **Forward**<br> **& Cross**<br> **Currency**<br> **Exchange**<br> **Contracts**  |
|  Equity contracts | $22565468 | $— |
|  Foreign exchange contracts |  | 880334 |
|  Interest rate contracts | 4431557 |  |
|  **Total** | $26997025 | $880334 |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $1269702927 |
|  Futures Contracts - Short Positions (1) | &nbsp;&nbsp;&nbsp;&nbsp;495391770 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | &nbsp;&nbsp;&nbsp;&nbsp;191587073 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | &nbsp;&nbsp;&nbsp;&nbsp;188119804 |
|  Cross Currency Exchange Contracts (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35142404 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

(3) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Description | **Gross Market**<br> **Value of**<br> **Recognized<br> Assets/(Liabilities)**  | Collateral<br>Pledged/(Received)(2) | Net<br>Amount |
|  Securities on Loan | $171671151 | $(171671151) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Amounts of <br>Recognized<br>Assets(1) | Gross Amounts of <br>Recognized<br>Liabilities(1) | Net Amounts of<br>Recognized<br> Assets/(Liabilities) | Collateral<br> Pledged/(Received)(2) | Net Amount |
|  BARC | $— | $(155011) | $(155011) | $– | $(155011) |
|  BNP | 200170 |  | 200170 | – | 200170 |
|  CITI | 376970 |  | 376970 | – | 376970 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A71

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of** <br>**Recognized**<br>**Assets(1)** | **Gross Amounts of** <br>**Recognized**<br>**Liabilities(1)** | **Net Amounts of**<br>**Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net Amount** |
|  GSI | $— | $(246957) | $(246957) | $– | $(246957) |
|  HSBC | 438339 | (579323) | (140984) | – | (140984) |
|  ML | 279880 |  | 279880 | – | 279880 |
|  MSI | 361953 | (105803) | 256150 | – | 256150 |
|  SCB | 25489 |  | 25489 | – | 25489 |
|  | $1682801 | $(1087094) | $595707 | $– | $595707 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A72

------

<br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $171,671,151: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,802,515,225) | $1922030745.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $734,532,090) | 751068381.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 261925.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $17,276) | 17233.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 2319084.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 2105149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 1251677.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 1114887.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 431124.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 2763.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 34010.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2680636978.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 176776402.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 1774331.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 1259872.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 1165700.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 1155173.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 1087094.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 1079002.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 949461.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 518438.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 103324.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1960.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 185871235.0 |
|  **NET ASSETS** | $2494765743.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $2494765743.0 |
|  Net asset value and redemption price per share, $2,494,765,743 / 96,792,992 outstanding shares of beneficial interest | $25.77 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $971,338 foreign withholding tax, of which $139,528 is reimbursable by an affiliate) | $31023611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 15111435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 2426253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $167,863) | 359570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 48920869 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 17202221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 6301180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 352750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 94458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee. | 63664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 51500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 9693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 168675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 24254481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (3752277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 20502204 |
|  **NET INVESTMENT INCOME (LOSS)** | 28418665 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $481,798) | 4960405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 42791523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (377659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (90753) |
|  | 47283516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $19,076,004) (net of change in foreign capital gains taxes $(3833)) | 172422589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 26997025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | 880334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 133175 |
|  | 200433123 |
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 247716639 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $276135304 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $28418665 | $40922874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 47283516 | 552077164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received |  | 7195527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 200433123 | (280299514) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 276135304 | 319896051 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [21,794,485 and 25,436,021 shares, respectively] | 497066505 | 552971759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [47,798,314 and 38,331,490 shares, respectively] | (1053961715) | (829218700) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (556895210) | (276246941) |
|  **TOTAL INCREASE (DECREASE)** | (280759906) | 43649110 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2775525649 | 2731876539 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $2494765743 | $2775525649 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A73

------

<br> **AST J.P. MORGAN AGGRESSIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $22.60 | $20.13 | $17.11 | $20.84 | $18.01 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.27 | 0.31 | 0.24 | 0.15 | 0.06 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.90 | 2.16 | 2.78 | (3.88) | 2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.17 | 2.47 | 3.02 | (3.73) | 2.83 |
|  Net Asset Value, end of year | $25.77 | $22.60 | $20.13 | $17.11 | $20.84 |
|  **Total Return<sup>(b)</sup>** | 14.03% | 12.27% | 17.65% | (17.90)% | 15.71% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $2495 | $2776 | $2732 | $1800 | $3630 |
|  Average net assets (in millions) | $2520 | $2931 | $2318 | $2590 | $3578 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.81% | 0.95% | 0.98% | 0.98% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.96% | 0.98% | 0.99% | 0.99% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.13% | 1.40% | 1.28% | 0.85% | 0.32% |
|  Portfolio turnover rate(d) | 72% | 240% | 160% | 219% | 147% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A74

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 96.0%** | **LONG-TERM INVESTMENTS — 96.0%** | **LONG-TERM INVESTMENTS — 96.0%** |
|  **AFFILIATED MUTUAL FUND — 57.2%** | **AFFILIATED MUTUAL FUND — 57.2%** | **AFFILIATED MUTUAL FUND — 57.2%** |
|  **Fixed Income** | **Fixed Income** | **Fixed Income** |
| &nbsp;&nbsp;&nbsp;&nbsp; AST J.P. Morgan Fixed Income Central Portfolio\* | 193175414 | $2250493571 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $2,021,133,710)(wa) |  |  |
|  **COMMON STOCKS — 7.9%** | **COMMON STOCKS — 7.9%** |  |
|  **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. (South Korea) | 3572 | 2332693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.\*(a) | 9290 | 679749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\*(a) | 11532 | 784176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 17195 | 5989312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 1740 | 526037 |
|  |  | 10311967 |
|  **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 29024 | 675389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 65500 | 2638162 |
|  |  | 3313551 |
|  **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. (South Korea) | 35385 | 2999711 |
|  **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank (Saudi Arabia) | 118303 | 3072935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT (Indonesia) | 5089900 | 2457896 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 22104 | 985175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc.(a) | 23852 | 1248414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 10544 | 1335187 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 134840 | 5906620 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 37609 | 940977 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 33863 | 856734 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 27317 | 652876 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock) | 28978 | 1002639 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. (India), ADR | 141361 | 5165331 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | 33993 | 4427113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 326200 | 5177144 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece SA (Greece) | 149057 | 2273485 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 341447 | 2995269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) | 32638 | 5564071 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc.(a) | 13291 | 954161 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 51826 | 4292577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 11209 | 1567242 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 20254 | 1118831 |
|  |  | 51994677 |
|  **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp.(a) | 64646 | 1056962 |
|  **Broadline Retail — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China) | 270800 | 4972149 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 993 | 2000160 |
|  |  | 6972309 |
|  **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc.(a) | 9894 | 754417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 11931 | 596789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 130156 | 2010910 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Building Products (cont'd.)** | **Building Products (cont'd.)** | **Building Products (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.\* | 113053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\*(a) | 10518 | 1404258 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAL TopCo LLC\*^ | 1709579 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 7960 | 1285301 |
|  |  | 6791213 |
|  **Capital Markets — 0.5%** | **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 81939 | 3592930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. (Canada) | 42354 | 1944664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 4623 | 1572976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 83300 | 4358369 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 8283 | 1501294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami International Holdings, Inc.\*(a) | 16619 | 737551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. (Class A Stock) | 11364 | 781161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 7053 | 1532687 |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. (Class A Stock) | 21792 | 1398393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wealthfront Corp.\* | 42207 | 573593 |
|  |  | 17993618 |
|  **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 20967 | 3940831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 8524 | 1307241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 64452 | 1610655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B (Denmark) | 34512 | 2208096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 29276 | 805968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp.(a) | 7645 | 1049735 |
|  |  | 10922526 |
|  **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. (Class A Stock)\*(a) | 17148 | 1679475 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc.(a) | 13289 | 2128101 |
|  |  | 3807576 |
|  **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 10634 | 460346 |
|  **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. (Japan) | 140000 | 2929908 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp.(a) | 81737 | 1539107 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc. (Canada) | 13265 | 2401820 |
|  |  | 6870835 |
|  **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 6473 | 1337840 |
|  **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 5630 | 506869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc. (The)\* | 10294 | 641625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 14218 | 1278482 |
|  |  | 2426976 |
|  **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 6906 | 842256 |
|  **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp | 5026 | 1149697 |
|  **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 15927 | 1614998 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A75

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Diversified Consumer Services (cont'd.)** | **Diversified Consumer Services (cont'd.)** | **Diversified Consumer Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\* | 61899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917343 |
|  |  | 2532341 |
|  **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 86414 | 2812867 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. (Class A Stock)\*^ | 599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 1056868 | 3429075 |
|  |  | 6241942 |
|  **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 21592 | 1036200 |
|  **Electrical Equipment — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 25791 | 3834162 |
|  **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc.(a) | 6890 | 1201685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc. (Class B Stock) | 3047 | 516862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (Thailand)\*(a) | 2865 | 1304377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 14333 | 1705484 |
|  |  | 4728408 |
|  **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc. (Class A Stock) | 30662 | 1400640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowco Holdings, Inc. (Class A Stock) | 41678 | 781046 |
|  |  | 2181686 |
|  **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 13278 | 809029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 45311 | 4497530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 104140 | 1080973 |
|  |  | 6387532 |
|  **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 8846 | 1271170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\*(a) | 3708 | 1210736 |
|  |  | 2481906 |
|  **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 67414 | 1463558 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 5483 | 1733713 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 9673 | 1380047 |
|  |  | 4577318 |
|  **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 3247 | 1389261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 55200 | 1086336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 12775 | 1355939 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 13356 | 1223543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 3735 | 648172 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMC Health PLC (United Arab Emirates)\*^ | 411 |  |
|  |  | 5703251 |
|  **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc. (Class A Stock)\* | 18283 | 809571 |
|  **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 15769 | 1492063 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 103889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 8472 | 810770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc. (Class A Stock)\* | 14186 | 1538756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\* | 9381 | 761456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc.(a) | 3621 | 480869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 18327 | 1384788 |
|  |  | 8268367 |
|  **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 222015 | 5694904 |
|  **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 20238 | 5668190 |
|  **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** | **Industrial REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 4387 | 781500 |
|  **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Accelerant Holdings (Cayman Islands) (Class A Stock)\*(a) | 34395 | 562358 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 266800 | 2746198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. (The)\*(a) | 31108 | 747525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. (Canada) | 10856 | 2259943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc.(a) | 3152 | 1232810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 6756 | 4446032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune Insurance Holdings, Inc. (Class A Stock)\* | 20103 | 586204 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp.(a) | 16143 | 1032829 |
|  |  | 13613899 |
|  **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 100000 | 7674354 |
|  **Leisure Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 9744 | 777766 |
|  **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 5734 | 3865977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 941 | 528513 |
|  |  | 4394490 |
|  **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliance Laundry Holdings, Inc.\*(a) | 31900 | 649165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class A Stock) | 222104 | 3954024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 113806 | 985560 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. (Japan) | 136500 | 2399751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 4058 | 972459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (The)\* | 3668 | 545322 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 3621 | 1623765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Sweden) (Class B Stock) | 113352 | 3607386 |
|  |  | 14737432 |
|  **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 49274 | 3969072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO (Russia), GDR\*^ | 17534 | 2 |
|  |  | 3969074 |

---

A76

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 202754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326216 |
|  **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 9406 | 1125710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 19 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 202587 | 7465787 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 50133 | 937487 |
|  |  | 9531081 |
|  **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. (Japan) | 64600 | 2578287 |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 33940 | 4676796 |
|  **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Andersen Group, Inc. (Class A Stock)\* | 19346 | 501642 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp.\*(a) | 67145 | 975617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 9751 | 1487027 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 54913 | 2236637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 56314 | 1261997 |
|  |  | 6462920 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Colliers International Group, Inc. (Canada) | 9859 | 1449371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 88035 | 1425287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 210300 | 2389907 |
|  |  | 5264565 |
|  **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** | **Semiconductors & Semiconductor Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 39693 | 1047101 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 4449 | 4793887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 73753 | 3217914 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 11835 | 2027099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc.(a) | 31936 | 1135006 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. (South Korea) | 11378 | 5152848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 118000 | 5800560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 21488 | 6529988 |
|  |  | 29704403 |
|  **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.\*(a) | 98160 | 780372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. (Class A Stock)\*(a) | 44708 | 1078357 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\*(a) | 24934 | 639308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\*(a) | 6565 | 872488 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 7430 | 662236 |
|  |  | 4032761 |
|  **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart. | 15038 | 542120 |
|  **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 3616 | 681110 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** | **Specialty Retail (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc. (Class A Stock)\* | 30884 | 672962 |
|  |  |  | 1354072 |
|  **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 4947 | 1270241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 30839 | 1602703 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 216500 | 2735870 |
|  |  |  | 5608814 |
|  **TOTAL COMMON STOCKS**<br> (cost $266,675,021) | **TOTAL COMMON STOCKS**<br> (cost $266,675,021) |  | 311920451 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 29.6%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 29.6%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 29.6%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 29.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Growth ETF | 2328181 | 216055197 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Value ETF | 3051786 | 218874092 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Global Select Equity ETF | 6491094 | 439252331 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Ultra-Short Income ETF | 5743826 | 290580157 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $1,099,866,145) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $1,099,866,145) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $1,099,866,145) | 1164761777 |
|  |  | Units |  |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |
|  **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** | **Oil, Gas & Consumable Fuels** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp., expiring 02/09/26 | &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp., expiring 02/09/26 | 36 | 3574 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,727) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,727) |  |  |
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | Maturity<br> Date | Principal<br>Amount<br> (000)# |  |
|  **CORPORATE BONDS — 0.0%** | **CORPORATE BONDS — 0.0%** | **CORPORATE BONDS — 0.0%** | **CORPORATE BONDS — 0.0%** |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |  |
|  High Ridge Brands Co., | High Ridge Brands Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | 03/15/25^(d) | 22 |  |
|  **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |  |
|  Chesapeake Energy Corp., | Chesapeake Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/15/26^(d) | 70 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | 02/09/26^(d) | 315 |  |
|  **TOTAL CORPORATE BONDS**<br> (cost $0) | **TOTAL CORPORATE BONDS**<br> (cost $0) |  |  |
|  **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** |
|  **Foods — 0.0%** | **Foods — 0.0%** | **Foods — 0.0%** |  |
|  Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, | Moran Foods LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan, 3 Month SOFR + 11.352% |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.023%(c) | 06/30/26^ | 453 | 112695 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan, 3 Month SOFR + 11.352% |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.023%(c) | 06/30/26^ | 301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.909%(c) | 06/30/26^ | 13 | 12733 |
|  |  |  | 125428 |

---

A77

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate** | Maturity<br> Date | Principal<br>Amount<br> (000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** | **FLOATING RATE AND OTHER LOANS (continued)** |
|  **Media — 0.0%** |  |  |  |
|  Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), | Altice Financing SA (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;&nbsp;&nbsp; 2022 Dollar Loan, 3 Month SOFR + 5.000% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.905%(c) | 10/31/27 | 107 | $79072 |
|  **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
|  FGI Operating Co. LLC, | FGI Operating Co. LLC, | FGI Operating Co. LLC, | FGI Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Exit Term Loan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | 05/16/23^ | 92 | 918 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $912,169) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $912,169) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $912,169) | 205418 |
|  **U.S. TREASURY OBLIGATIONS(k) — 1.3%** | **U.S. TREASURY OBLIGATIONS(k) — 1.3%** | **U.S. TREASURY OBLIGATIONS(k) — 1.3%** |  |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/27 | 6600 | 6642023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/31/26 | 46461 | 46466145 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $53,096,813) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $53,096,813) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $53,096,813) | 53108168 |
|  **TOTAL LONG-TERM INVESTMENTS—96.0%**<br> (cost $3,441,687,585) | **TOTAL LONG-TERM INVESTMENTS—96.0%**<br> (cost $3,441,687,585) | **TOTAL LONG-TERM INVESTMENTS—96.0%**<br> (cost $3,441,687,585) | 3780492959 |
|  |  | Shares |  |
|  **SHORT-TERM INVESTMENTS — 4.6%** | **SHORT-TERM INVESTMENTS — 4.6%** | **SHORT-TERM INVESTMENTS — 4.6%** | **SHORT-TERM INVESTMENTS — 4.6%** |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 155369189 | 155369189 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $23,847,064; includes $23,769,035 of cash collateral for securities on<br>loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $23,847,064; includes $23,769,035 of cash collateral for securities on<br>loan)(b)(wa) | 23861601 | 23847284 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $179,216,253) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $179,216,253) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $179,216,253) | 179216473 |
|  **TOTAL INVESTMENTS—100.6%**<br> (cost $3,620,903,838) | **TOTAL INVESTMENTS—100.6%**<br> (cost $3,620,903,838) | **TOTAL INVESTMENTS—100.6%**<br> (cost $3,620,903,838) | 3959709432 |
|  **Liabilities in excess of other assets(z) — (0.6)%** | **Liabilities in excess of other assets(z) — (0.6)%** | **Liabilities in excess of other assets(z) — (0.6)%** | (23166719) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $3936542713 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $126,519 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $22,921,169; cash collateral of $23,769,035 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 904 | 5 Year U.S. Treasury Notes | Mar. 2026 | $98811440 | $(297949) |
| 1400 | 10 Year U.K. Gilt | Mar. 2026 | 172427068 | 913748 |
| 2339 | 10 Year U.S. Treasury Notes | Mar. 2026 | 262991313 | (1502223) |
| 229 | Euro STOXX 50 Index | Mar. 2026 | 15719346 | 97947 |
| 919 | Euro-BTP Italian Government Bond | Mar. 2026 | 129795458 | (246655) |
| 251 | FTSE 100 Index | Mar. 2026 | 33633927 | 719130 |
| 1279 | Mini MSCI EAFE Index | Mar. 2026 | 185589295 | 755288 |
| 194 | S&P 500 E-Mini Communication Services Sector Index | Mar. 2026 | 30070000 | 339108 |
| 503 | S&P 500 E-Mini Financials Sector Index | Mar. 2026 | 85388023 | (251259) |
| 1112 | S&P 500 E-Mini Index | Mar. 2026 | 383223000 | (4154823) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A78

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts outstanding at December 31, 2025 (continued):** | **Futures contracts outstanding at December 31, 2025 (continued):** | | | |
| **Number**<br> **of**<br> **Contracts** | **Type** | <br>**Expiration<br>Date** |<br>**Current<br>Notional<br>Amount** |<br>**Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions (cont'd):** | **Long Positions (cont'd):** |  |  |  |
| 213 | S&P 500 E-Mini Technology Sector Index | Mar. 2026 | $62308890 | $30455 |
| 347 | S&P 500 E-Mini Utilities Sector Index | Mar. 2026 | 30091840 | (63161) |
| 135 | TOPIX Index | Mar. 2026 | 29419210 | 319108 |
|  |  |  |  | (3341286) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 894 | 10 Year Euro-Bund | Mar. 2026 | 134028716 | (208010) |
| 229 | 10 Year Japanese Bonds | Mar. 2026 | 193576928 | 1530606 |
| 425 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 50150000 | 782842 |
| 827 | DJ US Real Estate Index | Mar. 2026 | 29590060 | 72528 |
| 564 | Mini MSCI Emerging Markets Index | Mar. 2026 | 39801480 | (378709) |
| 935 | Russell 2000 E-Mini Index | Mar. 2026 | 116781500 | 5409197 |
| 524 | S&P 500 E-Mini Consumer Staples Sector Index | Mar. 2026 | 41375040 | 701102 |
| 441 | S&P 500 E-Mini Materials Sector Index | Mar. 2026 | 42715260 | (298566) |
|  |  |  |  | 7610990 |
|  |  |  |  | $4269704 |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | AUD | 139095 | $92819997 | $92836970 | $16973 | $— |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | GBP | 22429 | 29995288 | 30232375 | 237087 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 79166 | 93051279 | 93133063 | 81784 |  |
|  |  |  |  | $215866564 | $216202408 | 335844 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | SEK | 288342 | $31147534 | $31355820 | $— | $(208286) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | CHF | 96800 | 122286582 | 122497657 |  | (211075) |
|  |  |  |  | $153434116 | $153853477 |  | (419361) |
|  |  |  |  |  |  | $335844 | $(419361) |

---

#### Cross currency exchange contract outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type**  | **Notional** <br>**Amount**<br>**(000)** | **In Exchange**<br>**For (000)** | **In Exchange**<br>**For (000)** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |
|  01/22/26 | Buy | SEK 238,988 | EUR | 21860 | $272557 | $— | ML |
|  01/22/26 | Buy | SEK 328,231 | EUR | 29982 | 421369 |  | CITI |
|  |  |  |  |  | $693926 | $— |  |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A79

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

#### Credit default swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  |
|  **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** | **OTC Credit Default Swap Agreements on credit indices - Buy Protection(1):** |
|  ABX.HE.AAA | 05/25/46 | 0.110 %(Q) | 150 | $1962 | $— | $1962 | BOA |
|  ABX.HE.AAA | 05/25/46 | 0.110 %(M) | 70 | 916 |  | 916 | BOA |
|  |  |  |  | $2878 | $— | $2878 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Premiums Paid | Premiums Received | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  OTC Swap Agreements | $— | $— | $2878 | $— |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  GS | $– | $47330179 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A80

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |  |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Affiliated Mutual Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $2250493571 | $— | $— |  |
|  Common Stocks | 135355406 | 176564872 | 173 |  |
|  Unaffiliated Exchange-Traded Funds | 1164761777 |  |  |  |
|  Warrants | 3574 |  |  |  |
|  Corporate Bonds |  |  |  | \*\* |
|  Floating Rate and Other Loans |  | 79072 | 126346 |  |
|  U.S. Treasury Obligations |  | 53108168 |  |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 179216473 |  |  |  |
|  **Total** | $3729830801 | $229752112 | $126519 |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Futures Contracts | $11671059 | $— | $— |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 335844 |  |  |
|  OTC Cross Currency Exchange Contracts |  | 693926 |  |  |
|  OTC Credit Default Swap Agreements |  | 2878 |  |  |
|  **Total** | $11671059 | $1032648 | $— |  |
|  **Liabilities** |  |  |  |  |
|  Futures Contracts | $(7401355) | $— | $— |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (419361) |  |  |
|  **Total** | $(7401355) | $(419361) | $— |  |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (0.6% represents investments purchased with collateral from securities on loan) | 61.8 |
|  Unaffiliated Exchange-Traded Funds | 29.6 |
|  U.S. Treasury Obligations | 1.3 |
|  Banks | 1.3 |
|  Semiconductors & Semiconductor Equipment | 0.8 |
|  Capital Markets | 0.5 |
|  Machinery | 0.4 |
|  Insurance | 0.4 |
|  Chemicals | 0.3 |
|  Aerospace & Defense | 0.3 |
|  Oil, Gas & Consumable Fuels | 0.2 |
|  Hotels, Restaurants & Leisure | 0.2 |
|  Interactive Media & Services | 0.2 |
|  Broadline Retail | 0.2 |
|  Construction & Engineering | 0.2 |
|  Building Products | 0.2 |
|  Professional Services | 0.2 |
|  Food Products | 0.2 |
|  Diversified Telecommunication Services | 0.2 |

---

---

| | |
|:---|:---|
|  Health Care Providers & Services | 0.1 |
|  Household Durables | 0.1 |
|  Industrial Conglomerates | 0.1 |
|  Trading Companies & Distributors | 0.1 |
|  Multi-Utilities | 0.1 |
|  Real Estate Management & Development | 0.1 |
|  Electronic Equipment, Instruments & Components | 0.1 |
|  Pharmaceuticals | 0.1 |
|  Health Care Equipment & Supplies | 0.1 |
|  Life Sciences Tools & Services | 0.1 |
|  Software | 0.1 |
|  Metals & Mining | 0.1 |
|  Electrical Equipment | 0.1 |
|  Commercial Services & Supplies | 0.1 |
|  Automobile Components | 0.1 |
|  Automobiles | 0.1 |
|  Personal Care Products | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Ground Transportation | 0.1 |
|  Consumer Staples Distribution & Retail | 0.1 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A81

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Energy Equipment & Services | 0.1% |
|  Hotel & Resort REITs | 0.0 \* |
|  Specialty Retail | 0.0 \* |
|  Construction Materials | 0.0 \* |
|  Distributors | 0.0 \* |
|  Beverages | 0.0 \* |
|  Electric Utilities | 0.0 \* |
|  Containers & Packaging | 0.0 \* |
|  Health Care Technology | 0.0 \* |
|  Industrial REITs | 0.0 \* |
|  Leisure Products | 0.0 \* |
|  Specialized REITs | 0.0 \* |

---

---

| | |
|:---|:---|
|  Communications Equipment | 0.0 |
|  Foods | 0.0 \* |
|  Media | 0.0 \* |
|  Miscellaneous Manufacturing | 0.0 \* |
|  Cosmetics/Personal Care | 0.0 \* |
|  Oil & Gas | 0.0 \* |
|  | 100.6 |
|  Liabilities in excess of other assets | (0.6) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | $2878 |  | $— |
|  Equity contracts | Due from/to broker-variation margin futures | 8443863 \* | Due from/to broker-variation margin futures | 5146518 \* |
|  Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 693926 |  |  |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 335844 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 419361 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 3227196 \* | Due from/to broker-variation margin futures | 2254837 \* |
|  |  | $12703707 |  | $7820716 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Futures | Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Credit contracts | $— | $— | $1134 |
|  Equity contracts | (519303) |  |  |
|  Foreign exchange contracts |  | 232409 |  |
|  Interest rate contracts | 9366980 |  |  |
|  **Total** | $8847677 | $232409 | $1134 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A82

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $(6064) |
|  Equity contracts | 26619618 |  |  |
|  Foreign exchange contracts |  | 58343 |  |
|  Interest rate contracts | 5186593 |  |  |
|  **Total** | $31806211 | $58343 | $(6064) |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $1458356836 |
|  Futures Contracts - Short Positions (1) | 582325369 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 213995831 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 234916142 |
|  Cross Currency Exchange Contracts (3) | 46052262 |
|  Credit Default Swap Agreements - Buy Protection (1) | 596000 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

(3) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| Description | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | Collateral<br>Pledged/(Received)(2) | Net<br>Amount |
| Securities on Loan | $22921169 | $(22921169) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | Gross Amounts of<br>Recognized<br>Assets(1) | Gross Amounts of<br>Recognized<br>Liabilities(1) | Net Amounts of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | Net Amount |
|  BARC | $— | $(208286) | $(208286) | $– | $(208286) |
|  BOA | 2878 |  | 2878 | – | 2878 |
|  CITI | 421369 |  | 421369 | – | 421369 |
|  ML | 272557 |  | 272557 | – | 272557 |
|  MSI | 335844 | (211075) | 124769 | – | 124769 |
|  | $1032648 | $(419361) | $613287 | $– | $613287 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A83

------

<br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $22,921,169: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,200,349,963) | $2429710044.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,420,553,875) | 1529999388.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1500.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $45,435) | 48092.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 2279539.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 2190404.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin futures | 775968.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 693926.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 335844.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 56861.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 28080.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 2878.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 1836.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 18616.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 3966142976.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 23769035.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 2070289.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 1770269.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 1100349.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 419361.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 305050.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 162621.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2811.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 29600263.0 |
|  **NET ASSETS** | $3936542713.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $3936542713.0 |
|  Net asset value and redemption price per share, $3,936,542,713 / 144,509,797 outstanding shares of beneficial interest | $27.24 |

---

---

| | |
|:---|:---|
|  **STATEMENT OF OPERATIONS** | **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 | Year Ended December 31, 2025 |
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $508,368 foreign withholding tax, of which $82,735 is reimbursable by an affiliate) | $22980413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 15390005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 2775933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $63,592) | 213366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 41359717 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 27595828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 9962393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 370640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 116769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 86814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 76470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 9782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 83528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 38312565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (6761074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 31551491 |
|  **NET INVESTMENT INCOME (LOSS)** | 9808226 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $34,463,341) | 68704969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 8847677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | 232409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (37831) |
|  | 77748358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $133,220,683) (net of change in foreign capital gains taxes $(2827)) | 259096222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 31806211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | 58343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (6064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 151306 |
|  | 291106018 |
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 368854376 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $378662602 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $9808226 | $29554019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 77748358 | 461149382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 291106018 | (225712876) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 378662602 | 264990525 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [10,136,218 and 12,104,239 shares, respectively] | 254796391 | 293428983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [34,826,823 and 39,104,982 shares, respectively] | (873212538) | (942234582) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (618416147) | (648805599) |
|  **TOTAL INCREASE (DECREASE)** | (239753545) | (383815074) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 4176296258 | 4560111332 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3936542713 | $4176296258 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A84

------

---

| | |
|:---|:---|
|  | <br> **AST J.P. MORGAN CONSERVATIVE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|
| <br> **FINANCIAL HIGHLIGHTS** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $24.68 | $23.24 | $21.06 | $24.99 | $23.16 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.06 | 0.16 | 0.18 | 0.26 | 0.15 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.50 | 1.28 | 2.00 | (4.19) | 1.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.56 | 1.44 | 2.18 | (3.93) | 1.83 |
|  Net Asset Value, end of year | $27.24 | $24.68 | $23.24 | $21.06 | $24.99 |
|  **Total Return<sup>(b)</sup>** | 10.37% | 6.20% | 10.35% | (15.73)% | 7.95% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $3937 | $4176 | $4560 | $2808 | $4912 |
|  Average net assets (in millions) | $3985 | $4468 | $4281 | $3620 | $4656 |
|  Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.79% | 0.90% | 0.91% | 0.91% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.96% | 1.02% | 1.02% | 1.03% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25% | 0.66% | 0.84% | 1.16% | 0.60% |
|  Portfolio turnover rate<sup>(d)</sup> | 21% | 72% | 73% | 192% | 192% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

A85

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO**<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 94.7%** | **LONG-TERM INVESTMENTS — 94.7%** | **LONG-TERM INVESTMENTS — 94.7%** |
|  **AFFILIATED MUTUAL FUND — 36.3%** | **AFFILIATED MUTUAL FUND — 36.3%** | **AFFILIATED MUTUAL FUND — 36.3%** |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST J.P. Morgan Fixed Income Central Portfolio\* | 62042267 | $&nbsp;&nbsp;&nbsp;&nbsp;722792407 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $659,964,622)(wa) |  |  |
|  **COMMON STOCKS — 12.8%** |  |  |
|  **Aerospace & Defense — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. (South Korea) | 2883 | 1882742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.\*(a) | 7692 | 562824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.\*(a) | 9549 | 649332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 13885 | 4836382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 1440 | 435341 |
|  |  | 8366621 |
|  **Automobile Components — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 24032 | 559225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 52900 | 2130668 |
|  |  | 2689893 |
|  **Automobiles — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. (South Korea) | 28572 | 2422149 |
|  **Banks — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank (Saudi Arabia) | 94932 | 2465870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk PT (Indonesia) | 4082100 | 1971233 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 18302 | 815720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc.(a) | 19749 | 1033663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc.(a) | 8730 | 1105480 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 108840 | 4767698 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 31139 | 779098 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 28038 | 709361 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 22612 | 540427 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock) | 23993 | 830158 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. (India), ADR | 112194 | 4099569 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | 27451 | 3575109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 263300 | 4178854 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece SA (Greece) | 119741 | 1826344 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) . | 274293 | 2406175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada (Canada) | 26358 | 4493467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia)\*^ | 43116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia), ADR\*^(a) | 18600 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc.(a) | 11005 | 790049 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 42257 | 3500008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 9281 | 1297669 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 16770 | 926375 |
|  |  | 42112329 |
|  **Beverages — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp.(a) | 53527 | 875166 |
|  **Broadline Retail — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China) | 219800 | 4035740 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 801 | 1613422 |
|  |  | 5649162 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Building Products — 0.3%** | **Building Products — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc.(a) | 8192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 9879 | 494148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Holdings, Inc.\* | 106390 | 1643725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.\* | 93572 | 611961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\*(a) | 8708 | 1162605 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAL TopCo LLC\*^ | 817799 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 6591 | 1064249 |
|  |  | 5601410 |
|  **Capital Markets — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 66163 | 2901171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. (Canada) | 34201 | 1570323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 3828 | 1302477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 67200 | 3515995 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 6858 | 1243013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami International Holdings, Inc.\*(a) | 13757 | 610536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. (Class A Stock) | 9408 | 646706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morningstar, Inc. | 5840 | 1269090 |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. (Class A Stock) | 18043 | 1157819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wealthfront Corp.\* | 34948 | 474943 |
|  |  | 14692073 |
|  **Chemicals — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 17036 | 3201984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 7057 | 1082262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 53355 | 1333341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis Novozymes B (Denmark) | 27867 | 1782945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 24240 | 667327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp.(a) | 6329 | 869035 |
|  |  | 8936894 |
|  **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. (Class A Stock)\*(a) | 14197 | 1390454 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc.(a) | 11000 | 1761540 |
|  |  | 3151994 |
|  **Communications Equipment — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 8805 | 381168 |
|  **Construction & Engineering — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. (Japan) | 113000 | 2364854 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp.(a) | 67665 | 1274132 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc. (Canada) | 10712 | 1939562 |
|  |  | 5578548 |
|  **Construction Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 5360 | 1107805 |
|  **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 4662 | 419720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc. (The)\* | 8522 | 531176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\*(a) | 11772 | 1058538 |
|  |  | 2009434 |
|  **Containers & Packaging — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 5718 | 697367 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A86

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Distributors — 0.1%** | **Distributors — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 4161 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951829 |
|  **Diversified Consumer Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 13186 |  | 1337060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\*(a) | 51234 |  | 759288 |
|  |  |  | 2096348 |
|  **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 69777 |  | 2271315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 853200 |  | 2768261 |
|  |  |  | 5039576 |
|  **Electric Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 17877 |  | 857917 |
|  **Electrical Equipment — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 20826 |  | 3096051 |
|  **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc.(a) | 5704 |  | 994835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bel Fuse, Inc. (Class B Stock) | 2523 |  | 427977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet (Thailand)\*(a) | 2372 |  | 1079924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 11868 |  | 1412173 |
|  |  |  | 3914909 |
|  **Energy Equipment & Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc. (Class A Stock) | 25387 |  | 1159678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowco Holdings, Inc. (Class A Stock) | 34508 |  | 646680 |
|  |  |  | 1806358 |
|  **Food Products — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 10991 |  | 669682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA. | 36098 |  | 3583056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 86220 |  | 894963 |
|  |  |  | 5147701 |
|  **Ground Transportation — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 7325 |  | 1052602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\*(a) | 3134 |  | 1023314 |
|  |  |  | 2075916 |
|  **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 55818 |  | 1211809 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 4428 |  | 1400124 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\*(a) | 8009 |  | 1142644 |
|  |  |  | 3754577 |
|  **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 2690 |  | 1150943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 45703 |  | 899435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 10577 |  | 1122643 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\*(a) | 11058 |  | 1013023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 3092 |  | 536586 |
|  |  |  | 4722630 |
|  **Health Care Technology — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc. (Class A Stock)\* | 15140 |  | 670399 |
|  **Hotel & Resort REITs — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc.(a) | 13054 |  | 1235170 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
|  **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 83886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 7015 | 671336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc. (Class A Stock)\* | 11746 | 1274089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\* | 7767 | 630447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc.(a) | 2998 | 398134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 15174 | 1146548 |
|  |  | 6778486 |
|  **Household Durables — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 180100 | 4619743 |
|  **Industrial Conglomerates — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 16345 | 4577852 |
|  **Industrial REITs — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 3631 | 646826 |
|  **Insurance — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accelerant Holdings (Cayman Islands) (Class A Stock)\*(a) | 28479 | 465632 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 215400 | 2217132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. (The)\*(a) | 25757 | 618941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. (Canada) | 8766 | 1824858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc.(a) | 2610 | 1020823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 5457 | 3591178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune Insurance Holdings, Inc. (Class A Stock)\* | 16645 | 485368 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 13366 | 855157 |
|  |  | 11079089 |
|  **Interactive Media & Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 79100 | 6070413 |
|  **Leisure Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 8068 | 643988 |
|  **Life Sciences Tools & Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 4654 | 3137820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 779 | 437525 |
|  |  | 3575345 |
|  **Machinery — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliance Laundry Holdings, Inc.\*(a) | 26412 | 537484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class A Stock) | 180281 | 3209467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 94231 | 816040 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. (Japan) | 110800 | 1947930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 3360 | 805190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp. (The)\* | 3037 | 451511 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 2997 | 1343945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB (Sweden) (Class B Stock) | 90586 | 2882867 |
|  |  | 11994434 |
|  **Metals & Mining — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GMK Norilskiy Nickel PAO (Russia)\*^ | 143900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GMK Norilskiy Nickel PAO (Russia), ADR\*^ | 8 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A87

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
|  **Metals & Mining (cont'd.)** | **Metals & Mining (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnitogorsk Iron & Steel Works PJSC (Russia)\*^ | 112615 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 39788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO (Russia), GDR\*^ | 11949 | 2 |
|  |  | 3204967 |
|  **Multi-Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 163716 | 4300713 |
|  **Oil, Gas & Consumable Fuels — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 7788 | 932068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC (Russia)\*^ | 165440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novatek PJSC (Russia)\*^ | 5822 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rosneft Oil Co. PJSC (Russia)\*^ | 30688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC. | 167659 | 6178611 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 41497 | 775994 |
|  |  | 7886674 |
|  **Personal Care Products — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. (Japan) | 52100 | 2079392 |
|  **Pharmaceuticals — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 27277 | 3758661 |
|  **Professional Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Andersen Group, Inc. (Class A Stock)\* | 16019 | 415373 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Advantage Corp.\*(a) | 55591 | 807737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 8074 | 1231285 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 44347 | 1806278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 46625 | 1044866 |
|  |  | 5305539 |
|  **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colliers International Group, Inc. (Canada) | 8164 | 1200190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 72891 | 1180105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 169800 | 1929654 |
|  |  | 4309949 |
|  **Semiconductors & Semiconductor Equipment — 1.2%** | **Semiconductors & Semiconductor Equipment — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 32864 | 866952 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) | 3611 | 3890925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 59187 | 2582386 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holdings, Inc.\* | 9799 | 1678373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc.(a) | 26443 | 939784 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. (South Korea) | 9187 | 4160592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 94000 | 4620785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 17877 | 5432642 |
|  |  | 24172439 |
|  **Software — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings,<br>Inc.\*(a) | 83240 | 661758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. (Class A Stock)\*(a) | 37006 | 892585 |
| &nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc.\* | 20646 | 529363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\*(a) | 5435 | 722311 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |  |
|  **Software (cont'd.)** | **Software (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 6151 | $| 548239 |
|  |  |  |  | 3354256 |
|  **Specialized REITs — 0.0%** | **Specialized REITs — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart |  | 12451 |  | 448859 |
|  **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 2995 |  | 564138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc. (Class A Stock)\*(a) | &nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc. (Class A Stock)\*(a) | 25572 |  | 557214 |
|  |  |  |  | 1121352 |
|  **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 4096 |  | 1051730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | &nbsp;&nbsp;&nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 25529 |  | 1326742 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 175000 |  | 2211442 |
|  |  |  |  | 4589914 |
|  **TOTAL COMMON STOCKS**<br> (cost $226,816,367) | **TOTAL COMMON STOCKS**<br> (cost $226,816,367) |  |  | 254160285 |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 44.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 44.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 44.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 44.0%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 44.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Growth ETF | 1707300 |  | 158437440 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Active Value ETF | 2240303 |  | 160674531 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Global Select Equity ETF(a) | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Global Select Equity ETF(a) | 5968572 |  | 403893268 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Ultra-Short Income ETF(a) | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Ultra-Short Income ETF(a) | 2997129 |  | 151624756 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $821,032,227) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $821,032,227) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $821,032,227) |  | 874629995 |
|  |  | **Principal**<br>**Amount**<br>**(000)#** |  |  |
|  **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** |  |  |
|  **Foods** |  |  |  |  |
|  Moran Foods LLC, | Moran Foods LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLFO PIK Term Loan, 3 Month SOFR + 11.352% |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.023%(c) | 06/30/26^ | 215 |  | 53460 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan, 3 Month SOFR + 11.352% | &nbsp;&nbsp;&nbsp;&nbsp; First Lien A R 2023 FLSO PIK Term Loan, 3 Month SOFR + 11.352% |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.023%(c) | 06/30/26^ | 146 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% | &nbsp;&nbsp;&nbsp;&nbsp; Super Senior Delayed Draw Term Loan, 1 Month SOFR + 11.600% |
| &nbsp;&nbsp;&nbsp;&nbsp; 16.909%(c) | 06/30/26^ | 6 |  | 6041 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $342,048) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $342,048) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $342,048) |  | 59501 |
|  **U.S. TREASURY OBLIGATIONS(k) — 1.6%** | **U.S. TREASURY OBLIGATIONS(k) — 1.6%** | **U.S. TREASURY OBLIGATIONS(k) — 1.6%** |  |  |
|  U.S. Treasury Notes | U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/31/27 | 2460 |  | 2475663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/31/26 | 29496 |  | 29499457 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $31,969,365) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $31,969,365) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $31,969,365) |  | 31975120 |
|  **TOTAL LONG-TERM INVESTMENTS—94.7%**<br> (cost $1,740,124,629) | **TOTAL LONG-TERM INVESTMENTS—94.7%**<br> (cost $1,740,124,629) | **TOTAL LONG-TERM INVESTMENTS—94.7%**<br> (cost $1,740,124,629) |  | 1883617308 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A88

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **SHORT-TERM INVESTMENTS — 11.5%** | **SHORT-TERM INVESTMENTS — 11.5%** |  |
|  **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** | **AFFILIATED MUTUAL FUNDS** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) . | 105239630 | $105239630 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $122,753,945; includes $122,672,705 of cash collateral for securities on<br>loan)(b)(wa) | 122828599 | 122754902 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $227,993,575) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $227,993,575) | 227994532 |
|  **TOTAL INVESTMENTS—106.2%**<br> (cost $1,968,118,204) |  | 2111611840 |
|  **Liabilities in excess of other assets(z) — (6.2)%** | **Liabilities in excess of other assets(z) — (6.2)%** | (122667124) |
|  **NET ASSETS — 100.0%** |  | $1988944716 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $59,587 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $119,432,657; cash collateral of $122,672,705 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 325 | 5 Year U.S. Treasury Notes | Mar. 2026 | $35524024 | $(107117) |
| 709 | 10 Year U.K. Gilt | Mar. 2026 | 87321994 | 463015 |
| 589 | 10 Year U.S. Treasury Notes | Mar. 2026 | 66225688 | (378285) |
| 108 | Euro STOXX 50 Index | Mar. 2026 | 7413491 | 46193 |
| 463 | Euro-BTP Italian Government Bond | Mar. 2026 | 65392053 | (124301) |
| 129 | FTSE 100 Index | Mar. 2026 | 17285963 | 369596 |
| 991 | Mini MSCI EAFE Index | Mar. 2026 | 143799055 | 585215 |
| 98 | S&P 500 E-Mini Communication Services Sector Index | Mar. 2026 | 15190000 | 171302 |
| 246 | S&P 500 E-Mini Financials Sector Index | Mar. 2026 | 41760345 | (122882) |
| 933 | S&P 500 E-Mini Index | Mar. 2026 | 321535125 | (3486016) |
| 107 | S&P 500 E-Mini Technology Sector Index | Mar. 2026 | 31300710 | 15299 |
| 176 | S&P 500 E-Mini Utilities Sector Index | Mar. 2026 | 15262720 | (32036) |
| 68 | TOPIX Index | Mar. 2026 | 14818565 | 160735 |
|  |  |  |  | (2439282) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 452 | 10 Year Euro-Bund | Mar. 2026 | 67763959 | (105168) |
| 116 | 10 Year Japanese Bonds | Mar. 2026 | 98056435 | 774235 |
| 261 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 30798000 | 480757 |
| 416 | DJ US Real Estate Index | Mar. 2026 | 14884480 | 36483 |
| 590 | Mini MSCI Emerging Markets Index | Mar. 2026 | 41636300 | (396167) |
| 753 | Russell 2000 E-Mini Index | Mar. 2026 | 94049700 | 4356284 |
| 258 | S&P 500 E-Mini Consumer Staples Sector Index | Mar. 2026 | 20371680 | 345199 |
| 219 | S&P 500 E-Mini Materials Sector Index | Mar. 2026 | 21212340 | (148267) |
|  |  |  |  | 5343356 |
|  |  |  |  | $2904074 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A89

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | ML | AUD | 70329 | $46933062 | $46940315 | $7253 | $— |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | GBP | 11321 | 15139379 | 15259258 | 119879 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 40017 | 47035949 | 47077225 | 41276 |  |
|  |  |  |  | $109108390 | $109276798 | 168408 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | SEK | 145510 | $15718756 | $15823548 | $— | $(104792) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CHF | 48941 | 61836101 | 61933428 |  | (97327) |
|  |  |  |  | $77554857 | $77756976 |  | (202119) |
|  |  |  |  |  |  | $168408 | $(202119) |

---

#### Cross currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | In Exchange<br>For (000) | Unrealized<br>Appreciation | Unrealized<br>Depreciation | Counterparty |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |  |  |  |  |
|  01/22/26 | Buy | SEK | 120759 | EUR 11,046 | $137721 | $— | ML |
|  01/22/26 | Buy | SEK | 165853 | EUR 15,150 | 212915 |  | CITI |
|  |  |  |  |  | $350636 | $— |  |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  GS | $– | $29910490 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A90

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Mutual Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $722792407 | $— | $— |
|  Common Stocks | 111638733 | 142521466 | 86 |
|  Unaffiliated Exchange-Traded Funds | 874629995 |  |  |
|  Floating Rate and Other Loans |  |  | 59501 |
|  U.S. Treasury Obligations |  | 31975120 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 227994532 |  |  |
|  **Total** | $1937055667 | $174496586 | $59587 |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $7804313 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | 168408 |  |
|  OTC Cross Currency Exchange Contracts |  | 350636 |  |
|  **Total** | $7804313 | $519044 | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(4900239) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | (202119) |  |
|  **Total** | $(4900239) | $(202119) | $— |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (6.2% represents investments purchased with collateral from securities on loan) | 47.8 |
|  Unaffiliated Exchange-Traded Funds | 44.0 |
|  Banks | 2.1 |
|  U.S. Treasury Obligations | 1.6 |
|  Semiconductors & Semiconductor Equipment | 1.2 |
|  Capital Markets | 0.7 |
|  Machinery | 0.6 |
|  Insurance | 0.6 |
|  Chemicals | 0.5 |
|  Aerospace & Defense | 0.4 |
|  Oil, Gas & Consumable Fuels | 0.4 |
|  Hotels, Restaurants & Leisure | 0.3 |
|  Interactive Media & Services | 0.3 |
|  Broadline Retail | 0.3 |
|  Building Products | 0.3 |
|  Construction & Engineering | 0.3 |
|  Professional Services | 0.3 |
|  Food Products | 0.3 |
|  Diversified Telecommunication Services | 0.3 |
|  Health Care Providers & Services | 0.2 |
|  Household Durables | 0.2 |
|  Trading Companies & Distributors | 0.2 |
|  Industrial Conglomerates | 0.2 |

---

---

| | |
|:---|:---|
|  Real Estate Management & Development | 0.2% |
|  Multi-Utilities | 0.2 |
|  Electronic Equipment, Instruments & Components | 0.2 |
|  Pharmaceuticals | 0.2 |
|  Health Care Equipment & Supplies | 0.2 |
|  Life Sciences Tools & Services | 0.2 |
|  Software | 0.2 |
|  Metals & Mining | 0.2 |
|  Commercial Services & Supplies | 0.2 |
|  Electrical Equipment | 0.2 |
|  Automobile Components | 0.1 |
|  Automobiles | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Personal Care Products | 0.1 |
|  Ground Transportation | 0.1 |
|  Consumer Staples Distribution & Retail | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Hotel & Resort REITs | 0.1 |
|  Specialty Retail | 0.1 |
|  Construction Materials | 0.1 |
|  Distributors | 0.1 |
|  Beverages | 0.0 \* |
|  Electric Utilities | 0.0 \* |
|  Containers & Packaging | 0.0 \* |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A91

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Health Care Technology | 0.0 |
|  Industrial REITs | 0.0 \* |
|  Leisure Products | 0.0 \* |
|  Specialized REITs | 0.0 \* |
|  Communications Equipment | 0.0 \* |
|  Foods | 0.0 \* |
|  | 106.2 |
|  Liabilities in excess of other assets | (6.2) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br>**value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Equity contracts | Due from/to broker-variation<br>margin futures | $6086306 \* | Due from/to broker-variation<br>margin futures | $4185368 \* |
|  Foreign exchange contracts | Unrealized appreciation on OTC<br>cross currency exchange contracts | 350636 |  |  |
|  Foreign exchange contracts | Unrealized appreciation on OTC<br>forward foreign currency<br>exchange contracts | 168408 | Unrealized depreciation on OTC<br>forward foreign currency<br>exchange contracts | 202119 |
|  Interest rate contracts | Due from/to broker-variation<br>margin futures | 1718007 \* | Due from/to broker-variation<br>margin futures | 714871 \* |
|  |  | $8323357 |  | $5102358 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
|  |  | Forward |
|  |  | & Cross |
|  |  | Currency |
| Derivatives not accounted for as hedging |  | Exchange |
| **instruments, carried at fair value** | Futures | Contracts |
|  Equity contracts | $28366162 | $— |
|  Foreign exchange contracts. |  | (112287) |
|  Interest rate contracts | 6143263 |  |
|  **Total** | $34509425 | $(112287) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A92

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025**  |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
|  |  | Forward |
|  |  | & Cross |
| Derivatives not accounted for |  | Currency |
| as hedging instruments, |  | Exchange |
| **carried at fair value** | Futures | Contracts |
|  Equity contracts | $16652000 | $— |
|  Foreign exchange contracts |  | 170052 |
|  Interest rate contracts | 2952930 |  |
|  **Total** | $19604930 | $170052 |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $904601030 |
|  Futures Contracts - Short Positions (1) | 351230096 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 112816751 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 123422891 |
|  Cross Currency Exchange Contracts (3) | 23210400 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

(3) Value at Trade Date.

#### Financial Instruments/Transactions–Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  | Gross Market |  |  |
|  | Value of |  |  |
|  | Recognized | Collateral | Net |
| Description | Assets/(Liabilities) | Pledged/(Received)(2) | Amount |
|  Securities on Loan | $119432657 | $(119432657) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Gross Amounts of | Gross Amounts of | Net Amounts of | | |
|  | Recognized | Recognized | Recognized | Collateral | |
| **Counterparty** | Assets(1) | Liabilities(1) | Assets/(Liabilities) | Pledged/(Received)(2) | Net Amount |
|  BARC | $— | $(202119) | $(202119) | $— | $(202119) |
|  CITI | 374070 |  | 374070 |  | 374070 |
|  ML | 144974 |  | 144974 |  | 144974 |
|  | $519044 | $(202119) | $316925 | $— | $316925 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A93

------

<br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>

**STATEMENT OF ASSETS AND LIABILITIES** 

as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $119,432,657: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,080,160,007) | $1160824901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $887,958,197) | 950786939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $85,425) | 85777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 1432207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 1267766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 350636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 168408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 21286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2114941351 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 122672705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 879934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 644540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 638137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 612613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 262207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 202119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 82331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax liability accrued | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 125996635 |
|  **NET ASSETS** | $1988944716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $1988944716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share, $1,988,944,716 / 74,304,854 outstanding shares of beneficial interest | $26.77 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $18379468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 9949019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1523638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $72,892) | 224257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 30076382 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 14013324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 5058962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 203172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 99985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee. | 86814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 42680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 10715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 72330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 19598323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (3720660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 15877663 |
|  **NET INVESTMENT INCOME (LOSS)** | 14198719 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $7,313,421) (net of foreign capital gains taxes $3,372) | 21791880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 34509425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (112287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 70774 |
|  | 56259792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $39,947,649) (net of change in foreign capital gains taxes $(4159)) | 140258228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 19604930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | 170052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 98240 |
|  | 160131450 |
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 216391242 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $230589961 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Year Ended<br>December 31, 2024 |
|  **INCREASE (DECREASE) IN NET ASSETS OPERATIONS** |  |  |
|  **Net investment income (loss)** | $14198719 | $22212188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 56259792 | 388526890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 160131450 | (198837960) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 230589961 | 211901118 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [2,915,838 and 2,748,546 shares, respectively] | 69590615 | 63797728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [17,900,240 and 19,270,066 shares, respectively] | (435097380) | (444396969) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (365506765) | (380599241) |
|  **TOTAL INCREASE (DECREASE)** | (134916804) | (168698123) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2123861520 | 2292559643 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1988944716 | $2123861520 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A94

------

<br> **AST J.P. MORGAN MODERATE MULTI-ASSET PORTFOLIO** *(*CONTINUED*)* <br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance(a):** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $23.79 | $21.67 | $19.02 | $22.91 | $20.38 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.18 | 0.23 | 0.26 | 0.20 | 0.12 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.80 | 1.89 | 2.39 | (4.09) | 2.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.98 | 2.12 | 2.65 | (3.89) | 2.53 |
|  Net Asset Value, end of year | $26.77 | $23.79 | $21.67 | $19.02 | $22.91 |
|  **Total Return(b)** | 12.53% | 9.83% | 13.88% | (16.98)% | 12.41% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $1989 | $2124 | $2293 | $2163 | $3376 |
|  Average net assets (in millions) | $2024 | $2272 | $2196 | $2612 | $3416 |
|  Ratios to average net assets(c): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.78% | 0.96% | 0.99% | 1.03% | 1.04 %(d) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.96% | 1.04% | 1.04% | 1.04% | 1.04 %(d) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.70% | 0.98% | 1.30% | 1.00% | 0.56% |
|  Portfolio turnover rate(e) | 35% | 105% | 76% | 136% | 113% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The expense ratio includes interest and dividend expenses on securities sold short and broker fees and expenses on short sales of 0.01% for the year ended December 31, 2021.

(e) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A95

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS — 84.9%** | **LONG-TERM INVESTMENTS — 84.9%** | **LONG-TERM INVESTMENTS — 84.9%** |
|  **AFFILIATED MUTUAL FUNDS — 9.9%** | **AFFILIATED MUTUAL FUNDS — 9.9%** | **AFFILIATED MUTUAL FUNDS — 9.9%** |
|  **Domestic Equity — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST Small-Cap Equity Portfolio\* | 177797 | $&nbsp;&nbsp;&nbsp;&nbsp;15308364 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM Jennison Blend Portfolio\* | 330075 | 48111732 |
|  |  | 63420096 |
|  **Fixed Income — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AST PGIM Fixed Income Central Portfolio\* | 13377016 | 159855347 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSF PGIM High Yield Bond Portfolio\* | 252991 | 1980922 |
|  |  | 161836269 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $197,627,670)(wa)**.** |  | 225256365 |
|  **COMMON STOCKS — 32.4%** |  |  |
|  **Aerospace & Defense — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 13462 | 3126199 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 6100 | 700036 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC (United Kingdom) | 28261 | 650429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elbit Systems Ltd. (Israel) | 438 | 251467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA (Brazil), ADR | 15764 | 1014729 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 2700 | 908982 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 5900 | 1817377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. (South Korea) | 179 | 116896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 5522 | 1132120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA (Italy) | 7854 | 449253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 700 | 338569 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG (Germany) | 364 | 150888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 2225 | 1268717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG (Germany) | 920 | 1678443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC (United Kingdom) | 105595 | 1633102 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 3900 | 715260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB (Sweden) (Class B Stock) | 3840 | 222798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA (France) | 8342 | 2905661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. (Singapore) | 128600 | 840285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA (France) | 1974 | 532518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 300 | 90696 |
|  |  | 20544425 |
|  **Air Freight & Logistics — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 400 | 64304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Germany) | 19650 | 1071430 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S (Denmark) | 266 | 66994 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 800 | 231088 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 2900 | 287651 |
|  |  | 1721467 |
|  **Automobile Components — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. (Japan) | 8800 | 164879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 7800 | 593502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aumovio SE (Germany)\* | 3717 | 186639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. (Japan) | 8000 | 179994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA (France) | 1822 | 60392 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Automobile Components (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. (Japan) | 15200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612215 |
|  |  | 1797621 |
|  **Automobiles — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) | 4863 | 527321 |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. (China) (Class H Stock) | 20734 | 253385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV (Italy) | 375 | 139355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 34700 | 455264 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 9900 | 805068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. (Japan) | 100000 | 981467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. (Japan) | 51600 | 805328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. (India) | 6278 | 259276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG (Germany) | 12901 | 894324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 22937 | 251176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. (Japan) | 14200 | 305744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\*(a) | 10390 | 4672591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. (Japan) | 118500 | 2545036 |
|  |  | 12895335 |
|  **Banks — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), 144A, CVA | 10241 | 357809 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group PLC (Ireland) | 160533 | 1716154 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. (Australia) | 47672 | 1152595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA (Spain) | 75545 | 1772076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain) | 165537 | 1948452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Hapoalim BM (Israel) | 27514 | 622286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel BM (Israel) | 25198 | 555306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 20400 | 1122000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC (Ireland) | 12424 | 237613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom) | 515560 | 3300166 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (France) | 31841 | 3012383 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. (China) | 116000 | 588699 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA (Italy) | 7644 | 103289 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA (Spain) | 166963 | 2041310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 11100 | 1295259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (Germany) | 1710 | 72170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia (Australia) | 12448 | 1328688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA (France) | 25122 | 517209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S (Denmark) | 11888 | 593643 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. (Singapore) | 29440 | 1289609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG (Austria) | 1828 | 219194 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA (Italy) | 10768 | 278994 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom) | 312566 | 4918520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 5000 | 86750 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands) | 110350 | 3101744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Italy) | 117499 | 811930 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 8200 | 2642204 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV (Belgium) | 3652 | 475622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom) | 696625 | 921435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan) | 206300 | 3274203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan) | 9500 | 346698 |

---

A96

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. (Australia) | 20578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578587 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom) | 163375 | 1433172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp (Finland) | 61069 | 1148968 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd. (Brazil) (Class A Stock)\* | 47734 | 799067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. (Singapore) | 35300 | 542322 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 4300 | 897539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp.(a) | 22200 | 601620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. (Japan) | 51500 | 490163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (Russia)\*^ | 151076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA (France) | 12524 | 1008232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC (United Kingdom) | 38490 | 939173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan) | 76500 | 2460348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB (Sweden) (Class A Stock) | 5885 | 85259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB (Sweden) (Class A Stock) | 23311 | 808776 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 17641 | 941324 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA (Italy) | 20233 | 1675833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 30808 | 2871306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. (Australia) | 24267 | 622728 |
|  |  | 58608427 |
|  **Beverages — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA/NV (Belgium) | 12806 | 821903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. (Japan) | 36600 | 383634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 7600 | 531316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 900 | 137970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC (United Kingdom)(a) | 7962 | 722153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (Italy)\* | 3445 | 178222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 12755 | 274844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. (Japan) | 17100 | 255970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\*(a) | 10400 | 797368 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 2200 | 315744 |
|  |  | 4419124 |
|  **Biotechnology — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc.(a) | 9884 | 2258395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 200 | 79530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 2700 | 883737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands)\* | 1384 | 1167465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (Netherlands), ADR\* | 1018 | 856087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 1600 | 281584 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. (Australia) | 6220 | 715807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 2700 | 118341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc.(a) | 9300 | 1141482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols SA (Spain) | 4548 | 56848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 3200 | 316064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 1100 | 156013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 882 | 680789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (Sweden)\* | 3144 | 112829 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Biotechnology (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 771 | 349541 |
|  |  | 9271962 |
|  **Broadline Retail — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. (China), ADR | 2975 | 436076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 41912 | 9674128 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 4800 | 418080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 20600 | 454230 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 109 | 219554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next PLC (United Kingdom) | 4893 | 900802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. (Japan) | 31300 | 186451 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc. (China), ADR\* | 2315 | 262498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (China)\* | 16163 | 1000796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. (Singapore), ADR\* | 5393 | 687985 |
|  |  | 14240600 |
|  **Building Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB (Sweden) (Class B Stock) | 6403 | 247353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 14347 | 758095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA (France) | 9482 | 964243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 1600 | 191600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 4900 | 548359 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S (Denmark) (Class B Stock) | 8050 | 282828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 1505 | 585746 |
|  |  | 3578224 |
|  **Capital Markets — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC (United Kingdom) | 12906 | 565913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 620 | 304011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (France), 144A | 7355 | 607889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 9300 | 1079637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 5625 | 867038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 10800 | 1079028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. (Japan) | 12700 | 111300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany) | 27709 | 1067881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 10800 | 258012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd. (Hong Kong), ADR\* | 2268 | 372428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 400 | 351600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 13582 | 710629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huatai Securities Co. Ltd. (China) (Class A Stock) | 102400 | 346431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 600 | 97176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 16400 | 430828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 12000 | 570840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. (Japan) | 11100 | 118477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. (Switzerland) | 1170 | 91413 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC (United Kingdom) | 5267 | 633560 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 200 | 71434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (Australia) | 1015 | 137157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 11486 | 2039110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 7700 | 747901 |

---

A97

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |
|  **Capital Markets (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. (Japan) | 68900 | $573969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 3500 | 478065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG (Switzerland) | 477 | 585270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 4200 | 674478 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 2000 | 1045180 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. (Japan) | 17800 | 383590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC (United Kingdom) | 62418 | 341206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. (Singapore) | 38800 | 510761 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 500 | 64505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 500 | 62610 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 800 | 81904 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Switzerland) | 50573 | 2335188 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. (Brazil) (Class A Stock) | 21131 | 345914 |
|  |  | 20142333 |
|  **Chemicals — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA (France) | 2936 | 551833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema SA (France) | 638 | 38882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. (Japan) | 98500 | 875542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. | 2000 | 84560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc.(a) | 9900 | 663597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 1800 | 114894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 1000 | 262520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG (Germany) | 7584 | 118357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Switzerland) | 24 | 94950 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd. (Israel) | 12512 | 71948 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 3800 | 256082 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG (Germany) | 11489 | 235426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 1100 | 469029 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock) | 3400 | 147220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. (Japan) | 20800 | 121755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. (Australia) | 40763 | 658365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 1300 | 421239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. (Japan) | 16100 | 500084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA (Brazil) | 16300 | 667029 |
|  |  | 6353312 |
|  **Commercial Services & Supplies — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. (Australia) | 41148 | 628343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. (Japan) | 19600 | 337394 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. (Canada) | 3000 | 308610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 1100 | 66022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB (Sweden) (Class B Stock) | 18536 | 294780 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. (Japan) | 11900 | 353748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 2900 | 289362 |
|  |  | 2278259 |
|  **Communications Equipment — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 4000 | 524120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 3200 | 748384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 9900 | 762597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ (Finland) | 75080 | 484046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock) | 75876 | 738429 |
|  |  | 3257576 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |  |
|  **Construction & Engineering — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA (Spain) | 5643 | $| 560154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA (France) | 9985 |  | 519074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA (France) | 4189 |  | 600198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE(a) | 1725 |  | 111764 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG (Germany) | 1403 |  | 549249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. (Japan) | 13300 |  | 495924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 500 |  | 211030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB (Sweden) (Class B Stock) | 8997 |  | 245153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. (Japan) | 6300 |  | 597057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA (France) | 11552 |  | 1625171 |
|  |  |  | 5514774 |
|  **Construction Materials — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 8821 |  | 1096111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG (Germany) | 470 |  | 121851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG\* | 5683 |  | 553242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 300 |  | 186798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co.(a) | 2560 |  | 730163 |
|  |  |  | 2688165 |
|  **Consumer Finance — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 7300 |  | 330617 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 5114 |  | 1891924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 4300 |  | 1042148 |
|  |  |  | 3264689 |
|  **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. (Australia) | 23810 |  | 340323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 1870 |  | 1612576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 2000 |  | 265540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 700 |  | 86107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group Ltd. (Australia) | 45830 |  | 111740 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury PLC (United Kingdom) | 10989 |  | 48145 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Health International, Inc. (China), 144A\* | 17684 |  | 126649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV (Netherlands) | 26128 |  | 1071428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 8600 |  | 537328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group PLC (United Kingdom) | 23355 |  | 103930 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. (Japan) | 24900 |  | 431108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 4800 |  | 353712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 700 |  | 68425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco PLC (United Kingdom) | 306425 |  | 1822257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. (Japan) | 8400 |  | 154336 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 4300 |  | 323876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 19312 |  | 2151550 |
|  |  |  | 9609030 |
|  **Containers & Packaging — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 2600 |  | 137722 |
|  **Distributors — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group (Belgium) | 930 |  | 167513 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 2300 |  | 69460 |
|  |  |  | 236973 |

---

A98

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |  |
|  **Diversified Consumer Services — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT, Inc | 53700 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson PLC (United Kingdom) | 17475 |  | 247080 |
|  |  |  | 680439 |
|  **Diversified REITs — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA (France) | 4619 |  | 306612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 167806 |  | 4977126 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) (Australia) | 47995 |  | 173194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group (Australia) | 224491 |  | 305999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland (Australia) | 163002 |  | 621480 |
|  |  |  | 6384411 |
|  **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 29200 |  | 725328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 80066 |  | 2606233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ (Finland) | 3223 |  | 142830 |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. (Hong Kong), UTS | 58000 |  | 85884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV (Netherlands) | 108235 |  | 505751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP (Belgium) | 36774 |  | 305398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. (Singapore) | 30000 |  | 106140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB (Sweden) | 82331 |  | 351880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. (Australia) | 325344 |  | 1055599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 24600 |  | 1001958 |
|  |  |  | 6887001 |
|  **Electric Utilities — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA (Spain) | 620 |  | 134936 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc.(a) | 7000 |  | 807170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. (Japan) | 5300 |  | 81655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1200 |  | 423924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 700 |  | 82047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 1200 |  | 72024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA/NV (Belgium) | 1236 |  | 159052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA (Spain) | 8689 |  | 312636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA (Italy) | 290773 |  | 3023264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 3517 |  | 325076 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 11500 |  | 514855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA (Spain) | 47884 |  | 1036851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) (Japan) | 16300 |  | 255987 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc.(a) | 14815 |  | 1189348 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 2600 |  | 414024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. (Australia) | 19096 |  | 145827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 12711 |  | 1108399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale (Italy) | 34720 |  | 369376 |
|  |  |  | 10456451 |
|  **Electrical Equipment — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Switzerland) | 35247 |  | 2598322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 2816 |  | 896924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. (Japan) | 4633 |  | 351344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. (Japan) | 5100 |  | 565567 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 1700 |  | 1111069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA (France) | 3817 |  | 567446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 29400 |  | 857211 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIDEC Corp. (Japan) | 4000 |  | 54312 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |  |
|  **Electrical Equipment (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 3900 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA (Italy) | 3878 |  | 386859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 1400 |  | 544698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 6049 |  | 1654857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 15729 |  | 2206599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co. (Class A Stock) | 2000 |  | 324020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S (Denmark) | 15540 |  | 420314 |
|  |  |  | 12937225 |
|  **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 5304 |  | 716783 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 500 |  | 68100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 700 |  | 129199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 6700 |  | 586652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. (Taiwan) | 11301 |  | 344725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 21015 |  | 997474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. (Japan) | 300 |  | 108517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 1100 |  | 223509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. (Japan) | 37200 |  | 521496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. (Japan) | 32400 |  | 669642 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. (Japan) | 12900 |  | 182506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 6500 |  | 241670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 1100 |  | 267102 |
|  |  |  | 5057375 |
|  **Energy Equipment & Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. | 21875 |  | 996187 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 7900 |  | 352024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 6100 |  | 117705 |
|  |  |  | 1465916 |
|  **Entertainment — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 14500 |  | 1359520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. (Japan) | 19500 |  | 476317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. (Japan) | 21502 |  | 1451698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc.\* | 1600 |  | 173584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA\* | 2357 |  | 1368733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 400 |  | 102412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group (China), ADR | 18396 |  | 322482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 20419 |  | 2323070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 9600 |  | 276672 |
|  |  |  | 7854488 |
|  **Financial Services — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (Netherlands), 144A\* | 282 |  | 454746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA (Italy) | 26313 |  | 597477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 5700 |  | 2865105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE (France) | 5291 |  | 116963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 9000 |  | 598140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 4200 |  | 282114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 3900 |  | 301860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB (Sweden) (Class A Stock) | 2167 |  | 97078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB (Sweden) (Class B Stock) | 40329 |  | 1437148 |

---

A99

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Financial Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G PLC (United Kingdom) | 35984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 6195 | 3536602 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 30000 | 877418 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 3900 | 227682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (Italy), 144A | 12674 | 318167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. (Class A Stock) | 4400 | 1543124 |
|  |  | 13392155 |
|  **Food Products — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 700 | 62356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 34600 | 598926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA (France) | 9114 | 822074 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 10700 | 497550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 1400 | 154364 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Co. (The) | 1100 | 107591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (Netherlands) (XAMS)\* | 2706 | 43300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (Netherlands) (BATE)\* | 4018 | 63774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 7370 | 396727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA (Norway) | 6862 | 165065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA. | 31235 | 3100359 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Hong Kong), 144A | 612500 | 682334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamazaki Baking Co. Ltd. (Japan)(a) | 21200 | 444818 |
|  |  | 7139238 |
|  **Gas Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 4800 | 384288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA (Spain) | 26850 | 817538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. (Japan) | 20600 | 715786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA (Italy) | 74642 | 495987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. (Japan) | 5500 | 218044 |
|  |  | 2631643 |
|  **Ground Transportation — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. (Canada) | 4060 | 401548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. (Canada) | 1482 | 109120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. (Japan) | 1600 | 44320 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 22900 | 830125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 11500 | 939665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 900 | 208188 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. (Japan) | 17605 | 350782 |
|  |  | 2883748 |
|  **Health Care Equipment & Supplies — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 1600 | 200464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton, Dickinson & Co. | 800 | 155256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 6400 | 610240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S (Denmark) (Class B Stock) | 1000 | 85735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 9927 | 846277 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA (France) | 6385 | 2018924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 25867 | 562011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. (Japan) | 9700 | 1471195 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Health Care Equipment & Supplies (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 900 | $608877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 400 | 113696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 2300 | 1302628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 12108 | 1163094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (Germany), 144A | 1283 | 67252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) | 16150 | 268590 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 2200 | 557744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 1952 | 686069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. (Japan) | 8700 | 126456 |
|  |  | 10844508 |
|  **Health Care Providers & Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 3800 | 780900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 13200 | 543180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 1200 | 330276 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 11600 | 920576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG (Germany) | 12926 | 617418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA (Germany) | 10766 | 616804 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 100 | 46686 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 500 | 410145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. (Australia) | 42578 | 641096 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 3200 | 1056352 |
|  |  | 5963433 |
|  **Health Care REITs — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 137911 | 6490092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc.(a) | 35700 | 574056 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 39812 | 3040442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 2000 | 154760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 98819 | 18341795 |
|  |  | 28601145 |
|  **Hotel & Resort REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 26800 | 475164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 15007 | 1419962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 208977 | 1868255 |
|  |  | 3763381 |
|  **Hotels, Restaurants & Leisure — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (Spain) | 2827 | 209229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 15600 | 575016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. (Australia) | 7156 | 277040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 250 | 1338833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 11324 | 418988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 40127 | 1271426 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc. (Class A Stock)\* | 1126 | 255016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd. (India)\* | 165754 | 513669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 1600 | 453296 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED (France) | 3078 | 85201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. (Macau) | 78000 | 384604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. (The) (Australia) | 46860 | 161009 |
| &nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. (India)\*(a) | 1571 | 129011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 870 | 269909 |

---

A100

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |  |
|  **Hotels, Restaurants & Leisure (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 4389 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA (France) | 3152 |  | 161496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. (China), ADR | 5343 |  | 384215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Holdings Ltd.\* | 8700 |  | 621267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 3000 |  | 453840 |
|  |  |  | 9304475 |
|  **Household Durables — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairn Homes PLC (Ireland) | 173166 |  | 421278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. (Japan) | 34300 |  | 444667 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 3200 |  | 375232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. (Japan) | 3700 |  | 82559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 89500 |  | 2295763 |
|  |  |  | 3619499 |
|  **Household Products — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 8100 |  | 640062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB (Sweden) (Class B Stock) | 9938 |  | 285731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) | 1351 |  | 102820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 4800 |  | 687888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC (United Kingdom) | 13100 |  | 1060043 |
|  |  |  | 2776544 |
|  **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** | **Independent Power & Renewable Electricity Producers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 5700 |  | 81738 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG (Germany) | 11450 |  | 606699 |
|  |  |  | 688437 |
|  **Industrial Conglomerates — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 1500 |  | 240150 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. (United Kingdom) | 80500 |  | 547276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. (Japan) | 100 |  | 28020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. (Japan) | 64900 |  | 2035366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 3200 |  | 624288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. (Japan) | 14200 |  | 238805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 10874 |  | 3045553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd. (Hong Kong) (Class A Stock) | 5000 |  | 40307 |
|  |  |  | 6799765 |
|  **Industrial REITs — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 63420 |  | 3632063 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 74678 |  | 3702535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 126115 |  | 16099841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro PLC (United Kingdom) | 47057 |  | 455895 |
|  |  |  | 23890334 |
|  **Insurance — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group PLC (United Kingdom) | 4228 |  | 180865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 65080 |  | 506082 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. (Hong Kong) | 122600 |  | 1261933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Germany) | 3268 |  | 1511049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 3900 |  | 811785 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 9400 |  | 804170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC (Class A Stock) | 200 |  | 70576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co.(a) | 3259 |  | 843397 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Insurance (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV (Netherlands) | 14940 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 1300 | 313105 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA (France) | 69550 | 3337082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 800 | 85672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 2800 | 873936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. (Japan) | 55100 | 457912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 3000 | 556560 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 9300 | 734142 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. (Japan) | 36000 | 845173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) | 2409 | 1585330 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV (Netherlands) | 12272 | 946719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Financial Ltd. (Israel) | 5750 | 237815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings PLC (United Kingdom) | 34054 | 337129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 1985 | 452024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential PLC (Hong Kong) | 75694 | 1164407 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. (Australia) | 103574 | 1371262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. (Japan) | 19900 | 675450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. (Australia) | 3301 | 38751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 2012 | 335178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG (Germany) | 5958 | 791455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. (Japan) | 11400 | 421414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 1229 | 356484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA (Italy) | 29902 | 717398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG (Switzerland) | 1354 | 1024575 |
|  |  | 24711823 |
|  **Interactive Media & Services — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 27645 | 8652885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 16800 | 5271840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC (United Kingdom), 144A | 14112 | 111335 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. (Australia) | 2508 | 51367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 3228 | 5381 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. (Japan) | 129200 | 343794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 10856 | 7165937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (Germany), 144A | 2458 | 246881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. (China) | 10787 | 827833 |
|  |  | 22677253 |
|  **IT Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC (Class A Stock) | 3900 | 1046370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE (France) | 4749 | 788563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 10000 | 830000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. (Japan) | 18500 | 508434 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 1300 | 385073 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 1600 | 671504 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. (Japan) | 34100 | 1153791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. (Japan) | 5500 | 209300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. (Japan) | 11600 | 364109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. (Japan) | 28000 | 576957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 9147 | 1472392 |

---

A101

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **IT Services (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. (Japan) | 7800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262046 |
|  |  | 8268539 |
|  **Leisure Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. (Japan) | 8700 | 231560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 2400 | 178176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 800 | 65600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. (Japan) | 1400 | 146399 |
|  |  | 621735 |
|  **Life Sciences Tools & Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 2900 | 663868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE (Luxembourg) | 871 | 63695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Switzerland) | 1242 | 837381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 200 | 112330 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 7545 | 343124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 1700 | 985065 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 1300 | 357682 |
|  |  | 3363145 |
|  **Machinery — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (France)\* | 33416 | 985836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class A Stock) | 6072 | 108097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB (Sweden) (Class B Stock) | 20582 | 329039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 2600 | 1489462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Co. | 3200 | 590176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 900 | 459405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. (Japan) | 7500 | 236068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG (Germany) | 4322 | 187197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 1362 | 634106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 300 | 58572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB (Sweden) (Class B Stock) | 4994 | 100472 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. (Japan) | 15200 | 591520 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG (Germany) | 784 | 52984 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. (South Korea) | 314 | 110669 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. (Japan) | 3400 | 59774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. (Japan) | 6800 | 215781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ (Finland) (Class B Stock) | 4087 | 289535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 1000 | 239640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. (Japan) | 4600 | 139421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ (Finland) | 6394 | 111250 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. (Japan) | 31600 | 635842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. (Japan) | 42800 | 1044852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 1200 | 1054752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB (Sweden) | 34048 | 1099788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Switzerland) | 268 | 94830 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. (Japan) | 1100 | 380601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp (Finland) | 23676 | 838240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 1500 | 204270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. (China) | 149400 | 403603 |
|  |  | 12745782 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |
|  **Marine Transportation — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class A Stock) | 50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114688 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S (Class B Stock) | 76 | 174386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. (Japan) | 19600 | 272836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 4300 | 473774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. (Japan) | 9000 | 270579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK (Japan) | 15200 | 492352 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. (China) | 113000 | 404359 |
|  |  | 2202974 |
|  **Media — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. (Class A Stock) | 31700 | 947513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. (Class B Stock) | 1100 | 71423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA (France) | 4226 | 438860 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC (United Kingdom) | 86741 | 389661 |
|  |  | 1847457 |
|  **Metals & Mining — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. (Canada) | 2375 | 402634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC (South Africa) | 5886 | 243460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta PLC (Chile) | 14162 | 622073 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA (Luxembourg) | 5274 | 242179 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. (Australia) | 63835 | 1926485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (Sweden)\* | 11459 | 634786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC (Ivory Coast) (XTSE) | 2833 | 145886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining PLC (Ivory Coast) (XLON) | 2121 | 110817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. (Australia) | 62447 | 522603 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia)\* | 14356 | 384905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. (Australia) | 45836 | 670237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 8900 | 452031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC (Mexico) | 21535 | 960256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC (Australia)\* | 159963 | 874463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. (Congo (Democratic Republic)) (Class A Stock)\* | 20110 | 228711 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. (Japan) | 15300 | 195058 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. (Japan) | 18400 | 230020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 4900 | 489265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. (Japan) | 54000 | 220971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA (Norway) | 10127 | 78172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. (Australia) | 20111 | 353906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 4000 | 652440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. (Australia) | 4272 | 416758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC (Australia) | 16315 | 1314190 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. (Australia) | 39984 | 94646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale SA (Brazil), ADR | 31799 | 414341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. (South Africa) | 564 | 47070 |
|  |  | 12928363 |
|  **Multi-Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 1100 | 109846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC (United Kingdom) | 153145 | 349180 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 6700 | 468531 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE (Germany) | 89030 | 1685776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA (France) | 40944 | 1075572 |

---

A102

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |
|  **Multi-Utilities (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC (United Kingdom) | 62928 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 3300 | 291357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA (France) | 1278 | 44471 |
|  |  | 4989953 |
|  **Office REITs — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA (France) | 2745 | 260700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 57092 | 618306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. | 231125 | 1927583 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp.(a) | 60197 | 2761236 |
|  |  | 5567825 |
|  **Oil, Gas & Consumable Fuels — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. (Canada) | 10091 | 189314 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP PLC | 163634 | 954308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. (Canada) | 47419 | 802207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 1600 | 311024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 6100 | 929701 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 9900 | 926739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 6200 | 227106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | 5662 | 270941 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. (Japan) | 82200 | 581574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA (Italy) | 6200 | 117528 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 6600 | 693066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA (Norway) | 8041 | 189621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp.(a) | 20700 | 2491038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA (Portugal) | 21492 | 370100 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 7800 | 359424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. (Japan) | 21600 | 163540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. (Japan) | 11700 | 234006 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUKOIL PJSC (Russia)\*^ | 7425 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 2200 | 283888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA (Spain) | 16795 | 313368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 109718 | 4043355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC, ADR | 8446 | 620612 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE (France) | 26491 | 1727161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 3400 | 204374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. (Australia) | 22874 | 356665 |
|  |  | 17360660 |
|  **Passenger Airlines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. (Japan) | 6000 | 113950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 1800 | 124920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (Germany) | 12372 | 121542 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA (United Kingdom) | 101552 | 563858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (Australia) | 142526 | 984668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings PLC (Italy) | 19338 | 666728 |
|  |  | 2575666 |
|  **Personal Care Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock) | 1700 | 178024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kao Corp. (Japan) | 2500 | 99779 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA (France) | 2720 | 1167739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. (Japan) | 5700 | 82952 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Personal Care Products (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XLON) | 17860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) (XAMS) | 12026 | 786857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom), ADR(a) | 7429 | 485857 |
|  |  | 3968130 |
|  **Pharmaceuticals — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. (Japan) | 55100 | 733354 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC (United Kingdom) | 23202 | 4293747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Germany) | 21654 | 939259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 9900 | 534006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. (Japan) | 3600 | 188862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 3998 | 4296571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG (Switzerland) | 9974 | 2031034 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 47930 | 1175110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals PLC (United Kingdom) | 2031 | 42340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 6700 | 1386565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 4700 | 494722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 28297 | 3899213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S (Denmark) (Class B Stock) | 39956 | 2026508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ (Finland) (Class B Stock) | 1709 | 127505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. (Japan) | 2100 | 118774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 8300 | 115536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 32200 | 801780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 9775 | 4036785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG (Switzerland) | 7830 | 568506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 21313 | 2062144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA, ADR | 9789 | 474375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. (Japan) | 15400 | 278737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan) | 3500 | 108728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. (Israel), ADR\* | 7800 | 243438 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA (Belgium) | 3652 | 1017544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. | 2800 | 352296 |
|  |  | 32347439 |
|  **Professional Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 900 | 231507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate PLC\*(a) | 105200 | 351368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. (Australia) | 17894 | 405542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 8200 | 340956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 1200 | 158952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kanzhun Ltd. (China), ADR | 5278 | 107566 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 1700 | 68340 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 8800 | 261624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. (Japan) | 13400 | 752967 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 3640 | 146644 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (Switzerland) | 1040 | 118922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance SE (France) | 2724 | 197135 |
|  |  | 3141523 |

---

A103

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **COMMON STOCKS (continued)** |  |  |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. (Japan) | 33900 | 645523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. (Japan) | 10700 | 355441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 2000 | 672940 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE (Germany) | 5652 | 412234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. (Japan) | 1800 | 45191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. (Hong Kong) | 6500 | 79146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE (Germany) | 20832 | 599532 |
|  |  | 2954718 |
|  **Residential REITs — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent (Class A Stock) | 3900 | 125190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential(a) | 30850 | 1944784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc.(a) | 267369 | 4673610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 8751 | 1215602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 7719 | 956461 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 130257 | 4777827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 203790 | 3032395 |
|  |  | 16725869 |
|  **Retail REITs — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 56345 | 1157326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 73828 | 5317831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 108367 | 2515198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 48862 | 1171222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (France) | 7035 | 278342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. (The) | 941 | 17371 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp.(a) | 186198 | 3284533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.(a) | 57660 | 3250294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp | 43871 | 3028415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 162672 | 454732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 49830 | 9224031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield (France) | 2184 | 237503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. (Australia) | 157311 | 267823 |
|  |  | 30204621 |
|  **Semiconductors & Semiconductor Equipment — 2.2%** | **Semiconductors & Semiconductor Equipment — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 7200 | 1541952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. (Japan) | 13280 | 1679228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 3800 | 1030560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 1100 | 282689 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (SGMX) | 4907 | 5287391 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Netherlands) (XNGS) | 950 | 1016367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 21253 | 7355663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 10943 | 477454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.\* | 27600 | 1018440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (Japan)\* | 10200 | 678861 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 370 | 449580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 8000 | 1369440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. (Japan) | 400 | 76217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 3300 | 280434 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** | **Semiconductors & Semiconductor Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 4900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ltd. (Israel)\* | 442 | 147758 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 107990 | 20140135 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV (Netherlands) | 4172 | 905574 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 1100 | 188155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (Japan)\* | 57000 | 780721 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. (Japan) | 2200 | 214290 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. (South Korea) | 941 | 426158 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV (Singapore) | 18011 | 470720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 9115 | 2769957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 800 | 154848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 400 | 69396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. (Japan) | 1600 | 356364 |
|  |  | 50566861 |
|  **Software — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 2200 | 769978 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 700 | 471674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp. (Class A Stock)\* | 1700 | 275638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 2600 | 769626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 1900 | 593902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. (Israel)\*(a) | 1600 | 296896 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 1275 | 568726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 1100 | 149589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV\* | 5300 | 399832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 2300 | 182643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 16700 | 454073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 1836 | 1216203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 35695 | 17262816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 800 | 118048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice Ltd. (Israel)\* | 2507 | 283384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 8607 | 1677590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. (Japan) | 600 | 50429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 8800 | 1564200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 915 | 407294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group PLC (The) (United Kingdom) | 3564 | 51837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 3700 | 980167 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE (Germany) | 11834 | 2875290 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 7640 | 1170372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. (Japan) | 4700 | 195202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 900 | 70515 |
|  |  | 32855924 |
|  **Specialized REITs — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 1300 | 228241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 4600 | 408802 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 131629 | 4745226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 39160 | 6058444 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 18177 | 907032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 11940 | 9147950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc.(a) | 81045 | 6722683 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust(a) | 100835 | 2844555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage(a) | 2600 | 674700 |

---

A104

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Specialized REITs (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc.(a) | 109665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393035 |
|  |  | 35130668 |
|  **Specialty Retail — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 800 | 165184 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 30 | 101745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG (Switzerland)\* | 3920 | 231201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. (Japan) | 1000 | 362588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 1300 | 244868 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB (Sweden) (Class B Stock) | 7140 | 143113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 1900 | 653790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 24857 | 1639684 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion PLC (United Kingdom) | 388678 | 440562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher PLC (United Kingdom) | 194895 | 820421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.(a) | 9163 | 2209749 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 1200 | 109452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 1500 | 270210 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 7000 | 1075270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 700 | 423507 |
|  |  | 8891344 |
|  **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 65785 | 17884310 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. (Japan) | 5000 | 106092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Switzerland) | 4960 | 503530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (South Korea) | 11033 | 924730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 1500 | 356070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.(a) | 4900 | 844123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. (China) (Class B Stock), 144A\* | 43481 | 219441 |
|  |  | 20838296 |
|  **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG (Germany) | 1422 | 281394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. (Japan) | 32800 | 787412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA (Italy) | 6990 | 801737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Switzerland) (Class A Stock) | 11268 | 2429956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA (France) | 485 | 1204182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA (France) | 720 | 251595 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 2843 | 2142871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (Italy) | 9217 | 589153 |
| &nbsp;&nbsp;&nbsp;&nbsp; On Holding AG (Switzerland) (Class A Stock)\* | 9652 | 448625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S (Denmark) | 1838 | 203257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 1100 | 140547 |
|  |  | 9280729 |
|  **Tobacco — 0.2%** | **Tobacco — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 9300 | 536238 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC (United Kingdom) | 26447 | 1499298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC (United Kingdom) | 33147 | 1391848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. (Japan) | 13400 | 481627 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |  |
|  **Tobacco (cont'd.)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 2000 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320800 |
|  |  |  | 4229811 |
|  **Trading Companies & Distributors — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (Ireland) | 4400 |  | 632544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC (United Kingdom) | 4261 |  | 290512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 2183 |  | 483996 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Ltd. | 800 |  | 157480 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. (Japan) | 86500 |  | 1093084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. (Japan) | 12200 |  | 339770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. (Japan) | 87900 |  | 2010509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. (Japan) | 34500 |  | 1024558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexel SA (France) | 1573 |  | 61696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. (Japan) | 24200 |  | 837623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. (Japan) | 4800 |  | 161852 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 353 |  | 285690 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 1600 |  | 391424 |
|  |  |  | 7770738 |
|  **Transportation Infrastructure — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (Spain), 144A | 12909 |  | 360689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE (France) | 18571 |  | 342803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Group (Australia), UTS | 38663 |  | 365891 |
|  |  |  | 1069383 |
|  **Water Utilities — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group PLC (United Kingdom) | 8908 |  | 143120 |
|  **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. (Japan) | 32100 |  | 555577 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. (Japan) | 65528 |  | 1838279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB (Sweden) (Class B Stock) | 16459 |  | 275797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom) | 670062 |  | 893199 |
|  |  |  | 3562852 |
|  **TOTAL COMMON STOCKS**<br> (cost $610,458,122) | **TOTAL COMMON STOCKS**<br> (cost $610,458,122) |  | 738124830 |
|  **PREFERRED STOCKS — 0.1%** |  |  |  |
|  **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG (Germany) (PRFC) | 972 |  | 103577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE (Germany) (PRFC) | 1320 |  | 61585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG (Germany) (PRFC) | 2161 |  | 263726 |
|  |  |  | 428888 |
|  **Household Products — 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA (Germany) (PRFC) | 8125 |  | 662877 |
|  **Life Sciences Tools & Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG (Germany) (PRFC) | 2501 |  | 720199 |
|  **TOTAL PREFERRED STOCKS**<br> (cost $1,653,461) | **TOTAL PREFERRED STOCKS**<br> (cost $1,653,461) |  | 1811964 |

---

A105

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **UNAFFILIATED EXCHANGE-TRADED FUNDS — 17.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 17.1%** | **UNAFFILIATED EXCHANGE-TRADED FUNDS — 17.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional Core Fixed Income ETF(a) | 420350 | $17890096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional International Core Equity Market ETF(a) | 1458225 | 55572955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Equity Market ETF(a) | 937300 | 69519541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dimensional US Real Estate ETF(a) | 1847600 | 42312257 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares 0-3 Month Treasury Bond ETF . | 598146 | 60041895 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI EAFE ETF(a) | 334155 | 29893506 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 14260 | 9767244 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF(a) | 9484 | 764695 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF(a) | 88775 | 8547257 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF(a) | 66441 | 6380329 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF(a) | 52585 | 11060729 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares S&P 500 Growth ETF(a) | 17000 | 2095420 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR Gold MiniShares Trust\* | 115775 | 9883712 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Energy Select Sector SPDR ETF(a) | 50000 | 2235500 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Health Care Select Sector SPDR ETF(a) | 55170 | 8540316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Dividend Appreciation ETF | 110946 | 24383712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Real Estate ETF(a) | 192065 | 16995832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Short-Term Corporate Bond ETF(a) | 47300 | 3771229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard Total Bond Market ETF(a) | 148410 | 10992729 |
|  **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $363,398,729) | **TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $363,398,729) | 390648954 |
|  **UNAFFILIATED FUNDS — 13.3%** | **UNAFFILIATED FUNDS — 13.3%** | **UNAFFILIATED FUNDS — 13.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AB Global Bond Fund, Inc | 8530101 | 59369505 |
| &nbsp;&nbsp;&nbsp;&nbsp; AQR Diversified Arbitrage Fund,<br>(Institutional Shares) | 2101967 | 26947215 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Systematic Multi-Strategy Fund (Class K) | 3074507 | 31851891 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Tactical Opportunities Fund<br>(Class K)\* | 1694834 | 26863118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calamos Market Neutral Income Fund,<br>(R6 Shares) | 2185228 | 34329925 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Hedged Equity Fund,<br>(Institutional Shares) | 691396 | 24447773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merger Fund (The), (Institutional Shares) | 2446098 | 41559199 |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO TRENDS Managed Futures Strategy Fund, (Institutional Shares)\* . | 1148470 | 12277143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Market Neutral Income Fund, (Institutional Shares) | 3951659 | 34221369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus AlphaSimplex Managed Futures Strategy Fund, (Institutional Shares) . | 1588846 | 12297670 |
|  **TOTAL UNAFFILIATED FUNDS**<br> (cost $300,332,543) |  | 304164808 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Units | Value |
|  **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** | **WARRANTS\* — 0.0%** |  |
|  **Interactive Media & Services** | **Interactive Media & Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 6037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $0) |  |  |
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# |  |
|  **ASSET-BACKED SECURITIES — 1.9%** | **ASSET-BACKED SECURITIES — 1.9%** | **ASSET-BACKED SECURITIES — 1.9%** |  |
|  **Collateralized Loan Obligations** | **Collateralized Loan Obligations** | **Collateralized Loan Obligations** |  |
|  Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), | Ares Loan Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.085%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/31/38 | 1500 | 1499722 |
|  Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), | Carlyle Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A2AR, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A2AR, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A2AR, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A2AR, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.709%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/34 | EUR 2,500 | 2939771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A1, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.999%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/35 | EUR 2,000 | 2346867 |
|  Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), | Contego CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.226%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/37 | EUR 1,500 | 1769542 |
|  CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), | CVC Cordatus Loan Fund DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 15A, Class AR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.949%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/26/32 | EUR 1,076 | 1264252 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A1RR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.264%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/18/37 | 3250 | 3262560 |
|  Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), | Invesco Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.659%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/34 | EUR 1,000 | 1174531 |
|  Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), | Kennedy Lewis CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR2, 144A, 3 Month SOFR + 1.410% (Cap N/A, Floor 1.410%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.270%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/22/37 | 750 | 752798 |
|  Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), | Madison Park Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.384%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/18/37 | 1500 | 1504599 |
|  Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.383%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/17/34 | 3750 | 3752397 |
|  Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), | Nassau Euro CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.494%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/20/38 | EUR 2,500 | 2939010 |
|  Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.346%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/34 | 2000 | 2000764 |

---

A106

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.285%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/06/37 | 3250 | $3262468 |
|  Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), | Signal Peak CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.284%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/18/37 | 2750 | 2759438 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class B, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.758%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/35 | 1250 | 1250114 |
|  Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), | Toro European CLO DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/25/34 | EUR 1,250 | 1467632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.016%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/34 | EUR 2,500 | 2933875 |
|  Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., | Trimaran CAVU Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/20/37 | 1750 | 1750858 |
|  Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), | Trinitas CLO Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.158%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/25/37 | 1000 | 1001128 |
|  Vibrant CLO Ltd. (Cayman Islands), | Vibrant CLO Ltd. (Cayman Islands), | Vibrant CLO Ltd. (Cayman Islands), | Vibrant CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class A1A, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class A1A, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class A1A, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class A1A, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.210%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.356%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/20/34 | 2750 | 2751700 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $41,485,292) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $41,485,292) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $41,485,292) | 42384026 |
|  **CORPORATE BONDS — 0.9%** | **CORPORATE BONDS — 0.9%** | **CORPORATE BONDS — 0.9%** | **CORPORATE BONDS — 0.9%** |
|  **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
|  Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), | Bombardier, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/33 | 70 | 73802 |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., | American Airlines, Inc./AAdvantage Loyalty IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/26 | 1 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/20/29 | 130 | 132210 |
|  United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., | United Airlines, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/26 | 225 | 224872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/29 | 15 | 14917 |
|  |  |  | 373002 |
|  **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/43 | 455 | 359852 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/30 | 25 | $26096 |
|  Dana, Inc., | Dana, Inc., | Dana, Inc., | Dana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/28 | 75 | 74949 |
|  Phinia, Inc., | Phinia, Inc., | Phinia, Inc., | Phinia, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/29 | 60 | 62153 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/17/28 | 425 | 426852 |
|  |  |  | 590050 |
|  **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/05/26 | 200 | 201040 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/18/26(oo) | 380 | 378865 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/10/26(oo) | 215 | 211842 |
|  |  |  | 791747 |
|  **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
|  Griffon Corp., | Griffon Corp., | Griffon Corp., | Griffon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/28 | 200 | 200350 |
|  JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., | JELD-WEN, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/27 | 125 | 109038 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/32 | 120 | 124871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/33 | 20 | 20884 |
|  Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., | Standard Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/30 | 175 | 169196 |
|  |  |  | 624339 |
|  **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
|  Ashland, Inc., | Ashland, Inc., | Ashland, Inc., | Ashland, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/01/31 | 175 | 159684 |
|  Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/30/33 | 60 | 60570 |
|  |  |  | 220254 |
|  **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** | **Commercial Services — 0.0%** |
|  Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, | Allied Universal Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31 | 150 | 158158 |

---

A107

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, | DCLI Bidco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | 40 | 41086 |
|  Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., | Herc Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/30 | 50 | 52589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/33(a) | 30 | 31796 |
|  United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., | United Rentals North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31 | 10 | 9571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28 | 186 | 186147 |
|  Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., | Valvoline, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/31 | 111 | 101928 |
|  |  |  | 581275 |
|  **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
|  NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., | NCR Atleos Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/29 | 79 | 85809 |
|  **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
|  Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, | Freedom Mortgage Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/32 | 60 | 63299 |
|  OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., | OneMain Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/29 | 75 | 75054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/26 | 70 | 70359 |
|  PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., | PennyMac Financial Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/29 | 200 | 195434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/29 | 100 | 106507 |
|  |  |  | 510653 |
|  **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** | **Electric — 0.1%** |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/28 | 5 | 5003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/31 | 10 | 10147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/28 | 475 | 475085 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.250%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/28(oo) | 50 | 54462 |
|  Vistra Corp., | Vistra Corp., | Vistra Corp., | Vistra Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/26(oo) | 400 | 405472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/26(oo) | 300 | 306488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/29(oo) | 250 | 275521 |
|  |  |  | 1532178 |
|  **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
|  WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., | WESCO Distribution, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/29 | 65 | 67198 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electrical Components & Equipment (cont'd.)** | **Electrical Components & Equipment (cont'd.)** | **Electrical Components & Equipment (cont'd.)** | **Electrical Components & Equipment (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/28 | 175 | 177698 |
|  |  |  | 244896 |
|  **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/29 | 275 | 263970 |
|  Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., | Penn Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/27 | 150 | 149792 |
|  Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/32 | 95 | 100764 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/29 | 5 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/33 | 45 | 45968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31 | 30 | 32515 |
|  |  |  | 598037 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/31 | 50 | 52355 |
|  **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** |
|  Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), | Bellis Acquisition Co. PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/31 | EUR 163 | 186050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/14/30 | GBP 213 | 266656 |
|  Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., | Lamb Weston Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/30 | 25 | 24172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/32 | 300 | 285926 |
|  Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., | Post Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/31 | 150 | 142193 |
|  |  |  | 904997 |
|  **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
|  Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, | Medline Borrower LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/29 | 200 | 195551 |
|  **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** | **Healthcare-Services — 0.0%** |
|  DaVita, Inc., | DaVita, Inc., | DaVita, Inc., | DaVita, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31 | 400 | 369302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/30 | 10 | 9731 |
|  |  |  | 379033 |
|  **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** | **Holding Companies-Diversified — 0.0%** |
|  Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, | Clue Opco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/31 | 468 | 494184 |

---

A108

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., | Ashton Woods USA LLC/Ashton Woods Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/30 | 175 | $166802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28 | 4 | 4002 |
|  Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., | Beazer Homes USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/29 | 4 | 4079 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), | Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/27 | 400 | 399552 |
|  M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., | M/I Homes, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/28 | 125 | 124499 |
|  |  |  | 698934 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/30(a) | 50 | 48856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/32(a) | 20 | 19336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/28 | 50 | 52375 |
|  Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), | Scotts Miracle-Gro Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/32 | 175 | 164226 |
|  |  |  | 284793 |
|  **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** | **Insurance — 0.0%** |
|  Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., | Asurion LLC & Asurion Co-Issuer, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/31/32 | 50 | 51910 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., | Gen Digital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/33 | 40 | 41213 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., | Cleveland-Cliffs, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/01/29 | 75 | 77633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/33 | 55 | 57180 |
|  Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., | Commercial Metals Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/33 | 25 | 25568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/15/35 | 25 | 25632 |
|  |  |  | 186013 |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., | NCL Corp. Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/32 | 70 | 71678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/29 | 100 | 106166 |
|  VOC Escrow Ltd., | VOC Escrow Ltd., | VOC Escrow Ltd., | VOC Escrow Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/28 | 150 | 149764 |
|  |  |  | 327608 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
|  Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., | Boyd Gaming Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/31 | 195 | $190679 |
|  MGM Resorts International, | MGM Resorts International, | MGM Resorts International, | MGM Resorts International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/15/29 | 135 | 138766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/32(a) | 315 | 324428 |
|  |  |  | 653873 |
|  **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
|  Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, | Maxim Crane Works Holdings Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/01/28 | 100 | 106389 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/32(a) | 10 | 8976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/28 | 5 | 4959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/27 | 21 | 20976 |
|  DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., | DISH DBS Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/29(x) | 5 | 4443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/28(x) | 25 | 24125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/26(x) | 400 | 395026 |
|  DISH Network Corp., | DISH Network Corp., | DISH Network Corp., | DISH Network Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/27(x) | 275 | 286167 |
|  Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), | Virgin Media Secured Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/30 | 100 | 123517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/29 | 166 | 215928 |
|  |  |  | 1084117 |
|  **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** | **Mining — 0.0%** |
|  Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., | Hecla Mining Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/28 | 42 | 42267 |
|  New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), | New Gold, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/32 | 40 | 42371 |
|  |  |  | 84638 |
|  **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
|  Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., | Civitas Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/01/28 | 25 | 25783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/01/30 | 50 | 52359 |
|  Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, | Crescent Energy Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/32 | 205 | 198973 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/29 | 200 | 200289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/29 | 125 | 125169 |

---

A109

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., | Hilcorp Energy I LP/Hilcorp Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/32 | 275 | 258705 |
|  Sunoco LP, | Sunoco LP, | Sunoco LP, | Sunoco LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/32 | 70 | 71942 |
|  Transocean International Ltd., | Transocean International Ltd., | Transocean International Ltd., | Transocean International Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/29 | 55 | 55223 |
|  Vital Energy, Inc., | Vital Energy, Inc., | Vital Energy, Inc., | Vital Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/30 | 75 | 78479 |
|  |  |  | 1066922 |
|  **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/29 | 150 | 154353 |
|  Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., | Clydesdale Acquisition Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/30 | 165 | 167778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/32 | 75 | 77211 |
|  |  |  | 399342 |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
|  AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, | AdaptHealth LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/01/28 | 100 | 100706 |
|  Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), | Bausch Health Cos., Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/30/28 | 5 | 4374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/29 | 15 | 11424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/30/30 | 60 | 42091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31 | 50 | 32063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/29 | 415 | 332000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28 | 50 | 45250 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, | Organon & Co./Organon Foreign Debt Co-Issuer BV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/30/31(a) | 200 | 165740 |
|  |  |  | 733648 |
|  **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., | Antero Midstream Partners LP/Antero Midstream Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/15/29 | 200 | 200101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/32 | 50 | 51853 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/30(oo) | 350 | 358525 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/33 | 55 | 58039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/40 | 225 | 232576 |
|  Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., | Venture Global LNG, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/30/29(oo) | 400 | 316070 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/30 | 35 | 34290 |
|  |  |  | 1251454 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Five Point Operating Co. LP, | Five Point Operating Co. LP, | Five Point Operating Co. LP, | Five Point Operating Co. LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/30 | 65 | 67988 |
|  Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), | Howard Hughes Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/01/28 | 550 | 552372 |
|  Hunt Cos., Inc., | Hunt Cos., Inc., | Hunt Cos., Inc., | Hunt Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/29 | 225 | 219597 |
|  |  |  | 839957 |
|  **Real Estate Investment Trusts (REITs) — 0.0%** | **Real Estate Investment Trusts (REITs) — 0.0%** | **Real Estate Investment Trusts (REITs) — 0.0%** | **Real Estate Investment Trusts (REITs) — 0.0%** |
|  MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., | MPT Operating Partnership LP/MPT Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/32 | 25 | 26714 |
|  RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., | RHP Hotel Properties LP/RHP Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/01/32 | 150 | 155621 |
|  SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., | SBA Communications Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/01/29 | 150 | 143356 |
|  |  |  | 325691 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), | 1011778 BC ULC/New Red Finance, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28 | 5 | 4922 |
|  Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), | Boots Group Finco LP (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/31/32 | 100 | 121192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/31/32 | 100 | 139247 |
|  Carvana Co., | Carvana Co., | Carvana Co., | Carvana Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/30 | 375 | 393072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/31 | 114 | 129215 |
|  EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), | EG Global Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/28 | 400 | 507743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/30/28 | 200 | 216858 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/29 | 150 | 145731 |
|  Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., | Lithia Motors, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/29 | 175 | 169180 |
|  Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., | Sally Holdings LLC/Sally Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/32(a) | 75 | 78358 |

---

A110

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/01/27 |  | 175 | 175000 |
|  |  |  |  | 2080518 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., | CoreWeave, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/01/30 |  | 50 | 46506 |
|  **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** | **Telecommunications — 0.0%** |
|  Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, | Frontier Communications Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/01/28 |  | 350 | 350949 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;06/30/33 |  | 80 | 81872 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/15/32 |  | 4 | 4840 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/26 |  | 4 | 3989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/31 |  | 5 | 4646 |
|  Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), | Vmed O2 UK Financing I PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/29 | GBP | 100 | 127550 |
|  Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., | Windstream Services LLC/Windstream Escrow Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/01/31 |  | 45 | 47231 |
|  |  |  |  | 621077 |
|  **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
|  Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, | Star Leasing Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/30 |  | 260 | 242175 |
|  **TOTAL CORPORATE BONDS**<br> (cost $19,616,355) | **TOTAL CORPORATE BONDS**<br> (cost $19,616,355) | **TOTAL CORPORATE BONDS**<br> (cost $19,616,355) | **TOTAL CORPORATE BONDS**<br> (cost $19,616,355) | 19738792 |
|  **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** | **FLOATING RATE AND OTHER LOANS — 0.0%** |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, | Clarios Global LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.466%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/28/32 |  | 75 | 75093 |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% | &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.750% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.739%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/17/28 |  | 98 | 95729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.989%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/17/28 |  | 75 | 73621 |
|  |  |  |  | 244443 |
|  **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
|  Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, | Diamond Sports Net LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | &nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan |
| &nbsp;&nbsp;&nbsp;&nbsp; 15.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/02/28 |  | 24 | 8316 |
|  **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $255,640) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $255,640) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $255,640) | **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $255,640) | 252759 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)# | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **U.S. TREASURY OBLIGATIONS — 8.9%** | **U.S. TREASURY OBLIGATIONS — 8.9%** | **U.S. TREASURY OBLIGATIONS — 8.9%** | **U.S. TREASURY OBLIGATIONS — 8.9%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/50 | 1330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/42 | 1830 | 1528622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/42 | 1260 | 1156444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;08/15/44(h) | 2445 | 2247490 |
|  U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS | U.S. Treasury Inflation Indexed Bonds, TIPS |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/26 | 6190 | 6133814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/27 | 63 | 62284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/30 | 19154 | 18173805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/30 | 4165 | 3933083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/31 | 8837 | 8241792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/31 | 1470 | 1362649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/32 | 8862 | 8100125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/51 | 1763 | 952092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/29 | 3055 | 2944741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/50 | 4205 | 2419169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/27 | 6874 | 6791198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/28 | 24014 | 23594500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/43 | 5240 | 3899717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/42 | 3004 | 2338771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/45 | 2392 | 1743808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/29 | 9007 | 8872119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/46 | 1415 | 1066696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/48 | 2397 | 1750200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/49 | 621 | 446752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/33 | 9237 | 8866424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/28 | 6562 | 6536396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/33 | 675 | 658669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/44 | 4289 | 3591255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/53 | 7898 | 6155206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/30 | 7175 | 7213692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/34 | 15444 | 15361820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/34 | 6351 | 6378324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;07/15/35 | 6226 | 6211065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/29 | 2737 | 2796010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/35 | 9544 | 9715827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/40 | 203 | 201393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/41 | 885 | 866078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/54 | 790 | 710458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/27 | 1453 | 1465269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/29 | 6491 | 6702337 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/31/28 | 8500 | 8036484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;09/30/31 | 1000 | 990313 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.216%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02/15/42(h)(k) | 4560 | 2066481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/46 | 165 | 58774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.715%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/41 | 90 | 41437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;05/15/43(k) | 1975 | 831672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/45 | 45 | 16438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.958%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11/15/43 | 265 | 108219 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $207,669,787) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $207,669,787) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $207,669,787) | 204039617 |

---

A111

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | | Value |
|  **OPTIONS PURCHASED\*~ — 0.4%**<br> (cost $7,245,759) | **OPTIONS PURCHASED\*~ — 0.4%**<br> (cost $7,245,759) | **OPTIONS PURCHASED\*~ — 0.4%**<br> (cost $7,245,759) | $10233096 |
|  **TOTAL LONG-TERM INVESTMENTS—84.9%<br>(cost $1,749,743,358)** | **TOTAL LONG-TERM INVESTMENTS—84.9%<br>(cost $1,749,743,358)** | **TOTAL LONG-TERM INVESTMENTS—84.9%<br>(cost $1,749,743,358)** | 1936655211 |
|  |  | Shares |  |
|  **SHORT-TERM INVESTMENTS — 20.7%** | **SHORT-TERM INVESTMENTS — 20.7%** | **SHORT-TERM INVESTMENTS — 20.7%** | **SHORT-TERM INVESTMENTS — 20.7%** |
|  **AFFILIATED MUTUAL FUNDS — 14.7%** | **AFFILIATED MUTUAL FUNDS — 14.7%** | **AFFILIATED MUTUAL FUNDS — 14.7%** | **AFFILIATED MUTUAL FUNDS — 14.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Ultra Short Bond Fund(wa) | 206004657 | 206004657 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $128,953,434; includes $128,531,448 of cash collateral for securities on loan)(b)(wa) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $128,953,434; includes $128,531,448 of cash collateral for securities on loan)(b)(wa) | 129030852 | 128953434 |
|  **TOTAL AFFILIATED MUTUAL FUNDS<br>(**cost $334,958,091) | **TOTAL AFFILIATED MUTUAL FUNDS<br>(**cost $334,958,091) | **TOTAL AFFILIATED MUTUAL FUNDS<br>(**cost $334,958,091) | 334958091 |
| **Interest**<br> **Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date | Principal<br>Amount<br>(000)# |  |
|  **U.S. TREASURY OBLIGATIONS(n) — 6.0%** | **U.S. TREASURY OBLIGATIONS(n) — 6.0%** | **U.S. TREASURY OBLIGATIONS(n) — 6.0%** | **U.S. TREASURY OBLIGATIONS(n) — 6.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/05/26(k) | 12700 | 12622783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.671% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/07/26 | 55000 | 54489284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.821% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03/03/26(k) | 63000 | 62626844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.828% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/20/26(h) | 150 | 149735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.833% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/06/26 | 6000 | 5997697 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $135,831,206) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $135,831,206) |  | 135886343 |
|  **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $39,599) | **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $39,599) | **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $39,599) | 18126 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $470,828,896) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $470,828,896) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $470,828,896) | 470862560 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—105.6%**<br> (cost $2,220,572,254) | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—105.6%**<br> (cost $2,220,572,254) | **TOTAL INVESTMENTS, BEFORE OPTIONS<br>WRITTEN—105.6%**<br> (cost $2,220,572,254) | 2407517771 |
|  **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $74,187) | **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $74,187) | **OPTIONS WRITTEN\*~ — (0.0)%**<br> (premiums received $74,187) | (52731) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—105.6%**<br> (cost $2,220,498,067) | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—105.6%**<br> (cost $2,220,498,067) | **TOTAL INVESTMENTS, NET OF OPTIONS<br>WRITTEN—105.6%**<br> (cost $2,220,498,067) | 2407465040 |
|  **Liabilities in excess of other assets(z) — (5.6)%** | **Liabilities in excess of other assets(z) — (5.6)%** | **Liabilities in excess of other assets(z) — (5.6)%** | (127551823) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  | $2279913217 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $0 and 0.0% of net assets.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $125,191,041; cash collateral of $128,531,448 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wa) Represents investments in Funds affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | Acquisition<br>Date | Original<br>Cost | Market<br>Value | Percentage<br>of<br>Net Assets |
|  Diamond Sports Group LLC\* | 01/02/25 | $8453 | $5381 | 0.0% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A112

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

(x) Restricted Securities (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | Acquisition<br>Date | Original<br>Cost | Market<br>Value | Percentage<br>of Net<br>Assets |
|  Diamond Sports Group LLC, expiring 06/30/26\* | 01/02/25 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 07/09/21 | 4940 | 4443 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 04/19/24 | 10875 | 24125 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 06/28/21 | 452500 | 395026 | 0.0 |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 01/17/23-02/20/24 | 283000 | 286167 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $759768 | $715142 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Value |
|  S&P 500 Index (FLEX) | Call | 06/11/29 | $5450.00 | 20 | 2 | $4446077 |
|  S&P 500 Index (FLEX) | Call | 01/31/30 | $6100.00 | 30 | 3 | 5787019 |
|  **Total Exchange Traded** (cost $7,245,759) |  |  |  |  |  | $10233096 |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  |  | 970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  |  | 1940 | 2 |
|  Currency Option EUR vs CZK | Call | MSI | 01/08/26 | 26.00 |  | EUR | 123 |  |
|  Currency Option EUR vs CZK | Call | CITI | 01/20/26 | 26.00 |  | EUR | 121 |  |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 5.00 |  | EUR | 63 |  |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 99.00 |  | EUR | 545 | 235 |
|  Currency Option USD vs MXN | Call | CITI | 01/08/26 | 18.31 |  |  | 570 | 259 |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 99.00 |  |  | 185 | 22 |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 99.00 |  |  | 496 | 142 |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 99.00 |  |  | 143 | 88 |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 99.00 |  |  | 142 | 84 |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 35.00 |  |  | 142 | 5 |
|  Currency Option USD vs ZAR | Call | CITI | 01/08/26 | 17.07 |  |  | 285 | 79 |
|  Currency Option EUR vs PLN | Put | JPM | 01/20/26 | 4.20 |  | EUR | 189 | 306 |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3500.00 |  |  | 142 |  |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3300.00 |  |  | 142 | 1 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 1199 |  |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 331 |  |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 17.00 |  |  | 570 | 1 |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 15.50 |  |  | 285 |  |
|  **Total OTC Traded** (cost $9,644) |  |  |  |  |  |  |  | $1225 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Value |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/3.870% | 3.21%(A) | 2550 | $15630 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/3.870% | 8.19%(A) | 2550 | 1 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 290 | 40 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A113

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Purchased (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Receive | **Pay** | Notional<br>Amount<br>(000)# | Value |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 01/21/26 | $101.00 | CDX.NA.HY.45.V1(Q) | 5.00%(Q) | 470 | $65 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.58% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 7040 | 1165 |
|  **Total OTC Swaptions** (cost $29,955) | **Total OTC Swaptions** (cost $29,955) | **Total OTC Swaptions** (cost $29,955) | **Total OTC Swaptions** (cost $29,955) |  |  |  |  | $16901 |
|  **Total Options Purchased** (cost $7,285,358) | **Total Options Purchased** (cost $7,285,358) | **Total Options Purchased** (cost $7,285,358) | **Total Options Purchased** (cost $7,285,358) |  |  |  |  | $10251222 |

---

#### Options Written:

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | Contracts | Notional<br>Amount<br>(000)# | Notional<br>Amount<br>(000)# | Value |
|  Currency Option EUR vs CZK | Call | MSI | 01/08/26 | 24.30 |  | EUR | 123 | $(46) |
|  Currency Option EUR vs CZK | Call | CITI | 01/20/26 | 24.40 |  | EUR | 121 | (73) |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 4.29 |  | EUR | 63 | (48) |
|  Currency Option EUR vs TRY | Call | BOA | 01/20/26 | 52.75 |  | EUR | 545 | (3111) |
|  Currency Option USD vs TRY | Call | BOA | 01/09/26 | 43.65 |  |  | 185 | (405) |
|  Currency Option USD vs TRY | Call | BOA | 01/15/26 | 43.75 |  |  | 496 | (1948) |
|  Currency Option USD vs TRY | Call | CITI | 01/21/26 | 43.75 |  |  | 143 | (894) |
|  Currency Option USD vs TRY | Call | JPM | 01/23/26 | 44.50 |  |  | 142 | (750) |
|  Currency Option USD vs TWD | Call | JPM | 01/28/26 | 30.60 |  |  | 142 | (3956) |
|  Currency Option USD vs COP | Put | DB | 01/08/26 | 3800.00 |  |  | 142 | (1322) |
|  Currency Option USD vs COP | Put | CITI | 01/29/26 | 3800.00 |  |  | 142 | (1603) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 760 | (2) |
|  Currency Option USD vs MXN | Put | CITI | 01/08/26 | 18.25 |  |  | 570 | (7304) |
|  Currency Option USD vs ZAR | Put | CITI | 01/08/26 | 17.01 |  |  | 285 | (7612) |
|  **Total OTC Traded** (premiums received $34,594) |  |  |  |  |  |  |  | $(29074) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | **Counterparty** | Expiration<br>Date | Strike | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Value |
|  CDX.NA.IG.45.V1, 12/20/30 | Call | JPM | 01/21/26 | 0.50% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 7040 | $(3326) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.870% | 2550 | (9086) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.870% | 2550 | (5938) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 290 | (882) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 470 | (1429) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 6000 | (353) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 01/21/26 | 0.73% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 2000 | (104) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 7040 | (325) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A114

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Call/<br>Put | Counterparty | Expiration<br>Date | Strike | **Receive** | **Pay** | Notional<br>Amount<br>(000)# | Value |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | CITI | 04/15/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 3150 | $(2214) |
|  **Total OTC Swaptions** (premiums received $39,593) | **Total OTC Swaptions** (premiums received $39,593) | **Total OTC Swaptions** (premiums received $39,593) |  |  |  |  |  | $(23657) |
|  **Total Options Written** (premiums received $74,187) | **Total Options Written** (premiums received $74,187) | **Total Options Written** (premiums received $74,187) | **Total Options Written** (premiums received $74,187) |  |  |  |  | $(52731) |

---

#### Financial Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration Date** | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
| **Long Positions:** | **Long Positions:** |  |  |  |
| 51 | 3 Month CME SOFR | Mar. 2026 | $12279844 | $&nbsp;&nbsp;&nbsp;&nbsp;2141 |
| 89 | 2 Year U.S. Treasury Notes | Mar. 2026 | 18582227 | (11272) |
| 354 | 5 Year U.S. Treasury Notes | Mar. 2026 | 38693860 | (109966) |
| 306 | 10 Year U.S. Treasury Notes | Mar. 2026 | 34405876 | (215945) |
| 76 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 8741188 | (24513) |
| 92 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 10634626 | (95097) |
| 58 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 6844000 | (125158) |
| 268 | Mini MSCI EAFE Index | Mar. 2026 | 38888140 | 235957 |
| 19 | NASDAQ 100 E-Mini Index | Mar. 2026 | 9673565 | 45713 |
| 22 | Russell 2000 E-Mini Index | Mar. 2026 | 2747800 | (61425) |
| 48 | S&P 500 E-Mini Index | Mar. 2026 | 16542000 | 33023 |
|  |  |  |  | (326542) |
| **Short Positions:** | **Short Positions:** |  |  |  |
| 7 | 2 Year U.S. Treasury Notes | Mar. 2026 | 1461523 | 868 |
| 2 | 5 Year Euro-Bobl | Mar. 2026 | 273022 | 1960 |
| 16 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 1888000 | 27094 |
| 4 | S&P 500 E-Mini Index | Mar. 2026 | 1378500 | (7798) |
|  |  |  |  | 22124 |
|  |  |  |  | $(304418) |

---

#### Commodity Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration Date** | Current<br>Notional<br>Amount | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
| **Long Positions:** | **Long Positions:** |  |  |  |
| 116 | Brent Crude | Mar. 2026 | $7058600 | $(324963) |
| 23 | Coffee 'C' | Mar. 2026 | 3007969 | (374766) |
| 50 | Copper | Mar. 2026 | 7102500 | 709294 |
| 256 | Corn | Mar. 2026 | 5635200 | (67792) |
| 69 | Cotton No. 2 | Mar. 2026 | 2217315 | (74248) |
| 34 | Gasoline RBOB | Mar. 2026 | 2486862 | (165272) |
| 63 | Gold 100 OZ | Feb. 2026 | 27348930 | 1795042 |
| 74 | Hard Red Winter Wheat | Mar. 2026 | 1904575 | (122965) |
| 119 | Lean Hogs | Feb. 2026 | 4050760 | 147574 |
| 59 | Live Cattle | Feb. 2026 | 5465760 | 205154 |
| 22 | LME Lead | Jan. 2026 | 1089319 | (27782) |
| 21 | LME Lead | Mar. 2026 | 1054037 | 628 |
| 59 | LME Nickel | Jan. 2026 | 5857132 | 344266 |
| 48 | LME Nickel | Mar. 2026 | 4792012 | 572049 |
| 80 | LME PRI Aluminum | Jan. 2026 | 5957600 | 314214 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A115

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Commodity Futures contracts outstanding at December 31, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Positions (cont'd):** | **Long Positions (cont'd):** |  |  |  |
| 46 | LME PRI Aluminum | Mar. 2026 | $3443641 | $104463 |
| 69 | LME Zinc | Jan. 2026 | 5336391 | 65783 |
| 59 | LME Zinc | Mar. 2026 | 4600407 | 79307 |
| 45 | Low Sulphur Gas Oil | Mar. 2026 | 2770875 | (124097) |
| 264 | Natural Gas | Mar. 2026 | 8263200 | (2250881) |
| 72 | No. 2 Soft Red Winter Wheat | Mar. 2026 | 1825200 | (166209) |
| 33 | NY Harbor ULSD | Mar. 2026 | 2915312 | (196849) |
| 32 | Silver | Mar. 2026 | 11296480 | 3030505 |
| 84 | Soybean | Mar. 2026 | 4399500 | (367142) |
| 130 | Soybean Meal | Mar. 2026 | 3892200 | (219579) |
| 84 | Soybean Oil | Mar. 2026 | 2447424 | (159527) |
| 126 | Sugar #11 (World) | Mar. 2026 | 2118211 | (95199) |
| 148 | WTI Crude | Mar. 2026 | 8468560 | (92398) |
|  |  |  |  | 2538610 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 22 | LME Lead | Jan. 2026 | 1089319 | (486) |
| 59 | LME Nickel | Jan. 2026 | 5857132 | (564189) |
| 80 | LME PRI Aluminum | Jan. 2026 | 5957600 | (201528) |
| 2 | LME PRI Aluminum | Mar. 2026 | 149724 | (5948) |
| 69 | LME Zinc | Jan. 2026 | 5336391 | (9989) |
| 14 | LME Zinc | Mar. 2026 | 1091622 | (24708) |
|  |  |  |  | (806848) |
|  |  |  |  | $1731762 |

---

#### Bond forward contract outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase Bond<br>Forwards** | Counterparty | Settlement<br>Date | Notional<br>Amount<br>(000)# | Strike Price | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Bond Forward Contract:** |  |  |  |  |  |  |  |  |
|  U.S. Treasury Bond<br>2.000%, 02/15/2050 | CITI | 06/12/26 | 5615 | $59.75 | $3355153 | $3305352 | $— | $(49801) |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 111 | $72266 | $74217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 65 | 43191 | 43582 | 391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | AUD | 959 | 625809 | 639981 | 14172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | AUD | 83 | 54063 | 55596 | 1533 |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5886 | &nbsp;&nbsp;&nbsp;&nbsp;1079717 | 1064949 |  | (14768) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | GBP | 222 | 298717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299723 | 1006 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | GBP | 172 | 230489 | 231935 | 1446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | GBP | 459 | 612416 | 618179 | 5763 |  |
|  Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 26 | 18645 | 19101 | 456 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 22 | 15485 | 15820 | 335 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A116

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Canadian Dollar (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 19 | $14025 | $14070 | $45 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | CAD | 81 | 58181 | 59271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | CLP | 71993 | 79000 | 80036 | 1036 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | CNH | 2278 | 322090 | 327324 | 5234 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | COP | 1223545 | 312807 | 315632 | 2825 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 3036 | 146000 | 147758 | 1758 |  |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | DKK | 938 | 148405 | 148202 |  | (203) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 130 | 149995 | 152935 | 2940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 63 | 74000 | 74104 | 104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 400 | 465490 | 470570 | 5080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 123 | 143647 | 144664 | 1017 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | EUR | 240 | 282790 | 282592 |  | (198) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | EUR | 3309 | 3901655 | 3902749 | 1094 |  |
|  Hong Kong Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | HKD | 8044 | 1036566 | 1035034 |  | (1532) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | HUF | 31299 | 94000 | 95559 | 1559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | HUF | 53690 | 162000 | 163922 | 1922 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 36430 | 402000 | 402442 | 442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 21935 | 242000 | 242314 | 314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 17461 | 192000 | 192895 | 895 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 118156 | 1299490 | 1305262 | 5772 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | UAG | INR | 118156 | 1302987 | 1305263 | 2276 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 9655063 | 576800 | 577109 | 309 |  |
|  Israeli Shekel, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | ILS | 1798 | 547895 | 564655 | 16760 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 64510 | 428580 | 412649 |  | (15931) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 22330 | 148391 | 142837 |  | (5554) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 42167 | 273624 | 270219 |  | (3405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 29155 | 188796 | 186835 |  | (1961) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 23710 | 153237 | 151940 |  | (1297) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | GSI | JPY | 1413 | 9229 | 9056 |  | (173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | MSI | JPY | 264029 | 1715837 | 1691981 |  | (23856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | MSI | JPY | 22135 | 141416 | 141848 | 432 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | TWD | 2912 | 92000 | 92574 | 574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | TWD | 4122 | 132000 | 131040 |  | (960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 7289 | 233991 | 231688 |  | (2303) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 4517 | 145000 | 143598 |  | (1402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 4323 | 139000 | 137424 |  | (1576) |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | NZD | 192 | 110572 | 110724 | 152 |  |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | NOK | 4521 | 445664 | 448426 | 2762 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 937 | 277787 | 277999 | 212 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A117

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 6934 | $118000 | $117120 | $— | $(880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 14147 | 238937 | 238956 | 19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | PHP | 8333 | 141000 | 140755 |  | (245) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | CITI | SGD | 859 | 665317 | 669747 | 4430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | SGD | 85 | 65592 | 66234 | 642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | SGD | 164 | 128000 | 128092 | 92 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | SGD | 99 | 77000 | 77217 | 217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 104 | 81000 | 81233 | 233 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR | 1237 | 72000 | 74295 | 2295 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | ZAR | 2029 | 119120 | 121870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | MSI | KRW | &nbsp;&nbsp;&nbsp;&nbsp;448575 | 309962 | 311094 | 1132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | KRW | 563987 | 385000 | 391672 | 6672 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW | 79307 | 54000 | 55076 | 1076 |  |
|  Swedish Krona, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | SEK | 11429 | 1242488 | 1246424 | 3936 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | SEK | 1763 | 191663 | 192261 | 598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | SEK | 906 | 98004 | 98764 | 760 |  |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | CHF | 160 | 204063 | 204031 |  | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | CHF | 2740 | 3488496 | 3487364 |  | (1132) |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/12/26 | BOA | TRY | 6196 | 142000 | 143044 | 1044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 5147 | 116808 | 117917 | 1109 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | TRY | 4780 | 108750 | 109493 | 743 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BOA | TRY | 6218 | 141999 | 142446 | 447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | TRY | 4780 | 108684 | 109494 | 810 |  |
|  |  |  |  | $27937628 | $27972882 | 112662 | (77408) |
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | AUD | 386 | $250528 | $257620 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7092) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | AUD | 279 | 181661 | 186074 |  | (4413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | MSI | AUD | 160 | 104600 | 106519 |  | (1919) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | WBC | AUD | 474 | 309716 | 316486 |  | (6770) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/03/26 | GSI | BRL | 545 | 100000 | 98590 | 1410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 692 | 919637 | 932522 |  | (12885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698 | 3624249 | 3636437 |  | (12188) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | GBP | 155 | 206699 | 208352 |  | (1653) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | GBP | 1271 | 1697277 | 1713301 |  | (16024) |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | CAD | 978 | 700723 | 712635 |  | (11912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | CAD | 95 | 67580 | 68894 |  | (1314) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | GSI | CAD | 234 | 167478 | 170595 |  | (3117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 483661 | 525764 | 537696 |  | (11932) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A118

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | CITI | CNH | 358 | $50661 | $51496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(835) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | CNH | 1818 | 258352 | 261270 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH | 996 | 141685 | 143386 |  | (1701) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | COP | 337825 | 86000 | 87147 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1147) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 2232 | 108000 | 108612 |  | (612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 16494 | 791998 | 802600 |  | (10602) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | CZK | 2025 | 98000 | 98532 |  | (532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | CZK | 1709 | 83000 | 83182 |  | (182) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | CZK | 7 | 355 | 355 |  |  |
|  Danish Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411 | 222951 | 223005 |  | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | DKK | 419 | 66272 | 66286 |  | (14) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 5820 | 6764745 | 6846821 |  | (82076) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 4365 | 5115406 | 5135115 |  | (19709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | EUR | 4365 | 5100981 | 5135117 |  | (34136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | EUR | 716 | 845152 | 844004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 1909 | 2255183 | 2252012 | 3171 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | GSI | EUR | 113 | 133133 | 133040 | 93 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | EUR | 162 | 191241 | 191186 | 55 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | EUR | 1457 | 1717847 | 1718318 |  | (471) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 51910 | 158000 | 158488 |  | (488) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | HUF | 32304 | 97000 | 98628 |  | (1628) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | CITI | JPY | 20788 | 135759 | 133214 | 2545 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | MSI | JPY | 27635 | 178332 | 177093 | 1239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/12/26 | WBC | JPY | 71377 | 463836 | 457410 | 6426 |  |
|  Norwegian Krone, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | CITI | NOK | 699 | 69342 | 69326 | 16 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 291 | 86000 | 86277 |  | (277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 269 | 79716 | 79798 |  | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 191 | 56500 | 56697 |  | (197) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 872 | 239000 | 242845 |  | (3845) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 427 | 116500 | 118971 |  | (2471) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 829 | 226156 | 231004 |  | (4848) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 275 | 75279 | 76580 |  | (1301) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | PLN | 261 | 71721 | 72675 |  | (954) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 3818 | 2967161 | 2985145 |  | (17984) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/14/26 | CITI | ZAR | 850 | 48918 | 51293 |  | (2375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 2467 | 146799 | 148138 |  | (1339) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 02/11/26 | GSI | KRW | 449204 | 310513 | 311529 |  | (1016) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | KRW | 106901 | 73000 | 74240 |  | (1240) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 1300457 | 888011 | 903128 |  | (15117) |
|  Swiss Franc, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CHF | 105 | 133183 | 133517 |  | (334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | MSI | CHF | 27 | 34519 | 34620 |  | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/17/26 | WBC | CHF | 235 | 298721 | 299618 |  | (897) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A119

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |  |
|  Thai Baht, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC |  | THB | 17210 | $546290 | $549440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;(3150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM |  | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549 | 113000 | 113308 |  | (308) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI |  | THB | 2757 | 88000 | 88033 |  | (33) |
|  |  |  |  |  | $40588130 | $40878220 | 16103 | (306193) |
|  |  |  |  |  |  |  | $128765 | $(383601) |

---

#### Interest rate swap agreements outstanding at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | Fixed<br>Rate | **Floating<br>Rate** | Value at<br>Trade Date | Value at<br>December 31, 2025 | Unrealized<br>Appreciation<br>(Depreciation) |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |  |  |
|  GBP 1,190 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.726% | $(16485) | $47538 | $64023 |
| 6000 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 3.870% | 10493 | 38384 | 27891 |
| 12410 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | (71340) | (71340) |
| 5195 | 08/27/26 | 3.809%(T) | 1 Day SOFR(2)(T)/ 3.870% |  | (685) | (685) |
| 1715 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.870% | 317 | (16848) | (17165) |
| 6315 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.870% | 1070 | 100867 | 99797 |
| 3930 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.870% | (4179) | (108926) | (104747) |
| 4105 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 3.870% |  | (88098) | (88098) |
| 1060 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 3.870% | (7328) | (62919) | (55591) |
| 1047 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 44367 | 44367 |
| 485 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.870% | 221386 | 238957 | 17571 |
| 1700 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.870% | 24862 | 67696 | 42834 |
| 935 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 3.870% | 7262 | 72009 | 64747 |
| 3130 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 3.870% |  | 184807 | 184807 |
|  |  |  |  | $237398 | $445809 | $208411 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreements outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing Rate** | **Counterparty** | **Termination<br>Date** | Long (Short)<br>Notional<br>Amount<br>(000)#(1) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation)(2) |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |
|  Bloomberg Commodity Total Return Index(Q) | U.S. Treasury Bill<br>-3 Month Auction<br>Avg Discount<br> +8bps(Q)/<br> 3.650%<br>| ML | 04/01/26 | 47903 | $(4857) | $— | $(4857) |
|  U.S. Treasury Bond(T) | 1 DayUSOIS<br>+26bps(T)/<br>3.900% | JPM | 05/04/26 | 3090 | (56479) |  | (56479) |
|  |  |  |  |  | $(61336) | $— | $(61336) |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

**SEE NOTES TO FINANCIAL STATEMENTS.**

A120

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Premiums Paid | Premiums Received | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  OTC Swap Agreements | $— | $— | $— | $(61336) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  BOS | $— | $456801 |
|  MLC |  | 965282 |
|  MSC | 646082 | 17405330 |
|  **Total** | $646082 | $18827413 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |  |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | $63420096 | $— | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 161836269 |  |  |  |
|  Common Stocks | 437979848 | 300144982 |  | \*\* |
|  Preferred Stocks |  | 1811964 |  |  |
|  Unaffiliated Exchange-Traded Funds | 390648954 |  |  |  |
|  Unaffiliated Funds | 304164808 |  |  |  |
|  Warrants |  |  |  |  |
|  Asset-Backed Securities<br>Collateralized Loan Obligations |  | 42384026 |  |  |
|  Corporate Bonds |  | 19738792 |  |  |
|  Floating Rate and Other Loans |  | 252759 |  |  |
|  U.S. Treasury Obligations |  | 204039617 |  |  |
|  Options Purchased |  | 10233096 |  |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 334958091 |  |  |  |
|  U.S. Treasury Obligations |  | 135886343 |  |  |
|  Options Purchased |  | 18126 |  |  |
|  **Total** | $1693008066 | $714509705 | $—\*\* |  |
|  **Liabilities** |  |  |  |  |
|  Options Written | $— | $(52731) | $— |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Financial Futures Contracts | $346756 | $— | $— |  |
|  Commodity Futures Contracts | 7368279 |  |  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A121

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts | $— | $128765 | $— |
|  Centrally Cleared Interest Rate Swap Agreements |  | 546037 |  |
|  **Total** | $7715035 | $674802 | $— |
|  **Liabilities** |  |  |  |
|  Financial Futures Contracts | $(651174) | $— | $— |
|  Commodity Futures Contracts | (5636517) |  |  |
|  OTC Bond Forward Contract |  | (49801) |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (383601) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (337626) |  |
|  OTC Total Return Swap Agreements |  | (61336) |  |
|  **Total** | $(6287691) | $(832364) | $— |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, bond forwards contracts, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (5.6% represents investments purchased with collateral from securities on loan) | 24.6 |
|  Unaffiliated Exchange-Traded Funds | 17.1 |
|  U.S. Treasury Obligations | 14.9 |
|  Unaffiliated Funds | 13.3 |
|  Banks | 2.7 |
|  Semiconductors & Semiconductor Equipment | 2.2 |
|  Collateralized Loan Obligations | 1.9 |
|  Specialized REITs | 1.5 |
|  Pharmaceuticals | 1.5 |
|  Software | 1.4 |
|  Retail REITs | 1.3 |
|  Health Care REITs | 1.3 |
|  Insurance | 1.1 |
|  Industrial REITs | 1.1 |
|  Interactive Media & Services | 1 |
|  Technology Hardware, Storage & Peripherals | 0.9 |
|  Aerospace & Defense | 0.9 |
|  Capital Markets | 0.9 |
|  Oil, Gas & Consumable Fuels | 0.8 |
|  Residential REITs | 0.7 |
|  Broadline Retail | 0.6 |
|  Financial Services | 0.6 |
|  Automobiles | 0.6 |
|  Electrical Equipment | 0.6 |
|  Metals & Mining | 0.6 |
|  Machinery | 0.6 |
|  Health Care Equipment & Supplies | 0.5 |
|  Electric Utilities | 0.5 |
|  Options Purchased | 0.4 |
|  Consumer Staples Distribution & Retail | 0.4 |
|  Hotels, Restaurants & Leisure | 0.4 |
|  Textiles, Apparel & Luxury Goods | 0.4 |
|  Biotechnology | 0.4 |

---

---

| | |
|:---|:---|
|  Specialty Retail | 0.4 |
|  IT Services | 0.4 |
|  Entertainment | 0.3 |
|  Trading Companies & Distributors | 0.3 |
|  Food Products | 0.3 |
|  Diversified Telecommunication Services | 0.3 |
|  Industrial Conglomerates | 0.3 |
|  Chemicals | 0.3 |
|  Diversified REITs | 0.3 |
|  Health Care Providers & Services | 0.3 |
|  Life Sciences Tools & Services | 0.3 |
|  Office REITs | 0.2 |
|  Construction & Engineering | 0.2 |
|  Electronic Equipment, Instruments & Components | 0.2 |
|  Multi-Utilities | 0.2 |
|  Beverages | 0.2 |
|  Tobacco | 0.2 |
|  Personal Care Products | 0.2 |
|  Hotel & Resort REITs | 0.2 |
|  Household Durables | 0.2 |
|  Building Products | 0.2 |
|  Wireless Telecommunication Services | 0.2 |
|  Media | 0.2 |
|  Household Products | 0.1 |
|  Consumer Finance | 0.1 |
|  Communications Equipment | 0.1 |
|  Professional Services | 0.1 |
|  Real Estate Management & Development | 0.1 |
|  Ground Transportation | 0.1 |
|  Construction Materials | 0.1 |
|  Gas Utilities | 0.1 |
|  Passenger Airlines | 0.1 |
|  Commercial Services & Supplies | 0.1 |
|  Marine Transportation | 0.1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A122

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Retail | 0.1% |
|  Automobile Components | 0.1 |
|  Air Freight & Logistics | 0.1 |
|  Electric | 0.1 |
|  Energy Equipment & Services | 0.1 |
|  Pipelines | 0.1 |
|  Oil & Gas | 0.1 |
|  Foods | 0.1 |
|  Real Estate | 0.1 |
|  Transportation Infrastructure | 0.0 \* |
|  Auto Parts & Equipment | 0.0 \* |
|  Home Builders | 0.0 \* |
|  Independent Power & Renewable Electricity Producers | 0.0 \* |
|  Diversified Consumer Services | 0.0 \* |
|  Lodging | 0.0 \* |
|  Building Materials | 0.0 \* |
|  Leisure Products | 0.0 \* |
|  Telecommunications | 0.0 \* |
|  Commercial Services | 0.0 \* |
|  Diversified Financial Services | 0.0 \* |
|  Holding Companies-Diversified | 0.0 \* |
|  Packaging & Containers | 0.0 \* |
|  Healthcare-Services | 0.0 \* |
|  Airlines | 0.0 \* |

---

---

| | |
|:---|:---|
|  Auto Manufacturers | 0.0 |
|  Leisure Time | 0.0 |
|  Real Estate Investment Trusts (REITs) | 0.0 |
|  Housewares | 0.0 |
|  Electrical Components & Equipment | 0.0 |
|  Transportation | 0.0 |
|  Distributors | 0.0 |
|  Healthcare-Products | 0.0 |
|  Iron/Steel | 0.0 |
|  Water Utilities | 0.0 |
|  Containers & Packaging | 0.0 |
|  Machinery-Diversified | 0.0 |
|  Computers | 0.0 |
|  Mining | 0.0 |
|  Environmental Control | 0.0 |
|  Internet | 0.0 |
|  | 105.6 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (5.6) |
|  | 100.0 |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are commodity risk, credit risk, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value | **Statement of**<br> **Assets and**<br> **Liabilities Location** | Fair<br>Value |
|  Commodity contracts | Due from/to broker-variation margin futures | $7368279 \* | Due from/to broker-variation margin futures | $5636517 \* |
|  Commodity contracts |  |  | Unrealized depreciation on OTC swap agreements | 4857 |
|  Credit contracts | Unaffiliated investments | 1270 | Options written outstanding, at value | 8633 |
|  Equity contracts | Due from/to broker-variation margin futures | 314693 \* | Due from/to broker-variation margin futures | 69223 \* |
|  Equity contracts | Unaffiliated investments | 10233096 |  |  |
|  Foreign exchange contracts | Unaffiliated investments | 1222 | Options written outstanding, at value | 29074 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 128765 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 383601 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 32063 \* | Due from/to broker-variation margin futures | 581951 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 546037 \* | Due from/to broker-variation margin swaps | 337626 \* |
|  Interest rate contracts | Unaffiliated investments | 15634 | Options written outstanding, at value | 15024 |
|  Interest rate contracts |  |  | Unrealized depreciation on OTC bond forward contracts | 49801 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A123

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts |  | $— | Unrealized depreciation on OTC swap agreements | $56479 |
|  |  | $18641059 |  | $7172786 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income |  |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | Options<br>Purchased(1) | Options<br>Written | Futures | Forward<br>&Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Commodity contracts | $— | $— | $10599154 | $— | $5139133 |
|  Credit contracts | (65179) | 97111 |  |  | (158705) |
|  Equity contracts | 2149028 |  | 4714813 |  | 496750 |
|  Foreign exchange contracts | (52505) | 255946 |  | 1120462 |  |
|  Interest rate contracts | (312) | 9783 | 2926084 |  | 528626 |
|  **Total** | $2031032 | $362840 | $18240051 | $1120462 | $6005804 |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(2)** | Options<br>Written | Futures | Bond<br>Forward<br>Contracts | Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts | Swaps |
|  Commodity contracts | $— | $— | $2117947 | $— | $— | $1031 |
|  Credit contracts | (2814) | 6648 |  |  |  | 12870 |
|  Equity contracts | 729567 |  | 2255776 |  |  | 35888 |
|  Foreign exchange contracts | (10594) | (706) |  |  | (1332573) |  |
|  Interest rate contracts | (14873) | 20212 | 719586 | (49801) |  | (74346) |
|  **Total** | $701286 | $26154 | $5093309 | $(49801) | $(1332573) | $(24557) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Options Purchased (1) | $7626985 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;45130552 |
|  Futures Contracts - Long Positions (2) | 375185634 |
|  Futures Contracts - Short Positions (2) | &nbsp;&nbsp;&nbsp;&nbsp;24192609 |
|  Bond Forward Contracts - Purchased (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671031 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 227713678 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 236123366 |
|  Cross Currency Exchange Contracts (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 |
|  Credit Default Swap Agreements - Buy Protection (2) | &nbsp;&nbsp;&nbsp;&nbsp;2090000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A124

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **a of December 31, 2025** |

---

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Credit Default Swap Agreements - Sell Protection (2) | $5299000 |
|  Inflation Swap Agreements (2) | &nbsp;&nbsp;&nbsp;&nbsp;1313227 |
|  Interest Rate Swap Agreements (2) | 80197296 |
|  Total Return Swap Agreements (2) | 81448006 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

---

| | | | |
|:---|:---|:---|:---|
| Offsetting of financial instrument/transaction assets and liabilities: | Offsetting of financial instrument/transaction assets and liabilities: | Offsetting of financial instrument/transaction assets and liabilities: | Offsetting of financial instrument/transaction assets and liabilities: |
| Description | Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities) | **Collateral**<br> **Pledged/(Received)(2)** | **Net**<br> **Amount** |
|  Securities on Loan | $125191041 | $(125191041) | $— |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Gross Amounts of<br>Recognized<br>Assets(1) | Gross Amounts of<br>Recognized<br>Liabilities(1) | Net Amounts of<br>Recognized<br>Assets/(Liabilities) | Collateral<br>Pledged/(Received)(2) | Net Amount |
| BARC(5) | $&nbsp;&nbsp;&nbsp;&nbsp;5209 | $(1494) | $3715 | $(3067) | $648 |
| BNP(5) | 15631 | (41557) | (25926) |  | (25926) |
| BNY(5) |  | (12885) | (12885) |  | (12885) |
| BOA(5) | 3683 | (6704) | (3021) |  | (3021) |
| CITI(4) | 14527 | (23758) | (9231) |  | (9231) |
| CITI(5) | 8289 | (98518) | (90229) | 85448 | (4781) |
| DB(5) | 4309 | (83580) | (79271) | 79271 |  |
| GSI(4) | 7040 | (35008) | (27968) |  | (27968) |
| GSI(5) | 4160 | (15225) | (11065) |  | (11065) |
| HSBC(5) | 1027 | (4851) | (3824) |  | (3824) |
| JPM(5) | 14023 | (74831) | (60808) | 60808 |  |
| ML(3) |  | (4857) | (4857) |  | (4857) |
| MSI(4) | 47057 | (42288) | 4769 |  | 4769 |
| MSI(5) | 7406 | (37533) | (30127) |  | (30127) |
| RBC(5) | 65 | (1429) | (1364) |  | (1364) |
| SSB(5) |  | (19709) | (19709) |  | (19709) |
| UAG(5) | 2276 | (35090) | (32814) | 22484 | (10330) |
| WBC(4) | 12189 | (8152) | 4037 |  | 4037 |
|  | $146891 | $(547469) | $(400578) | $244944 | $(155634) |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

(3) PGIM Quant Solutions

(4) Putnam

(5) PGIM Fixed Income

**SEE NOTES TO FINANCIAL STATEMENTS.**

A125

------

<br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $125,191,041: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,687,986,493) | $1847303315.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $532,585,761) | 560214456.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $693,113) | 698086.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 3160080.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 2549540.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 1498269.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 646082.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 128765.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax benefit accrued | 23456.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 4872.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from affiliate | 4125.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 52409.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 2416283455.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 128531448.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 3141463.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable. | 1226506.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 846824.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 712261.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to affiliate | 676222.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 592209.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 383601.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 93607.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 61336.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $74,187) | 52731.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC bond forward contracts | 49801.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1751.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 136370238.0 |
|  **NET ASSETS** | $2279913217.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $2279913217.0 |
|  Net asset value and redemption price per share, $2,279,913,217 / 103,446,391 outstanding shares of beneficial interest | $22.04 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $1,047,229 foreign withholding tax, of which $126,751 is reimbursable by an affiliate) | $36039580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (net of $273 foreign withholding tax) | 19886081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 9939982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $169,933) | 177663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 66043306 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 17395792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee | 5693151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 551561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 115752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 96433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 47081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 14029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 125897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 24050038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (1187918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fee waiver | (34075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 22828045 |
|  **NET INVESTMENT INCOME (LOSS)** | 43215261 |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $11,617,493) (net of foreign capital gains taxes $(13906)) | 105810892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net capital gain distributions received | 1320194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 18240051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | 1120462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 362840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | 6005804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (24969) |
|  | 132835274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $11,636,859) (net of change in foreign capital gains taxes $23,456) | 99428384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 5093309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contracts | (49801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (1332573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 26154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (24557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 161675 |
|  | 103302591 |
| NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS | 236137865 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $279353126 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $43215261 | $51992618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 132835274 | 142712764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 103302591 | (13177747) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 279353126 | 181527635 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [8,181,011 and 11,180,607 shares, respectively] | 165129882 | 211906653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [24,767,606 and 31,097,866 shares, respectively] | (494864074) | (585347039) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (329734192) | (373440386) |
|  **TOTAL INCREASE (DECREASE)** | (50381066) | (191912751) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 2330294283 | 2522207034 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year. | $2279913217 | $2330294283 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A126

------

<br> **AST MULTI-ASSET DIVERSIFIED PLUS PORTFOLIO** *(*CONTINUED)<br>

#### FINANCIAL HIGHLIGHTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| | 2025 | 2024 | 2023 | 2022 | 2021 |
|  **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |
|  Net Asset Value, beginning of year | $19.41 | $18.02 | $16.35 | $18.89 | $16.80 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |  |
|  Net investment income (loss) | 0.39 | 0.40 | 0.40 | 0.24 | 0.07 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.24 | 0.99 | 1.27 | (2.78) | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.63 | 1.39 | 1.67 | (2.54) | 2.09 |
|  Net Asset Value, end of year | $22.04 | $19.41 | $18.02 | $16.35 | $18.89 |
|  **Total Return<sup>(b)</sup>** | 13.55% | 7.71% | 10.21% | (13.45)% | 12.44% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in millions) | $2280 | $2330 | $2522 | $2488 | $4423 |
|  Average net assets (in millions) | $2277 | $2477 | $2463 | $3246 | $4490 |
|  Ratios to average net assets<sup>(c)</sup> : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.00% | 1.02% | 1.07% | 1.06% | 0.94 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.05% | 1.11% | 1.11% | 1.11% | 0.99 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.90% | 2.10% | 2.37% | 1.39% | 0.39% |
|  Portfolio turnover rate<sup>(e)(f)</sup> | 77% | 100% | 103% | 96% | 257% |

---

(a) Calculated based on average shares outstanding during the year.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all years shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP.

(c) Does not include expenses of the underlying funds in which the Portfolio invests.

(d) The expense ratio includes dividend expense and broker fees and expenses on short sales of 0.02% for the year ended December 31, 2021.

(e) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(f) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A127

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#### NOTES TO FINANCIAL STATEMENTS OF

#### ADVANCED SERIES TRUST
1. Organization

Advanced Series Trust (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust operates as a series company and as of December 31, 2025 consisted of 33 separate portfolios. The information presented in these financial statements pertains only to the 5 Portfolios listed below (each, a "Portfolio" and collectively, the "Portfolios") together with their investment objective(s). Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

Shares of each Portfolio may be purchased only by separate accounts of participating insurance companies for investing assets which are attributable to variable annuity contracts and variable life insurance policies (the "Participating Insurance Companies"). These separate accounts place orders to purchase and redeem shares of the Portfolios primarily based upon the amount of premium payments to be invested, and the amount of surrender and transfer requests to be effected on a specific day under the variable annuity contracts and variable life insurance policies.

The Portfolios have the following investment objectives:

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| Portfolio | Investment Objective |
|  AST Aggressive Asset Allocation Portfolio<br> ("Aggressive Asset Allocation") formerly known as<br> AST Capital Growth Asset Allocation Portfolio | Highest potential total return consistent with its specified level of risk tolerance. |
|  AST J.P. Morgan Aggressive Multi-Asset Portfolio<br> ("J.P. Morgan Aggressive Multi-Asset") | Capital appreciation consistent with its specified level of risk tolerance. |
|  AST J.P. Morgan Conservative Multi-Asset Portfolio<br> ("J.P. Morgan Conservative Multi-Asset") | Maximize return compared to its benchmark through security selection and tactical asset allocation. |
|  AST J.P. Morgan Moderate Multi-Asset Portfolio<br> ("J.P. Morgan Moderate Multi-Asset") | Capital appreciation consistent with its specified level of risk tolerance. |
|  AST Multi-Asset Diversified Plus Portfolio<br> ("Multi-Asset Diversified Plus") formerly known as<br> AST Academic Strategies Asset Allocation Portfolio | Long-term capital appreciation. |

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2. Accounting Policies

The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies.* The following is a summary of significant accounting policies followed by the Trust in the preparation of the Portfolios' financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Trust and the Portfolios consistently follow such policies in the preparation of their financial statements.

The Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Portfolios' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Portfolios, as listed in the Portfolios' Statement of Additional Information, act as each Portfolio's chief operating decision maker ("CODM"). The CODM has determined that each Portfolio has a single operating segment as the CODM monitors the operating results of each Portfolio as a whole and the Portfolios' long-term strategic asset allocation is pre-determined in

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accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Portfolios' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Portfolio, which is consistent with the results presented in the Portfolio's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Portfolios' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust's Board of Trustees (the "Board") has approved the Portfolios' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments") and/orAST Investment Services, Inc., the co-managers of the Portfolio, as applicable (collectively, the "Investment Manager" or "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit each Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios' foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

Private debt/loans are generally valued at prices obtained by independent valuation providers. Such valuation providers typically utilize the income approach as the primary methodology, but may use other fair value approaches based on facts and circumstances. Valuations received from the independent valuation providers are reviewed by the Valuation Designee to ensure the valuations are in accordance with the Portfolios' valuation policies and procedures as well as all relevant valuation and accounting standards. Private debt/loans are generally classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on

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investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Bond Forward Contracts:* Certain Portfolios invested in bond forward contracts which are primarily used to hedge their exposure to interest rate fluctuations. These transactions involve a commitment by the Portfolio to purchase or sell a specific bond at a future date for a predetermined fixed price and with no upfront payments. Bond forward contracts are valued daily at the current underlying bond forward price and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on bond forward contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference of the agreed upon forward price and the actual price of the security at settlement. This gain (loss), if any, is included in net realized gain (loss) on bond forward transactions.

*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, of the applicable Portfolios in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

*Options:* Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market exposure. The Portfolios' principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised. Certain Portfolios entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as "variation margin", based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market

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value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

*Financial/Commodity Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Portfolios each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial and/or commodity futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

*Interest Rate Swaps:* Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios' maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract's remaining life.

*Inflation Swaps:* Certain Portfolios entered into inflation swap agreements to protect against fluctuations in inflation rates. Inflation swaps are characterized by one party paying a fixed rate in exchange for a floating rate that is derived from an inflation index, such as the Consumer Price Index or UK Retail Price Index. Inflation swaps subject the Portfolios to interest rate risk.

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be "short the credit" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Portfolio's maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Portfolio effectively

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increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

*Total Return Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios' maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

*Floating Rate and Other Loans:* Certain Portfolios invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The Trust, on behalf of each Portfolio is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between each Portfolio and the counterparty permits each Portfolio to offset amounts payable by each Portfolio to the same

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counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Portfolio to cover each Portfolio's exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Trust, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio's custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio's net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio's counterparties to elect early termination could impact the Portfolio's future derivative activity.

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Warrants and Rights:* Certain Portfolios held warrants and rights acquired either through a direct purchase or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Portfolios until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

*Payment-In-Kind:*Certain fixed income Portfolios invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

*Securities Lending:* Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolios. Upon termination of the loan, the borrower will return to the Portfolios securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolios have the right to repurchase the securities in the open market using the collateral.

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The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolios also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolios become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

*Taxes:* For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes that is not a "publicly traded partnership" as defined in Section 7704 of the Internal Revenue Code of 1986, as amended (the "Code") for US federal income tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Participating Insurance Companies. Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio's understanding of the applicable country's tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. ("Prudential") as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

*Distributions:* Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. Distributions are recorded on the ex-date.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Trust, on behalf of the Portfolios, has entered into investment management agreements with the Investment Manager which provide that the Investment Manager will furnish each Portfolio with investment advice, investment management and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolios. The Investment Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Investment Manager out of the management fee that it receives from the Portfolios.

---

| | |
|:---|:---|
| Portfolio | Subadviser(s) |
|  Aggressive Asset Allocation | Jennison Associates, LLC ("Jennison") (a wholly-owned subsidiary of PGIM, Inc.); J.P. Morgan Investment Management Inc. ("J.P. Morgan"); PGIM Fixed Income ("PFI") (a business unit of PGIM, Inc.); PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions") (a wholly-owned subsidiary of PGIM, Inc.); Putnam Investment Management, LLC ("Putnam") |
|  J.P. Morgan Aggressive Multi-Asset | J.P. Morgan |
|  J.P. Morgan Conservative Multi-Asset | J.P. Morgan |
|  J.P. Morgan Moderate Multi-Asset | J.P. Morgan |

---

B8

------

---

| | |
|:---|:---|
| Portfolio | Subadviser(s) |
|  Multi-Asset Diversified Plus | Jennison; J.P. Morgan; Prior to September 18, 2025, Morgan Stanley Investment Management Inc.; PFI; PGIM Quantitative Solutions; PGIM Real Estate (a business unit of PGIM, Inc.); Prior to July 1, 2025, Systematica Investments Limited, acting as general partner of Systematica Investments LP; Putnam |

---

*Management Fees and Expense Limitations:* The Investment Manager receives a management fee, accrued daily and payable monthly, based on the annual rates specified below, using the value of each Portfolio's average daily net assets at the respective annual rate specified below. The Investment Manager pays each subadviser a fee as compensation for advisory services provided to the Portfolios. All amounts paid or payable by the Portfolios to the Investment Manager under the agreements are reflected in the Statement of Operations.

The Investment Manager has contractually agreed to waive a portion of its management fee and/or reimburse certain Portfolios so that management fees plus other annual ordinary operating expenses, excluding taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales, do not exceed the percentage stated below of the Portfolio's average daily net assets unless otherwise noted. Fees and/or expenses waived and/or reimbursed by the Investment Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Investment Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable.

Each voluntary waiver/reimbursement, if any, may be modified or terminated by the Investment Manager at any time without notice.

---

| | | | |
|:---|:---|:---|:---|
| Portfolio | Management Fee | **Effective**<br> **Management Fee,**<br> **before any waivers**<br> **and/or expense<br>reimbursements** | **Effective**<br> **Management Fee,**<br> **after any waivers**<br> **and/or expense<br>reimbursements** |
| &nbsp;&nbsp; Aggressive Asset Allocation^ | 0.6225% first $15 billion;<br> 0.6025% on next $5 billion;<br> 0.5825% on next $5 billion;<br> 0.5625% on next $5 billion;<br> 0.5425% on next $5 billion;<br> 0.5225% on next $5 billion;<br> 0.5025% in excess of $40 billion | 0.58% | 0.50% |
| &nbsp;&nbsp; J.P. Morgan Aggressive Multi-Asset | 0.6825% first $6 billion;<br> 0.6625% on next $4 billion;<br> 0.6425% in excess of $10 billion | 0.68% | 0.53% |
| &nbsp;&nbsp; J.P. Morgan Conservative Multi-Asset | 0.6925% on all net assets | 0.69% | 0.52% |
| &nbsp;&nbsp; J.P. Morgan Moderate Multi-Asset | 0.6925% on all net assets | 0.69% | 0.51% |
| &nbsp;&nbsp; Multi-Asset Diversified Plus^ | 0.8025% first $15 billion;<br> 0.7825% on next $5 billion;<br> 0.7625% on next $5 billion;<br> 0.7425% on next $5 billion;<br> 0.7225% on next $5 billion;<br> 0.7025% on next $5 billion;<br> 0.6825% in excess of $40 billion | 0.76% | 0.71% |

---

---

| | |
|:---|:---|
| Portfolio | **Fee Waivers and/or**<br> **Expense Limitations\*<sup>(1)</sup>** |
|  J.P. Morgan Conservative Multi-Asset | contractually waive 0.055% through June 30, 2026 |
|  Multi-AssetDiversified Plus | contractually limit expenses to 1.13% through June 30, 2026 |

---

^ Management fees are calculated based on an aggregation of net assets of Aggressive Asset Allocation, Balanced Asset Allocation, Multi-Asset Diversified Plus and Preservation Asset Allocation.

B9

------

\* For Aggressive Asset Allocation and Multi-Asset Diversified Plus, the Investment Manager and Prudential Annuities Distributors, Inc. ("PAD") have agreed to waive a portion of their investment management fee and distribution fee, respectively, equal to the amount of the management and distribution fee they receive from other portfolios of the Trust and Funds of other affiliated investment companies due to the Portfolios' investment in any such portfolios/funds. The Investment Manager has also agreed to waive a portion of its investment management fee equal to the amount of the management fee received by the subadviser due to the Portfolios' investment in any fund managed or subadvised by the subadviser. 

<sup>(1)</sup> For J.P. Morgan Aggressive Multi-Asset, J.P. Morgan Conservative Multi-Asset and J.P. Morgan Moderate Multi-Asset, the Investment Manager has contractually agreed to waive a portion of its investment management fee equal to the subadvisory fee waiver due to Portfolios' investments in the underlying funds managed by the subadviser or an affiliate of the subadviser. 

The Trust, on behalf of the Portfolios, has entered into an agreement with PAD, which serves as the distributor for the shares of each Portfolio. The Trust, on behalf of the Portfolios, has adopted a Shareholder Services and Distribution Plan pursuant to Rule 12b-1 under the 1940Act (the "12b-1 Plan") for the shares of each Portfolio. Under the 12b-1 Plan, the shares of each covered Portfolio are charged an annual fee, primarily to compensate PAD and its affiliates for providing various administrative and distribution services to each covered Portfolio. The annual shareholder services and distribution fee (the "12b-1 fee") for each covered Portfolio's shares is 0.25% of the average daily net assets of the Portfolios. The 12b-1 fee is waived for the assets of Aggressive Asset Allocation and Multi-Asset Diversified Plus that are invested in other portfolios of the Trust.

The Trust, on behalf of certain Portfolios, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Portfolio on whose behalf the trades were made. Commission recapture is paid solely to those Portfolios generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the year ended December 31, 2025, brokerage commissions recaptured under these agreements was as follows:

---

| | |
|:---|:---|
| Portfolio | Amount |
|  Aggressive Asset Allocation | $7832 |
|  J.P. Morgan Aggressive Multi-Asset | 7862 |
|  J.P. Morgan Conservative Multi-Asset | 4574 |
|  J.P. Morgan Moderate Multi-Asset | 16071 |
|  Multi-Asset Diversified Plus | 349 |

---

AST Investment Services, Inc., Jennison, PAD, PGIM Investments, PGIM, Inc. and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

#### a.) Related Parties
Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

Certain officers and a Trustee of the Trust are officers, employees or directors of the Investment Manager. The Trust pays no compensation directly to its officers, employees or any Trustee who receives compensation from the Investment Manager, a subadviser or their respective affiliates. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Portfolios bear all other costs and expenses.

The Portfolios may invest their overnight sweep cash in the PGIM Core Government Money Market Fund, a series of the Prudential Government Money Market Fund, Inc., registered under the 1940 Act and managed by PGIM Investments. The Portfolios may invest their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the PGIM Core Government Money Market Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the PGIM Core Government Money Market Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income from securities lending, net", respectively.

B10

------

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended December 31, 2025, no Rule 17a-7 transactions were entered into by the Portfolios.

#### b.) Foreign Withholding Tax Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies ("RICs"). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, "excess withholding tax").

Prudential instituted a process in consultation with the Trust's independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios' partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as "Payable to affiliate" on the Statement of Assets and Liabilities and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as "Receivable from affiliate" on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as "Tax reclaim receivable" on the Statement of Assets and Liabilities. To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

The following amounts have been paid by Prudential for excess withholding taxes related to permanent tax detriments as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| Portfolio | 2025 Payments |
|  Aggressive Asset Allocation | $467210 |
|  J.P. Morgan Aggressive Multi-Asset | 139528 |
|  J.P. Morgan Conservative Multi-Asset | 82735 |
|  J.P. Morgan Moderate Multi-Asset | 61640 |
|  Multi-Asset Diversified Plus | 126751 |

---

The following amounts have been paid by Prudential for excess withholding taxes related to timing differences as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

---

| | |
|:---|:---|
| Portfolio | 2025 Payments |
|  Aggressive Asset Allocation | $496518 |
|  J.P. Morgan Aggressive Multi-Asset | 98079 |
|  J.P. Morgan Conservative Multi-Asset | 62519 |
|  J.P. Morgan Moderate Multi-Asset | 42036 |
|  Multi-Asset Diversified Plus | 180612 |

---

B11

------

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| Portfolio | Cost of<br>Purchases | Proceeds from<br>Sales |
|  Aggressive Asset Allocation | $6593166280 | $8238083670 |
|  J.P. Morgan Aggressive Multi-Asset | 1569319392 | 2051070801 |
|  J.P. Morgan Conservative Multi-Asset | 728659227 | 1153860481 |
|  J.P. Morgan Moderate Multi-Asset | 622323604 | 888552762 |
|  Multi-Asset Diversified Plus | 1263568419 | 1348259530 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended December 31, 2025, is presented as follows:

#### Aggressive Asset Allocation

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of Year** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** |  |  |  |  |
|  AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> | AST Large-Cap Growth Portfolio<sup>\*</sup> |  |
| $1077945327 | $— | $271730001 | $51762202 | $76694629 | $934672157 | 8462401 | $— | $— |
|  AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> | AST Large-Cap Value Portfolio<sup>\*</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;402940664 |  | 98700000 | 15344756 | 36422061 | 356007481 | 5833319 |  |  |
|  AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1344712226 | 33616931 | 347166503 | 53448883 | 46747753 | 1131359290 | 94674418 |  |  |
|  AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;281251365 |  | 55550000 | 8802716 | 8778764 | 243282845 | 2825585 |  |  |
|  PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund | PGIM Global Real Estate Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18397219 | 35816995 | 31445001 | 474805 | (360780) | 22883238 | 1114624 | 331995 |  |
|  PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund | PGIM Jennison Emerging Markets Equity Opportunities Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14915152 | 16178868 | 25285000 | 421876 | (196147) | 6034749 | 306022 | 133867 |  |
|  PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund | PGIM Jennison Natural Resources Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 22267175 | 22895000 | 253076 | 1779370 | 1404621 | 18981 | 17174 |  |
|  PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37934421 | 65330000 | 76640000 | 1247404 | 1367914 | 29239739 | 3734322 |  |  |
| $3178096374 | $173209969 | $929411505 | $131755718 | $171233564 | $2724884120 |  | $483036 | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wa)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 220353 | 220353 |  |  |  |  | 353 |  |
|  PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1254637481 | 4259320030 | 4611613748 |  |  | 902343763 | 902343763 | 45235734 |  |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;124449347 | 1478009486 | 1410646482 | 437 | 10639 | 191823427 | 191938590 | 262418<sup>(1)</sup> |  |
| $1379086828 | $5737549869 | $6022480583 | $437 | $10639 | $1094167190 |  | $45498505 | $— |
| $4557183202 | $5910759838 | $6951892088 | $131756155 | $171244203 | $3819051310 |  | $45981541 | $— |

---

B12

------

#### J.P. Morgan Aggressive Multi-Asset

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** |
|  AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> |
| $161047648 | $297099999 | $74500000 | $19076004 | $472208 | $403195859 | 34609087 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |
| $126448118 | $1836026980 | $1791593877 | $— | $— | $170881221 | 170881221 | $15111435 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;44120434 | 1397326509 | 1264465232 |  | 9590 | 176991301 | 177097559 | 167863<sup>(1)</sup> |  |
| $170568552 | $3233353489 | $3056059109 | $— | $9590 | $347872522 |  | $15279298 | $— |
| $331616200 | $3530453488 | $3130559109 | $19076004 | $481798 | $751068381 |  | $15279298 | $— |

---

#### J.P. Morgan Conservative Multi-Asset

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** |
|  AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> |
| $2211003175 | $346800001 | $475000000 | $133220463 | $34469932 | $2250493571 | 193175414 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |
| $281839086 | $1327874608 | $1454344505 | $— | $— | $155369189 | 155369189 | $15390005 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;15380205 | 382775749 | 374302299 | 220 | (6591) | 23847284 | 23861601 | 63592<sup>(1)</sup> |  |
| $297219291 | $1710650357 | $1828646804 | $220 | $(6591) | $179216473 |  | $15453597 | $— |
| $2508222466 | $2057450358 | $2303646804 | $133220683 | $34463341 | $2429710044 |  | $15453597 | $— |

---

#### J.P. Morgan Moderate Multi-Asset

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning of**<br> **Year** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup> :** |
|  AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> | AST J.P. Morgan Fixed Income Central Portfolio<sup>\*</sup> |
| $525039663 | $255500000 | $105000000 | $39946692 | $7306052 | $722792407 | 62042267 | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |
| $124202575 | $934577167 | $953540112 | $— | $— | $105239630 | 105239630 | $9949019 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;16255397 | 490066956 | 383575777 | 957 | 7369 | 122754902 | 122828599 | 72892<sup>(1)</sup> |  |
| $140457972 | $1424644123 | $1337115889 | $957 | $7369 | $227994532 |  | $10021911 | $— |
| $665497635 | $1680144123 | $1442115889 | $39947649 | $7313421 | $950786939 |  | $10021911 | $— |

---

B13

------

#### Multi-Asset Diversified Plus

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup> :** |
|  AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> | AST PGIM Fixed Income Central Portfolio<sup>\*</sup> |
| $220533587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13453133 | $&nbsp;&nbsp;&nbsp;&nbsp;88266837 | $3779633 | $10355831 | $159855347 | 13377016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
|  AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> | AST Small-Cap Equity Portfolio<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14300082 | 4240188 | 4085606 | 31663 | 822037 | 15308364 | 177797 |  |  |
|  PGIM Jennison Emerging Markets Equity Opportunities Fund<sup>\*</sup> | PGIM Jennison Emerging Markets Equity Opportunities Fund<sup>\*</sup> | PGIM Jennison Emerging Markets Equity Opportunities Fund<sup>\*</sup> | PGIM Jennison Emerging Markets Equity Opportunities Fund<sup>\*</sup> | PGIM Jennison Emerging Markets Equity Opportunities Fund<sup>\*</sup> | PGIM Jennison Emerging Markets Equity Opportunities Fund<sup>\*</sup> | PGIM Jennison Emerging Markets Equity Opportunities Fund<sup>\*</sup> | PGIM Jennison Emerging Markets Equity Opportunities Fund<sup>\*</sup> | PGIM Jennison Emerging Markets Equity Opportunities Fund<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3127351 | 3025104 |  | (102247) |  |  |  |  |
|  PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> | PSF PGIM High Yield Bond Portfolio<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8451922 | 5301999 | 12084073 | 134673 | 176401 | 1980922 | 252991 |  |  |
|  PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> | PSF PGIM Jennison Blend Portfolio<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;47256881 |  | 7198000 | 7690890 | 361961 | 48111732 | 330075 |  |  |
| $290542472 | $&nbsp;&nbsp;&nbsp;&nbsp;26122671 | $114659620 | $11636859 | $11613983 | $225256365 |  | $— | $— |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wa)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;215971965 | 1244361056 | 1254328364 |  |  | 206004657 | 206004657 | 9939982 |  |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wa)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;72665070 | 1400502822 | 1344217968 |  | 3510 | 128953434 | 129030852 | 169933<sup>(1)</sup> |  |
| $288637035 | $2644863878 | $2598546332 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;3510 | $334958091 |  | $10109915 | $— |
| $579179507 | $2670986549 | $2713205952 | $11636859 | $11617493 | $560214456 |  | $10109915 | $— |

---

\* Non-income producing security.

(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wa) Represents investments in Funds affiliated with the Manager.

6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership's income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio's adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Investment Manager has analyzed the Portfolios' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2025 are subject to such review.

7. Borrowings

The Trust, on behalf of the Portfolios, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an

B14

------

alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
|  | Current SCA | Prior SCA |
| &nbsp;&nbsp; **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent |

---

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Investment Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Portfolios indicated below utilized the SCA during the year ended December 31, 2025. The average balance outstanding is for the number of days the Portfolios utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Portfolio | Average<br>Balance<br>Outstanding | Weighted<br>Average<br>Interest Rates | Number<br>of Days<br>Outstanding | Maximum<br>Balance<br>Outstanding | Balance<br>Outstanding at<br> December 31, 2025 |
| &nbsp;&nbsp; Aggressive Asset Allocation | $792000 | 5.02% | 1 | $792000 | $— |
| &nbsp;&nbsp; J.P. Morgan Aggressive Multi-Asset | &nbsp;&nbsp;&nbsp;&nbsp;80779000 | 5.43 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;80779000 |  |

---

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust's Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios with a par value of $0.001 per share. As of December 31, 2025, all Portfolios offer only a single share class to investors.

As of December 31, 2025, the following number of shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.

---

| | | |
|:---|:---|:---|
| Portfolio | Number of Shares | Percentage of<br> Outstanding Shares |
|  Aggressive Asset Allocation | 223141066 | 72.4% |
|  J.P. Morgan Aggressive Multi-Asset | 96792992 | 100.0 |
|  J.P. Morgan Conservative Multi-Asset | 122082634 | 84.5 |
|  J.P. Morgan Moderate Multi-Asset | 60811456 | 81.8 |
|  Multi-Asset Diversified Plus | 67941046 | 65.7 |

---

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

---

| | | |
|:---|:---|:---|
| Portfolio | Number of<br>Shareholders | Percentage of<br> Outstanding Shares |
|  **Affiliated:** |  |  |
|  Aggressive Asset Allocation | 2 | 72.4% |
|  J.P. Morgan Aggressive Multi-Asset | 2 | 100.0 |
|  J.P. Morgan Conservative Multi-Asset | 2 | 84.5 |
|  J.P. Morgan Moderate Multi-Asset | 2 | 81.8 |
|  Multi-Asset Diversified Plus | 2 | 65.7 |

---

B15

------

---

| | | |
|:---|:---|:---|
| Portfolio | Number of<br>Shareholders | Percentage of<br> Outstanding Shares |
|  **Unaffiliated:** |  |  |
|  Aggressive Asset Allocation | 1 | 27.4% |
|  J.P. Morgan Aggressive Multi-Asset |  |  |
|  J.P. Morgan Conservative Multi-Asset | 1 | 15.5 |
|  J.P. Morgan Moderate Multi-Asset | 1 | 18.2 |
|  Multi-Asset Diversified Plus | 1 | 34.3 |

---

9. Risks of Investing in the Portfolios

Each Portfolio's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Risks | Aggressive<br>Asset<br>Allocation | Aggressive<br>Asset<br>Allocation | J.P. Morgan<br>Aggressive<br>Multi-Asset | J.P. Morgan<br>Aggressive<br>Multi-Asset | **J.P. Morgan**<br> **Conservative<br>Multi-Asset** | **J.P. Morgan**<br> **Conservative<br>Multi-Asset** |
| &nbsp;&nbsp; Asset Allocation |  | X |  | X |  |  |
| &nbsp;&nbsp; Asset-Backed and/or Mortgage-Backed Securities |  | X |  | X |  | X |
| &nbsp;&nbsp; Asset Transfer Program |  | X |  | X |  | X |
| &nbsp;&nbsp; Blend Style |  | X |  | X |  | X |
| &nbsp;&nbsp; Commodity |  |  |  |  |  |  |
| &nbsp;&nbsp; Covenant-Lite |  | X |  |  |  |  |
| &nbsp;&nbsp; Credit |  | X |  | X |  | X |
| &nbsp;&nbsp; Derivatives |  | X |  | X |  | X |
| &nbsp;&nbsp; Emerging Markets |  | X |  | X |  | X |
| &nbsp;&nbsp; Equity Securities |  | X |  | X |  | X |
| &nbsp;&nbsp; Exchange-Traded Funds (ETF) |  | X |  | X |  | X |
| &nbsp;&nbsp; Exchange-Traded Notes (ETN) |  |  |  |  |  |  |
| &nbsp;&nbsp; Expense |  | X |  | X |  | X |
| &nbsp;&nbsp; Fixed Income Securities |  | X |  | X |  | X |
| &nbsp;&nbsp; Foreign Custody |  |  |  |  |  | X |
| &nbsp;&nbsp; Foreign Investment |  | X |  | X |  | X |
| &nbsp;&nbsp; Fund of Funds |  | X |  | X |  |  |
| &nbsp;&nbsp; High Yield |  | X |  | X |  | X |
| &nbsp;&nbsp; Interest Rate |  | X |  | X |  | X |
| &nbsp;&nbsp; Investment Style |  |  |  | X |  |  |
| &nbsp;&nbsp; Large Company |  | X |  | X |  |  |
| &nbsp;&nbsp; Leverage |  |  |  |  |  | X |
| &nbsp;&nbsp; Liquidity Allocation |  | X |  | X |  | X |
| &nbsp;&nbsp; Liquidity and Valuation |  | X |  | X |  | X |
| &nbsp;&nbsp; Loan |  | X |  |  |  |  |
| &nbsp;&nbsp; Market and Management |  | X |  | X |  | X |
| &nbsp;&nbsp; Participation Notes (P-Notes) |  |  |  |  |  |  |
| &nbsp;&nbsp; Portfolio Turnover |  |  |  | X |  | X |
| &nbsp;&nbsp; Prepayment or Call |  | X |  | X |  | X |
| &nbsp;&nbsp; Quantitative Model |  |  |  |  |  |  |
| &nbsp;&nbsp; Real Estate |  | X |  | X |  | X |
| &nbsp;&nbsp; Regulatory |  | X |  | X |  | X |
| &nbsp;&nbsp; Short Sale |  |  |  |  |  | X |
| &nbsp;&nbsp; Small Sized Company |  | X |  | X |  |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Risks | J.P. Morgan <br>Moderate<br>Multi-Asset | J.P. Morgan <br>Moderate<br>Multi-Asset | Multi-Asset <br>Diversified<br>Plus | Multi-Asset <br>Diversified<br>Plus |
| &nbsp;&nbsp; Asset Allocation |  |  |  | X |
| &nbsp;&nbsp; Asset-Backed and/or Mortgage-Backed Securities |  | X |  | X |
| &nbsp;&nbsp; Asset Transfer Program |  | X |  | X |
| &nbsp;&nbsp; Blend Style |  | X |  | X |
| &nbsp;&nbsp; Commodity |  | X |  | X |
| &nbsp;&nbsp; Covenant-Lite |  |  |  | X |
| &nbsp;&nbsp; Credit |  | X |  | X |
| &nbsp;&nbsp; Derivatives |  | X |  | X |
| &nbsp;&nbsp; Emerging Markets |  | X |  | X |
| &nbsp;&nbsp; Equity Securities |  | X |  | X |
| &nbsp;&nbsp; Exchange-Traded Funds (ETF) |  | X |  | X |
| &nbsp;&nbsp; Exchange-Traded Notes (ETN) |  |  |  | X |
| &nbsp;&nbsp; Expense |  | X |  | X |
| &nbsp;&nbsp; Fixed Income Securities |  | X |  | X |
| &nbsp;&nbsp; Foreign Custody |  | X |  |  |
| &nbsp;&nbsp; Foreign Investment |  | X |  | X |
| &nbsp;&nbsp; Fund of Funds |  | X |  | X |
| &nbsp;&nbsp; High Yield |  | X |  | X |
| &nbsp;&nbsp; Interest Rate |  | X |  | X |
| &nbsp;&nbsp; Investment Style |  |  |  |  |
| &nbsp;&nbsp; Large Company |  |  |  |  |
| &nbsp;&nbsp; Leverage |  |  |  | X |
| &nbsp;&nbsp; Liquidity Allocation |  | X |  |  |
| &nbsp;&nbsp; Liquidity and Valuation |  | X |  | X |
| &nbsp;&nbsp; Loan |  |  |  | X |
| &nbsp;&nbsp; Market and Management |  | X |  | X |
| &nbsp;&nbsp; Participation Notes (P-Notes) |  | X |  |  |
| &nbsp;&nbsp; Portfolio Turnover |  | X |  | X |
| &nbsp;&nbsp; Prepayment or Call |  | X |  |  |
| &nbsp;&nbsp; Quantitative Model |  |  |  | X |
| &nbsp;&nbsp; Real Estate |  | X |  | X |
| &nbsp;&nbsp; Regulatory |  | X |  | X |
| &nbsp;&nbsp; Restricted Securities |  |  |  | X |
| &nbsp;&nbsp; Short Sale |  |  |  | X |
| &nbsp;&nbsp; Sovereign Debt Securities |  |  |  | X |

---

*Asset Allocation Risk:* The Portfolio's overall allocations to stocks and bonds, and the allocations to the various asset classes and market sectors within those broad categories, could cause the Portfolio to underperform other funds with a similar investment objective. As a fund that has a larger allocation to equity securities relative to its fixed income allocation, the Portfolio's risk of loss and share price fluctuation (and potential for gain) will tend to be more closely aligned with funds investing a greater portion of assets in equity securities than with funds investing primarily in fixed income securities. Additionally, both equity and fixed income securities may decline in value. Any given investment strategy may fail to produce the intended results, and a Portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

*Asset-Backed and/or Mortgage-Backed Securities Risk:* Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans. Like fixed income securities, asset-backed and mortgage-backed securities are subject to interest rate risk, liquidity risk, and credit risk, which may be heightened in connection with investments in loans to "subprime" borrowers. Certain asset-backed and mortgage-backed securities are subject to the risk that those obligations

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will be repaid sooner than expected or later than expected, either of which may result in lower-than-expected returns. Mortgage-backed securities, because they are backed by mortgage loans, are also subject to risks related to real estate, and securities backed by private-issued mortgages may experience higher rates of default on the underlying mortgages than securities backed by government-issued mortgages.

*Asset Transfer Program Risk:* Predetermined, nondiscretionary mathematical formulas used by the Participating Insurance Companies to manage the guarantees offered in connection with certain benefit programs under the Contracts may result in systematic transfers of assets among the investment options under the Contracts, including the Portfolio. These formulas may result in large-scale asset flows into and out of the Portfolio, which could adversely affect the Portfolio, including its risk profile, expenses, and performance. For example, the asset flows may adversely affect performance by requiring the Portfolio to purchase or sell securities at inopportune times, by otherwise limiting the subadviser's ability to fully implement the Portfolio's investment strategies, or by requiring the Portfolio to hold a larger portion of its assets in highly liquid securities than it otherwise would hold. The asset flows may also result in high turnover, low asset levels, and high operating expense ratios for the Portfolio. The asset flows could remove all or substantially all the assets of the Portfolio. The efficient operation of the asset flows depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended which in turn could adversely affect performance.

*Blend Style Risk:* A Portfolio's blend investment style may subject the Portfolio to risks of both value and growth investing. The portion of the Portfolio's portfolio that makes investments pursuant to a growth strategy may be subject to above-average market price fluctuations as a result of seeking high-quality stocks with good future growth prospects. The portion of the Portfolio's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or that a stock judged to be undervalued may actually be appropriately priced. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Portfolio's assessment of market conditions or a company's value is inaccurate, the Portfolio could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor depending on market conditions. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Portfolio to underperform the market in general, its benchmark, and other mutual funds.

*Commodity Risk:* The value of a commodity-linked investment is affected by, among other things, overall market movements, factors affecting a particular industry or commodity, and changes in interest and exchange rates and maybe more volatile than traditional equity and debt securities. The value of the commodities underlying commodity-linked instruments may be subject to various economic and non-economic factors, such as drought,floods or other weather conditions, livestock disease, insufficient storage capacity, embargoes, competition from substitute products, transportation bottlenecks or shortages, fluctuations in supply and demand, tariffs, war and international economic, political, and regulatory developments.

*Covenant-Lite Risk:* Some of the loans or debt obligations in which the Portfolio may invest or get exposure to may be "covenant-lite", which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms that allow the lender to monitor the borrower's performance and declare a default if certain criteria are breached. An investment by the Portfolio in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Portfolio may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Portfolio's exposure to losses may be increased, which could result in an adverse impact on the Portfolio's net income and net asset value.

*Credit Risk:* This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, the counterparty to an investment or derivatives contract, or obligor of an obligation underlying an asset-backed security may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Litigation, legislation or other political events, business or economic conditions, or the bankruptcy of the issuer could have a significant effect on an issuer's or obligor's ability to make payments of principal and/or interest. The lower the credit quality of a bond, the more sensitive it is to credit risk, and the credit quality of an investment can deteriorate rapidly.

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for hedging may reduce or magnify losses but also may reduce or eliminate gains; the price of derivatives may be more volatile than the prices of traditional equity and debt securities; and changes in a derivative's value may not correlate perfectly with the assets, rates, indices or instruments it is designed to hedge or closely track. The Portfolio is subject to a derivatives risk management program, which may limit the ability of the Portfolio to invest in derivatives.

*Emerging Markets Risk:* The risks of non-US investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic, political, and social systems that are less developed, and can be expected to be less stable, than those of more developed countries. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the ability of the manager or a Portfolio's subadviser(s) to evaluate local companies or their potential impact on a Portfolio's performance. Characteristics of emerging market economies can include heavy economic dependence on international aid, agriculture or exports (particularly commodities), undeveloped or overburdened infrastructures and legal systems, vulnerability to natural disasters, significant and unpredictable government intervention in markets or the economy, volatile currency exchange rates, currency devaluations, runaway inflation, business practices that depart from norms for developed countries, and generally less liquid markets. For example, the economies of such countries can be subject to currency devaluations and rapid and unpredictable (and in some cases, extremely high) rates of inflation or deflation. Low trading volumes may result in a lack of liquidity, price volatility, and valuation difficulties. Regulatory regimes outside of the US may not require or enforce corporate governance standards comparable to that of the US, which may result in less protections for investors in such issuers and make such issuers more susceptible to actions not in the best interest of the issuer or its investors. Emerging market countries may have policies that restrict investments by foreign investors, or that prevent foreign investors from withdrawing their money at will, which may make it difficult for a Portfolio to invest in such countries or increase the administrative costs of such investments. Countries with emerging markets can be found in regions including, but not limited to, Asia, Latin America, the Middle East, Southern Europe, Eastern Europe, Africa and the region comprising the former Soviet Union. A Portfolio may invest in some emerging markets through trading structures or protocols that subject it to risks such as those associated with decreased liquidity, custody of assets, different settlement and clearance procedures, and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

*Equity Securities Risk:* The value of a particular stock or equity-related security held by the Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition or the value of the equity markets or a sector of those markets. Such events may result in losses to the Portfolio. In addition, due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price.

*Exchange-Traded Funds (ETF) Risk:* An investment in an ETF generally presents the same primary risks as an investment in a mutual fund that has the same investment objective, strategies, and policies. In addition, the market price of an ETF's shares may trade above or below its net asset value and there may not be an active trading market for an ETF's shares. The Portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down.

*Exchange-Traded Notes (ETN) Risk:* Because exchange-traded notes (ETNs) are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Portfolio to the risk that an ETN's issuer may be unable to pay or fulfill its contractual obligations. In addition, the Portfolio will bear its proportionate share of the fees and expenses of the ETN, which may cause the Portfolio's operating expenses to be higher and its performance to be lower.

*Expense Risk:* The actual cost of investing in the Portfolio may be higher than the expenses shown in the "Annual Portfolio Operating Expenses" table in the Portfolio's prospectus for a variety of reasons, including, for example, if the Portfolio's average net assets decrease.

*Fixed Income Securities Risk:* Investment in fixed income securities involves a variety of risks, including that: an issuer or guarantor of a security will be unable or unwilling to pay obligations when due; due to decreases in liquidity, the Portfolio may be unable to sell its securities holdings within a reasonable time at the price it values the security or at any price; and the Portfolio's investment may decrease in value when interest rates rise. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio's investment in fixed income securities will go down in value. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Changes in interest rates may also affect the liquidity of the Portfolio's investments in fixed income securities.

*Foreign Custody Risk:* If a Portfolio invests in foreign securities, the Portfolio may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Portfolio's custodian (each, a Subcustodian). Some foreign Subcustodians may be recently organized or new to the foreign custody business. In some countries, Subcustodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Portfolio's ability to recover its assets if a Subcustodian enters bankruptcy or if other

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disputes or proceedings arise related to a Portfolio's assets. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries and a Portfolio may be limited in its ability to enforce contractual rights or obligations.

*Foreign Investment Risk:* Foreign markets tend to be more volatile than US markets and are generally not subject to regulatory requirements comparable to those in the US. Foreign securities include investments in securities of foreign issuers denominated in foreign currencies, as well as securities of foreign issuers denominated in US dollars and American Depositary Receipts. Foreign investment risk includes the risk that: changes in currency exchange rates may affect the value of foreign securities held by the Portfolio; foreign markets generally are more volatile than, and generally are not subject to regulatory requirements comparable to, US markets; foreign financial reporting and tax standards usually differ from those in the US; foreign exchanges are often less liquid than US markets; political or social developments may adversely affect the value of foreign securities; foreign holdings may be subject to special taxation and limitations on repatriating investment proceeds; and certain events in foreign markets may adversely affect foreign and domestic issuers, including, among others, military conflict, geopolitical developments, interruptions in the global supply chain, natural disasters, and outbreaks of infectious diseases.

*Fund of Funds Risk:* In addition to the risks associated with the investment in an underlying portfolio, the Portfolio is exposed to the investment objectives, investment risks, and investment performance of the underlying portfolios. The Portfolio is also subject to a potential conflict of interest between the Portfolio and its investment manager(s) and subadviser(s), which could impact the Portfolio. Moreover, the Portfolio will incur its pro rata share of the relevant underlying portfolios' expenses, which will reduce the Portfolio's performance.

*High Yield Risk:* Investments in fixed income instruments rated below investment grade and unrated instruments of similar credit quality (i.e., "high yield" securities or "junk bonds") may be more sensitive to interest rate, credit, call, and liquidity risks than investments in investment grade securities, and have predominantly speculative characteristics. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in interest rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Portfolio may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Portfolio's holdings may fall sharply. This is referred to as "extension risk." As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. The Portfolio may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, the Portfolio may be unable to maintain positive returns. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance.

*Investment Style Risk:* Securities held by the Portfolio as a result of a particular investment style, such as growth or value, tend to perform differently (i.e., better or worse than other segments of, or the overall, stock market) depending on market and economic conditions and investor sentiment. At times when the investment style is out of favor, the Portfolio may underperform other funds that invest in similar asset classes but use different investment styles.

*Large Company Risk:* Large-capitalization stocks as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus on small- or medium-capitalization stocks. Larger, more established companies may be slow to respond to challenges and may grow more slowly than smaller companies. Investments in securities of certain issuers with the largest market capitalizations can result in greater investment exposure to a limited number of issuers and sectors, primarily the technology sector, which can result in greater losses in the event of a market downturn or deteriorating fundamentals in those issuers or sectors.

*Leverage Risk:* Borrowings, certain derivatives and other trading strategies can create leverage (i.e., a Portfolio's investment exposures exceed its net asset value), which may amplify the Portfolio's gains and losses and cause the Portfolio to be more volatile and riskier than if it had not been leveraged.

*Liquidity Allocation Risk:* The Portfolio's liquidity strategy will result in a decrease in the amount of the Portfolio's assets held in underlying portfolios or individual securities and an increase in the amount invested in derivatives (e.g., futures and

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options) and in short-term money market instruments. Under certain market conditions, performance may be adversely affected as a result of this strategy.

*Liquidity and Valuation Risk:* The Portfolio may hold one or more securities for which there are no or few buyers and sellers or the securities are subject to limitations on transfer. The Portfolio may be unable to sell those portfolio holdings at the desired time or price, and may have difficulty determining the value of such securities for the purpose of determining the Portfolio's net asset value. In such cases, investments owned by the Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager. No assurance can be given that the fair value prices accurately reflect the value of the security. The Portfolio is subject to a liquidity risk management program, which limits the ability of the Portfolio to invest in illiquid investments.

*Loan Risk:* The Portfolio's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Portfolio to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Portfolio and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Portfolio may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Portfolio's access to collateral, if any, may be limited by bankruptcy laws. Loans that are secured and senior to other debtholders of a borrower tend to have more favorable loss recovery rates as compared to more junior types of below investment grade debt obligations, and junior loans can involve a higher degree of risk than more senior loans. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Portfolio to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may have an impact on the length and timing of completing trades. To the extent the Portfolio invests in loans of non-US issuers, the risks of investing in non-US issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Portfolio, may not have the benefit of these protections.

*Market and Management Risk:* Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its services providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

*Participation Notes (P-Notes) Risk:* The Portfolio may gain exposure to securities traded in foreign markets through P-notes. In addition to risks similar to those associated with a direct investment in the underlying security, such as foreign investment risk, the holder of a P-note is not entitled to the same rights as an underlying security's direct owner and P-notes are considered general unsecured contractual obligations and are subject to counterparty credit risks.

*Portfolio Turnover Risk:* A subadviser may engage in active trading on behalf of the Portfolio—that is, frequent trading of the Portfolio's securities—in order to take advantage of new investment opportunities or yield differentials. The Portfolio's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities.

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*Prepayment or Call Risk:* Prepayment or call risk is the risk that issuers will prepay fixed-rate obligations held by the Portfolio when interest rates fall, forcing a Portfolio to reinvest in obligations with lower interest rates than the original obligations. Mortgage-related securities and asset-backed securities are particularly subject to prepayment risk.

*Quantitative Model Risk:* The Portfolio and certain underlying portfolios, if applicable, may use quantitative models as part of their investment process. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns. There can be no assurance that these methodologies will produce the desired results or enable the Portfolio to achieve its objective. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. When models prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Portfolio to potential risks. Models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect.

*Real Estate Risk:* Investments in real estate investment trusts ("REITs") and real estate-linked derivative instruments are subject to risks similar to those associated with direct ownership of real estate. Poor performance by the manager of the REIT and adverse changes to or inability to qualify for favorable tax laws will adversely affect the Portfolio. In addition, some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Higher interest rates have a negative impact on real estate markets by increasing financing costs associated with purchasing new real estate or refinancing debt obligations. Additionally, occupancy rates for commercial real estate can reduce the value of existing real estate investments and rental income.

*Regulatory Risk:* The Portfolio is subject to a variety of laws and regulations which govern its operations. The Portfolio is subject to regulation by the Securities and Exchange Commission (the SEC). Similarly, the businesses and other issuers of the securities and other instruments in which the Portfolio invests are also subject to considerable regulation. Changes in laws and regulations may materially impact the Portfolio, a security, business, sector, or market.

*Restricted Securities Risk:* The Portfolio may invest in restricted securities. Restricted securities are subject to legal and contractual restrictions on resale. Restricted securities are not traded on established markets and may be classified as illiquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Portfolio.

*Short Sale Risk:* A short sale involves the risk that the price of a borrowed security will increase during the time the Portfolio has borrowed the security and the Portfolio will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Short sales may result in losses that are greater than the cost of the investment. In addition, the third party to the short sale may fail to honor its contract terms, causing a loss to the Portfolio.

*Small Sized Company Risk:* Securities of small sized companies tend to be less liquid than those of larger, more established companies, which can have an adverse effect on the price of these securities and on the Portfolio's ability to sell these securities. The market price of such investments also may rise more in response to buying demand and fall more in response to selling pressure and be more volatile than investments in larger companies. Investing in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment.

*Sovereign Debt Securities Risk:* Investing in foreign sovereign debt securities exposes the Portfolio to direct or indirect consequences of political, social, or economic changes in the countries that issue the securities. The consequences include the risk that the issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, that the foreign government may default on its debt securities, and that there may be no bankruptcy proceeding by which the defaulted sovereign debt may be collected.

10. Recent Accounting Pronouncement and Regulatory Developments

During the reporting period, the Portfolios adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Portfolios did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

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11. Subsequent Event

Each Portfolio's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of December 31, 2025.

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Advanced Series Trust and Shareholders of AST Aggressive Asset Allocation Portfolio, AST J.P. Morgan Aggressive Multi-Asset Portfolio, AST J.P. Morgan Conservative Multi-Asset Portfolio, AST J.P. Morgan Moderate Multi-Asset Portfolio and AST Multi-Asset Diversified Plus Portfolio

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of AST Aggressive Asset Allocation Portfolio, AST J.P. Morgan Aggressive Multi-Asset Portfolio, AST J.P. Morgan Conservative Multi-Asset Portfolio, AST J.P. Morgan Moderate Multi-Asset Portfolio and AST Multi-Asset Diversified Plus Portfolio (five of the portfolios constituting Advanced Series Trust, hereafter collectively referred to as the "Portfolios") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agents, issuers of privately held securities, agent banks and brokers; when replies were not received from transfer agents, agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in the Prudential Insurance Portfolios complex since 2020.

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**Other Information**

**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract - None.

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## Advanced Series Trust

### FINANCIAL STATEMENTS AND OTHER INFORMATION
December 31, 2025

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|:---|:---|
| ![LOGO](g10587g01g02.jpg) | **AST J.P. Morgan Fixed Income Central Portfolio**<br> **AST PGIM Fixed Income Central Portfolio**<br> **AST Target Maturity Central Portfolio** |

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![LOGO](g10587g01g01.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Series Trust &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** Financial Statements and Other Information December 31, 2025 <br> <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>        

∎ **FORM N-CSR ITEM 7 - FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

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| | | |
|:---|:---|:---|
|  Section A  | [Schedule of Investments, Financial Statements, and](#edgar10587_1) |  |
|  | [Financial Highlights](#edgar10587_2) |  |
|  | [Glossary](#edgar10587_3) | A1 |
|  | [AST J.P. Morgan Fixed Income Central Portfolio](#edgar10587_4) | A2 |
|  | [AST PGIM Fixed Income Central Portfolio](#edgar10587_5) | A30 |
|  | [AST Target Maturity Central Portfolio](#edgar10587_6) | A87 |
|  Section B  | [Notes to Financial Statements](#edgar10587_7) |  |
|  Section C  | [Report of Independent Registered Public Accounting Firm](#edgar10587_8) |  |

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∎ **[OTHER INFORMATION - FORM N-CSR ITEMS 8-11](#edgar10587_9)** 

**This report may include financial information pertaining to certain portfolios that are not available through the variable life insurance policy or variable annuity contract that you have chosen. Please refer to your variable life insurance or variable annuity prospectus to determine which portfolios are available to you.** 

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<br> ***Glossary***<br>

The following abbreviations are used in the Portfolios' descriptions:

EUR Euro

GBP British Pound

USD US Dollar

144A — Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

A — Annual payment frequency for swaps

Aces — Alternative Credit Enhancements Securities

BABs — Build America Bonds

BARC — Barclays Bank PLC

BNP — BNP Paribas S.A.

BOA — Bank of America, N.A.

BOS — BofA Securities, Inc.

CA — Credit Agricole Securities Inc.

CDX — Credit Derivative Index

CITI — Citibank, N.A.

CLO — Collateralized Loan Obligation

CMS — Constant Maturity Swap

CMT — Constant Maturity Treasury

DAC — Designated Activity Company

DB — Deutsche Bank AG

EMTN — Euro Medium Term Note

EURIBOR — Euro Interbank Offered Rate

FHLMC — Federal Home Loan Mortgage Corporation

GMTN — Global Medium Term Note

GS — Goldman Sachs & Co. LLC

GSI — Goldman Sachs International

ING — ING Financial Markets LLC

IO — Interest Only (Principal amount represents notional)

JPM — JPMorgan Chase Bank N.A.

LP — Limited Partnership

M — Monthly payment frequency for swaps

MASTR — Morgan Stanley Structured Asset Security

MLC — Merrill Lynch Capital Services, Inc.

MSI — Morgan Stanley & Co. International PLC

MTN — Medium Term Note

N/A — Not Applicable

OTC — Over-the-counter

PO — Principal Only

Q — Quarterly payment frequency for swaps

REITs — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

RFUCCT — Refinitiv USD IBOR Consumer Cash Fallbacks Term

SDR — Sweden Depositary Receipt

SOFR — Secured Overnight Financing Rate

STRIPs — Separate Trading of Registered Interest and Principal of Securities

T — Swap payment upon termination

TBA — To Be Announced

USOIS — United States Overnight Index Swap

**SEE NOTES TO FINANCIAL STATEMENTS.**

A1

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| | | |
|:---|:---|:---|
|  | <br> ***AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **LONG-TERM INVESTMENTS — 96.1%** | **LONG-TERM INVESTMENTS — 96.1%** | **LONG-TERM INVESTMENTS — 96.1%** | **LONG-TERM INVESTMENTS — 96.1%** |
|  **ASSET-BACKED SECURITIES — 2.1%** | **ASSET-BACKED SECURITIES — 2.1%** | **ASSET-BACKED SECURITIES — 2.1%** | **ASSET-BACKED SECURITIES — 2.1%** |
|  **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** |  |
|  Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, | Bridgecrest Lending Auto Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 12/17/29 | 3200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 08/15/31 | 801 | 805266 |
|  Consumer Portfolio Services Auto Trust, | Consumer Portfolio Services Auto Trust, | Consumer Portfolio Services Auto Trust, | Consumer Portfolio Services Auto Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.120% | 07/15/31 | 2540 | 2562165 |
|  Credit Acceptance Auto Loan Trust, | Credit Acceptance Auto Loan Trust, | Credit Acceptance Auto Loan Trust, | Credit Acceptance Auto Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710% | 07/16/35 | 4912 | 4983764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870% | 01/15/36 | 1254 | 1264991 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.680% | 09/15/31 | 1320 | 1328057 |
|  |  |  | 14178971 |
|  **Consumer Loans — 0.8%** | **Consumer Loans — 0.8%** | **Consumer Loans — 0.8%** | **Consumer Loans — 0.8%** |
|  Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, | Aqua Finance Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 12/19/50 | 2101 | 2139803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.790% | 05/17/51 | 1820 | 1832148 |
|  Foundation Finance Trust, | Foundation Finance Trust, | Foundation Finance Trust, | Foundation Finance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 04/15/50 | 2258 | 2284802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.560% | 08/15/52 | 2440 | 2446160 |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.020% | 06/25/60 | 866 | 878641 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/20/32 | 3528 | 3415070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.680% | 09/20/34 | 1475 | 1500517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 10/20/34 | 6655 | 6709212 |
|  Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, | Mariner Finance Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.590% | 11/22/38 | 2231 | 2238145 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.210% | 09/14/35 | 2915 | 2807854 |
|  Oportun Issuance Trust, | Oportun Issuance Trust, | Oportun Issuance Trust, | Oportun Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-D, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-D, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-D, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-D, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 02/08/33 | 1155 | 1158643 |
|  UPG HI Issuer Trust, | UPG HI Issuer Trust, | UPG HI Issuer Trust, | UPG HI Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/25/47 | 858 | 857632 |
|  |  |  | 28268627 |
|  **Credit Cards — 0.2%** | **Credit Cards — 0.2%** | **Credit Cards — 0.2%** | **Credit Cards — 0.2%** |
|  Capital One Multi-Asset Execution Trust, | Capital One Multi-Asset Execution Trust, | Capital One Multi-Asset Execution Trust, | Capital One Multi-Asset Execution Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A03, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A03, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A03, Class A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A03, Class A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 10/15/37 | 5840 | 5839696 |

---

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| | | | |
|:---|:---|:---|:---|
| **Interest<br>Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Equipment — 0.3%** | **Equipment — 0.3%** |  |  |
|  GreatAmerica Leasing Receivables Funding LLC, | GreatAmerica Leasing Receivables Funding LLC, | GreatAmerica Leasing Receivables Funding LLC, | GreatAmerica Leasing Receivables Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.580% | 01/15/32 | 1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226697 |
|  NMEF Funding LLC, | NMEF Funding LLC, | NMEF Funding LLC, | NMEF Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.640% | 01/18/33 | 2800 | 2810775 |
|  SCF Equipment Leasing LLC, | SCF Equipment Leasing LLC, | SCF Equipment Leasing LLC, | SCF Equipment Leasing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330% | 06/20/36 | 3256 | 3265947 |
|  SCF Equipment Trust LLC, | SCF Equipment Trust LLC, | SCF Equipment Trust LLC, | SCF Equipment Trust LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | 09/20/34 | 4316 | 4433023 |
|  |  |  | 11736442 |
|  **Other — 0.4%** | **Other — 0.4%** | **Other — 0.4%** | **Other — 0.4%** |
|  AMSR Trust, | AMSR Trust, | AMSR Trust, | AMSR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 11/17/41 | 4275 | 4219007 |
|  Bridge Trust, | Bridge Trust, | Bridge Trust, | Bridge Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 09/17/42 | 2599 | 2492168 |
|  CF Hippolyta Issuer LLC, | CF Hippolyta Issuer LLC, | CF Hippolyta Issuer LLC, | CF Hippolyta Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.980% | 03/15/61 | 334 | 203560 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.305% | 04/17/42 | 3523 | 3358729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR03, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390% | 07/17/42 | 2375 | 2263410 |
|  Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, | Sierra Timeshare Receivables Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.930% | 04/20/44 | 1044 | 1046977 |
|  |  |  | 13583851 |
|  **Student Loan — 0.0%** | **Student Loan — 0.0%** | **Student Loan — 0.0%** | **Student Loan — 0.0%** |
|  Edsouth Indenture No. 06 LLC, | Edsouth Indenture No. 06 LLC, | Edsouth Indenture No. 06 LLC, | Edsouth Indenture No. 06 LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02, Class A, 144A, 30 Day Average SOFR + 0.794% (Cap N/A, Floor 0.680%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02, Class A, 144A, 30 Day Average SOFR + 0.794% (Cap N/A, Floor 0.680%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02, Class A, 144A, 30 Day Average SOFR + 0.794% (Cap N/A, Floor 0.680%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-02, Class A, 144A, 30 Day Average SOFR + 0.794% (Cap N/A, Floor 0.680%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.669%(c) | 05/25/39 | 381 | 379591 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $73,169,873) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $73,169,873) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $73,169,873) | 73987178 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.6%** |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.587%(cc) | 09/10/50 | 650 | 621018 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | 09/15/37 | 1200 | 1102312 |
|  DOLP Trust, | DOLP Trust, | DOLP Trust, | DOLP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956% | 05/10/41 | 2580 | 2317210 |
|  Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, | Fannie Mae-Aces, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M39, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M39, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M39, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M39, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.927%(cc) | 07/25/30 | 2043 | 101970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M50, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.822%(cc) | 10/25/30 | 332 | 11244 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A2

------

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| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M03, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.833%(cc) | 11/25/33 | 261 | 15947 |
|  FHLMC Multifamily Structured Credit Risk Notes, | FHLMC Multifamily Structured Credit Risk Notes, | FHLMC Multifamily Structured Credit Risk Notes, | FHLMC Multifamily Structured Credit Risk Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN11, Class M1, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN11, Class M1, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN11, Class M1, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-MN11, Class M1, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.524%(c) | 07/25/45 | 2007 | 2005976 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.155%(cc) | 07/10/51 | 2976 | 2941644 |
|  PRM7 Trust, | PRM7 Trust, | PRM7 Trust, | PRM7 Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PRM07, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.363%(cc) | 11/10/42 | 3257 | 3211710 |
|  ROCK Trust, | ROCK Trust, | ROCK Trust, | ROCK Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.388% | 11/13/41 | 2568 | 2638409 |
|  SDR Commercial Mortgage Trust, | SDR Commercial Mortgage Trust, | SDR Commercial Mortgage Trust, | SDR Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class B, 144A, 1 Month SOFR + 1.741% (Cap N/A, Floor 1.741%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class B, 144A, 1 Month SOFR + 1.741% (Cap N/A, Floor 1.741%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class B, 144A, 1 Month SOFR + 1.741% (Cap N/A, Floor 1.741%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DSNY, Class B, 144A, 1 Month SOFR + 1.741% (Cap N/A, Floor 1.741%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.491%(c) | 05/15/39 | 1144 | 1141142 |
|  SREIT Trust, | SREIT Trust, | SREIT Trust, | SREIT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class A, 144A, 1 Month SOFR + 0.845% (Cap N/A, Floor 0.731%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class A, 144A, 1 Month SOFR + 0.845% (Cap N/A, Floor 0.731%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class A, 144A, 1 Month SOFR + 0.845% (Cap N/A, Floor 0.731%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class A, 144A, 1 Month SOFR + 0.845% (Cap N/A, Floor 0.731%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.595%(c) | 11/15/38 | 2504 | 2502398 |
|  Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, | Velocity Commercial Capital Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-02, Class M4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-02, Class M4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-02, Class M4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-02, Class M4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(cc) | 11/25/47 | 26 | 23942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.510%(cc) | 10/26/48 | 30 | 28497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.720%(cc) | 10/26/48 | 31 | 28770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class M4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320%(cc) | 10/26/48 | 25 | 23829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.260%(cc) | 07/25/49 | 19 | 17656 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC01, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RC01, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/15/60 | 500 | 454866 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $18,639,926) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $18,639,926) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $18,639,926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19188540 |
|  **CORPORATE BONDS — 36.0%** | **CORPORATE BONDS — 36.0%** | **CORPORATE BONDS — 36.0%** |  |
|  **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |  |  |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 11/01/28 | 1534 | 1501782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/01/59 | 248 | 175517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.805% | 05/01/50 | 3996 | 3936075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.008% | 05/01/64 | 920 | 1042452 |
|  GE Capital Funding LLC, | GE Capital Funding LLC, | GE Capital Funding LLC, | GE Capital Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 05/15/32 | 2367 | 2391294 |
|  L3Harris Technologies, Inc., | L3Harris Technologies, Inc., | L3Harris Technologies, Inc., | L3Harris Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 06/15/28 | 1625 | 1636947 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** |  |
|  Lockheed Martin Corp., | Lockheed Martin Corp., | Lockheed Martin Corp., | Lockheed Martin Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 11/15/54 | 1410 | 1422600 |
|  RTX Corp., | RTX Corp., | RTX Corp., | RTX Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 09/01/31 | 797 | 699567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 03/15/32 | 2724 | 2426095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 07/01/50 | 383 | 257844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 11/16/38 | 442 | 415351 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15905524 |
|  **Agriculture — 1.3%** | **Agriculture — 1.3%** | **Agriculture — 1.3%** | **Agriculture — 1.3%** |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 02/04/32 | 2808 | 2484347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 05/06/30 | 1200 | 1155418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 02/04/41 | 4086 | 3158636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/06/35 | 1905 | 1980511 |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.734% | 09/25/40 | 2255 | 1823375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | 08/15/37 | 555 | 510346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% | 08/15/47 | 850 | 704052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.834% | 02/20/31 | 4297 | 4556439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079% | 08/02/43 | 2634 | 2952161 |
|  Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), | Imperial Brands Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/30 | 5179 | 5355990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 07/01/34 | 4670 | 4874111 |
|  Japan Tobacco, Inc. (Japan), | Japan Tobacco, Inc. (Japan), | Japan Tobacco, Inc. (Japan), | Japan Tobacco, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 06/15/35 | 2085 | 2218145 |
|  Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/21/42 | 344 | 283501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/29/35 (a) | 5000 | 4892295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/01/31 | 5228 | 5336803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/13/31 | 2093 | 2168544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/15/33 | 2340 | 2449063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 11/17/29 | 1071 | 1126090 |
|  |  |  | 48029827 |
|  **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
|  Air Canada 2015-1 Class A Pass-Through Trust (Canada),<br>Pass-Through Certificates, 144A | Air Canada 2015-1 Class A Pass-Through Trust (Canada),<br>Pass-Through Certificates, 144A | Air Canada 2015-1 Class A Pass-Through Trust (Canada),<br>Pass-Through Certificates, 144A | Air Canada 2015-1 Class A Pass-Through Trust (Canada),<br>Pass-Through Certificates, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/15/28 | 307 | 303189 |
|  Air Canada 2017-1 Class B Pass-Through Trust (Canada),<br>Pass-Through Certificates, 144A | Air Canada 2017-1 Class B Pass-Through Trust (Canada),<br>Pass-Through Certificates, 144A | Air Canada 2017-1 Class B Pass-Through Trust (Canada),<br>Pass-Through Certificates, 144A | Air Canada 2017-1 Class B Pass-Through Trust (Canada),<br>Pass-Through Certificates, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 07/15/27 | 191 | 190304 |
|  American Airlines 2015-1 Class A Pass-Through Trust,<br>Pass-Through Certificates | American Airlines 2015-1 Class A Pass-Through Trust,<br>Pass-Through Certificates | American Airlines 2015-1 Class A Pass-Through Trust,<br>Pass-Through Certificates | American Airlines 2015-1 Class A Pass-Through Trust,<br>Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 11/01/28 | 440 | 434732 |
|  American Airlines 2016-1 Class A Pass-Through Trust,<br>Pass-Through Certificates | American Airlines 2016-1 Class A Pass-Through Trust,<br>Pass-Through Certificates | American Airlines 2016-1 Class A Pass-Through Trust,<br>Pass-Through Certificates | American Airlines 2016-1 Class A Pass-Through Trust,<br>Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 07/15/29 | 666 | 656561 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A3

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Airlines (cont'd.)** | **Airlines (cont'd.)** | **Airlines (cont'd.)** |  |
|  JetBlue 2019-1 Class AA Pass-Through Trust,<br>Pass-Through Certificates | JetBlue 2019-1 Class AA Pass-Through Trust,<br>Pass-Through Certificates | JetBlue 2019-1 Class AA Pass-Through Trust,<br>Pass-Through Certificates | JetBlue 2019-1 Class AA Pass-Through Trust,<br>Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 11/15/33 | 898 | 805603 |
|  United Airlines 2016-2 Class AA Pass-Through Trust,<br>Pass-Through Certificates | United Airlines 2016-2 Class AA Pass-Through Trust,<br>Pass-Through Certificates | United Airlines 2016-2 Class AA Pass-Through Trust,<br>Pass-Through Certificates | United Airlines 2016-2 Class AA Pass-Through Trust,<br>Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 04/07/30 | 590 | 568946 |
|  United Airlines 2024-1 Class A Pass Through Trust,<br>Pass-Through Certificates | United Airlines 2024-1 Class A Pass Through Trust,<br>Pass-Through Certificates | United Airlines 2024-1 Class A Pass Through Trust,<br>Pass-Through Certificates | United Airlines 2024-1 Class A Pass Through Trust,<br>Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 08/15/38 | 2033 | 2082948 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5042283 |
|  **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/12/32 | 900 | 793814 |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/08/29 | 2445 | 2498465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 11/07/29 | 640 | 656856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200% | 06/10/30 | 1978 | 2117778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350% | 03/06/30 | 1121 | 1203127 |
|  General Motors Co., | General Motors Co., | General Motors Co., | General Motors Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/01/49 | 472 | 458427 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 04/04/32 | 11 | 11455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 01/07/35 (a) | 2990 | 3113747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/04/34 | 1894 | 1983932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 01/07/34 | 874 | 926043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 07/15/35 | 860 | 906882 |
|  Stellantis Finance US, Inc., | Stellantis Finance US, Inc., | Stellantis Finance US, Inc., | Stellantis Finance US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/18/30 | 628 | 647427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 03/18/35 | 1980 | 2059960 |
|  Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/11/27 | 812 | 814658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/22/27 | 3826 | 3871594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/27/35 | 1833 | 1891572 |
|  |  |  | 23955737 |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/32 | 1043 | 1068394 |
|  **Banks — 10.4%** | **Banks — 10.4%** | **Banks — 10.4%** | **Banks — 10.4%** |
|  AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), | AIB Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.320%(ff) | 05/15/31 | 5075 | 5233053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.871%(ff) | 03/28/35 | 680 | 717328 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.625%(ff) | 05/21/33 (oo) | 800 | 958248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.722%(ff) | 09/14/27 | 600 | 589662 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.127% | 11/06/35 | 600 | $598716 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 07/26/30 (oo) | 4238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%(ff) | 05/01/30 (oo) | 1207 | 1256425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.162%(ff) | 01/24/31 | 1791 | 1849736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.202%(ff) | 04/25/29 | 2446 | 2505562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288%(ff) | 04/25/34 | 2094 | 2159392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.464%(ff) | 05/09/36 (a) | 2814 | 2927819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.819%(ff) | 09/15/29 | 6008 | 6264180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | 07/23/31 | 4251 | 3818524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.922%(ff) | 10/24/31 | 2154 | 1925903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676%(ff) | 06/19/41 | 403 | 297029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.884%(ff) | 10/22/30 | 3680 | 3502823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.824%(ff) | 01/20/28 | 4943 | 4930724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.974%(ff) | 02/07/30 | 6631 | 6594457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%(ff) | 03/08/37 | 1982 | 1870441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%(ff) | 10/25/35 | 1990 | 2040736 |
|  Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), | Bank of Ireland Group PLC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.601%(ff) | 03/20/30 | 2411 | 2502286 |
|  Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), | Bank of Nova Scotia (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 2 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 2 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 2 | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%(ff) | 10/27/81 | 361 | 347485 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 09/10/34 (oo) | 810 | 843980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.750%(ff) | 08/16/29 (oo) | 3070 | 3234429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.792%(ff) | 05/09/29 | 1845 | 1864229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(ff) | 06/12/29 | 6080 | 6238509 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | 01/14/31 | 1160 | 1210234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.293%(ff) | 01/14/36 | 2225 | 2377833 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%(ff) | 07/03/36 | 600 | 616200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.037%(ff) | 06/15/35 | 870 | 926296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%(ff) | 09/13/27 | 1165 | 1185125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%(ff) | 09/13/34 | 1859 | 2071755 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 08/15/29 (oo) | 3378 | 3483123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 02/15/30 (oo) | 2985 | 3025514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | 02/15/30 (oo) | 1906 | 1961072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%(ff) | 08/15/30 (oo) | 1985 | 2029592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%(ff) | 02/18/26 (oo) | 1325 | 1321043 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A4

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 | 336 | $304975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 06/03/31 | 1148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976%(ff) | 11/05/30 | 5242 | 4991966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.520%(ff) | 10/27/28 | 339 | 336046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%(ff) | 07/24/28 | 1109 | 1102177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | 03/20/30 | 8137 | 8063643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.503%(ff) | 09/11/31 | 1739 | 1743699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.542%(ff) | 09/19/30 | 4624 | 4658972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.952%(ff) | 05/07/31 | 3000 | 3063000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.174%(ff) | 09/11/36 | 3171 | 3204256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333%(ff) | 03/27/36 (a) | 1800 | 1841149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 07/25/28 | 321 | 320916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | 02/13/35 | 1029 | 1070321 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%(ff) | 09/23/34 (a)(oo) | 976 | 991860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/09/29 | 3740 | 3813826 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 | 720 | 747960 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.311%(ff) | 11/16/27 | 2405 | 2363989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%(ff) | 08/04/31 | 8010 | 8090965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.146%(ff) | 07/13/27 | 945 | 959108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.469%(ff) | 12/10/31 | 865 | 862180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079%(ff) | 02/10/34 (a) | 2380 | 2612358 |
|  Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, | Fifth Third Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.337%(ff) | 04/25/33 (a) | 1210 | 1182865 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.542%(ff) | 09/10/27 | 6753 | 6635469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017%(ff) | 10/31/38 | 1658 | 1490863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.369%(ff) | 10/21/31 | 5195 | 5184202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | 10/23/30 | 1413 | 1432350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.939%(ff) | 10/21/36 | 4350 | 4319122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.218%(ff) | 04/23/31 | 7215 | 7449613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.330%(ff) | 07/23/35 | 5762 | 5917564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.536%(ff) | 01/28/36 | 112 | 116315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484%(ff) | 10/24/29 | 12584 | 13351745 |
|  HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), | HSBC Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.619%(ff) | 11/06/31 | 2670 | 2677206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%(ff) | 11/19/28 | 2411 | 2452295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.130%(ff) | 03/03/31 | 930 | 952602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240%(ff) | 05/13/31 | 5130 | 5279248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.286%(ff) | 11/19/30 | 2737 | 2818244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.597%(ff) | 05/17/28 | 2155 | 2195852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.390%(ff) | 11/03/28 | 1678 | 1773646 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
|  Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.709%(ff) | 02/02/35 | 2094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.208%(ff) | 08/21/29 | 1203 | 1261660 |
|  ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), | ING Groep NV (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.010% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.010% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.010% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 1.010% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.738%(c) | 03/25/29 | 2745 | 2749557 |
|  Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), | Intesa Sanpaolo SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/20/33 | 2174 | 2392269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.200% | 11/28/33 | 1636 | 1866611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%(ff) | 06/01/42 | 5017 | 4304774 |
|  KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), | KBC Group NV (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.454%(ff) | 09/23/31 | 1565 | 1558908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.932%(ff) | 10/16/30 | 870 | 885175 |
|  KeyBank NA, | KeyBank NA, | KeyBank NA, | KeyBank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 04/13/29 | 1250 | 1226731 |
|  KeyCorp, | KeyCorp, | KeyCorp, | KeyCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.789%(ff) | 06/01/33 | 3205 | 3203006 |
|  M&T Bank Corp., | M&T Bank Corp., | M&T Bank Corp., | M&T Bank Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.179%(ff) | 07/08/31 | 1200 | 1231107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.082%(ff) | 03/13/32 (a) | 3216 | 3420958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.833%(ff) | 01/16/29 | 260 | 263977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.385%(ff) | 01/16/36 | 1497 | 1521079 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.527%(ff) | 09/12/31 | 2765 | 2779007 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.593%(ff) | 05/04/27 | 3450 | 3420072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | 10/18/30 | 3382 | 3422110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.042%(ff) | 07/19/30 | 1722 | 1766340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(ff) | 01/16/30 | 1510 | 1550952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.192%(ff) | 04/17/31 | 2027 | 2089628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/15/31 | 2875 | 2963618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.449%(ff) | 07/20/29 | 3850 | 3973203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.407%(ff) | 11/01/29 | 3709 | 3930485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | 01/22/31 | 2421 | 2271856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.794%(ff) | 02/13/32 | 1081 | 949677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928%(ff) | 04/28/32 | 525 | 460643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 | 513 | 460097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(ff) | 07/21/34 | 1571 | 1634045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.656%(ff) | 04/18/30 | 2680 | 2792352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.356%(ff) | 10/22/31 | 2100 | 2093422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 10/22/36 | 1000 | 991938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.484%(ff) | 09/16/36 | 5226 | 4593617 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A5

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
|  Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, | Morgan Stanley Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.504%(ff) | 05/26/28 | 1810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845672 |
|  Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, | Morgan Stanley Private Bank NA, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.465%(ff) | 11/19/31 | 2550 | 2555385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.734%(ff) | 07/18/31 | 2890 | 2929246 |
|  NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), | NatWest Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 11/10/33 (oo) | 790 | 883812 |
|  NatWest Markets PLC (United Kingdom), | NatWest Markets PLC (United Kingdom), | NatWest Markets PLC (United Kingdom), | NatWest Markets PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412% | 11/06/30 (a) | 2830 | 2833642 |
|  Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), | Nordea Bank Abp (Finland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%(ff) | 09/13/33 | 1175 | 1173923 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series T | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series T | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series T | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series T |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400%(ff) | 09/15/26 (oo) | 192 | 188121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 03/15/30 (oo) | 1440 | 1485767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.812%(ff) | 10/21/32 | 2009 | 2045114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | 07/21/36 | 850 | 875400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.676%(ff) | 01/22/35 | 1378 | 1452752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%(ff) | 10/20/34 | 789 | 892613 |
|  Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), | Santander UK Group Holdings PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858%(ff) | 09/11/30 | 3642 | 3681342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.136%(ff) | 09/22/36 | 2493 | 2475674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.694%(ff) | 04/15/31 | 3450 | 3593440 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.125%(ff) | 11/21/29 (oo) | 3419 | 3598497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.512%(ff) | 05/22/31 | 1065 | 1097814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/19/27 | 470 | 475302 |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.018%(ff) | 02/08/30 | 4062 | 4373962 |
|  State Street Corp., | State Street Corp., | State Street Corp., | State Street Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%(ff) | 03/15/29 (oo) | 757 | 786554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700%(ff) | 09/15/29 (a)(oo) | 2574 | 2691736 |
|  Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), | Toronto-Dominion Bank (The) (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.928% | 10/15/35 | 2030 | 2031567 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.964%(ff) | 10/23/36 | 2670 | 2641750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(ff) | 01/26/34 | 3461 | 3525323 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.083%(ff) | 05/15/31 | 1285 | 1324309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.678%(ff) | 01/23/35 | 821 | 866882 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.836%(ff) | 06/12/34 | 1704 | 1816814 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | 11/13/28 (oo) | 1690 | 1852662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250%(ff) | 11/13/33 (oo) | 790 | 926275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.844%(ff) | 11/06/33 | 3870 | 3873556 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%(ff) | 06/03/32 | 3673 | 3405213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.459%(ff) | 06/30/35 | 2300 | 2342320 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series BB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series BB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series BB | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series BB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900%(ff) | 03/15/26 (oo) | 804 | 801267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.892%(ff) | 09/15/36 (a) | 7259 | 7235776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150%(ff) | 04/23/31 | 13111 | 13527335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.244%(ff) | 01/24/31 | 3440 | 3560495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%(ff) | 04/24/34 | 2380 | 2473710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 | 3608 | 3786123 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375156411 |
|  **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 02/01/36 | 2690 | 2666107 |
|  Anheuser-Busch InBev Finance, Inc. (Belgium), | Anheuser-Busch InBev Finance, Inc. (Belgium), | Anheuser-Busch InBev Finance, Inc. (Belgium), | Anheuser-Busch InBev Finance, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 02/01/36 | 985 | 976251 |
|  Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/42 | 2925 | 2799118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 01/23/59 | 139 | 141581 |
|  Keurig Dr. Pepper, Inc., | Keurig Dr. Pepper, Inc., | Keurig Dr. Pepper, Inc., | Keurig Dr. Pepper, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 03/15/51 | 636 | 427152 |
|  |  |  | 7010209 |
|  **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 02/21/30 (a) | 2155 | 2010469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 02/21/40 | 2473 | 1950121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/22/52 | 1462 | 1160165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.663% | 06/15/51 | 355 | 304228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/01/53 | 3331 | 2931138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 03/02/63 | 1259 | 1229676 |
|  Biogen, Inc., | Biogen, Inc., | Biogen, Inc., | Biogen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 05/01/30 | 8530 | 7835911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/15/35 (a) | 2020 | 2127420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 05/15/55 | 825 | 868080 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A6

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** | **Biotechnology (cont'd.)** |  |
|  Gilead Sciences, Inc., | Gilead Sciences, Inc., | Gilead Sciences, Inc., | Gilead Sciences, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/33 | 2764 | 2904485 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23321693 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  CRH America Finance, Inc., | CRH America Finance, Inc., | CRH America Finance, Inc., | CRH America Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 02/09/31 | 605 | 605340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/09/36 | 1185 | 1189749 |
|  |  |  | 1795089 |
|  **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/01/43 | 328 | 293466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 11/26/35 | 3950 | 3940043 |
|  Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/30 | 2715 | 2750548 |
|  Dow Chemical Co. (The), | Dow Chemical Co. (The), | Dow Chemical Co. (The), | Dow Chemical Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 11/15/42 | 519 | 411345 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319% | 11/15/38 | 2435 | 2441468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419% | 11/15/48 | 150 | 142842 |
|  EIDP, Inc., | EIDP, Inc., | EIDP, Inc., | EIDP, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/32 | 1245 | 1277685 |
|  |  |  | 11257397 |
|  **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
|  DP World Crescent Ltd. (United Arab Emirates), | DP World Crescent Ltd. (United Arab Emirates), | DP World Crescent Ltd. (United Arab Emirates), | DP World Crescent Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/30/30 | 270 | 262153 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 11/15/31 | 1500 | 1344172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 08/15/29 | 1910 | 1821506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/15/30 | 7915 | 7922372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 11/15/32 (a) | 1110 | 1109793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/15/35 | 1260 | 1253171 |
|  Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., | Quanta Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 10/01/30 | 689 | 645489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/15/31 | 3010 | 3012971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 08/09/35 | 1810 | 1815527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 08/09/34 | 3139 | 3224071 |
|  Trustees of Boston University, | Trustees of Boston University, | Trustees of Boston University, | Trustees of Boston University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series EE | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series EE |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.173% | 10/01/50 | 503 | 336267 |
|  University of Miami, | University of Miami, | University of Miami, | University of Miami, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063% | 04/01/52 | 843 | 675898 |
|  |  |  | 23423390 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |  |
|  Accenture Capital, Inc., | Accenture Capital, Inc., | Accenture Capital, Inc., | Accenture Capital, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/04/31 | 1351 | 1351614 |
|  Apple, Inc., | Apple, Inc., | Apple, Inc., | Apple, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 02/08/51 | 673 | 416844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 09/11/49 | 1135 | 759987 |
|  Leidos, Inc., | Leidos, Inc., | Leidos, Inc., | Leidos, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 02/15/31 | 1409 | 1266433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/15/30 | 5065 | 5058349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/15/32 | 1505 | 1565317 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10418544 |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
|  Kenvue, Inc., | Kenvue, Inc., | Kenvue, Inc., | Kenvue, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/22/63 | 855 | 776577 |
|  **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), | AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/29/28 | 1244 | 1203930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 01/30/32 | 2908 | 2684904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/15/35 | 421 | 415864 |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.918%(ff) | 07/20/33 | 565 | 575014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.667%(ff) | 04/25/36 | 780 | 824124 |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 01/30/31 | 1375 | 1366021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 10/15/32 | 845 | 836542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/15/30 | 4505 | 4586226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/30/30 | 4740 | 4869734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/15/29 | 415 | 429940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 05/04/28 | 945 | 984595 |
|  Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.914%(ff) | 11/14/36 | 2930 | 2917192 |
|  Equitable America Global Funding, | Equitable America Global Funding, | Equitable America Global Funding, | Equitable America Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 09/15/32 | 3724 | 3699192 |
|  |  |  | 25393278 |
|  **Electric — 4.7%** | **Electric — 4.7%** | **Electric — 4.7%** | **Electric — 4.7%** |
|  AES Corp. (The), | AES Corp. (The), | AES Corp. (The), | AES Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/01/28 (a) | 1759 | 1799187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/32 | 1006 | 1031969 |
|  Alliant Energy Corp., | Alliant Energy Corp., | Alliant Energy Corp., | Alliant Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%(ff) | 04/01/56 | 800 | 798541 |
|  Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., | Berkshire Hathaway Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 05/01/53 | 2 | 1686 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A7

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  Calpine Corp., | Calpine Corp., | Calpine Corp., | Calpine Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/01/29 | 3610 | $3607147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/31 | 575 | 583459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 03/15/28 | 1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430257 |
|  CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(ff) | 12/01/50 | 1310 | 1207114 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.677% | 02/09/51 | 1114 | 837795 |
|  Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, | Constellation Energy Generation LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/15/42 | 290 | 291336 |
|  Consumers Energy Co., | Consumers Energy Co., | Consumers Energy Co., | Consumers Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 05/15/43 | 1307 | 1077731 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 02/15/56 | 2987 | 3006659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 12/01/44 | 759 | 665937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 04/15/41 | 1922 | 1460138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 08/01/41 | 1404 | 1296278 |
|  DTE Energy Co., | DTE Energy Co., | DTE Energy Co., | DTE Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 10/01/35 (a) | 3503 | 3502191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/30 (a) | 3950 | 4077860 |
|  Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, | Duke Energy Carolinas LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/30/42 | 467 | 392512 |
|  Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 09/15/55 | 1072 | 1042733 |
|  Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 12/01/35 | 1990 | 1985031 |
|  Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/01/50 | 2008 | 1254801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/01/34 | 2941 | 3043449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/01/53 | 1337 | 1272080 |
|  Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 06/15/35 | 3180 | 3281827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 | 993 | 969691 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 08/15/51 | 328 | 206655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/30/44 | 313 | 268383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/55 | 80 | 78991 |
|  Duquesne Light Holdings, Inc., | Duquesne Light Holdings, Inc., | Duquesne Light Holdings, Inc., | Duquesne Light Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.616% | 08/01/27 | 286 | 281757 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(ff) | 12/15/26 (a)(oo) | 1000 | $993976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/15/32 | 572 | 572203 |
|  Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), | Electricite de France SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 01/13/55 | 1485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548925 |
|  Emera US Finance LP (Canada), | Emera US Finance LP (Canada), | Emera US Finance LP (Canada), | Emera US Finance LP (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.639% | 06/15/31 | 1797 | 1621043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/15/46 | 1475 | 1260463 |
|  Enel Finance America LLC (Italy), | Enel Finance America LLC (Italy), | Enel Finance America LLC (Italy), | Enel Finance America LLC (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 07/12/41 | 800 | 576302 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 07/12/28 | 4387 | 4168888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/12/31 | 1382 | 1241432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/06/28 | 770 | 759285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 09/30/28 | 943 | 940590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 09/30/30 | 4465 | 4437881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/26/29 | 2057 | 2108567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/30/55 | 520 | 505946 |
|  Engie SA (France), | Engie SA (France), | Engie SA (France), | Engie SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/10/29 | 1235 | 1273471 |
|  Entergy Corp., | Entergy Corp., | Entergy Corp., | Entergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%(ff) | 06/15/56 (a) | 2250 | 2250701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | 12/01/54 | 3384 | 3556501 |
|  Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.600% | 12/15/30 | 522 | 461272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 03/15/51 (a) | 366 | 229696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 09/15/34 | 140 | 143221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/15/54 | 1152 | 1148065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/15/55 | 1430 | 1439106 |
|  Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, | Entergy Mississippi LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/51 | 418 | 290922 |
|  Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., | Entergy Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 12/01/27 (a) | 32 | 31578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 06/01/45 (a) | 96 | 92247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 09/15/54 | 380 | 368833 |
|  EUSHI Finance, Inc., | EUSHI Finance, Inc., | EUSHI Finance, Inc., | EUSHI Finance, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 04/01/56 | 1350 | 1347761 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 04/01/49 | 638 | 543277 |
|  Fortis, Inc. (Canada), | Fortis, Inc. (Canada), | Fortis, Inc. (Canada), | Fortis, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.055% | 10/04/26 | 454 | 450345 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A8

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., | ITC Holdings Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/14/30 | 5128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/01/33 | 2351 | 2426376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/09/34 | 3118 | 3252856 |
|  Massachusetts Electric Co., | Massachusetts Electric Co., | Massachusetts Electric Co., | Massachusetts Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.729% | 11/24/30 | 661 | 579150 |
|  Monongahela Power Co., | Monongahela Power Co., | Monongahela Power Co., | Monongahela Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 05/15/27 | 1123 | 1115968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 12/15/43 | 1117 | 1090667 |
|  Nevada Power Co., | Nevada Power Co., | Nevada Power Co., | Nevada Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250%(ff) | 05/15/55 | 4380 | 4418960 |
|  NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., | NextEra Energy Capital Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 03/15/55 | 745 | 755095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 08/15/55 | 1855 | 1915209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/54 | 1219 | 1300098 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 06/15/29 | 2560 | 2546581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.734% | 10/15/30 | 1550 | 1549526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.407% | 10/15/35 | 2291 | 2283255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 03/15/33 | 1327 | 1467405 |
|  Ohio Power Co., | Ohio Power Co., | Ohio Power Co., | Ohio Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 10/01/51 | 964 | 594405 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/31 | 442 | 397821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 03/01/32 | 1151 | 1123378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 04/15/42 | 547 | 452306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/40 | 3237 | 2824167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 07/01/30 | 1191 | 1185688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 06/15/43 | 683 | 570610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 05/15/29 | 1896 | 1957050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/15/35 | 5 | 5253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 01/15/29 | 1157 | 1210863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 01/15/33 | 518 | 549816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 06/15/33 | 2681 | 2892697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 06/01/31 | 1925 | 1792214 |
|  PacifiCorp, | PacifiCorp, | PacifiCorp, | PacifiCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 06/15/52 | 963 | 565088 |
|  Palomino Funding Trust I, | Palomino Funding Trust I, | Palomino Funding Trust I, | Palomino Funding Trust I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.233% | 05/17/28 | 1040 | 1099006 |
|  PECO Energy Co., | PECO Energy Co., | PECO Energy Co., | PECO Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 06/15/50 | 980 | 613913 |
|  PG&E Corp., | PG&E Corp., | PG&E Corp., | PG&E Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%(ff) | 03/15/55 | 1563 | 1627962 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 03/15/44 | 1887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599365 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 36 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 36 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 36 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 01/15/51 | 378 | 227892 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 39 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 39 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 39 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/52 | 408 | 340463 |
|  Public Service Co. of Oklahoma, | Public Service Co. of Oklahoma, | Public Service Co. of Oklahoma, | Public Service Co. of Oklahoma, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 01/15/36 | 4600 | 4719574 |
|  Public Service Electric & Gas Co., | Public Service Electric & Gas Co., | Public Service Electric & Gas Co., | Public Service Electric & Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.050% | 08/01/50 | 262 | 141741 |
|  Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.725% | 03/15/35 | 3060 | 3140016 |
|  Puget Sound Energy, Inc., | Puget Sound Energy, Inc., | Puget Sound Energy, Inc., | Puget Sound Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638% | 04/15/41 | 1183 | 1182683 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 04/01/53 | 4715 | 4463652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/15/35 | 2620 | 2715117 |
|  Sempra, | Sempra, | Sempra, | Sempra, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 04/01/56 | 691 | 706156 |
|  Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., | Sierra Pacific Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%(ff) | 12/15/55 | 975 | 969530 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/34 | 4786 | 4811039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/15/30 | 1173 | 1203588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 03/01/53 | 305 | 283490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 11/01/27 | 751 | 772130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 12/01/53 | 57 | 54680 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 03/01/29 | 1538 | 1527133 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series B | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series B | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series B | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 03/01/28 | 1189 | 1174447 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 02/01/45 | 428 | 308151 |
|  Southern Power Co., | Southern Power Co., | Southern Power Co., | Southern Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 07/15/43 | 574 | 547756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/01/30 | 867 | 865615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/01/35 | 4335 | 4291154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 12/15/46 | 2493 | 2227580 |
|  Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., | Southwestern Electric Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 04/01/45 | 217 | 168282 |
|  Tucson Electric Power Co., | Tucson Electric Power Co., | Tucson Electric Power Co., | Tucson Electric Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 08/01/30 | 445 | 395989 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A9

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |  |
|  Union Electric Co., | Union Electric Co., | Union Electric Co., | Union Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 04/01/52 | 208 | 158982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/01/34 | 1068 | 1100296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 01/15/54 | 1033 | 965341 |
|  Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 12/15/50 | 2042 | 1174254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 08/15/53 | 852 | 840075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 08/15/43 | 435 | 390524 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 10/15/30 | 426 | 425520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 10/15/35 | 1029 | 1023729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 12/30/34 | 90 | 92632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 10/15/33 | 1500 | 1669125 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170796788 |
|  **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
|  GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., | GFL Environmental, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/31 | 6175 | 6465904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/28 | 680 | 666284 |
|  Veralto Corp., | Veralto Corp., | Veralto Corp., | Veralto Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 09/18/28 | 1227 | 1264820 |
|  |  |  | 8397008 |
|  **Foods — 0.7%** | **Foods — 0.7%** | **Foods — 0.7%** | **Foods — 0.7%** |
|  Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 01/15/29 | 837 | 873234 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/15/32 | 600 | 537729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 01/15/32 | 1045 | 976761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 02/02/52 | 1266 | 979344 |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA | JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Co., | &nbsp;&nbsp;&nbsp;&nbsp; Food Co., | &nbsp;&nbsp;&nbsp;&nbsp; Food Co., | &nbsp;&nbsp;&nbsp;&nbsp; Food Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/15/36 | 3845 | 3902019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 04/15/66 | 1240 | 1232179 |
|  Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 06/01/46 | 2660 | 2199331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/50 | 1415 | 1323909 |
|  Kroger Co. (The), | Kroger Co. (The), | Kroger Co. (The), | Kroger Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 09/15/64 | 1987 | 1894018 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 03/01/28 | 3195 | 3238031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/32 | 1110 | 1143594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 4370 | 4487708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 05/01/45 | 1066 | 1075256 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Foods (cont'd.)** | **Foods (cont'd.)** | **Foods (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 05/01/55 | 1075 | 1073688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 05/01/65 | 1036 | 1040627 |
|  Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., | Smithfield Foods, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/15/30 | 600 | 552417 |
|  |  |  | 26529845 |
|  **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
|  Boston Gas Co., | Boston Gas Co., | Boston Gas Co., | Boston Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.001% | 08/01/29 | 430 | 411016 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950%(ff) | 11/30/54 | 1232 | 1283254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 02/01/42 | 183 | 184089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 06/15/41 | 1117 | 1155166 |
|  Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 06/01/50 | 1271 | 874301 |
|  Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., | Southern Co. Gas Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/15/33 | 1810 | 1919603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 20-A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 20-A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 20-A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 20-A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 01/15/31 | 559 | 494731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 21A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 09/30/51 | 1363 | 884871 |
|  |  |  | 7207031 |
|  **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
|  Baxter International, Inc., | Baxter International, Inc., | Baxter International, Inc., | Baxter International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.272% | 12/01/28(a) | 1933 | 1824749 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/13/31 | 2948 | 3075022 |
|  Zimmer Biomet Holdings, Inc., | Zimmer Biomet Holdings, Inc., | Zimmer Biomet Holdings, Inc., | Zimmer Biomet Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/19/35 | 2162 | 2242803 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7142574 |
|  **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** |
|  Aetna, Inc., | Aetna, Inc., | Aetna, Inc., | Aetna, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 03/15/44 | 883 | 772433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 12/15/37 | 993 | 1094720 |
|  Banner Health, | Banner Health, | Banner Health, | Banner Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.338% | 01/01/30 | 779 | 726678 |
|  Baylor Scott & White Holdings, | Baylor Scott & White Holdings, | Baylor Scott & White Holdings, | Baylor Scott & White Holdings, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.777% | 11/15/30 | 271 | 242774 |
|  Cigna Group (The), | Cigna Group (The), | Cigna Group (The), | Cigna Group (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 02/15/54 | 1766 | 1715800 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A10

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |  |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 01/15/43 | 235 | 210627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 10/15/52 | 1660 | 1710919 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/29 | 3517 | 3504495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 11/15/32 | 2600 | 2580523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 03/15/52 | 600 | 489542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/01/28 | 2093 | 2145093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/49 | 270 | 244410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/32 | 2750 | 2866334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/01/28 | 1761 | 1815296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 11/15/55 | 925 | 883179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29 | 2525 | 2630558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/15/54 | 401 | 396686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 03/01/55 | 341 | 348079 |
|  Iowa Health System, | Iowa Health System, | Iowa Health System, | Iowa Health System, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.665% | 02/15/50 | 701 | 521797 |
|  New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.256% | 08/01/40 | 237 | 165418 |
|  Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.044% | 01/01/32 | 980 | 848636 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 12/15/27 | 459 | 464584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/15/34 | 2521 | 2550925 |
|  Roche Holdings, Inc., | Roche Holdings, Inc., | Roche Holdings, Inc., | Roche Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.338% | 11/13/28 | 1651 | 1714968 |
|  Stanford Health Care, | Stanford Health Care, | Stanford Health Care, | Stanford Health Care, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.310% | 08/15/30 | 194 | 187577 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 05/15/40 | 2427 | 1816378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 05/15/50 | 522 | 333505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 05/15/41 | 358 | 271352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/51 | 510 | 344773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/15/39 | 743 | 619131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;02/15/33(a) | 1128 | 1175473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/15/54 | 445 | 420443 |
|  West Virginia United Health System Obligated Group, | West Virginia United Health System Obligated Group, | West Virginia United Health System Obligated Group, | West Virginia United Health System Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.129% | &nbsp;&nbsp;&nbsp;&nbsp;06/01/50(a) | 608 | 382656 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36195762 |
|  **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
|  Sekisui House US, Inc., | Sekisui House US, Inc., | Sekisui House US, Inc., | Sekisui House US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/43 | 979 | 915468 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |  |
|  Athene Global Funding, | Athene Global Funding, | Athene Global Funding, | Athene Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.033% | 07/17/30 | 4495 | $4535092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.543% | 08/22/35 | 4175 | 4192006 |
|  Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., | Berkshire Hathaway Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 03/15/52 | 449 | 346035 |
|  Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%(ff) | 09/15/54 | 440 | 443705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;12/01/30(oo) | 908 | 933919 |
|  Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 08/21/32 | 1311 | 1319382 |
|  Equitable Holdings, Inc., | Equitable Holdings, Inc., | Equitable Holdings, Inc., | Equitable Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.572% | 02/15/29 | 745 | 748211 |
|  Guardian Life Global Funding, | Guardian Life Global Funding, | Guardian Life Global Funding, | Guardian Life Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.673% | 09/05/32 | 2755 | 2772307 |
|  Manulife Financial Corp. (Canada), | Manulife Financial Corp. (Canada), | Manulife Financial Corp. (Canada), | Manulife Financial Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.061%(ff) | 02/24/32 | 427 | 425413 |
|  MetLife Capital Trust IV, | MetLife Capital Trust IV, | MetLife Capital Trust IV, | MetLife Capital Trust IV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 12/15/67 | 2705 | 2999560 |
|  Metropolitan Life Global Funding I, | Metropolitan Life Global Funding I, | Metropolitan Life Global Funding I, | Metropolitan Life Global Funding I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 04/09/30 | 525 | 498407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/28/33 | 2539 | 2611088 |
|  Nationwide Mutual Insurance Co., | Nationwide Mutual Insurance Co., | Nationwide Mutual Insurance Co., | Nationwide Mutual Insurance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/30/50 | 334 | 262501 |
|  New York Life Global Funding, | New York Life Global Funding, | New York Life Global Funding, | New York Life Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.200% | 08/07/30 | 773 | 676083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850% | 08/01/31 | 822 | 721259 |
|  New York Life Insurance Co., | New York Life Insurance Co., | New York Life Insurance Co., | New York Life Insurance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 05/15/50 | 537 | 398581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 05/15/69 | 202 | 158172 |
|  Northwestern Mutual Life Insurance Co. (The), | Northwestern Mutual Life Insurance Co. (The), | Northwestern Mutual Life Insurance Co. (The), | Northwestern Mutual Life Insurance Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 09/30/47 | 598 | 464929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.063% | 03/30/40 | 538 | 574678 |
|  Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 05/15/50 | 751 | 515649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 12/16/39 | 2168 | 2496256 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28093233 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A11

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Internet — 1.0%** | **Internet — 1.0%** | **Internet — 1.0%** |  |
|  Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 11/15/30 | 2920 | 2929668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 11/15/35 | 2795 | 2796779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 11/15/55 | 825 | 809990 |
|  Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., | Amazon.com, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/03/50 | 665 | 398467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 11/20/35 | 5470 | 5447153 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;08/15/52(a) | 2448 | 1994210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 11/15/32 | 1644 | 1657490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/15/35 | 2860 | 2857807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/15/54 | 4024 | 3744133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/15/45 | 1770 | 1720311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 08/15/64 | 848 | 787733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 05/15/53 | 954 | 914220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 11/15/55 | 2185 | 2100692 |
|  Netflix, Inc., | Netflix, Inc., | Netflix, Inc., | Netflix, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 11/15/29 | 2826 | 2946048 |
|  Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., | Uber Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/15/29 | 2326 | 2330842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 09/15/35 | 1970 | 1955394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;09/15/54(a) | 1972 | 1874600 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37265537 |
|  **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
|  CFAMC II Co. Ltd. (China), | CFAMC II Co. Ltd. (China), | CFAMC II Co. Ltd. (China), | CFAMC II Co. Ltd. (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/03/26 | 340 | 340007 |
|  **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
|  Vale Overseas Ltd. (Brazil), | Vale Overseas Ltd. (Brazil), | Vale Overseas Ltd. (Brazil), | Vale Overseas Ltd. (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(ff) | 02/25/56 | 2208 | 2203142 |
|  **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/30/31 | 1435 | 1466184 |
|  **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/15/37 | 1455 | 1489454 |
|  **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
|  Regal Rexnord Corp., | Regal Rexnord Corp., | Regal Rexnord Corp., | Regal Rexnord Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 04/15/28 | 2251 | 2327127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 04/15/33 | 549 | 590512 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2917639 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., | CCO Holdings LLC/CCO Holdings Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/01/31 | 1520 | 1396817 |
|  Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications | Charter Communications Operating LLC/Charter Communications |
| &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, | &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, | &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, | &nbsp;&nbsp;&nbsp;&nbsp; Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 1231 | 1151874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 3598 | 2557804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/42 | 2279 | 1577060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 04/01/51 | 1721 | 1083919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 03/01/50 | 1316 | 989508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;12/01/35(a) | 2130 | 2127476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% | 10/23/45 | 1938 | 1823010 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.950% | 01/15/31 | 1678 | 1496880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 02/01/30 | 4658 | 4392594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 01/15/51 | 1921 | 1114500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.887% | 11/01/51 | 4521 | 2646564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | 11/01/56 | 5129 | 2884341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/01/40 | 1717 | 1413989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.168% | 01/15/37 | 811 | 799818 |
|  Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/15/42 | 746 | 574168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/41 | 1490 | 1307017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 11/15/40 | 1764 | 1633270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 05/01/37 | 883 | 900719 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31871328 |
|  **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
|  Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), | Anglo American Capital PLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes,144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes,144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes,144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes,144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 09/10/30 | 2461 | 2271823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/05/34 | 1250 | 1312887 |
|  Corp. Nacional del Cobre de Chile (Chile), | Corp. Nacional del Cobre de Chile (Chile), | Corp. Nacional del Cobre de Chile (Chile), | Corp. Nacional del Cobre de Chile (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 01/14/30 | 270 | 256141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.780% | 01/13/55 | 1729 | 1859211 |
|  Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 03/15/43 | 1690 | 1638151 |
|  Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), | Glencore Funding LLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.186% | 04/01/30 | 780 | 800231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 05/08/28 | 1501 | 1538905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.673% | 04/01/35 | 3763 | 3928786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 10/06/30 | 1257 | 1351389 |
|  |  |  | 14957524 |
|  **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
|  Eaton Corp., | Eaton Corp., | Eaton Corp., | Eaton Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 11/02/42 | 1900 | 1644392 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A12

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas — 1.6%** | **Oil & Gas — 1.6%** | **Oil & Gas — 1.6%** |  |
|  Antero Resources Corp., | Antero Resources Corp., | Antero Resources Corp., | Antero Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/01/30 | 1726 | $1749403 |
|  ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., | ConocoPhillips Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 03/15/54 | 883 | 851367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 09/15/63 | 1576 | 1522317 |
|  Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., | Coterra Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 02/15/55 | 2697 | 2592825 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/18/54 | 1379 | 1304253 |
|  Eni SpA (Italy), | Eni SpA (Italy), | Eni SpA (Italy), | Eni SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 10/01/40 | 2110 | 2085563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 05/15/54 | 2089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073543 |
|  EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., | EOG Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 01/15/31 | 1795 | 1801511 |
|  EQT Corp., | EQT Corp., | EQT Corp., | EQT Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/15/29 | 1412 | 1414353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 01/15/31 | 3570 | 3593612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 04/01/29 | 2920 | 3023795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 06/01/30 | 931 | 1023992 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/01/32 | 3078 | 3040535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/01/29 | 202 | 202292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/15/30 | 3705 | 3761334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/01/29 | 1617 | 1619188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 04/15/29 | 3112 | 3130803 |
|  Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., | Exxon Mobil Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.227% | 03/19/40 | 1936 | 1776072 |
|  Hess Corp., | Hess Corp., | Hess Corp., | Hess Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 02/15/41 | 1881 | 1945369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/15/40 | 2925 | 3166232 |
|  Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 09/15/44 | 512 | 438645 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/45 | 1250 | 1003195 |
|  Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., | Ovintiv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/33 | 724 | 768426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/15/34 | 427 | 458754 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/30 | 2790 | 2527807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | 01/15/31 | 3236 | 2937195 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |  |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649% | 04/29/31 | 1619 | 1512362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 11/13/35 | 1750 | 1741150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 09/19/33 | 1385 | 1507583 |
|  Shell Finance US, Inc., | Shell Finance US, Inc., | Shell Finance US, Inc., | Shell Finance US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/15/41 | 1300 | 1267619 |
|  TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), | TotalEnergies Capital International SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.986% | 06/29/41 | 1456 | 1097478 |
|  TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), | TotalEnergies Capital SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.275% | 09/10/54 | 344 | 322790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638% | 04/05/64 | 1581 | 1528920 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58790283 |
|  **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
|  Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., | Amcor Flexibles North America, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | &nbsp;&nbsp;&nbsp;&nbsp;03/17/30(a) | 1110 | 1139299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;03/17/35(a) | 1770 | 1830317 |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 06/15/31 | 739 | 780578 |
|  Sonoco Products Co., | Sonoco Products Co., | Sonoco Products Co., | Sonoco Products Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 09/01/29 | 1404 | 1415672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;09/01/34(a) | 1590 | 1575078 |
|  |  |  | 6740944 |
|  **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 11/21/39 | 750 | 669627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 11/21/49 | 3892 | 3209772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 11/06/42 | 534 | 476351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/01/42 | 1113 | 1015275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/15/64 | 1015 | 987008 |
|  Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., | Bristol-Myers Squibb Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 11/13/40 | 669 | 476250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/15/52 | 300 | 220562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/15/62 | 768 | 557430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 02/22/34 | 418 | 434690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 02/22/54 | 4640 | 4561104 |
|  Cardinal Health, Inc., | Cardinal Health, Inc., | Cardinal Health, Inc., | Cardinal Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;09/15/35(a) | 1264 | 1285165 |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 05/15/30 | 1949 | 1835197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 12/15/29 | 322 | 329256 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | 03/25/38 | 234 | 221002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 06/01/53 | 2309 | 2241969 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A13

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |  |
|  CVS Pass-Through Trust, | CVS Pass-Through Trust, | CVS Pass-Through Trust, | CVS Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.704% | 01/10/36 | 336 | 316320 |
|  Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., | Eli Lilly & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 10/15/65 | 590 | 595368 |
|  Merck & Co., Inc., | Merck & Co., Inc., | Merck & Co., Inc., | Merck & Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR + 0.570% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR + 0.570% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR + 0.570% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR + 0.570% |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.316%(c) | 03/15/29 | 1145 | 1147219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 05/17/63 | 340 | 312579 |
|  Pfizer Investment Enterprises Pte Ltd., | Pfizer Investment Enterprises Pte Ltd., | Pfizer Investment Enterprises Pte Ltd., | Pfizer Investment Enterprises Pte Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/19/33 | 651 | 657159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.340% | 05/19/63 | 2049 | 1892665 |
|  Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 07/05/44 | 329 | 330366 |
|  Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., | Zoetis, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/15/30 | 3452 | 3157729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 02/01/43 | 1060 | 972860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/17/35 | 385 | 389327 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28292250 |
|  **Pipelines — 2.7%** | **Pipelines — 2.7%** | **Pipelines — 2.7%** | **Pipelines — 2.7%** |
|  Cheniere Corpus Christi Holdings LLC, | Cheniere Corpus Christi Holdings LLC, | Cheniere Corpus Christi Holdings LLC, | Cheniere Corpus Christi Holdings LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 11/15/29 | 2917 | 2850009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/30/27 | 1336 | 1349228 |
|  Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, | Cheniere Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/31/32 | 2390 | 2205701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/29 | 2999 | 3007893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 08/15/34 | 1276 | 1332643 |
|  Cheniere Energy, Inc., | Cheniere Energy, Inc., | Cheniere Energy, Inc., | Cheniere Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 10/15/28 | 1446 | 1445078 |
|  Colonial Enterprises, Inc., | Colonial Enterprises, Inc., | Colonial Enterprises, Inc., | Colonial Enterprises, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.627% | 11/15/35 | 1535 | 1548604 |
|  Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.999% | 11/17/32 | 2335 | 2335711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.097% | 10/01/31 | 813 | 827236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.042% | 08/15/28 | 354 | 367961 |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.927% | 08/15/30 | 455 | 481650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.962% | 02/15/55 | 1085 | 1069254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | 11/15/33 | 828 | 886347 |
|  DT Midstream, Inc., | DT Midstream, Inc., | DT Midstream, Inc., | DT Midstream, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/29 | 1856 | 1833099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 06/15/31 | 1435 | 1405370 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 05/01/27 | 1205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/29 | 3643 | 3686229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375% | 02/01/31 | 4216 | 4383230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | 02/15/56 | 3588 | 3577812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;05/15/30(oo) | 1648 | 1688141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;11/15/26(oo) | 1400 | 1407044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 05/15/54 | 635 | 602529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | 04/01/55 | 1520 | 1491574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 12/01/33 | 728 | 798840 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 01/15/36 | 1010 | 1027958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% | 10/15/34 | 1382 | 1556318 |
|  Hess Midstream Operations LP, | Hess Midstream Operations LP, | Hess Midstream Operations LP, | Hess Midstream Operations LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/15/30 | 4940 | 4993381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 06/01/29 | 1005 | 1040168 |
|  Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 11/01/42 | 662 | 584476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/41 | 1130 | 1207745 |
|  Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 06/01/30 | 930 | 961659 |
|  Kinetik Holdings LP, | Kinetik Holdings LP, | Kinetik Holdings LP, | Kinetik Holdings LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;06/15/30(a) | 4057 | 4091651 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 09/15/35 | 3835 | 3863914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 04/01/55 | 1504 | 1451269 |
|  NGPL PipeCo LLC, | NGPL PipeCo LLC, | NGPL PipeCo LLC, | NGPL PipeCo LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 08/15/27 | 858 | 862065 |
|  Northern Natural Gas Co., | Northern Natural Gas Co., | Northern Natural Gas Co., | Northern Natural Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 10/16/51 | 442 | 295797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 01/15/49 | 318 | 255882 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 04/01/45 | 542 | 478169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 06/01/29 | 543 | 559828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 10/15/35 | 960 | 970522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 04/01/44 | 1895 | 1795572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 11/15/32 | 270 | 289015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 09/01/53 | 756 | 793172 |
|  Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 01/15/36 | 1885 | 1909065 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A14

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |  |
|  Sabine Pass Liquefaction LLC, | Sabine Pass Liquefaction LLC, | Sabine Pass Liquefaction LLC, | Sabine Pass Liquefaction LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 03/15/28 | 2728 | 2730527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/30 | 1430 | 1436993 |
|  South Bow USA Infrastructure Holdings LLC (Canada), | South Bow USA Infrastructure Holdings LLC (Canada), | South Bow USA Infrastructure Holdings LLC (Canada), | South Bow USA Infrastructure Holdings LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.911% | 09/01/27 | 848 | 854874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.026% | 10/01/29 | 2389 | 2420858 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 07/30/36 | 1775 | 1778935 |
|  TransCanada PipeLines Ltd. (Canada), | TransCanada PipeLines Ltd. (Canada), | TransCanada PipeLines Ltd. (Canada), | TransCanada PipeLines Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/31/34 | 820 | 851206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 06/01/40 | 574 | 602852 |
|  Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), | Transcanada Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 09/15/79 | 2135 | 2117066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 16-A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 16-A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%(ff) | 08/15/76 | 1060 | 1060191 |
|  Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, | Venture Global Calcasieu Pass LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/29 | 2850 | 2677009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/31 | 700 | 636902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/15/30 | 2095 | 2118877 |
|  Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, | Venture Global Plaquemines LNG LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 01/15/36 | 324 | 331623 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 04/01/44 | 1775 | 1616503 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 11/15/29 | 2712 | 2762940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 08/15/28 | 3391 | 3491414 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98263024 |
|  **Real Estate Investment Trusts (REITs) — 1.2%** | **Real Estate Investment Trusts (REITs) — 1.2%** | **Real Estate Investment Trusts (REITs) — 1.2%** | **Real Estate Investment Trusts (REITs) — 1.2%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/18/32 | 3820 | 3231102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 03/15/52 | 1183 | 803435 |
|  American Tower Corp., | American Tower Corp., | American Tower Corp., | American Tower Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 12/15/32 | 965 | 966726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 02/15/29 | 2424 | 2494534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 02/15/34 | 1325 | 1376081 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 02/15/33 | 1315 | 1318460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/15/34 | 745 | 768483 |
|  COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/15/31 | 553 | 504647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/15/30 | 1122 | 1116985 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |  |
|  Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.300% | 02/15/29 | 883 | $881309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/11/28 | 784 | 796145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/01/29 | 2163 | 2244623 |
|  Equinix Europe 2 Financing Corp. LLC, | Equinix Europe 2 Financing Corp. LLC, | Equinix Europe 2 Financing Corp. LLC, | Equinix Europe 2 Financing Corp. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 11/15/30 | 1100 | 1103539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/15/34 | 3152 | 3262204 |
|  ERP Operating LP, | ERP Operating LP, | ERP Operating LP, | ERP Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/15/32 | 980 | 1002252 |
|  Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 03/01/28 | 1101 | 1045235 |
|  Extra Space Storage LP, | Extra Space Storage LP, | Extra Space Storage LP, | Extra Space Storage LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 01/15/33 | 585 | 590866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/30 | 1352 | 1407653 |
|  Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/15/35 | 790 | 806866 |
|  Mid-America Apartments LP, | Mid-America Apartments LP, | Mid-America Apartments LP, | Mid-America Apartments LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 01/15/33 | 1030 | 1027627 |
|  NNN REIT, Inc., | NNN REIT, Inc., | NNN REIT, Inc., | NNN REIT, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/15/52 | 505 | 316190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 04/15/50 | 1546 | 1002449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/15/51 | 1050 | 740476 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 12/15/32 | 667 | 598487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 04/15/35 | 530 | 539082 |
|  Regency Centers LP, | Regency Centers LP, | Regency Centers LP, | Regency Centers LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 09/15/29 | 1116 | 1069655 |
|  Simon Property Group LP, | Simon Property Group LP, | Simon Property Group LP, | Simon Property Group LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 10/01/35 | 2575 | 2613168 |
|  UDR, Inc., | UDR, Inc., | UDR, Inc., | UDR, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 09/01/34 | 2497 | 2524315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 03/15/33 | 880 | 726966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 01/26/29 | 595 | 597708 |
|  Ventas Realty LP, | Ventas Realty LP, | Ventas Realty LP, | Ventas Realty LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/15/30 | 3731 | 3550911 |
|  WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 02/01/31 | 2368 | 2135200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 02/01/32 | 343 | 302400 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43465779 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A15

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |  |
|  Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), | Home Depot, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 03/15/51 | 1426 | 818106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 04/15/40 | 501 | 410141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 04/15/50 | 547 | 386397 |
|  Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 09/15/41 | 4269 | 3067799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;04/15/53(a) | 1225 | 1188958 |
|  McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 02/15/42 | 570 | 465467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | 02/12/31 | 2035 | 2050282 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8387150 |
|  **Semiconductors — 0.9%** | **Semiconductors — 0.9%** | **Semiconductors — 0.9%** | **Semiconductors — 0.9%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/51 | 502 | 379690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | 04/15/33 | 1003 | 928583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.469% | 04/15/34 | 733 | 669691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 02/15/32 | 450 | 451245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 02/15/36 | 1595 | 1572996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 07/15/32 | 2070 | 2112703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | 11/15/35 | 3572 | 3078897 |
|  Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, | Foundry JV Holdco LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/25/31 | 905 | 934492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 01/25/36 | 915 | 958188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 01/25/35 | 4150 | 4404005 |
|  Intel Corp., | Intel Corp., | Intel Corp., | Intel Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 12/15/42 | 1225 | 992639 |
|  Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., | Marvell Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;04/15/31(a) | 1745 | 1616362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 07/15/30 | 250 | 253358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;07/15/35(a) | 1885 | 1941703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/15/29 | 3006 | 3136206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 09/15/33 | 3452 | 3690382 |
|  Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., | Micron Technology, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/09/33 | 1680 | 1786134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 11/01/35 | 1612 | 1720826 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30628100 |
|  **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
|  Electronic Arts, Inc., | Electronic Arts, Inc., | Electronic Arts, Inc., | Electronic Arts, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;02/15/51(a) | 598 | 553474 |
|  Microsoft Corp., | Microsoft Corp., | Microsoft Corp., | Microsoft Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.525% | 06/01/50 | 1205 | 736656 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |  |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 04/01/40 | 774 | 573934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 04/01/50 | 3756 | 2337955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 03/25/41 | 3095 | 2259897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/25/51 | 314 | 206657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/15/55 | 1205 | 833262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/27/54 | 485 | 392852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/03/55 | 2341 | 2068825 |
|  Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., | Roper Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/15/30 | 710 | 712984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/15/29 | 795 | 802655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/32 | 530 | 535363 |
|  Salesforce, Inc., | Salesforce, Inc., | Salesforce, Inc., | Salesforce, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 07/15/41 | 1530 | 1109603 |
|  Synopsys, Inc., | Synopsys, Inc., | Synopsys, Inc., | Synopsys, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 04/01/30 | 1570 | 1602767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/32 | 749 | 764791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 04/01/55 | 52 | 51626 |
|  Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., | Take-Two Interactive Software, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/12/29 | 513 | 530456 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16073757 |
|  **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** | **Telecommunications — 1.3%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 12/01/33 | 2921 | 2493781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 2681 | 2106292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/15/53 | 512 | 343077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 09/15/55 | 2055 | 1369367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 09/15/59 | 1063 | 702434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 11/01/35 | 1665 | 1644595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 02/15/34 | 938 | 972614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 11/01/45 | 2710 | 2610374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 11/01/54 | 4400 | 4221731 |
|  NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), | NTT Finance Corp. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502% | 07/16/35 | 665 | 687736 |
|  Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 03/15/32 | 4493 | 4227758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 02/15/34 | 2199 | 2214878 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 11/15/28 | 1351 | 1450038 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 02/15/29 | 2649 | 2530894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 02/15/51 | 2665 | 1781403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/15/30 | 3130 | 3076441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 05/15/32 | 1947 | 2003135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 12/15/33 | 1598 | 1790394 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A16

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |  |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/31 | 5024 | 4420180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401% | 07/02/37 | 3924 | 3968188 |
|  Vodafone Group PLC (United Kingdom), | Vodafone Group PLC (United Kingdom), | Vodafone Group PLC (United Kingdom), | Vodafone Group PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 06/28/54 | 623 | 601524 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45216834 |
|  **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
|  Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 08/01/46 | 362 | 289508 |
|  Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 12/02/51 | 4075 | 2691444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/48 | 1285 | 1130664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/45 | 285 | 257035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/37 | 330 | 355815 |
|  FedEx Corp., | FedEx Corp., | FedEx Corp., | FedEx Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/41 | 347 | 260378 |
|  Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., | Norfolk Southern Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 05/15/50 | 439 | 289008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 517 | 429581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/45 | 1030 | 890148 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593581 |
|  **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
|  Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), | Avolon Holdings Funding Ltd. (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 10/10/30 | 2235 | 2246443 |
|  **TOTAL CORPORATE BONDS**<br>(cost $1,271,490,513) | **TOTAL CORPORATE BONDS**<br>(cost $1,271,490,513) | **TOTAL CORPORATE BONDS**<br>(cost $1,271,490,513) | 1296685414 |
|  **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** | **MUNICIPAL BONDS — 0.0%** |
|  **California — 0.0%** | **California — 0.0%** | **California — 0.0%** | **California — 0.0%** |
|  Port of Oakland, | Port of Oakland, | Port of Oakland, | Port of Oakland, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series R | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series R |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.099% | 05/01/30 | — (r) |  |
|  **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** |
|  State of Illinois, | State of Illinois, | State of Illinois, | State of Illinois, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350% | 07/01/35 | 93 | 101123 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.630% | 02/01/35 | 342 | 362279 |
|  |  |  | 463402 |
|  **New York — 0.0%** | **New York — 0.0%** | **New York — 0.0%** | **New York — 0.0%** |
|  Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.458% | 10/01/62 | 415 | 343611 |
|  **TOTAL MUNICIPAL BONDS**<br>(cost $805,903) | **TOTAL MUNICIPAL BONDS**<br>(cost $805,903) | **TOTAL MUNICIPAL BONDS**<br>(cost $805,903) | 807013 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 2.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 2.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 2.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 2.1%** |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.824%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/45 | 1696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696549 |
|  Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 369, Class 12, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 369, Class 12, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 369, Class 12, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 369, Class 12, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(cc) | 05/25/36 | 59 | 9846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 383, Class 60, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 383, Class 60, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 383, Class 60, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 383, Class 60, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/37 | 25 | 4547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 417, Class C11, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 417, Class C11, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 417, Class C11, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 417, Class C11, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/25/28 | 300 | 5975 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-057, Class NK, 30 Day Average SOFR x (4) + 21.542% (Cap 22.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-057, Class NK, 30 Day Average SOFR x (4) + 21.542% (Cap 22.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-057, Class NK, 30 Day Average SOFR x (4) + 21.542% (Cap 22.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-057, Class NK, 30 Day Average SOFR x (4) + 21.542% (Cap 22.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.045%(c) | 07/25/35 | 17 | 19653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-02, Class LY, 30 Day Average SOFR x (16) + 94.168% (Cap 8.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-02, Class LY, 30 Day Average SOFR x (16) + 94.168% (Cap 8.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-02, Class LY, 30 Day Average SOFR x (16) + 94.168% (Cap 8.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-02, Class LY, 30 Day Average SOFR x (16) + 94.168% (Cap 8.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000%(c) | 12/25/35 | 6 | 6330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-044, Class P, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-044, Class P, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-044, Class P, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-044, Class P, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.410%(s) | 12/25/33 | 12 | 10857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20, Class IB, IO, 30 Day Average SOFR x (1) + 6.476% (Cap 6.590%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20, Class IB, IO, 30 Day Average SOFR x (1) + 6.476% (Cap 6.590%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20, Class IB, IO, 30 Day Average SOFR x (1) + 6.476% (Cap 6.590%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-20, Class IB, IO, 30 Day Average SOFR x (1) + 6.476% (Cap 6.590%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.601%(c) | 04/25/36 | 73 | 6916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-23, Class NS, 30 Day Average SOFR x (18) + 105.939% (Cap 9.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-23, Class NS, 30 Day Average SOFR x (18) + 105.939% (Cap 9.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-23, Class NS, 30 Day Average SOFR x (18) + 105.939% (Cap 9.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-23, Class NS, 30 Day Average SOFR x (18) + 105.939% (Cap 9.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.000%(c) | 04/25/36 | 22 | 23329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-058, Class SV, IO, 30 Day Average SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-058, Class SV, IO, 30 Day Average SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-058, Class SV, IO, 30 Day Average SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-058, Class SV, IO, 30 Day Average SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.761%(c) | 06/25/37 | 75 | 7902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-102, Class SA, IO, 30 Day Average SOFR x (1) + 6.286% (Cap 6.400%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-102, Class SA, IO, 30 Day Average SOFR x (1) + 6.286% (Cap 6.400%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-102, Class SA, IO, 30 Day Average SOFR x (1) + 6.286% (Cap 6.400%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-102, Class SA, IO, 30 Day Average SOFR x (1) + 6.286% (Cap 6.400%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.411%(c) | 11/25/37 | 144 | 11851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109, Class YI, IO, 30 Day Average SOFR x (1) + 6.336% (Cap 6.450%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109, Class YI, IO, 30 Day Average SOFR x (1) + 6.336% (Cap 6.450%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109, Class YI, IO, 30 Day Average SOFR x (1) + 6.336% (Cap 6.450%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-109, Class YI, IO, 30 Day Average SOFR x (1) + 6.336% (Cap 6.450%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.461%(c) | 12/25/37 | 135 | 16171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-85, Class EB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-85, Class EB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-85, Class EB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-85, Class EB |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/25/28 | 4 | 3995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-91, Class SI, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-91, Class SI, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-91, Class SI, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-91, Class SI, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.011%(c) | 03/25/38 | 60 | 2317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class ST, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class ST, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class ST, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class ST, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.261%(c) | 01/25/40 | 133 | 14115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class SW, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class SW, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class SW, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-112, Class SW, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.261%(c) | 01/25/40 | 88 | 8406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-35, Class SB, IO, 30 Day Average SOFR x (1) + 6.306% (Cap 6.420%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-35, Class SB, IO, 30 Day Average SOFR x (1) + 6.306% (Cap 6.420%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-35, Class SB, IO, 30 Day Average SOFR x (1) + 6.306% (Cap 6.420%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-35, Class SB, IO, 30 Day Average SOFR x (1) + 6.306% (Cap 6.420%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.431%(c) | 04/25/40 | 37 | 2429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-49, Class SC, 30 Day Average SOFR x (2) + 12.431% (Cap 12.660%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-49, Class SC, 30 Day Average SOFR x (2) + 12.431% (Cap 12.660%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-49, Class SC, 30 Day Average SOFR x (2) + 12.431% (Cap 12.660%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-49, Class SC, 30 Day Average SOFR x (2) + 12.431% (Cap 12.660%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.683%(c) | 03/25/40 | 20 | 20242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13, Class IK, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13, Class IK, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13, Class IK, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13, Class IK, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/25/28 | 106 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-86, Class T | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-86, Class T | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-86, Class T | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-86, Class T |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/25/48 | 17152 | 15457595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-88, Class BV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-88, Class BV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-88, Class BV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-88, Class BV |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/25/33 | 2591 | 2656070 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A17

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14, Class CA |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/46 | 5066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5197887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67, Class FA, 30 Day Average SOFR + 1.170% (Cap 6.500%, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67, Class FA, 30 Day Average SOFR + 1.170% (Cap 6.500%, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67, Class FA, 30 Day Average SOFR + 1.170% (Cap 6.500%, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67, Class FA, 30 Day Average SOFR + 1.170% (Cap 6.500%, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.044%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/54 | 7593 | 7616619 |
|  Fannie Mae REMIC Trust, | Fannie Mae REMIC Trust, | Fannie Mae REMIC Trust, | Fannie Mae REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W11, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W11, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W11, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W11, Class 1PO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.175%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/44 | 138 | 102179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W12, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W12, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W12, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W12, Class 1PO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.267%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/44 | 91 | 77884 |
|  Fannie Mae Trust, | Fannie Mae Trust, | Fannie Mae Trust, | Fannie Mae Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W09, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W09, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W09, Class 1PO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W09, Class 1PO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.899%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/44 | 138 | 102589 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2611, Class TM, 30 Day Average SOFR x (10) + 63.855% (Cap 10.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2611, Class TM, 30 Day Average SOFR x (10) + 63.855% (Cap 10.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2611, Class TM, 30 Day Average SOFR x (10) + 63.855% (Cap 10.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2611, Class TM, 30 Day Average SOFR x (10) + 63.855% (Cap 10.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/33 | 7 | 7525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2643, Class SA, 30 Day Average SOFR x (7) + 44.756% (Cap 45.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2643, Class SA, 30 Day Average SOFR x (7) + 44.756% (Cap 45.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2643, Class SA, 30 Day Average SOFR x (7) + 44.756% (Cap 45.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2643, Class SA, 30 Day Average SOFR x (7) + 44.756% (Cap 45.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 18.861%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 2 | 2816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2922, Class SU, 30 Day Average SOFR x (2) + 14.071% (Cap 14.300%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2922, Class SU, 30 Day Average SOFR x (2) + 14.071% (Cap 14.300%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2922, Class SU, 30 Day Average SOFR x (2) + 14.071% (Cap 14.300%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2922, Class SU, 30 Day Average SOFR x (2) + 14.071% (Cap 14.300%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.103%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/35 | 26 | 26534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3126, Class AO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 3126, Class AO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 3126, Class AO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 3126, Class AO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.830%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/36 | 12 | 10900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3201, Class IN, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3201, Class IN, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3201, Class IN, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3201, Class IN, IO, 30 Day Average SOFR x (1) + 6.136% (Cap 6.250%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.152%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/36 | 71 | 5010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3218, Class HS, IO, 30 Day Average SOFR x (1) + 7.086% (Cap 7.200%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3218, Class HS, IO, 30 Day Average SOFR x (1) + 7.086% (Cap 7.200%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3218, Class HS, IO, 30 Day Average SOFR x (1) + 7.086% (Cap 7.200%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3218, Class HS, IO, 30 Day Average SOFR x (1) + 7.086% (Cap 7.200%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.102%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/26 | 6 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3237, Class BO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 3237, Class BO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 3237, Class BO, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 3237, Class BO, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.639%(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/36 | 126 | 107524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TB, 30 Day Average SOFR + 2.864% (Cap 8.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TB, 30 Day Average SOFR + 2.864% (Cap 8.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TB, 30 Day Average SOFR + 2.864% (Cap 8.840%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TB, 30 Day Average SOFR + 2.864% (Cap 8.840%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.848%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/37 | 7 | 7250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TC, 30 Day Average SOFR + 2.324% (Cap 8.640%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TC, 30 Day Average SOFR + 2.324% (Cap 8.640%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TC, 30 Day Average SOFR + 2.324% (Cap 8.640%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3306, Class TC, 30 Day Average SOFR + 2.324% (Cap 8.640%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.308%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/37 | 6 | 6342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3385, Class SN, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3385, Class SN, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3385, Class SN, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3385, Class SN, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.902%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/37 | 14 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3609, Class SA, IO, 30 Day Average SOFR x (1) + 6.226% (Cap 6.340%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3609, Class SA, IO, 30 Day Average SOFR x (1) + 6.226% (Cap 6.340%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3609, Class SA, IO, 30 Day Average SOFR x (1) + 6.226% (Cap 6.340%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3609, Class SA, IO, 30 Day Average SOFR x (1) + 6.226% (Cap 6.340%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.242%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/39 | 139 | 9375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3740, Class SB, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3740, Class SB, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3740, Class SB, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3740, Class SB, IO, 30 Day Average SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.902%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/40 | 43 | 3772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class QN, 30 Day Average SOFR x (4) + 26.796% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class QN, 30 Day Average SOFR x (4) + 26.796% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class QN, 30 Day Average SOFR x (4) + 26.796% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class QN, 30 Day Average SOFR x (4) + 26.796% (Cap 5.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/41 | 45 | 43661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class TP, 30 Day Average SOFR x (4) + 27.080% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class TP, 30 Day Average SOFR x (4) + 27.080% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class TP, 30 Day Average SOFR x (4) + 27.080% (Cap 5.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 3852, Class TP, 30 Day Average SOFR x (4) + 27.080% (Cap 5.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/41 | 56 | 55348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4030, Class IL, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4030, Class IL, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4030, Class IL, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 4030, Class IL, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/27 | 13 | 90 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5195, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5195, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5195, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 5195, Class CA |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/47 | 13502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12267712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5202, Class AK | &nbsp;&nbsp;&nbsp;&nbsp; Series 5202, Class AK | &nbsp;&nbsp;&nbsp;&nbsp; Series 5202, Class AK | &nbsp;&nbsp;&nbsp;&nbsp; Series 5202, Class AK |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/49 | 2984 | 2772096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5470, Class FG, 30 Day Average SOFR + 1.200% (Cap 6.500%, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5470, Class FG, 30 Day Average SOFR + 1.200% (Cap 6.500%, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5470, Class FG, 30 Day Average SOFR + 1.200% (Cap 6.500%, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5470, Class FG, 30 Day Average SOFR + 1.200% (Cap 6.500%, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.074%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/54 | 10214 | 10249966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5472, Class FE, 30 Day Average SOFR + 1.350% (Cap 6.500%, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5472, Class FE, 30 Day Average SOFR + 1.350% (Cap 6.500%, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5472, Class FE, 30 Day Average SOFR + 1.350% (Cap 6.500%, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5472, Class FE, 30 Day Average SOFR + 1.350% (Cap 6.500%, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/54 | 10200 | 10272127 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 304, Class C32, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 304, Class C32, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 304, Class C32, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 304, Class C32, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/27 | 87 | 1327 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19, Class KE | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19, Class KE | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19, Class KE | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-19, Class KE |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/16/34 | 437 | 437178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-86, Class SP, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-86, Class SP, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-86, Class SP, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-86, Class SP, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.252%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/34 | 23 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-26, Class S, IO, 1 Month SOFR x (1) + 6.386% (Cap 6.500%, Floor 0.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-26, Class S, IO, 1 Month SOFR x (1) + 6.386% (Cap 6.500%, Floor 0.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-26, Class S, IO, 1 Month SOFR x (1) + 6.386% (Cap 6.500%, Floor 0.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-26, Class S, IO, 1 Month SOFR x (1) + 6.386% (Cap 6.500%, Floor 0.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.652%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/36 | 100 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16, Class KU, IO, 1 Month SOFR x (1) + 6.536% (Cap 6.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16, Class KU, IO, 1 Month SOFR x (1) + 6.536% (Cap 6.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16, Class KU, IO, 1 Month SOFR x (1) + 6.536% (Cap 6.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16, Class KU, IO, 1 Month SOFR x (1) + 6.536% (Cap 6.650%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.802%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/37 | 112 | 3100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-24, Class SA, IO, 1 Month SOFR x (1) + 6.396% (Cap 6.510%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-24, Class SA, IO, 1 Month SOFR x (1) + 6.396% (Cap 6.510%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-24, Class SA, IO, 1 Month SOFR x (1) + 6.396% (Cap 6.510%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-24, Class SA, IO, 1 Month SOFR x (1) + 6.396% (Cap 6.510%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.662%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/37 | 281 | 15126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-58, Class SD, IO, 1 Month SOFR x (1) + 6.376% (Cap 6.490%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-58, Class SD, IO, 1 Month SOFR x (1) + 6.376% (Cap 6.490%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-58, Class SD, IO, 1 Month SOFR x (1) + 6.376% (Cap 6.490%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-58, Class SD, IO, 1 Month SOFR x (1) + 6.376% (Cap 6.490%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.642%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/37 | 197 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-73, Class SK, IO, 1 Month SOFR x (1) + 6.626% (Cap 6.740%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-73, Class SK, IO, 1 Month SOFR x (1) + 6.626% (Cap 6.740%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-73, Class SK, IO, 1 Month SOFR x (1) + 6.626% (Cap 6.740%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-73, Class SK, IO, 1 Month SOFR x (1) + 6.626% (Cap 6.740%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.892%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/38 | 151 | 6325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-79, Class SA, IO, 1 Month SOFR x (1) + 7.436% (Cap 7.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-79, Class SA, IO, 1 Month SOFR x (1) + 7.436% (Cap 7.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-79, Class SA, IO, 1 Month SOFR x (1) + 7.436% (Cap 7.550%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-79, Class SA, IO, 1 Month SOFR x (1) + 7.436% (Cap 7.550%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.702%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/38 | 76 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-016, Class SJ, IO, 1 Month SOFR x (1) + 6.686% (Cap 6.800%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-016, Class SJ, IO, 1 Month SOFR x (1) + 6.686% (Cap 6.800%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-016, Class SJ, IO, 1 Month SOFR x (1) + 6.686% (Cap 6.800%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-016, Class SJ, IO, 1 Month SOFR x (1) + 6.686% (Cap 6.800%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.952%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/37 | 194 | 8488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-036, Class IE, IO, 1 Month SOFR x (3) + 20.285% (Cap 1.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-036, Class IE, IO, 1 Month SOFR x (3) + 20.285% (Cap 1.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-036, Class IE, IO, 1 Month SOFR x (3) + 20.285% (Cap 1.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-036, Class IE, IO, 1 Month SOFR x (3) + 20.285% (Cap 1.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/38 | 390 | 2263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-065, Class LB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-065, Class LB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-065, Class LB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-065, Class LB |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/16/39 | 13 | 13267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class ST, IO, 1 Month SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class ST, IO, 1 Month SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class ST, IO, 1 Month SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class ST, IO, 1 Month SOFR x (1) + 5.886% (Cap 6.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.152%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/38 | 142 | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class XL, IO, 1 Month SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class XL, IO, 1 Month SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class XL, IO, 1 Month SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-106, Class XL, IO, 1 Month SOFR x (1) + 6.636% (Cap 6.750%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.902%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/37 | 87 | 3787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-127, Class IA, IO, 1 Month SOFR x (1) + 6.336% (Cap 0.450%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-127, Class IA, IO, 1 Month SOFR x (1) + 6.336% (Cap 0.450%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-127, Class IA, IO, 1 Month SOFR x (1) + 6.336% (Cap 0.450%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-127, Class IA, IO, 1 Month SOFR x (1) + 6.336% (Cap 0.450%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.450%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/38 | 626 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-031, Class SK, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-031, Class SK, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-031, Class SK, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-031, Class SK, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.252%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/34 | 87 | 591 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A18

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-085, Class ID, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-085, Class ID, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-085, Class ID, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-085, Class ID, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/20/39 | 58 | 4169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-157, Class OP, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-157, Class OP, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-157, Class OP, PO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-157, Class OP, PO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.631%(s) | 12/20/40 | 102 | 88234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H24, Class FG, 1 Month SOFR + 0.544% (Cap 5.590%, Floor 0.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H24, Class FG, 1 Month SOFR + 0.544% (Cap 5.590%, Floor 0.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H24, Class FG, 1 Month SOFR + 0.544% (Cap 5.590%, Floor 0.430%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-H24, Class FG, 1 Month SOFR + 0.544% (Cap 5.590%, Floor 0.430%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.544%(c) | 04/20/60 | — (r) | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-184, Class KZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-184, Class KZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-184, Class KZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-184, Class KZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/20/43 | 901 | 703503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H04, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H04, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H04, Class BA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H04, Class BA |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 02/20/63 | 3 | 2570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H05, Class FB, 1 Month SOFR + 0.514% (Cap N/A, Floor 0.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H05, Class FB, 1 Month SOFR + 0.514% (Cap N/A, Floor 0.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H05, Class FB, 1 Month SOFR + 0.514% (Cap N/A, Floor 0.400%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-H05, Class FB, 1 Month SOFR + 0.514% (Cap N/A, Floor 0.400%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.387%(c) | 02/20/62 | 5 | 4824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class GC | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class GC | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class GC | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class GC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/20/51 | 6734 | 6511070 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $75,128,592) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $75,128,592) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $75,128,592) | 76747886 |
|  **SOVEREIGN BONDS — 0.5%** | **SOVEREIGN BONDS — 0.5%** | **SOVEREIGN BONDS — 0.5%** | **SOVEREIGN BONDS — 0.5%** |
|  Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 08/20/50 | 200 | 138562 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 02/19/35 | 4355 | 4538345 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.771% | 05/24/61 | 924 | 568260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280% | 08/14/41 | 2969 | 2381138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/07/36 | 3717 | 3771826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.338% | 05/04/53 | 2406 | 2289309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/22/35 | 4335 | 4281896 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.870% | 07/23/60 | 566 | 373843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/56 | 200 | 149800 |
|  **TOTAL SOVEREIGN BONDS**<br>(cost $18,370,612) | **TOTAL SOVEREIGN BONDS**<br>(cost $18,370,612) | **TOTAL SOVEREIGN BONDS**<br>(cost $18,370,612) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18492979 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 35.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 35.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 35.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 35.9%** |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.680% | 08/26/26 | 5000 | 4902113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.680% | 09/17/35 | 12090 | 9336163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 02/25/36 | 6800 | 5381951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 03/10/36 | 6390 | 5181608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/14/36 | 4000 | 3277814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 02/02/37 | 7490 | 6178651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.360% | 02/23/37 | 20000 | 17445112 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 04/23/30 | 658 | 600153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.830% | 03/11/30 | 756 | 691103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.930% | 02/11/36 | 12980 | 10124657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.090% | 02/22/36 | 10795 | 8542811 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 868 | $748855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/51 | 1783 | 1538033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 4583 | 3957232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/51 | 3453 | 2946128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 12/01/51 | 353 | 303921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 3887 | 3308466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 19843 | 17091423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 01/01/52 | 20047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17301948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/52 | 6012 | 5112895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 36560 | 31082771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/52 | 16670 | 14167918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/42 | 23 | 21106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/42 | 549 | 512501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/42 | 4 | 3908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/42 | 5 | 4823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/42 | 7 | 6285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/42 | 33 | 30237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/42 | 6 | 5255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/42 | 21 | 19447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/42 | 6 | 5435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 43 | 40069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/43 | 52 | 47741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/43 | 145 | 134532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/43 | 322 | 297697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/43 | 333 | 308151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/43 | 320 | 294407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/47 | 1800 | 1642629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/49 | 2299 | 2088068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/50 | 731 | 651995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 34841 | 31596006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/50 | 3068 | 2770168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/51 | 6901 | 6157779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 17253 | 15358183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 1751 | 1566821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 8347 | 7514244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 18099 | 16292677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/52 | 3572 | 3187244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/32 | 154 | 152280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/48 | 4685 | 4459460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/49 | 171 | 162204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/50 | 1289 | 1208204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/52 | 8383 | 7806975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/52 | 48137 | 44611518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/26 | 1 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/32 | 101 | 101133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/41 | 4 | 3779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/41 | 7 | 7316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/42 | 137 | 133930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/48 | 476 | 459777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/48 | 401 | 388263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/30 | 34 | 34080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/50 | 142 | 140458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/52 | 42388 | 41575390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/30 | 26 | 25905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/33 | 6 | 6035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/33 | —(r) | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/01/33 | 66 | 66639 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A19

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/33 | —(r) | $| 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/33 | 1 |  | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/33 | —(r) |  | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/34 | —(r) |  | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/34 | 2 |  | 1619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/34 | 21 |  | 20871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/34 | 43 |  | 43727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/35 | —(r) |  | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/35 | —(r) |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/37 | 50 |  | 51729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/39 | 14 |  | 13924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/01/39 | 71 |  | 73108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/39 | 6 |  | 5703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/40 | 189 |  | 194373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/49 | 30 |  | 30602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/49 | 241 |  | 244908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/49 | 347 |  | 350533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/52 | 10244 |  | 10270358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/52 | 26700 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26782012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/53 | 5333 |  | 5337153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/53 | 19221 |  | 19224992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/55 | 2800 |  | 2803483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/27 | 3 |  | 3265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/33 | 16 |  | 15966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/35 | 103 |  | 108088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/52 | 753 |  | 766910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/53 | 6963 |  | 7088398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/53 | 37513 |  | 38165710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/53 | 15586 |  | 15850202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/54 | 16596 |  | 16972101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/54 | 12514 |  | 12691470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/55 | 2120 |  | 2159987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/55 | 3304 |  | 3364451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/53 | 10681 |  | 11011694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/01/53 | 3253 |  | 3350386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/53 | 3201 |  | 3296583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/53 | 3455 |  | 3568789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/53 | 14502 |  | 15144019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/53 | 33224 |  | 34688946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/53 | 6825 |  | 7023100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/53 | 8266 |  | 8522598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/54 | 3697 |  | 3825026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/01/54 | 2880 |  | 2966095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/54 | 33476 |  | 34758255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/54 | 9127 |  | 9433104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/54 | 1450 |  | 1490183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/55 | 2589 |  | 2670781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/55 | 1996 |  | 2056420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/55 | 3523 |  | 3635229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 08/01/27 | 6 |  | 6442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/01/29 | 2 |  | 2483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 05/01/54 | 12029 |  | 12553738 |
|  Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.135% (Cap 10.708%, Floor 2.135%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.135% (Cap 10.708%, Floor 2.135%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.135% (Cap 10.708%, Floor 2.135%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.135% (Cap 10.708%, Floor 2.135%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.135% (Cap 10.708%, Floor 2.135%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.218%(c) | 10/01/36 | 12 |  | 12462 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/50 | 831 |  | 716720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/01/51 | 421 |  | 362688 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/51 | 19375 | $16506173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 11/01/51 | 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14497209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 2341 | 2017473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 05/01/52 | 3754 | 3234894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/42 | 8 | 7839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/42 | 8 | 7190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/42 | 8 | 7250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/42 | 11 | 10287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/42 | 18 | 16792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/42 | 20 | 18395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/42 | 23 | 21078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/42 | 80 | 74305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/42 | 288 | 266218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 2 | 2182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 4 | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 5 | 4327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 5 | 4825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 6 | 5329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 7 | 6919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 9 | 8222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 12 | 10711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 14 | 13142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 15 | 13420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 20 | 18060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 25 | 23263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 34 | 31526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/43 | 66 | 61441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/43 | 8 | 7667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/43 | 9 | 8341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/43 | 63 | 59219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/43 | 169 | 156471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/43 | 543 | 502043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/43 | 16 | 14914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/43 | 28 | 26343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/43 | 43 | 39396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/43 | 81 | 74814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/43 | 88 | 81352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/43 | 94 | 86699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/43 | 667 | 616475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/43 | 30 | 27781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/43 | 39 | 35774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/43 | 87 | 80527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/43 | 162 | 149646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/43 | 171 | 158487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/43 | 337 | 311656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/44 | 399 | 365941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/49 | 499 | 452654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/50 | 10107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9095203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/50 | 363 | 330546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/50 | 341 | 302525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/50 | 2575 | 2336276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/50 | 710 | 630417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/51 | 5962 | 5342796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/51 | 19517 | 17416202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/51 | 182 | 164419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/51 | 4054 | 3617251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/51 | 11253 | 10159058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/01/51 | 31025 | 27685058 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A20

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/01/51 | 5416 | $4879084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/01/52 | 5738 | 5123823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 3533 | 3152931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/01/52 | 2160 | 1936109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/52 | 4197 | 3719644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/52 | 7348 | 6557284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/52 | 4544 | 4086398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/52 | 8972 | 7960148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/01/52 | 4818 | 4270525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | TBA | 5860 | 5398754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/32 | 111 | 109907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/01/32 | 336 | 330875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/33 | 52 | 50541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/01/33 | 137 | 134618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/33 | 180 | 175723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/42 | 362 | 345764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/01/42 | 179 | 170296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/01/42 | 176 | 167278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/01/43 | 226 | 214473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/43 | 211 | 200376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/45 | 159 | 151220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/01/48 | 4377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/49 | 2834 | 2650117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/49 | 4130 | 3860216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/50 | 295 | 275822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/52 | 4002 | 3733829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/52 | 4006 | 3748431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/42 | 172 | 167976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/42 | 403 | 396096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/01/45 | 149 | 144062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/46 | 237 | 230803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/46 | 18 | 17869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/46 | 103 | 99054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/47 | 233 | 225673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/47 | 196 | 190221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/47 | 226 | 220033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/47 | 4407 | 4259839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/47 | 296 | 286748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/48 | 706 | 683961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/48 | 215 | 208901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/01/48 | 573 | 554509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/48 | 430 | 416773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/48 | 440 | 425910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/48 | 161 | 155770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/48 | 185 | 178337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/48 | 229 | 221342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/48 | 512 | 492971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/01/49 | 289 | 278881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/01/52 | 1007 | 960816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/26 | 5 | 4643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/26 | 2 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/42 | 657 | 660574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/01/44 | 314 | 314043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 10/01/44 | 1230 | 1230220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/44 | 56 | 55658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/47 | 720 | 714859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/01/47 | 364 | 361410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/26 | —(r) | 356 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/29 | 18 | $17760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/29 | 24 | 24350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/39 | 262 | 269858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/40 | 341 | 351012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/41 | 65 | 66960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/43 | —(r) | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/44 | 78 | 79628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/44 | 220 | 223646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/45 | 129 | 130760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/47 | 13 | 12903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/48 | 2 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/48 | 73 | 74157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/48 | 1775 | 1804507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/49 | 3 | 3386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/01/49 | 73 | 74034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/01/49 | 3 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/49 | 44 | 44911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/49 | 171 | 172951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/49 | 372 | 375236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/50 | 174 | 176506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/01/52 | 8597 | 8610662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/52 | 38519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38574461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/01/52 | 7649 | 7659729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/53 | 7387 | 7404807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/26 | —(r) | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/28 | 10 | 10572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/33 | 64 | 65044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/01/33 | 19 | 19213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/01/33 | 28 | 29129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/34 | 86 | 88413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/35 | 39 | 39619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/36 | 24 | 23917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/37 | 50 | 51302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/38 | 38 | 38918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/52 | 16064 | 16372476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/01/53 | 13274 | 13508380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/53 | 55091 | 56036627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/54 | 2344 | 2396587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/54 | 6518 | 6674950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/01/54 | 15537 | 15799248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/01/55 | 11102 | 11358112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/01/55 | 977 | 991353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/55 | 1507 | 1533170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/55 | 2902 | 2950138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/55 | 10473 | 10622028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/01/27 | 10 | 10450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/01/27 | 9 | 9385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/28 | 6 | 5838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/01/28 | 6 | 5684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/34 | 5 | 4709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/52 | 5559 | 5761744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/52 | 1062 | 1094028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/52 | 5382 | 5560189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/53 | 11944 | 12284448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/01/53 | 10950 | 11304025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/53 | 809 | 832351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/01/54 | 7681 | 7901292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 08/01/54 | 1734 | 1780634 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A21

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/54 | 2343 | $| 2408421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/01/28 | 3 |  | 2663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 05/01/37 | 4 |  | 3953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 11/01/53 | 11673 |  | 12215212 |
|  Federal National Mortgage Assoc., 1 Year US Treasury Yield Curve Rate | Federal National Mortgage Assoc., 1 Year US Treasury Yield Curve Rate | Federal National Mortgage Assoc., 1 Year US Treasury Yield Curve Rate | Federal National Mortgage Assoc., 1 Year US Treasury Yield Curve Rate | Federal National Mortgage Assoc., 1 Year US Treasury Yield Curve Rate |
| &nbsp;&nbsp;&nbsp;&nbsp; CMT + 2.375% (Cap 10.750%, Floor 2.375%) | &nbsp;&nbsp;&nbsp;&nbsp; CMT + 2.375% (Cap 10.750%, Floor 2.375%) | &nbsp;&nbsp;&nbsp;&nbsp; CMT + 2.375% (Cap 10.750%, Floor 2.375%) | &nbsp;&nbsp;&nbsp;&nbsp; CMT + 2.375% (Cap 10.750%, Floor 2.375%) | &nbsp;&nbsp;&nbsp;&nbsp; CMT + 2.375% (Cap 10.750%, Floor 2.375%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.406%(c) | 09/01/37 | 27 |  | 27057 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 08/20/50 | 349 |  | 289242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/20/50 | 541 |  | 448341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/20/52 | 22841 |  | 18922135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/52 | 14228 |  | 12816250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 10/20/52 | 9758 |  | 8791631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/20/52 | 17288 |  | 15568990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/41 | 2 |  | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/20/41 | —(r) |  | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/20/41 | 3 |  | 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/20/42 | 2 |  | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/20/42 | 1 |  | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/20/43 | 17 |  | 16239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/20/44 | 2 |  | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/20/44 | 2 |  | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/20/44 | 135 |  | 130638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/20/45 | 14 |  | 13761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/20/45 | 202 |  | 194862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/20/45 | 627 |  | 606453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 10/20/52 | 11199 |  | 10653231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/15/39 | 137 |  | 137398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 02/20/50 | 2365 |  | 2341260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 03/20/50 | 489 |  | 483379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/20/50 | 1020 |  | 1008626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/15/39 | 448 |  | 458745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/15/40 | 115 |  | 116709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/20/49 | 150 |  | 152257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/20/52 | 1131 |  | 1133245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/20/52 | 15188 |  | 15229013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/20/52 | 15879 |  | 15904547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/20/54 | 8594 |  | 8768221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/20/54 | 12637 |  | 12896585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/20/54 | 16811 |  | 17151288 |
|  Tennessee Valley Authority Principal Strips, Bonds | Tennessee Valley Authority Principal Strips, Bonds | Tennessee Valley Authority Principal Strips, Bonds | Tennessee Valley Authority Principal Strips, Bonds | Tennessee Valley Authority Principal Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.004%(s) | 06/15/35 | 600 |  | 384124 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $1,279,574,448) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $1,279,574,448) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $1,279,574,448) |  | **1294418237** |
|  **U.S. TREASURY OBLIGATIONS — 18.9%** | **U.S. TREASURY OBLIGATIONS — 18.9%** | **U.S. TREASURY OBLIGATIONS — 18.9%** | **U.S. TREASURY OBLIGATIONS — 18.9%** | **U.S. TREASURY OBLIGATIONS — 18.9%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 08/15/50 | 23334 |  | 11499287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 02/15/51 | 5775 |  | 3233098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 11/15/51 | 5255 |  | 2910777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 08/15/49 | 6065 |  | 3811473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 11/15/49 | 30 |  | 19303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 05/15/43 | 2638 |  | 2049808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 05/15/52 | 1050 |  | 735164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/15/52 | 110 |  | 78925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 05/15/48 | 65 |  | 49451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 05/15/44 | 4670 |  | 3859317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 08/15/43 | 1840 |  | 1590163 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/53 | 15989 | $12968578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 05/15/53 | 2020 | 1636831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 11/15/43 | 416 | 364975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 08/15/40 | 2315 | 2145716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 02/15/43 | 12202 | 10995146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/42 | 6499 | 5964863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/52 | 17103 | 14858318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/44 | 3420 | 3143728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/53 | 1760 | 1560900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/54 | 11362 | 10291487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/15/40 | 1247 | 1227126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 08/15/43 | 8090 | 7737327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 11/15/54 | 12100 | 11436391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/15/40 | 3790 | 3834414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/44 | 6120 | 6017681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 11/15/44 | 15000 | 14718750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 08/15/55 | 1475 | 1453336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 08/15/45 | 585 | 591490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/45 | 14575 | 14982645 |
|  U.S. Treasury Notes | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375% | 01/31/26(k) | 7120 | 7099419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.500% | 02/28/26 | 938 | 933090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625% | 07/31/26 | 6883 | 6767387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 03/31/26 | 10960 | 10885078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750% | 04/30/26 | 5560 | 5508744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 07/31/28 | 2587 | 2427334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 03/31/28 | 2470 | 2350938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 06/30/28 | 2600 | 2460656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 10/31/28 | 780 | 734845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 12/31/26 | 5696 | 5597210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 03/31/27 | 580 | 572863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 05/31/27 | 4434 | 4380653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 07/31/27 | 4970 | 4913893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 05/15/33 | 4040 | 3885975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/30/27(k) | 430 | 430118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/15/28 | 31220 | 31190731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/15/33 | 90 | 87497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/31/28 | 11400 | 11431172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 08/31/29 | 18000 | 18000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 01/15/26 | 7200 | 7199719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/31/27(k) | 2807 | 2821364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 11/30/27 | 16722 | 16840883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 12/31/27 | 2960 | 2982200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 03/15/28 | 8190 | 8255904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 06/15/28 | 9565 | 9646452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/15/28 | 8235 | 8305126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/31/30 | 5130 | 5168475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/30/28 | 2760 | 2792128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/30/32 | 6245 | 6287934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/31/32 | 6315 | 6351509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 10/31/27 | 2376 | 2402359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/15/27 | 46405 | 46936120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 10/31/29 | 29000 | 29498437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 11/30/29 | 97605 | 99297837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/15/28 | 7470 | 7584384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 05/15/35 | 2360 | 2381387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/15/35 | 1880 | 1894981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 07/31/26 | 25265 | 25380469 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A22

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest** <br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/15/26 | 4350 | $| 4372260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 02/28/26 | 7325 |  | 7334156 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.699%(s) | 02/15/31 | 75000 |  | 61559921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.706%(s) | 11/15/31 | 33065 |  | 26247083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.717%(s) | 11/15/40 | 6486 |  | 3171990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.736%(s) | 02/15/41 | 4165 |  | 2006829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.072%(s) | 02/15/40 | 13080 |  | 6685518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%(s) | 08/15/41 | 7200 |  | 3367201 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $688,156,468) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $688,156,468) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $688,156,468) |  | 682196697 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,425,336,335) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,425,336,335) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,425,336,335) |  | 3462523944 |
|  |  | **Shares** |  |  |
|  **SHORT-TERM INVESTMENTS — 5.0%** | **SHORT-TERM INVESTMENTS — 5.0%** | **SHORT-TERM INVESTMENTS — 5.0%** | **SHORT-TERM INVESTMENTS — 5.0%** | **SHORT-TERM INVESTMENTS — 5.0%** |
|  **AFFILIATED MUTUAL FUNDS — 4.9%** | **AFFILIATED MUTUAL FUNDS — 4.9%** | **AFFILIATED MUTUAL FUNDS — 4.9%** | **AFFILIATED MUTUAL FUNDS — 4.9%** | **AFFILIATED MUTUAL FUNDS — 4.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 115963831 |  | 115963831 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $60,650,715; includes $60,453,633 of cash collateral for securities on<br>loan)(b)(wb) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $60,650,715; includes $60,453,633 of cash collateral for securities on<br>loan)(b)(wb) | 60697063 |  | 60660645 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $176,614,546) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $176,614,546) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $176,614,546) |  | 176624476 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** |  |  |
|  **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** | **U.S. TREASURY OBLIGATION(k)(n) — 0.1%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.744% | 03/17/26 | 3798 |  | 3770863 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,768,706) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,768,706) |  |  |  |
|  **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $393,750) | **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $393,750) | **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $393,750) |  | 3600 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $180,777,002) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $180,777,002) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $180,777,002) |  | 180398939 |
|  **TOTAL INVESTMENTS, BEFORE OPTION<br>WRITTEN—101.1%**<br> (cost $3,606,113,337) | **TOTAL INVESTMENTS, BEFORE OPTION<br>WRITTEN—101.1%**<br> (cost $3,606,113,337) | **TOTAL INVESTMENTS, BEFORE OPTION<br>WRITTEN—101.1%**<br> (cost $3,606,113,337) |  | 3642922883 |

---

---

| | |
|:---|:---|
|  | **Value** |
|  **OPTION WRITTEN\*~ — (0.0)%**<br> (premiums received $281,250) | $(3600) |
|  **TOTAL INVESTMENTS, NET OF OPTION<br>WRITTEN—101.1%**<br> (cost $3,605,832,087) | 3642919283 |
|  **Liabilities in excess of other assets(z) — (1.1)%** | (39425167) |
|  **NET ASSETS — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603494116 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $59,140,362; cash collateral of $60,453,633 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown reflects yield to maturity at purchased date.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Options Purchased:

#### Exchange Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  20 Year U.S. Treasury Bonds Futures<br> Call | 01/23/26 | $130.00 | 1800 | 1800 | $1800 |
|  20 Year U.S. Treasury Bonds Futures<br> Call | 01/23/26 | $140.00 | 1800 | 1800 | 1800 |
|  **Total Options Purchased** (cost $393,750) |  |  |  |  | $3600 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A23

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Option Written:

#### Exchange Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  20 Year U.S. Treasury Bonds Futures<br>Call | 01/23/26 | $135.00 | 3600 | 3600 | $(3600) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(premiums received $281,250) |  |  |  |  |  |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration**<br>**Date** | **Current**<br>**Notional**<br>**Amount** | **Value /**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Long Positions:** | **Long Positions:** | **Long Positions:** | **Long Positions:** |  |
| 519 | 2 Year U.S. Treasury Notes | Mar. 2026 | $108361523 | $(41544) |
| 1566 | 10 Year U.S. Treasury Notes | Mar. 2026 | 176077125 | (877289) |
| 1151 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 133048406 | (1097851) |
| 290 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 34220000 | (451702) |
|  |  |  |  | (2468386) |
|  **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** |  |
| 646 | 5 Year U.S. Treasury Notes | Mar. 2026 | 70610830 | 156213 |
| 803 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 92357551 | 574765 |
|  |  |  |  | 730978 |
|  |  |  |  | $(1737408) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  GS | $— | $8091103 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $14178971 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 28268627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 5839696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 11736442 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 13583851 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loan |  | 379591 |  |
|  Commercial Mortgage-Backed Securities |  | 19188540 |  |
|  Corporate Bonds |  | 1296685414 |  |
|  Municipal Bonds |  | 807013 |  |
|  Residential Mortgage-Backed Securities |  | 76747886 |  |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A24

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Sovereign Bonds | $— | $18492979 | $— |
|  U.S. Government Agency Obligations |  | 1294418237 |  |
|  U.S. Treasury Obligations |  | 682196697 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 176624476 |  |  |
|  U.S. Treasury Obligation |  | 3770863 |  |
|  Options Purchased | 3600 |  |  |
|  **Total** | $**176628076** | $**3466294807** | **$—** |
|  **Liabilities** |  |  |  |
|  Option Written | $**(3600)** | $**—** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**730978** | $**—** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(2468386)** | $**—** | **$—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 35.9 |
|  U.S. Treasury Obligations | 19 |
|  Banks | 10.4 |
|  Affiliated Mutual Funds (1.7% represents investments purchased with collateral from securities on loan) | 4.9 |
|  Electric | 4.7 |
|  Pipelines | 2.7 |
|  Residential Mortgage-Backed Securities | 2.1 |
|  Oil & Gas | 1.6 |
|  Agriculture | 1.3 |
|  Telecommunications | 1.3 |
|  Real Estate Investment Trusts (REITs) | 1.2 |
|  Internet | 1 |
|  Healthcare-Services | 1 |
|  Media | 0.9 |
|  Semiconductors | 0.9 |
|  Pharmaceuticals | 0.8 |
|  Consumer Loans | 0.8 |
|  Insurance | 0.8 |
|  Foods | 0.7 |
|  Diversified Financial Services | 0.7 |
|  Auto Manufacturers | 0.7 |
|  Commercial Services | 0.7 |
|  Biotechnology | 0.7 |
|  Commercial Mortgage-Backed Securities | 0.6 |
|  Sovereign Bonds | 0.5 |
|  Software | 0.5 |
|  Aerospace & Defense | 0.4 |
|  Mining | 0.4 |
|  Automobiles | 0.4 |

---

---

| | |
|:---|:---|
|  Other | 0.4% |
|  Equipment | 0.3 |
|  Chemicals | 0.3 |
|  Computers | 0.3 |
|  Environmental Control | 0.2 |
|  Retail | 0.2 |
|  Gas | 0.2 |
|  Healthcare-Products | 0.2 |
|  Beverages | 0.2 |
|  Packaging & Containers | 0.2 |
|  Transportation | 0.2 |
|  Credit Cards | 0.2 |
|  Airlines | 0.1 |
|  Machinery-Diversified | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Iron/Steel | 0.1 |
|  Building Materials | 0.1 |
|  Miscellaneous Manufacturing | 0.1 |
|  Lodging | 0.0 \* |
|  Leisure Time | 0.0 \* |
|  Auto Parts & Equipment | 0.0 \* |
|  Home Builders | 0.0 \* |
|  Municipal Bonds | 0.0 \* |
|  Cosmetics/Personal Care | 0.0 \* |
|  Student Loan | 0.0 \* |
|  Investment Companies | 0.0 \* |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A25

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Options Purchased | 0.0 |
|  | 101.1 |
|  Option Written | (0.0) |
|  Liabilities in excess of other assets | (1.1) |
|  | 100.0 |

---

\* Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair**<br>**Value** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair**<br>**Value** |
| **Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation<br> margin futures | $730978 \* | Due from/to broker-variation<br>margin futures | $2468386 \* |
|  Interest rate contracts | Unaffiliated investments | 3600 | Options written outstanding, at<br> value | 3600 |
|  |  | $734578 |  | $2471986 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** |
|  Interest rate contracts | $(883938) | $610445 | $2117897 |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | |
|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** |
|  Interest rate contracts | $(390150) | $277650 | $1575864 |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $78750 |
|  Options Written (2) | 720000 |
|  Futures Contracts - Long Positions (2) | 460250520 |
|  Futures Contracts - Short Positions (2) | 161741692 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A26

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net**<br>**Amount** |
|  Securities on Loan | $59140362 | $(59140362) | $— |

---

(1) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A27

------

<br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $59,140,362: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,429,498,791) | $3466298407.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $176,614,546) | 176624476.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 27317001.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 69.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 33907.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 3670273860.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 60453633.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 5416838.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 464563.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 438051.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $281,250) | 3600.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2581.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 66779744.0 |
|  **NET ASSETS** | $3603494116.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $3603494116.0 |
|  Net asset value and redemption price per share, $3,603,494,116 / 309,260,767 outstanding shares of beneficial interest | $11.65 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $172698632.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 4905986.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $102,386) | 102387.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 177707005.0 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 214436.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 75239.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 68379.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 67661.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 48310.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 17775.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 13995.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 12016.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10340.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23767.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 551918.0 |
|  **NET INVESTMENT INCOME (LOSS)** | 177155087.0 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $1,276) | 6678506.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 2117897.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 610445.0 |
|  | 9406848.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $3,293) | 79894156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 1575864.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 277650.0 |
|  | 81747670.0 |
|  **NET GAIN (LOSS) ON INVESTMENT TRANSACTIONS** | 91154518.0 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $268309605.0 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $177155087 | $170051799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions. | 9406848 | 1954008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 81747670 | (97572903) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 268309605 | 74432904 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [139,764,564 and 94,776,035 shares, respectively] | 1553900000 | 1028000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [139,764,564 and 94,776,035 shares, respectively] | (1553900000) | (1028000000) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  |  |  |
|  **TOTAL INCREASE (DECREASE)** | 268309605 | 74432904 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 3335184511 | 3260751607 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $3603494116 | $3335184511 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A28

------

---

| | |
|:---|:---|
|  | <br> **AST J.P. MORGAN FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | |
|  | **2025** | **2024** | **2023** | **November 29, 2022<sup>(a)</sup><br>through**<br>**December 31, 2022** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
|  Net Asset Value, beginning of period | $10.78 | $10.54 | $10.00 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |
|  Net investment income (loss) | 0.57 | 0.55 | 0.48 | 0.04 |
|  Net realized and unrealized gain (loss) on investment | 0.30 | (0.31) | 0.06 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.87 | 0.24 | 0.54 |  |
|  Net Asset Value, end of period | $11.65 | $10.78 | $10.54 | $10.00 |
|  **Total Return<sup>(c)</sup>** | 8.07% | 2.28% | 5.40% | — % |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (in millions) | $3603 | $3335 | $3261 | $1557 |
|  Average net assets (in millions) | $3472 | $3296 | $2716 | $1580 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.02% | 0.02% | 0.01% | 0.02 %(e)(f) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.02% | 0.02% | 0.01% | 0.02 %(e)(f) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.10% | 5.16% | 4.73% | 4.79 %(e)(f) |
|  Portfolio turnover rate<sup>(g)</sup> | 43% | 81% | 69% | 31% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying fund in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) Differs from calculation of net expenses presented on the Statement of Operations due to non-annualized non-recurring expenses, which eliminate the expense reimbursement for the partial period.

(g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A29

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO**<br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **LONG-TERM INVESTMENTS — 97.7%** | **LONG-TERM INVESTMENTS — 97.7%** | **LONG-TERM INVESTMENTS — 97.7%** | **LONG-TERM INVESTMENTS — 97.7%** |
|  **ASSET-BACKED SECURITIES — 6.3%** | **ASSET-BACKED SECURITIES — 6.3%** | **ASSET-BACKED SECURITIES — 6.3%** | **ASSET-BACKED SECURITIES — 6.3%** |
|  **Automobiles — 2.0%** | **Automobiles — 2.0%** | **Automobiles — 2.0%** | **Automobiles — 2.0%** |
|  Ally Bank Auto Credit-Linked Notes, | Ally Bank Auto Credit-Linked Notes, | Ally Bank Auto Credit-Linked Notes, | Ally Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.022% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/32 | 474 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.315% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/32 | 237 | 241269 |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/19/27 | 70 | 69536 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/27 | 3125 | 3118985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.770% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/29 | 2900 | 2931383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/29 | 33500 | 34345590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/30 | 9200 | 9640991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/30 | 10500 | 10826324 |
|  Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class A, 144A, 30 Day Average SOFR+ 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class A, 144A, 30 Day Average SOFR+ 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class A, 144A, 30 Day Average SOFR+ 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class A, 144A, 30 Day Average SOFR+ 1.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.974%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/26/31 | 580 | 581989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.374%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/26/31 | 98 | 98681 |
|  Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, | Bayview Opportunity Master Fund VII Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.971% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/29/32 | 1241 | 1241576 |
|  CarMax Auto Owner Trust, | CarMax Auto Owner Trust, | CarMax Auto Owner Trust, | CarMax Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.170% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 335 | 340380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/16/29 | 1270 | 1285530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 530 | 540941 |
|  CarMax Select Receivables Trust, | CarMax Select Receivables Trust, | CarMax Select Receivables Trust, | CarMax Select Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 | 620 | 625640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 725 | 735549 |
|  Chase Auto Owner Trust, | Chase Auto Owner Trust, | Chase Auto Owner Trust, | Chase Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/30 | 1300 | 1313677 |
|  Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, | Enterprise Fleet Financing LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/30 | 929 | 936322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/30 | 1345 | 1370727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.980% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/21/28 | 800 | 811270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.060% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/31 | 545 | 557666 |
|  Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, | Exeter Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/27 | 6118 | 6073467 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.690% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451673 |
|  Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, | Ford Credit Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/27 | 555 | 557351 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.910% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/17/33 | 1522 | 1510302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.110% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/34 | 4250 | 4163577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/35 | 2655 | 2708007 |
|  Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, | Huntington Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class C, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.068%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/32 | 989 | 999031 |
|  Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, | Hyundai Auto Lease Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.070% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 690 | 693157 |
|  Nissan Auto Lease Trust, | Nissan Auto Lease Trust, | Nissan Auto Lease Trust, | Nissan Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.970% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/28 | 735 | 738600 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/14/28 | 569 | 568559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.420% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/14/28 | 1235 | 1233407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.620% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/14/30 | 1875 | 1872632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/16/35 | 19500 | 20195877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.560% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/35 | 28600 | 29665670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.760% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/35 | 14900 | 15317948 |
|  Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, | Santander Bank Auto Credit-Linked Notes, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/33 | 123 | 124552 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class E, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class E, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/29 | 4310 | 4308626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-05, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.740% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/16/28 | 238 | 238375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.960% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 | 304 | 304539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/17/31 | 1800 | 1860453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.280% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/31 | 4000 | 4127811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class D |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.430% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/17/31 | 18500 | 18788470 |
|  SBNA Auto Lease Trust, | SBNA Auto Lease Trust, | SBNA Auto Lease Trust, | SBNA Auto Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.390% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/26 | 140 | 139902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.240% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/22/29 | 775 | 778149 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A30

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
|  Securitized Term Auto Receivables Trust (Canada), | Securitized Term Auto Receivables Trust (Canada), | Securitized Term Auto Receivables Trust (Canada), | Securitized Term Auto Receivables Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.038% | 07/25/31 | 4979 | 5022950 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.940% | 01/21/31 | 600 | 609278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.510% | 01/20/32 | 305 | 311836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.330% | 11/20/29 | 1556 | 1573206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | 08/20/30 | 365 | 375083 |
|  World Omni Auto Receivables Trust, | World Omni Auto Receivables Trust, | World Omni Auto Receivables Trust, | World Omni Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class B | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.030% | 05/15/29 | 2010 | 2028096 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199437179 |
|  **Collateralized Loan Obligations — 0.1%** | **Collateralized Loan Obligations — 0.1%** | **Collateralized Loan Obligations — 0.1%** | **Collateralized Loan Obligations — 0.1%** |
|  Crown Point CLO Ltd. (Cayman Islands), | Crown Point CLO Ltd. (Cayman Islands), | Crown Point CLO Ltd. (Cayman Islands), | Crown Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07A, Class AR, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.114%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/31 | 320 | 320078 |
|  Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), | Highbridge Loan Management Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 05A-2015, Class A1R3, 144A, 3 Month SOFR + 1.060% (Cap N/A, Floor 1.060%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.965%(c) | 10/15/30 | 207 | 207061 |
|  Invesco US CLO Ltd. (United Kingdom), | Invesco US CLO Ltd. (United Kingdom), | Invesco US CLO Ltd. (United Kingdom), | Invesco US CLO Ltd. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.427%(c) | 04/22/37 | 1240 | 1241861 |
|  KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), | KKR CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 40A, Class AR, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.184%(c) | 10/20/34 | 1705 | 1706137 |
|  Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), | Magnetite Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-17A, Class AR2, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.384%(c) | 04/20/37 | 4535 | 4549864 |
|  Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), | Northwoods Capital Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-14BA, Class AR, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.091%(c) | 11/13/31 | 1575 | 1577078 |
|  Signal Peak CLO Ltd., | Signal Peak CLO Ltd., | Signal Peak CLO Ltd., | Signal Peak CLO Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.408%(c) | 04/25/37 | 510 | 511703 |
|  Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), | Symphony CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-16A, Class ARR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.105%(c) | 10/15/31 | 1704 | 1705500 |
|  Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), | Trinitas CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class ARRR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.084%(c) | 01/20/32 | 83 | 82727 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11902009 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Consumer Loans — 0.7%** | **Consumer Loans — 0.7%** | **Consumer Loans — 0.7%** | **Consumer Loans — 0.7%** |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930% | 02/15/29 | 1000 | $1001577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.160% | 02/15/29 | 1000 | 1001222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.890% | 02/15/29 | 500 | 501060 |
|  GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, | GreenSky Home Improvement Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 06/25/59 | 1100 | 1128881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.670% | 06/25/59 | 1490 | 1527199 |
|  Lending Funding Trust, | Lending Funding Trust, | Lending Funding Trust, | Lending Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.320% | 04/21/31 | 154 | 151386 |
|  Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, | Lendmark Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 11/20/31 | 4534 | 4418068 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 09/14/35 | 7204 | 7091039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.550% | 06/16/36 | 7200 | 7007037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | 10/14/34 | 1830 | 1839032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.490% | 06/14/38 | 2600 | 2747846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.170% | 09/15/36 | 16700 | 17169808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.740% | 09/15/36 | 4000 | 4131041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.520% | 09/15/36 | 5705 | 5910474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.790% | 05/14/41 | 14600 | 15338734 |
|  Regional Management Issuance Trust, | Regional Management Issuance Trust, | Regional Management Issuance Trust, | Regional Management Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.070% | 03/15/32 | 711 | 710203 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71674607 |
|  **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** | **Credit Cards — 0.0%** |
|  Evergreen Credit Card Trust (Canada), | Evergreen Credit Card Trust (Canada), | Evergreen Credit Card Trust (Canada), | Evergreen Credit Card Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRT05, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRT05, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRT05, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRT05, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.530% | 05/15/29 | 4000 | 4044461 |
|  **Equipment — 0.3%** | **Equipment — 0.3%** | **Equipment — 0.3%** | **Equipment — 0.3%** |
|  Auxilior Term Funding LLC, | Auxilior Term Funding LLC, | Auxilior Term Funding LLC, | Auxilior Term Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 11/15/30 | 1000 | 1029437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | 03/15/27 | 109 | 109031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.490% | 07/15/31 | 690 | 702472 |
|  DLLST LLC, | DLLST LLC, | DLLST LLC, | DLLST LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 08/20/27 | 621 | 624095 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A31

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Equipment (cont'd.)** | **Equipment (cont'd.)** | **Equipment (cont'd.)** | **Equipment (cont'd.)** |
|  Kubota Credit Owner Trust, | Kubota Credit Owner Trust, | Kubota Credit Owner Trust, | Kubota Credit Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.070% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 715 | &nbsp;&nbsp;&nbsp;&nbsp;721439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.260% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 | 1350 | 1372165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.190% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 710 | 728629 |
|  MetroNet Infrastructure Issuer LLC, | MetroNet Infrastructure Issuer LLC, | MetroNet Infrastructure Issuer LLC, | MetroNet Infrastructure Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.163% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/55 | 12500 | 12521270 |
|  MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, | MMAF Equipment Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/12/41 | 5082 | 5045285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/09/30 | 1580 | 1538635 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24392458 |
|  **Home Equity Loans — 1.7%** | **Home Equity Loans — 1.7%** | **Home Equity Loans — 1.7%** | **Home Equity Loans — 1.7%** |
|  ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, | ACE Securities Corp. Home Equity Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-IN01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/34 | 353 | 334875 |
|  Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, | Bear Stearns Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.346%(c) | 03/25/43 | 188 | 189779 |
|  BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, | BRAVO Residential Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.703%(cc) | 02/25/55 | 1059 | 1069015 |
|  EFMT, | EFMT, | EFMT, | EFMT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.522%(cc) | 01/26/60 | 16677 | 16797094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.726%(cc) | 01/25/60 | 11237 | 11362007 |
|  EquiFirst Mortgage Loan Trust, | EquiFirst Mortgage Loan Trust, | EquiFirst Mortgage Loan Trust, | EquiFirst Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 1A1, 1 Month SOFR + 0.594% (Cap N/A, Floor 0.480%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.326%(c) | 01/25/34 | 418 | 414420 |
|  GS Mortgage Backed Securities Trust, | GS Mortgage Backed Securities Trust, | GS Mortgage Backed Securities Trust, | GS Mortgage Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.568%(cc) | 05/25/55 | 11574 | 11662168 |
|  GSAA Trust, | GSAA Trust, | GSAA Trust, | GSAA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-07, Class AF2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-07, Class AF2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-07, Class AF2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-07, Class AF2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.995%(cc) | 03/25/46 | 413 | 142526 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.618%(c) | 03/20/54 | 4607 | 4624504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.518%(c) | 05/20/54 | 542 | 544220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.118%(c) | 10/20/54 | 1129 | 1129734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.592%(cc) | 06/25/55 | 10124 | 10203240 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| ASSET-BACKED SECURITIES (continued) | ASSET-BACKED SECURITIES (continued) | ASSET-BACKED SECURITIES (continued) | ASSET-BACKED SECURITIES (continued) |
|  **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** | **Home Equity Loans (cont'd.)** |
|  MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, | MASTR Asset-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC02, Class M1, 1 Month SOFR + 1.014% (Cap N/A, Floor 0.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.746%(c) | 04/25/34 | 204 | $204256 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OPT01, Class A3, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OPT01, Class A3, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OPT01, Class A3, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OPT01, Class A3, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.566%(c) | 07/25/34 | 10 | 9898 |
|  Option One Mortgage Accept Corp., Asset-Backed Certificates, Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | Option One Mortgage Accept Corp., Asset-Backed Certificates, Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | Option One Mortgage Accept Corp., Asset-Backed Certificates, Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | Option One Mortgage Accept Corp., Asset-Backed Certificates, Series 2003-05, Class A2, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.486%(c) | 08/25/33 | 297 | 311969 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.025%(cc) | 02/25/44 | 2029 | 2045965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | 05/25/44 | 5929 | 6016741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.653%(cc) | 01/25/45 | 11615 | 11729901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.503%(cc) | 02/25/55 | 13532 | 13653736 |
|  Santander Mortgage Asset Receivable Trust, | Santander Mortgage Asset Receivable Trust, | Santander Mortgage Asset Receivable Trust, | Santander Mortgage Asset Receivable Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.036%(cc) | 09/25/55 | 9771 | 9775789 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.294%(cc) | 10/25/63 | 10553 | 10683925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | 01/25/64 | 1599 | 1607880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | 02/25/64 | 2289 | 2308242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.290%(cc) | 05/25/64 | 4619 | 4673223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.167%(cc) | 09/25/64 | 14200 | 14221767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.725%(cc) | 11/25/64 | 8322 | 8399019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(cc) | 02/25/55 | 11748 | 11871272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.799%(cc) | 01/25/65 | 12280 | 12382931 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168370096 |
|  **Other — 1.1%** | **Other — 1.1%** | **Other — 1.1%** | **Other — 1.1%** |
|  GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, | GoodLeap Home Improvement Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.380% | 02/20/49 | 20080 | 20361475 |
|  GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, | GoodLeap Sustainable Home Solutions Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.480% | 03/20/57 | 5029 | 4972008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 06/20/57 | 8508 | 8279586 |
|  Invitation Homes Trust, | Invitation Homes Trust, | Invitation Homes Trust, | Invitation Homes Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/17/41 | 8500 | 8277948 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A32

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Other (cont'd.)** | **Other (cont'd.)** | **Other (cont'd.)** | **Other (cont'd.)** |
|  PMT Issuer Trust - FMSR, | PMT Issuer Trust - FMSR, | PMT Issuer Trust - FMSR, | PMT Issuer Trust - FMSR, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.482%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/25/27 | 24400 | $24554325 |
|  Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, | Progress Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR08, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.681% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/17/38 | 580 | 569439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR05, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR05, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR05, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR05, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/09/29 | 2690 | 2563344 |
|  Sunrun Artemis Issuer LLC, | Sunrun Artemis Issuer LLC, | Sunrun Artemis Issuer LLC, | Sunrun Artemis Issuer LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/30/59 | 17077 | 17177662 |
|  Tricon Residential Trust, | Tricon Residential Trust, | Tricon Residential Trust, | Tricon Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/17/42 | 20957 | 20973720 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107729507 |
|  **Residential Mortgage-Backed Securities — 0.2%** | **Residential Mortgage-Backed Securities — 0.2%** | **Residential Mortgage-Backed Securities — 0.2%** | **Residential Mortgage-Backed Securities — 0.2%** |
|  Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, | Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-R01, Class A2, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.446%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/34 | 85 | 85230 |
|  Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, | Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-W10, Class A2, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.574%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/34 | 209 | 201873 |
|  Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, | Countrywide Asset-Backed Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.896%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/34 | 1 | 2094 |
|  Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, | Credit-Based Asset Servicing & Securitization LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB04, Class A6 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.872%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/35 | 3 | 3186 |
|  LSF11 Boson Investments Sarl Compartment 2 (Spain), | LSF11 Boson Investments Sarl Compartment 2 (Spain), | LSF11 Boson Investments Sarl Compartment 2 (Spain), | LSF11 Boson Investments Sarl Compartment 2 (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.047%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/25/60 | 619 | 730185 |
|  Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, | Merrill Lynch Mortgage Investors Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-WMC03, Class M3, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.321%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/34 | 49 | 49323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.691%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/35 | 178 | 175819 |
|  PRET LLC, | PRET LLC, | PRET LLC, | PRET LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.835%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/55 | 13672 | 13709752 |
|  Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, | Structured Asset Investment Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.786%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/34 | 698 | 738482 |
|  TFS (Spain), | TFS (Spain), | TFS (Spain), | TFS (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/16/40^ | — (r) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/16/40^ | — (r) | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** | **Residential Mortgage-Backed Securities (cont'd.)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.127%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/26^ | 3854 | $3396853 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19092799 |
|  **Small Business Loan — 0.0%** | **Small Business Loan — 0.0%** | **Small Business Loan — 0.0%** | **Small Business Loan — 0.0%** |
|  United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, | United States Small Business Administration, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-20H, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-20H, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-20H, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-20H, Class 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/33 | 33 | 31608 |
|  **Student Loans — 0.2%** | **Student Loans — 0.2%** | **Student Loans — 0.2%** | **Student Loans — 0.2%** |
|  Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, | Bayview Opportunity Master Fund VII LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.324%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/47 | 4994 | 5043069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class B, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.474%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/47 | 1925 | 1918564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class C, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class C, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class C, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class C, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/47 | 749 | 747456 |
|  ELFI Graduate Loan Program LLC, | ELFI Graduate Loan Program LLC, | ELFI Graduate Loan Program LLC, | ELFI Graduate Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.730% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/45 | 1997 | 1838952 |
|  Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, | Laurel Road Prime Student Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/43 | 1396 | 1367662 |
|  Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, | Navient Private Education Refi Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.690% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/69 | 183 | 174739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.170% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/16/69 | 277 | 261324 |
|  SMB Private Education Loan Trust, | SMB Private Education Loan Trust, | SMB Private Education Loan Trust, | SMB Private Education Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A2A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/36 | 422 | 420602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A2A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.630% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/35 | 355 | 353497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.230% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/37 | 356 | 346381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.290% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/53 | 485 | 463273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class APT1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class APT1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class APT1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class APT1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.070% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/53 | 306 | 280546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.310% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/17/51 | 1631 | 1544452 |
|  SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, | SoFi Professional Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.370% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/16/48 | 1878 | 1821563 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/46 | 3391 | 3280560 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19862640 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $616,671,171) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $616,671,171) |  | 626537364 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A33

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 14.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 14.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 14.5%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 14.5%** |
|  Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, | Arbor Multifamily Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF02, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF02, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF02, Class A5, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF02, Class A5, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.513% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/54 | 3000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711942 |
|  Assurant Commercial Mortgage Trust, | Assurant Commercial Mortgage Trust, | Assurant Commercial Mortgage Trust, | Assurant Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.202%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/49 | 1064 | 1054185 |
|  BANK, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.362% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/50 | 13328 | 13224695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/60 | 1801 | 1780095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 5466 | 5389478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/61 | 9159 | 9126507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/62 | 9428 | 8932800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.270% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/64 | 3500 | 3176462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.438% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/63 | 2109 | 1865598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.218% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/64 | 28300 | 25117006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK43, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK43, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK43, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK43, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.502%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/55 | 3700 | 3715503 |
|  BANK5, | BANK5, | BANK5, | BANK5, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR2, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.656%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/56 | 12500 | 13139554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.724%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/56 | 10000 | 10564609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR4, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR4, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR4, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR4, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/56 | 12984 | 13663006 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.937% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/14/36 | 1170 | 1147773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.189% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/14/36 | 510 | 496945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.391% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/14/36 | 430 | 414500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.609%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/14/36 | 1610 | 1535274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.267%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/05/38 | 550 | 488258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A,Floor 0.872%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A,Floor 0.872%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A,Floor 0.872%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A,Floor 0.872%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.670%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/37 | 2300 | 2177169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A,Floor 2.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A,Floor 2.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A,Floor 2.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class D, 144A, 1 Month SOFR + 2.274% (Cap N/A,Floor 2.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.024%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/34 | 190 | 2373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.319% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/52 | 5347 | 5214138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.661% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/52 | 8770 | 8391414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.805% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/52 | 1000 | 957043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.390% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/53 | 4400 | 4090317 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/54 | 31900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28697872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C17, Class XB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.484%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/55 | 55770 | 1984436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C23, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5C23, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.675%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/56 | 30000 | 31780161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.383%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/56 | 24470 | 25330841 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.402% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/51 | 4249 | 4161487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.761% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/10/51 | 7598 | 7536159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.195%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/10/51 | 1395 | 1347658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.455% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/62 | 2267 | 2213469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.859% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/52 | 1850 | 1771524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.701% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/57 | 11205 | 10612473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.090% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/62 | 950 | 920939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.795% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/62 | 1600 | 1513990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.746% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/53 | 17500 | 15859051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.685% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/54 | 4300 | 3836235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/43 | 7400 | 6474944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.626% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/56 | 10000 | 10201270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.793% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/56 | 15000 | 15733103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.930% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/56 | 26167 | 27619869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V06, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V06, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V06, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V06, Class XB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.735%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/57 | 216836 | 4782296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.189%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/57 | 34500 | 36431424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.738% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/57 | 18420 | 19270601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.660% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/57 | 15665 | 16385247 |
|  BFLD Mortgage Trust, | BFLD Mortgage Trust, | BFLD Mortgage Trust, | BFLD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A,Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A,Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A,Floor 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A,Floor 1.890%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.640%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/41 | 7500 | 7532502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A,Floor 1.492%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A,Floor 1.492%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A,Floor 1.492%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A,Floor 1.492%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.242%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/39 | 8158 | 8160122 |
|  BLP Commercial Mortgage Trust, | BLP Commercial Mortgage Trust, | BLP Commercial Mortgage Trust, | BLP Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A,Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A,Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A,Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A,Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/42 | 17543 | 17466036 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A34

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES** | **COMMERCIAL MORTGAGE-BACKED SECURITIES** | **COMMERCIAL MORTGAGE-BACKED SECURITIES** | **COMMERCIAL MORTGAGE-BACKED SECURITIES** |
| (continued) |  |  |  |
|  BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, | BMO Mortgage Trust, |
|  Series 2022-C03, Class A5 | Series 2022-C03, Class A5 | Series 2022-C03, Class A5 | Series 2022-C03, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.313% | 09/15/54 | 2600 | 2672724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.534%(cc) | 08/15/56 | 25800 | 27011854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.644%(cc) | 09/15/56 | 32301 | 33903398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.770% | 12/15/56 | 20000 | 20945916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.739% | 02/15/57 | 10000 | 10358216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C6, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316% | 09/15/57 | 6905 | 7100969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.779%(cc) | 04/15/58 | 24115 | 25243003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C13, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C13, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C13, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C13, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.227% | 12/15/58 | 23700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24394649 |
|  BPR Trust, | BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class B, 144A, 1 Month SOFR + 1.264% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class B, 144A, 1 Month SOFR + 1.264% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class B, 144A, 1 Month SOFR + 1.264% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class B, 144A, 1 Month SOFR + 1.264% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.015%(c) | 09/15/38 | 11000 | 10986641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.565%(c) | 09/15/38 | 2650 | 2646781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.215%(c) | 09/15/38 | 7960 | 7950326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.899%(cc) | 10/05/38 | 16700 | 17428818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class XCP, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class XCP, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class XCP, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class XCP, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.355%(cc) | 12/05/27 | 665000 | 4241769 |
|  BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, | BX Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class E, 144A, 1 Month SOFR + 2.934% (Cap N/A, Floor 2.820%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%(c) | 12/15/38 | 14379 | 14361905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class D, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class D, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class D, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class D, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400%(c) | 08/15/42 | 12985 | 13017099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class C, 144A, 1 Month SOFR + 2.043% (Cap N/A, Floor 2.043%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class C, 144A, 1 Month SOFR + 2.043% (Cap N/A, Floor 2.043%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class C, 144A, 1 Month SOFR + 2.043% (Cap N/A, Floor 2.043%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class C, 144A, 1 Month SOFR + 2.043% (Cap N/A, Floor 2.043%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.793%(c) | 04/15/40 | 9434 | 9445397 |
|  BX Trust, | BX Trust, | BX Trust, | BX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.202% | 12/09/41 | 8088 | 7678435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class C, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class C, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class C, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class C, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%(c) | 01/15/39 | 4260 | 4257365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%(c) | 01/15/39 | 6900 | 6891475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450%(c) | 01/15/39 | 9900 | 9875068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class A, 144A, 1 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900%(c) | 02/15/35 | 16995 | 16952541 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES** | **COMMERCIAL MORTGAGE-BACKED SECURITIES** | **COMMERCIAL MORTGAGE-BACKED SECURITIES** | **COMMERCIAL MORTGAGE-BACKED SECURITIES** |
| (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.894%(c) | 03/15/30 | 33011 | $32970010 |
|  Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, | Cantor Commercial Real Estate Lending, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.836% | 05/15/52 | 3600 | 3552161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.624% | 11/15/52 | 16907 | 16044169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF02, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.874% | 11/15/52 | 347 | 328215 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248% | 05/10/50 | 10974 | 10869805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.171% | 08/15/50 | 9433 | 9290025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.013% | 08/15/51 | 2759 | 2747818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.657% | 08/15/57 | 16449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15635025 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 11/10/49 | 27578 | 27437473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | 12/10/54 | 10126 | 10049849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.305% | 06/15/50 | 15830 | 15662532 |
|  CGMS Commercial Mortgage Trust, | CGMS Commercial Mortgage Trust, | CGMS Commercial Mortgage Trust, | CGMS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.197% | 08/15/50 | 4282 | 4218915 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.762% | 06/10/48 | 848 | 834194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.209% | 10/12/50 | 25905 | 25496486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.412% | 11/10/51 | 4920 | 4906614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.620% | 08/10/56 | 6000 | 5677120 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | 10/10/49 | 18706 | 18567619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.239% | 09/10/50 | 3191 | 3152562 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.953% | 09/15/37 | 29177 | 26801800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(cc) | 12/15/49 | 7350 | 7309352 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CX10, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.191% | 11/15/50 | 5264 | 5194094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959% | 08/15/51 | 4845 | 4827267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.779% | 03/15/52 | 5973 | 5872371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.763% | 09/15/52 | 1371 | 1298714 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A35

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, | Deutsche Bank Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.632% | 08/10/49 | 15380 | $15305418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.071% | 06/10/50 | 2040 | 2006859 |
|  DOLP Trust, | DOLP Trust, | DOLP Trust, | DOLP Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NYC, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956% | 05/10/41 | 7200 | 6466631 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.335%(cc) | 03/25/26 | 10190 | 11118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K058, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K058, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K058, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K058, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.893%(cc) | 08/25/26 | 180415 | 617507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.117% | 06/25/27 | 800 | 792570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series K068, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.952% | 02/25/27 | 33 | 33255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K098, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K098, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K098, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K098, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.135%(cc) | 08/25/29 | 8842 | 309939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.827%(cc) | 10/25/29 | 368 | 10009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K115, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.312%(cc) | 06/25/30 | 51072 | 2523621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K121, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.014%(cc) | 10/25/30 | 236 | 9194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K122, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.868%(cc) | 11/25/30 | 15023 | 525895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K131, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.725%(cc) | 07/25/31 | 161696 | 5541950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K513, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K513, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K513, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K513, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.690%(cc) | 12/25/28 | 116912 | 2198164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.259%(cc) | 07/25/26 | 699 | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K741, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.559%(cc) | 12/25/27 | 1870 | 17471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KG03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series KG03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series KG03, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series KG03, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.363%(cc) | 06/25/30 | 30442 | 1490084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.075%(cc) | 02/25/32 | 7418 | 430784 |
|  FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, | FREMF Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K68, Class X2A, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K68, Class X2A, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K68, Class X2A, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-K68, Class X2A, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.100% | 10/25/49 | 971298 | 1178087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-K92, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.197%(cc) | 05/25/52 | 1265 | 1255692 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.506% | 10/10/48 | 173 | 171163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS03, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.592% | 10/10/49 | 6644 | 6597767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.164% | 05/10/50 | 17184 | 16950494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.433% | 05/10/50 | 250 | 247201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS10, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.890% | 07/10/51 | 16926 | 16661845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.658% | 02/13/53 | 6890 | 6485773 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 05/12/53 | 12000 | 11031354 |
|  JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, | JPMCC Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.224% | 07/15/50 | 6220 | 6140311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.195% | 09/15/50 | 3000 | 2953756 |
|  JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, | JPMDB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.414% | 03/15/50 | 1017 | 1006450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-COR07, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.180% | 05/13/53 | 5000 | 4277363 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, | JPMorgan Chase Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.559% | 08/15/49 | 635 | 633427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class XB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.080%(cc) | 08/15/49 | 14440 | 46981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.627% | 08/15/49 | 2891 | 2865204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class D, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class D, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.613%(cc) | 07/05/31 | 4950 | 1497375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class AFX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.248% | 07/05/33 | 41426 | 39354700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-WPT, Class XAFX, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.116%(cc) | 07/05/33 | 1000 | 21938 |
|  KRE Commercial Mortgage Trust, | KRE Commercial Mortgage Trust, | KRE Commercial Mortgage Trust, | KRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AIP04, Class B, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AIP04, Class B, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AIP04, Class B, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AIP04, Class B, 144A, 1 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350%(c) | 03/15/42 | 11680 | 11650965 |
|  MHC Commercial Mortgage Trust, | MHC Commercial Mortgage Trust, | MHC Commercial Mortgage Trust, | MHC Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.465%(c) | 04/15/38 | 9760 | 9772150 |
|  MHP, | MHP, | MHP, | MHP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class E, 144A, 1 Month SOFR + 2.611% (Cap N/A, Floor 2.611%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class E, 144A, 1 Month SOFR + 2.611% (Cap N/A, Floor 2.611%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class E, 144A, 1 Month SOFR + 2.611% (Cap N/A, Floor 2.611%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class E, 144A, 1 Month SOFR + 2.611% (Cap N/A, Floor 2.611%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.361%(c) | 01/15/39 | 4720 | 4715692 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class AS |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.068% | 12/15/47 | 31 | 30476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.058% | 05/15/49 | 51 | 50676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.276% | 11/15/52 | 6000 | 5916934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C1, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C1, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.635% | 03/15/58 | 18190 | 19003310 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.791% | 11/15/49 | 2435 | 2408913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337% | 12/15/49 | 1229 | 1218204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.259% | 06/15/50 | 25000 | 24741358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class XB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.666%(cc) | 06/15/50 | 175741 | 1199924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.330% | 12/15/50 | 7300 | 7185818 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A36

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.005% | 07/15/52 | 5144 | 4927898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.261% | 07/15/52 | 161 | 155298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L05, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L05, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.438% | 05/15/54 | 3945 | 3597532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196%(cc) | 06/15/54 | 3000 | 2726699 |
|  NRTH Commercial Mortgage Trust, | NRTH Commercial Mortgage Trust, | NRTH Commercial Mortgage Trust, | NRTH Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PARK, Class A, 144A, 1 Month SOFR + 1.393% (Cap N/A,Floor 1.393%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PARK, Class A, 144A, 1 Month SOFR + 1.393% (Cap N/A,Floor 1.393%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PARK, Class A, 144A, 1 Month SOFR + 1.393% (Cap N/A,Floor 1.393%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PARK, Class A, 144A, 1 Month SOFR + 1.393% (Cap N/A,Floor 1.393%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.143%(c) | 10/15/40 | 10000 | 10009373 |
|  NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, | NYC Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.191%(c) | 02/15/42 | 6300 | 6292326 |
|  One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, | One Bryant Park Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516% | 09/15/54 | 3800 | 3527255 |
|  ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, | ONE Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class A, 144A, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class A, 144A, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class A, 144A, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class A, 144A, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.564%(c) | 03/15/36 | 8350 | 8329771 |
|  RFR Trust, | RFR Trust, | RFR Trust, | RFR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SGRM, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.379%(cc) | 03/11/41 | 22450 | 22973563 |
|  Shops at Crystals Trust, | Shops at Crystals Trust, | Shops at Crystals Trust, | Shops at Crystals Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.126% | 07/05/36 | 230 | 228387 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class XB, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class XB, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.901%(cc) | 06/15/50 | 13000 | 135582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.225% | 08/15/50 | 1450 | 1434795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.679% | 12/15/50 | 255 | 252896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.720% | 02/15/51 | 8002 | 7926076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.983% | 02/15/51 | 463 | 460282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.030% | 08/15/51 | 7918 | 7837031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.344% | 04/15/52 | 8947 | 8814147 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.399% | 08/15/49 | 7508 | 7467461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.674% | 07/15/48 | 2678 | 2665725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.807% | 11/15/59 | 7263 | 7201026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.684% | 10/15/49 | 1178 | 1170215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.640% | 12/15/59 | 401 | 397624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | 07/15/50 | 5799 | 5728873 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** | **COMMERCIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.317% | 10/15/50 | 1330 | 1313624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.210% | 11/15/50 | 10244 | 10076473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.589% | 12/15/50 | 510 | 503201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB01, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB01, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.374% | 03/15/50 | 3397 | 3362698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.749% | 03/15/52 | 2177 | 2173519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.643% | 08/15/52 | 12866 | 12264483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.626% | 04/15/54 | 1296 | 1171685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.061% | 08/15/54 | 3000 | 2705314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C61, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.658% | 11/15/54 | 2075 | 1865565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class A, 144A, 1 Month SOFR + 1.314% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.065%(c) | 05/15/31 | 695 | 694519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.365%(c) | 05/15/31 | 8900 | 8909279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01CHI, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01CHI, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01CHI, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01CHI, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.307%(cc) | 07/15/35 | 15600 | 15735045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C3, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.096% | 01/15/58 | 18500 | 19589001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B33RP, Class C, 144A, 1 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B33RP, Class C, 144A, 1 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B33RP, Class C, 144A, 1 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B33RP, Class C, 144A, 1 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750%(c) | 08/15/42 | 9500 | 9490045 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,387,702,125) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,387,702,125) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,387,702,125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431787547 |
|  **CORPORATE BONDS — 38.4%** | **CORPORATE BONDS — 38.4%** | **CORPORATE BONDS — 38.4%** | **CORPORATE BONDS — 38.4%** |
|  **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |  |  |
|  BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), | BAE Systems PLC (United Kingdom), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 02/15/31 | 2230 | 1979249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 03/26/34 | 1210 | 1251568 |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | 02/04/26 | 28200 | 28147687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 02/01/27 | 2560 | 2522921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/01/28 | 513 | 504338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 02/01/35 | 6220 | 5445925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 06/15/46 | 1200 | 848580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 05/01/34 | 1500 | 1363530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/01/31 | 4518 | 4341485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/01/48 | 913 | 651123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 11/01/48 | 685 | 504589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 05/01/49 | 4225 | 3145884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/01/59 | 3995 | 2827377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.040% | 05/01/27 | 1600 | 1616339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705% | 05/01/40 | 6032 | 6164282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.930% | 05/01/60 | 2132 | 2091307 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A37

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date**  | **Principal <br>Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** | **Aerospace & Defense (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.388% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/31 | 70 | 75949 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63482133 |
|  **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
|  Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., | Altria Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 23190 | 24468639 |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.259% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/28 | 9766 | 9395894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.390% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/37 | 4060 | 3733339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.540% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/47 | 478 | 395926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.742% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/16/32 | 344 | 346925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.906% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/02/30 | 260 | 265109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.343% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/02/30 | 3267 | 3530908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.079% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/02/43 | 1000 | 1120790 |
|  BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/16/28 | 1683 | 1695119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.931% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/02/29 | 5953 | 6239747 |
|  Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., | Philip Morris International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/02/28(a) | 1200 | 1180534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 5041 | 5209893 |
|  Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), | Reynolds American, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/35 | 885 | 923480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/04/41 | 415 | 442564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/37 | 1620 | 1864902 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60813769 |
|  **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
|  American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, | American Airlines 2016-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.575% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/29 | 283 | 280104 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., | Delta Air Lines, Inc./SkyMiles IP Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/28 | 19910 | 19992177 |
|  Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., | Southwest Airlines Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/27 | 15365 | 15556445 |
|  United Airlines 2015-1 Class AA Pass-Through Trust, | United Airlines 2015-1 Class AA Pass-Through Trust, | United Airlines 2015-1 Class AA Pass-Through Trust, | United Airlines 2015-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 995 | 980343 |
|  United Airlines 2016-1 Class AA Pass-Through Trust, | United Airlines 2016-1 Class AA Pass-Through Trust, | United Airlines 2016-1 Class AA Pass-Through Trust, | United Airlines 2016-1 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/07/30 | 841 | 819130 |
|  United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, | United Airlines 2016-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/07/30 | 671 | 647321 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38275520 |
|  **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** | **Auto Manufacturers — 0.9%** |
|  Ford Motor Co., | Ford Motor Co., | Ford Motor Co., | Ford Motor Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/43 | 4015 | 3175393 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date**  | **Principal <br>Amount**<br> **(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
| **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** | **Auto Manufacturers (cont'd.)** |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/13/30 | 6555 | 6181827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/17/27 | 240 | 243631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/07/29 | 17720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18186713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.798% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/07/28 | 675 | 707665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/12/28 | 620 | 646879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.122% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/07/33(a) | 3125 | 3357478 |
|  General Motors Co., | General Motors Co., | General Motors Co., | General Motors Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35(a) | 650 | 637923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/38 | 1875 | 1803467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/28(a) | 13095 | 13417242 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/28 | 7580 | 7227264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/21/30 | 3200 | 3083088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/06/29 | 1480 | 1503530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/29 | 1490 | 1544591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/23/28 | 9225 | 9557593 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/26/29 | 1190 | 1196060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/19/29 | 655 | 673743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/08/31 | 390 | 403016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/30/26 | 635 | 637032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/16/29 | 11855 | 12543071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% | 01/10/28 | 135 | 128795 |
|  Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), | Volkswagen Group of America Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/13/28 | 1555 | 1569041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 625 | 631545 |
|  |  |  | 89056587 |
|  **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
|  Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/33 | 670 | 695822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/32 | 1130 | 1157512 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853334 |
|  **Banks — 13.8%** | **Banks — 13.8%** | **Banks — 13.8%** | **Banks — 13.8%** |
|  Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), | Australia & New Zealand Banking Group Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(ff) | 06/15/26(oo) | 735 | 741431 |
|  Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), | Banco Bilbao Vizcaya Argentaria SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.033%(ff) | 03/13/35 | 2800 | 2977426 |
|  Banco do Brasil SA (Brazil), | Banco do Brasil SA (Brazil), | Banco do Brasil SA (Brazil), | Banco do Brasil SA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/11/29 | 1040 | 1034478 |
|  Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), | Banco Santander SA (Spain), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.538%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/14/30 | 7200 | 7442669 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A38

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.225%(ff) | 11/22/32 | 10400 | $9525818 |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.299%(ff) | 07/21/32 | 37550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33576379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 10/20/32 | 200 | 180301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.687%(ff) | 04/22/32 | 1595 | 1462910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.288%(ff) | 04/25/34 | 10195 | 10513374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.819%(ff) | 09/15/29 | 3058 | 3188392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.898%(ff) | 07/23/31 | 19685 | 17682342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.496%(ff) | 02/13/31 | 48784 | 45437683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.676%(ff) | 06/19/41 | 23677 | 17451003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.194%(ff) | 07/23/30 | 2435 | 2352012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.078%(ff) | 04/23/40 | 2650 | 2365322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.271%(ff) | 07/23/29 | 1152 | 1156867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.015%(ff) | 07/22/33 | 3695 | 3767901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.651%(ff) | 03/11/32 | 40795 | 37464237 |
|  Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), | Barclays PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.279%(ff) | 11/24/27 | 940 | 924913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.667%(ff) | 03/10/32 | 10210 | 9288182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.476%(ff) | 11/11/29 | 5495 | 5513146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.837%(ff) | 09/10/28 | 2055 | 2078253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.836% | 05/09/28 | 1090 | 1097956 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.675%(ff) | 06/30/27 | 1840 | 1816732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.904%(ff) | 09/30/28 | 5100 | 4905889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.159%(ff) | 09/15/29 | 16350 | 15445714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871%(ff) | 04/19/32 | 1565 | 1427050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132%(ff) | 01/20/33 | 3610 | 3292186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.335%(ff) | 06/12/29 | 1605 | 1646843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.906%(ff) | 11/19/35(a) | 4960 | 5139741 |
|  BPCE SA (France), | BPCE SA (France), | BPCE SA (France), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.045%(ff) | 10/19/27 | 1170 | 1150377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.876%(ff) | 01/14/31 | 15865 | 16552034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.293%(ff) | 01/14/36 | 4040 | 4317504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/23/27 | 285 | 281778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 04/01/26 | 365 | 365377 |
|  CaixaBank SA (Spain), | CaixaBank SA (Spain), | CaixaBank SA (Spain), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.684%(ff) | 09/13/27 | 16830 | 17120726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840%(ff) | 09/13/34 | 2455 | 2735965 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 10/01/30 | 4600 | 4593873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 04/30/29 | 4600 | 4838855 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.561%(ff) | 05/01/32 | 13975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12684590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 06/03/31 | 25355 | 23494152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666%(ff) | 01/29/31 | 34015 | 31849636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976%(ff) | 11/05/30 | 6450 | 6142346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%(ff) | 01/25/33 | 4240 | 3882526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.668%(ff) | 07/24/28 | 675 | 670847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/12/26 | 655 | 654896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.785%(ff) | 03/17/33 | 2210 | 2105853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.980%(ff) | 03/20/30 | 15620 | 15479182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | 09/29/27 | 590 | 593773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | 02/13/35 | 2335 | 2428765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.020%(ff) | 01/24/36 | 40565 | 42557073 |
|  Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), | Credit Agricole SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.230%(ff) | 01/09/29 | 26060 | 26574411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.862%(ff) | 01/09/36 | 9550 | 10058595 |
|  Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), | Danske Bank A/S (Denmark), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.613%(ff) | 10/02/30 | 1645 | 1657172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(ff) | 03/01/30 | 1370 | 1423202 |
|  Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), | Deutsche Bank AG (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.311%(ff) | 11/16/27 | 2246 | 2207700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950%(ff) | 08/04/31 | 12755 | 12883928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.373%(ff) | 01/10/29 | 6645 | 6780452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, SOFR + 1.219% |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.026%(c) | 11/16/27 | 2560 | 2563366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%(ff) | 01/14/32 | 965 | 910388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.742%(ff) | 01/07/33 | 10520 | 9751477 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%(ff) | 01/27/32 | 11456 | 10173281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.383%(ff) | 07/21/32 | 50770 | 45479683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 02/07/30 | 2695 | 2533058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%(ff) | 04/22/32 | 5603 | 5109400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650%(ff) | 10/21/32 | 3260 | 2941858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.615%(ff) | 03/15/28 | 2295 | 2281779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.691%(ff) | 06/05/28 | 3110 | 3094164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.814%(ff) | 04/23/29 | 77785 | 77320970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.017%(ff) | 10/31/38 | 7432 | 6682807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%(ff) | 05/01/29 | 13345 | 13369664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.692%(ff) | 10/23/30 | 1905 | 1931088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.939%(ff) | 10/21/36 | 3320 | 3296433 |
|  Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., | Huntington Bancshares, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.208%(ff) | 08/21/29 | 26409 | 27696744 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.406%(c) | 04/01/26(oo) | 565 | 565923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%(ff) | 02/04/32 | 62094 | 55369705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%(ff) | 06/01/29 | 8300 | 7922479 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A39

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.522%(ff) | 04/22/31 | 5865 | $5462532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.545%(ff) | 11/08/32 | 1806 | 1629250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.580%(ff) | 04/22/32 | 9460 | 8647750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.739%(ff) | 10/15/30 | 3484 | 3305107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963%(ff) | 01/25/33 | 450 | 412720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.509%(ff) | 01/23/29 | 87 | 86155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.960%(ff) | 01/29/27 | 545 | 544865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005%(ff) | 04/23/29 | 4554 | 4549645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.203%(ff) | 07/23/29 | 5510 | 5527108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.603%(ff) | 10/22/30 | 1900 | 1926293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.502%(ff) | 01/24/36 | 2400 | 2510621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.581%(ff) | 04/22/30 | 290 | 302511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.766%(ff) | 04/22/35 | 1730 | 1841921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.087%(ff) | 10/23/29 | 63240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66611774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.956%(ff) | 05/13/31(a) | 2930 | 2766002 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), | Mitsubishi UFJ Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.048% | 07/17/30 | 266 | 242013 |
|  Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), | Mizuho Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.153%(ff) | 07/16/30 | 19910 | 19120009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.778%(ff) | 07/06/29 | 10110 | 10489199 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.654%(ff) | 10/18/30 | 2110 | 2135024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.123%(ff) | 02/01/29 | 2990 | 3051673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.587%(ff) | 01/18/36 | 190 | 198656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.407%(ff) | 11/01/29 | 25020 | 26514082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%(ff) | 07/21/32 | 6490 | 5763307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | 01/22/31 | 78795 | 73940890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%(ff) | 01/24/29 | 1220 | 1212987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.431%(ff) | 01/23/30 | 7195 | 7235269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.794%(ff) | 02/13/32 | 19265 | 16924633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.928%(ff) | 04/28/32 | 21740 | 19075014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.511%(ff) | 10/20/32 | 2950 | 2645781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | 01/21/33 | 6530 | 5959943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250%(ff) | 04/21/34 | 12880 | 13251898 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%(ff) | 10/20/34 | 1890 | 2138198 |
|  Santander Holdings USA, Inc., | Santander Holdings USA, Inc., | Santander Holdings USA, Inc., | Santander Holdings USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.342%(ff) | 05/31/35(a) | 3000 | 3216812 |
|  Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), | Societe Generale SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.797%(ff) | 01/19/28 | 9080 | 8937678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%(ff) | 06/09/32 | 1245 | 1124255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.337%(ff) | 01/21/33 | 6695 | 6104107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.519%(ff) | 01/19/28(a) | 1503 | 1521483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%(ff) | 04/13/29 | 52570 | 53809495 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
|  Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), | Standard Chartered PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.456%(ff) | 01/14/27 | 1225 | 1221448 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.130% | 07/08/30 | 524 | 476457 |
|  Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., | Truist Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.161%(ff) | 10/30/29 | 9640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10396600 |
|  U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, | U.S. Bancorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700%(ff) | 01/15/27(a)(oo) | 8620 | 8413033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.384%(ff) | 01/23/30 | 770 | 797236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850%(ff) | 10/21/33 | 345 | 369338 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%(ff) | 02/10/31(oo) | 477 | 436455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.305%(ff) | 02/02/27 | 1400 | 1396452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.364%(ff) | 01/30/27 | 1330 | 1327065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.746%(ff) | 02/11/33 | 990 | 887456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | 05/14/32 | 2705 | 2506030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.126%(ff) | 08/13/30 | 2615 | 2505205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.751%(ff) | 05/12/28 | 1310 | 1320200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.246%(ff) | 09/22/29 | 205 | 215452 |
|  UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), | UniCredit SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%(ff) | 06/03/32 | 425 | 394015 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.389%(ff) | 04/24/34 | 9935 | 10326180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.491%(ff) | 10/23/34 | 29940 | 33156070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.393%(ff) | 06/02/28 | 18050 | 17635236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 02/11/31 | 28043 | 26192051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.879%(ff) | 10/30/30 | 27055 | 25753708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350%(ff) | 03/02/33 | 4005 | 3735294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.611%(ff) | 04/25/53 | 2040 | 1755572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.198%(ff) | 01/23/30(a) | 2350 | 2420139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.557%(ff) | 07/25/34 | 29185 | 30625835 |
|  |  |  | 1360976192 |
|  **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 02/01/36 | 3385 | 3354933 |
|  Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala), | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala), | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala), | Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (Guatemala), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/27/29 | 280 | 275478 |
|  |  |  | 3630411 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A40

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/02/43 | 4545 | $4570238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | 03/02/53 | 2820 | 2766110 |
|  |  |  | 7336348 |
|  **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
|  CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, | CRH SMW Finance DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/09/30 | 13950 | 14375719 |
|  Owens Corning, | Owens Corning, | Owens Corning, | Owens Corning, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 08/15/29 | 795 | 787867 |
|  Vulcan Materials Co., | Vulcan Materials Co., | Vulcan Materials Co., | Vulcan Materials Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/30 | 235 | 227666 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15391252 |
|  **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
|  Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), | Braskem Netherlands Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/10/28 | 4589 | 1894202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/31/30 | 2430 | 934821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 01/12/31 | 11252 | 4353118 |
|  CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., | CF Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/34 | 8925 | 8967150 |
|  DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., | DuPont de Nemours, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.319% | 11/15/38 | 3261 | 3269662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.419% | 11/15/48 | 132 | 125701 |
|  LYB International Finance III LLC, | LYB International Finance III LLC, | LYB International Finance III LLC, | LYB International Finance III LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 10/01/40 | 5665 | 4114594 |
|  Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), | Nutrien Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 05/13/30 | 9592 | 9050366 |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 06/23/31 | 1379 | 1288910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 06/23/51 | 419 | 345579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 05/02/34 | 6856 | 7393853 |
|  Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), | Sasol Financing USA LLC (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 09/18/26 | 1783 | 1771856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/27/28 | 1030 | 1010945 |
|  Sociedad Quimica y Minera de Chile SA (Chile), | Sociedad Quimica y Minera de Chile SA (Chile), | Sociedad Quimica y Minera de Chile SA (Chile), | Sociedad Quimica y Minera de Chile SA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/10/34 | 1780 | 1798743 |
|  Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), | Yara International ASA (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.148% | 06/04/30 | 5020 | 4716541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/01/28 | 830 | 835644 |
|  |  |  | 51871685 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
|  Brown University, | Brown University, | Brown University, | Brown University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.924% | 09/01/50 | 10165 | $6692844 |
|  California Institute of Technology, | California Institute of Technology, | California Institute of Technology, | California Institute of Technology, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 09/01/2119 | 165 | 104948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 11/01/2111 | 220 | 178351 |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377 | 5119726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/25/48 | 1558 | 1533165 |
|  Duke University, | Duke University, | Duke University, | Duke University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.757% | 10/01/50 | 4250 | 2722641 |
|  Equifax, Inc., | Equifax, Inc., | Equifax, Inc., | Equifax, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 06/01/28 | 12055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12319864 |
|  ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, | ERAC USA Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 05/01/33 | 1750 | 1775595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 10/15/37 | 2200 | 2550043 |
|  Georgetown University (The), | Georgetown University (The), | Georgetown University (The), | Georgetown University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.215% | 10/01/2118 | 188 | 165129 |
|  Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., | Global Payments, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 05/15/30 | 266 | 246550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | 11/15/31 | 78 | 69897 |
|  Johns Hopkins University, | Johns Hopkins University, | Johns Hopkins University, | Johns Hopkins University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.813% | 01/01/60(a) | 830 | 487784 |
|  Leland Stanford Junior University (The), | Leland Stanford Junior University (The), | Leland Stanford Junior University (The), | Leland Stanford Junior University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.647% | 05/01/48 | 1310 | 1033231 |
|  Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, | Massachusetts Institute of Technology, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.885% | 07/01/2116(a) | 4103 | 2849503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.959% | 07/01/38 | 75 | 69496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.678% | 07/01/2114 | 804 | 670290 |
|  Northwestern University, | Northwestern University, | Northwestern University, | Northwestern University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.640% | 12/01/50 | 3325 | 2090132 |
|  President & Fellows of Harvard College, | President & Fellows of Harvard College, | President & Fellows of Harvard College, | President & Fellows of Harvard College, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.517% | 10/15/50 | 1210 | 737110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 07/15/46 | 1030 | 747824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 07/15/56 | 120 | 82468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.619% | 10/01/37 | 35 | 31248 |
|  Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.516% | 07/01/50 | 25000 | 15529699 |
|  Trustees of the University of Pennsylvania (The), | Trustees of the University of Pennsylvania (The), | Trustees of the University of Pennsylvania (The), | Trustees of the University of Pennsylvania (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.610% | 02/15/2119 | 100 | 63788 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A41

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
|  University of Chicago (The), | University of Chicago (The), | University of Chicago (The), | University of Chicago (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20B | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20B | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20B | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.761% | 04/01/45 | 80 | 63642 |
|  University of Southern California, | University of Southern California, | University of Southern California, | University of Southern California, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.226% | 10/01/2120 | 80 | 46144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.841% | 10/01/47 | 970 | 777023 |
|  Washington University (The), | Washington University (The), | Washington University (The), | Washington University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.349% | 04/15/2122 | 1620 | 1224768 |
|  Yale University, | Yale University, | Yale University, | Yale University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.482% | 04/15/30 | 590 | 531953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.402% | 04/15/50 | 6500 | 3896903 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64411759 |
|  **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
|  Booz Allen Hamilton, Inc., | Booz Allen Hamilton, Inc., | Booz Allen Hamilton, Inc., | Booz Allen Hamilton, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 08/04/33(a) | 905 | 943734 |
|  Leidos, Inc., | Leidos, Inc., | Leidos, Inc., | Leidos, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 02/15/31 | 2425 | 2179631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 05/15/30 | 9500 | 9487526 |
|  |  |  | 12610891 |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
|  Haleon US Capital LLC, | Haleon US Capital LLC, | Haleon US Capital LLC, | Haleon US Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/24/32 | 250 | 237919 |
|  **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** |
|  American Express Co., | American Express Co., | American Express Co., | American Express Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550%(ff) | 09/15/26(oo) | 700 | 690372 |
|  BOC Aviation Ltd. (China), | BOC Aviation Ltd. (China), | BOC Aviation Ltd. (China), | BOC Aviation Ltd. (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/18/27(a) | 200 | 198270 |
|  Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/09/27 | 405 | 403844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.468%(ff) | 02/01/29 | 4145 | 4256804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700%(ff) | 02/01/30 | 398 | 413722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.051%(ff) | 02/01/35 | 1095 | 1163955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.624%(ff) | 10/30/31 | 14995 | 16942269 |
|  Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series K | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series K | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series K | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series K |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%(ff) | 06/01/27(oo) | 372 | 373974 |
|  Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., | Intercontinental Exchange, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.850% | 09/15/32 | 205 | 174871 |
|  Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., | Jefferies Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 10/15/31(a) | 5035 | 4469692 |
|  Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608% | 07/14/31 | 1670 | 1505071 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** | **Diversified Financial Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.710% | 01/22/29(a) | 7920 | 7561894 |
|  Nuveen LLC, | Nuveen LLC, | Nuveen LLC, | Nuveen LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 04/15/34 | 6800 | 7140752 |
|  Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), | Power Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/23/30(a) | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | 12/06/28 | 200 | 209812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/23/30 | 250 | 243438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.350% | 05/16/31 | 400 | 375124 |
|  Salmon River Export LLC, | Salmon River Export LLC, | Salmon River Export LLC, | Salmon River Export LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.193% | 09/15/26 | 25 | 24219 |
|  Western Union Co. (The), | Western Union Co. (The), | Western Union Co. (The), | Western Union Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | 03/15/26 | 4089 | 4060243 |
|  |  |  | 52058451 |
|  **Electric — 2.2%** | **Electric — 2.2%** | **Electric — 2.2%** | **Electric — 2.2%** |
|  AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 10/01/47 | 1575 | 1165711 |
|  AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, | AEP Transmission Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 12/01/46 | 111 | 88928 |
|  Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., | Ameren Illinois Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 03/15/46 | 975 | 804742 |
|  American Electric Power Co., Inc., | American Electric Power Co., Inc., | American Electric Power Co., Inc., | American Electric Power Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 01/15/29 | 855 | 881498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 11/01/32 | 131 | 140731 |
|  American Transmission Systems, Inc., | American Transmission Systems, Inc., | American Transmission Systems, Inc., | American Transmission Systems, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/44 | 775 | 722332 |
|  Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., | Appalachian Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series Z | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series Z | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series Z | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series Z |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 05/01/50(a) | 2250 | 1637136 |
|  Brazos Securitization LLC, | Brazos Securitization LLC, | Brazos Securitization LLC, | Brazos Securitization LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.413% | 09/01/52 | 200 | 192684 |
|  CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 03/01/48 | 590 | 470574 |
|  Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), | Chile Electricity Lux Mpc II Sarl (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.580% | 10/20/35 | 870 | 895539 |
|  CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., | CMS Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(ff) | 06/01/50 | 1510 | 1483316 |
|  Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), | Comision Federal de Electricidad (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688% | 05/15/29 | 4000 | 3954400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.348% | 02/09/31(a) | 2663 | 2413264 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A42

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 07/26/33 | 244 | $214903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688% | 05/15/29 | 3063 | 3028082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 01/24/30 | 670 | 680720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 01/24/35 | 2590 | 2657392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/29/36 | 2239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074720 |
|  Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 03/01/45 | 475 | 371727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/01/48 | 775 | 615681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 11/15/45 | 1080 | 917368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 01/15/38 | 715 | 798935 |
|  Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., | Consolidated Edison Co. of New York, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/15/46(a) | 1020 | 800389 |
|  DTE Energy Co., | DTE Energy Co., | DTE Energy Co., | DTE Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 06/01/28 | 380 | 386537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 03/01/29 | 2730 | 2798382 |
|  Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(ff) | 01/15/82 | 7865 | 7642270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/15/51 | 1715 | 1190006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/15/52 | 1760 | 1553943 |
|  Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, | Duke Energy Indiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/01/53 | 3535 | 3363353 |
|  Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., | Duke Energy Ohio, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/01/33(a) | 3505 | 3631348 |
|  Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, | Duke Energy Progress LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 10/15/46 | 690 | 525713 |
|  Edison International, | Edison International, | Edison International, | Edison International, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 11/15/29 | 360 | 383269 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/06/28 | 300 | 295825 |
|  Engie SA (France), | Engie SA (France), | Engie SA (France), | Engie SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/10/29 | 815 | 840388 |
|  Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust Bond | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust Bond | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust Bond | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/15/33 | 2255 | 2175450 |
|  Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 2931 | 3031753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 293 | 303072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450% | 08/10/28 | 1773 | 1902659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.450% | 08/10/28 | 13473 | 14458280 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Evergy Metro, Inc., | Evergy Metro, Inc., | Evergy Metro, Inc., | Evergy Metro, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 03/15/48 | 915 | $748543 |
|  Eversource Energy, | Eversource Energy, | Eversource Energy, | Eversource Energy, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 04/15/31 | 1505 | 1589056 |
|  Exelon Corp., | Exelon Corp., | Exelon Corp., | Exelon Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 06/15/35 | 950 | 994624 |
|  FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., | FirstEnergy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 03/01/30 | 1718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 09/01/30 | 319 | 288911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 07/15/47 | 1994 | 1757332 |
|  FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., | FirstEnergy Pennsylvania Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 03/15/28 | 3263 | 3195863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/30/26 | 2450 | 2455141 |
|  FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, | FirstEnergy Transmission LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 01/15/30 | 410 | 413138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/15/35(a) | 645 | 646904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 07/15/44 | 130 | 125447 |
|  Georgia Power Co., | Georgia Power Co., | Georgia Power Co., | Georgia Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 05/17/33(a) | 2110 | 2153272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/15/34(a) | 1325 | 1368525 |
|  Hydro-Quebec (Canada), | Hydro-Quebec (Canada), | Hydro-Quebec (Canada), | Hydro-Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HE | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HE | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HE | &nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HE |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 06/15/29 | 335 | 383738 |
|  Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., | Interstate Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 06/01/30 | 4155 | 3813855 |
|  Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), | Israel Electric Corp. Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 08/14/28 | 2087 | 2062332 |
|  Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., | Jersey Central Power & Light Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 03/01/32 | 310 | 278651 |
|  Mexico Generadora de Energia S de rl (Mexico), | Mexico Generadora de Energia S de rl (Mexico), | Mexico Generadora de Energia S de rl (Mexico), | Mexico Generadora de Energia S de rl (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/06/32 | 1172 | 1190913 |
|  MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., | MidAmerican Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 09/15/54 | 800 | 823507 |
|  Narragansett Electric Co. (The), | Narragansett Electric Co. (The), | Narragansett Electric Co. (The), | Narragansett Electric Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.638% | 03/15/40 | 697 | 712231 |
|  Northern States Power Co., | Northern States Power Co., | Northern States Power Co., | Northern States Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/15/47 | 1515 | 1139097 |
|  NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., | NRG Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 12/02/27 | 2625 | 2535840 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A43

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), | NTPC Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 02/26/26 | 850 | $849855 |
|  Ohio Power Co., | Ohio Power Co., | Ohio Power Co., | Ohio Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/49 | 1250 | 962516 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 08/01/27 | 926 | 897716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/31 | 2075 | 1867599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/15/28 | 152 | 147439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 12/01/27 | 360 | 354113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 08/01/40 | 469 | 355731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/01/50 | 2525 | 1706434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 12/01/47 | 3650 | 2717249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 03/15/46 | 900 | 704629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/40 | 32445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28304388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/15/44 | 13195 | 11162465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/01/50 | 6775 | 5736651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 06/15/32 | 340 | 356179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 06/15/33 | 2600 | 2805301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/15/34 | 1105 | 1229975 |
|  PacifiCorp, | PacifiCorp, | PacifiCorp, | PacifiCorp, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 03/15/51 | 2500 | 1597417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 02/01/42 | 2239 | 1773407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 01/15/49 | 6000 | 4474851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 02/15/50 | 8310 | 6153553 |
|  Palomino Funding Trust I, | Palomino Funding Trust I, | Palomino Funding Trust I, | Palomino Funding Trust I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.233% | 05/17/28 | 4195 | 4433010 |
|  PECO Energy Co., | PECO Energy Co., | PECO Energy Co., | PECO Energy Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 09/15/47 | 2120 | 1619962 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 07/17/49 | 200 | 170750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875% | 11/05/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376 | 2493865 |
|  Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., | Puget Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100% | 06/15/30 | 5685 | 5567647 |
|  San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., | San Diego Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 11/15/41 | 375 | 308153 |
|  Sempra, | Sempra, | Sempra, | Sempra, |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%(ff) | 04/01/52 | 6217 | 6103680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 02/01/28 | 405 | 399013 |
|  Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., | Southern California Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/01/31 | 515 | 533005 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 12/01/41 | 1492 | 1171150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/01/47 | 6075 | 4567148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | 10/01/43 | 1320 | 1123073 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
|  Southern Co. (The), | Southern Co. (The), | Southern Co. (The), | Southern Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/15/33 | 3160 | 3247776 |
|  Southern Power Co., | Southern Power Co., | Southern Power Co., | Southern Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 09/15/41 | 345 | 332500 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 | 6355 | 6312347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/15/34 | 680 | 713686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 10/15/33 | 855 | 951401 |
|  Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., | Xcel Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 06/01/30 | 2160 | 2076572 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218054178 |
|  **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 439 | 437082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 4536 | 4431128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 2251 | 2241163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/31/46 | 1883 | 1652653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 07/31/47 | 20583 | 18132336 |
|  Sitios Latinoamerica SAB de CV (Brazil), | Sitios Latinoamerica SAB de CV (Brazil), | Sitios Latinoamerica SAB de CV (Brazil), | Sitios Latinoamerica SAB de CV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/04/32(a) | 1050 | 1056405 |
|  |  |  | 27950767 |
|  **Foods — 0.3%** | **Foods — 0.3%** | **Foods — 0.3%** | **Foods — 0.3%** |
|  Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), | Bimbo Bakeries USA, Inc. (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 01/09/36 | 440 | 448472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 01/15/34 | 450 | 489600 |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/15/32 | 3485 | 3123310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 01/15/32 | 225 | 210308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/33 | 73 | 76123 |
|  Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., | Kraft Heinz Foods Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/04/42 | 2032 | 1864325 |
|  Mars, Inc., | Mars, Inc., | Mars, Inc., | Mars, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/01/44 | 815 | 677187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 03/01/35 | 2905 | 2983248 |
|  Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., | Pilgrim's Pride Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/32 | 3775 | 3481651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 04/15/31 | 8245 | 8010633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/01/33(a) | 6570 | 7014799 |
|  |  |  | 28379656 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A44

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
|  Inversiones CMPC SA (Chile), | Inversiones CMPC SA (Chile), | Inversiones CMPC SA (Chile), | Inversiones CMPC SA (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 01/13/30 | 1557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471131 |
|  **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
|  Boston Gas Co., | Boston Gas Co., | Boston Gas Co., | Boston Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 08/01/27 | 641 | 632468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119% | 07/20/53 | 690 | 691397 |
|  CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., | CenterPoint Energy Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.850% | 01/15/41 | 405 | 421423 |
|  KeySpan Gas East Corp., | KeySpan Gas East Corp., | KeySpan Gas East Corp., | KeySpan Gas East Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.742% | 08/15/26 | 139 | 137679 |
|  NiSource, Inc., | NiSource, Inc., | NiSource, Inc., | NiSource, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 05/01/30 | 179 | 174009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/30/28 | 410 | 420479 |
|  Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/29 | 2080 | 2033441 |
|  |  |  | 4510896 |
|  **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
|  Alcon Finance Corp., | Alcon Finance Corp., | Alcon Finance Corp., | Alcon Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 05/27/30 | 200 | 186096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 09/23/26 | 200 | 198171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 12/06/32 | 200 | 208751 |
|  Solventum Corp., | Solventum Corp., | Solventum Corp., | Solventum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 03/01/29 | 716 | 741822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 03/23/34(a) | 2100 | 2186493 |
|  Stryker Corp., | Stryker Corp., | Stryker Corp., | Stryker Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 11/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | 501338 |
|  |  |  | 4022671 |
|  **Healthcare-Services — 1.5%** | **Healthcare-Services — 1.5%** | **Healthcare-Services — 1.5%** | **Healthcare-Services — 1.5%** |
|  AdventHealth Obligated Group, | AdventHealth Obligated Group, | AdventHealth Obligated Group, | AdventHealth Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.795% | 11/15/51 | 1382 | 858920 |
|  Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., | Advocate Health & Hospitals Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.387% | 10/15/49 | 105 | 75080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.272% | 08/15/48 | 1320 | 1105753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.211% | 06/15/30 | 1455 | 1341143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.008% | 06/15/50 | 2445 | 1601072 |
|  Aetna, Inc., | Aetna, Inc., | Aetna, Inc., | Aetna, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/15/42 | 1043 | 894893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 12/15/37 | 2170 | 2392288 |
|  Ascension Health, | Ascension Health, | Ascension Health, | Ascension Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.945% | 11/15/46 | 315 | 256067 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.532% | 11/15/29 | 745 | $704230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.106% | 11/15/39 | 2480 | 1976169 |
|  BayCare Health System, Inc., | BayCare Health System, Inc., | BayCare Health System, Inc., | BayCare Health System, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.831% | 11/15/50 | 1411 | 1083610 |
|  Centene Corp., | Centene Corp., | Centene Corp., | Centene Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 07/15/28 | 445 | 416529 |
|  Centra Health, Inc., | Centra Health, Inc., | Centra Health, Inc., | Centra Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 01/01/48 | 590 | 478817 |
|  Cigna Group (The), | Cigna Group (The), | Cigna Group (The), | Cigna Group (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 03/15/40 | 2120 | 1676281 |
|  Cleveland Clinic Foundation (The), | Cleveland Clinic Foundation (The), | Cleveland Clinic Foundation (The), | Cleveland Clinic Foundation (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.858% | 01/01/2114(a) | 415 | 352099 |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/15/53(a) | 980 | 885126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 12/15/34 | 5100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5445386 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 07/15/31 | 860 | 770510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 06/15/29 | 93 | 92669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 03/15/42 | 447 | 381643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 09/15/34 | 950 | 977869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/01/28 | 42 | 43295 |
|  Health Care Service Corp. A Mutual Legal Reserve Co., | Health Care Service Corp. A Mutual Legal Reserve Co., | Health Care Service Corp. A Mutual Legal Reserve Co., | Health Care Service Corp. A Mutual Legal Reserve Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 06/15/29 | 760 | 779030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/34 | 965 | 987273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 06/15/54 | 1505 | 1449292 |
|  Humana, Inc., | Humana, Inc., | Humana, Inc., | Humana, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/15/31 | 3240 | 3347515 |
|  Icon Investments Six DAC, | Icon Investments Six DAC, | Icon Investments Six DAC, | Icon Investments Six DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.849% | 05/08/29 | 555 | 578778 |
|  Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, | Indiana University Health, Inc. Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.970% | 11/01/48 | 1085 | 867015 |
|  IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., | IQVIA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 02/01/29 | 1580 | 1665861 |
|  Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, | Kaiser Foundation Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 05/01/47 | 3785 | 3152881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.266% | 11/01/49 | 80 | 55847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.810% | 06/01/41 | 965 | 717776 |
|  Mayo Clinic, | Mayo Clinic, | Mayo Clinic, | Mayo Clinic, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2016 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2016 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2016 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.128% | 11/15/52 | 1490 | 1192156 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A45

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.196% | 11/15/61(a) | 2225 | $1425360 |
|  Memorial Sloan-Kettering Cancer Center, | Memorial Sloan-Kettering Cancer Center, | Memorial Sloan-Kettering Cancer Center, | Memorial Sloan-Kettering Cancer Center, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.955% | 01/01/50 | 4415 | 2890640 |
|  Methodist Hospital (The), | Methodist Hospital (The), | Methodist Hospital (The), | Methodist Hospital (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.705% | 12/01/50 | 3325 | 2050747 |
|  New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), | New York & Presbyterian Hospital (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.063% | 08/01/56 | 835 | 651346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.954% | 08/01/2119(a) | 5095 | 3494430 |
|  NYU Langone Hospitals, | NYU Langone Hospitals, | NYU Langone Hospitals, | NYU Langone Hospitals, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.368% | 07/01/47 | 9810 | 8576891 |
|  OhioHealth Corp., | OhioHealth Corp., | OhioHealth Corp., | OhioHealth Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.042% | 11/15/50 | 245 | 168270 |
|  Orlando Health Obligated Group, | Orlando Health Obligated Group, | Orlando Health Obligated Group, | Orlando Health Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.327% | 10/01/50 | 2276 | 1634081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.475% | 10/01/35 | 9995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10424922 |
|  PeaceHealth Obligated Group, | PeaceHealth Obligated Group, | PeaceHealth Obligated Group, | PeaceHealth Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.787% | 11/15/48 | 150 | 129284 |
|  Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., | Piedmont Healthcare, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.864% | 01/01/52(a) | 2155 | 1357576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.719% | 01/01/42 | 2720 | 1931896 |
|  Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, | Providence St. Joseph Health Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.403% | 10/01/33(a) | 19125 | 19706479 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 06/30/31 | 2686 | 2475901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 01/30/40 | 1126 | 1165332 |
|  Sutter Health, | Sutter Health, | Sutter Health, | Sutter Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.164% | 08/15/33 | 7294 | 7504427 |
|  Texas Health Resources, | Texas Health Resources, | Texas Health Resources, | Texas Health Resources, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.330% | 11/15/55 | 355 | 297244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.372% | 11/15/51 | 235 | 164501 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 05/15/40 | 3090 | 2312570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.050% | 05/15/41 | 740 | 560895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/15/34 | 2590 | 2631600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 04/15/63 | 33730 | 30232357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 02/15/53 | 2765 | 2791772 |
|  UPMC, | UPMC, | UPMC, | UPMC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.377% | 05/15/43 | 1870 | 1818709 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
|  Willis-Knighton Medical Center, | Willis-Knighton Medical Center, | Willis-Knighton Medical Center, | Willis-Knighton Medical Center, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2018 | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.813% | 09/01/48 | 315 | 277057 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145277160 |
|  **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
|  AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), | AIA Group Ltd. (Hong Kong), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 03/30/35(a) | 1080 | 1087679 |
|  Arch Capital Finance LLC, | Arch Capital Finance LLC, | Arch Capital Finance LLC, | Arch Capital Finance LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.031% | 12/15/46 | 950 | 886548 |
|  Arch Capital Group US, Inc., | Arch Capital Group US, Inc., | Arch Capital Group US, Inc., | Arch Capital Group US, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.144% | 11/01/43 | 1185 | 1125605 |
|  Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., | Arthur J Gallagher & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 02/15/54 | 2300 | 2542036 |
|  CNA Financial Corp., | CNA Financial Corp., | CNA Financial Corp., | CNA Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 05/01/29 | 420 | 415788 |
|  Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 04/05/29 | 2420 | 2383524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/05/42 | 27 | 23067 |
|  Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | 01/12/29 | 385 | 394850 |
|  Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., | Everest Reinsurance Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.868% | 06/01/44 | 2230 | 1974189 |
|  Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), | Fairfax Financial Holdings Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/03/31 | 17542 | 16543206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | 04/17/28 | 2983 | 3022357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 08/16/32 | 2062 | 2151344 |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.569% | 02/01/29 | 26283 | 26411540 |
|  Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., | Lincoln National Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 10/09/37 | 730 | 785020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/15/40 | 1625 | 1828647 |
|  Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., | Markel Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | 09/17/50 | 1310 | 1014053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/30/43 | 250 | 228522 |
|  Principal Financial Group, Inc., | Principal Financial Group, Inc., | Principal Financial Group, Inc., | Principal Financial Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 09/15/42 | 80 | 71935 |
|  Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), | Sompo International Holdings Ltd. (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 07/15/34 | 510 | 569011 |
|  Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, | Teachers Insurance & Annuity Association of America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 09/15/44 | 2915 | 2657262 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A46

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | 12/16/39 | 84 | 96718 |
|  |  |  | 66212901 |
|  **Internet — 0.8%** | **Internet — 0.8%** | **Internet — 0.8%** | **Internet — 0.8%** |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 60997 | 64575476 |
|  Prosus NV (China), | Prosus NV (China), | Prosus NV (China), | Prosus NV (China), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.193% | 01/19/32 | 200 | 191688 |
|  United Group BV (Slovenia), | United Group BV (Slovenia), | United Group BV (Slovenia), | United Group BV (Slovenia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | 5729860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/30 | 6025 | 7049780 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77546804 |
|  **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
|  Gaci First Investment Co. (Saudi Arabia), | Gaci First Investment Co. (Saudi Arabia), | Gaci First Investment Co. (Saudi Arabia), | Gaci First Investment Co. (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 02/14/35 | 2215 | 2197369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 02/14/53 | 3670 | 3264024 |
|  |  |  | 5461393 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Steel Dynamics, Inc., | Steel Dynamics, Inc., | Steel Dynamics, Inc., | Steel Dynamics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 01/15/31 | 135 | 128275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 04/15/30 | 805 | 778170 |
|  |  |  | 906445 |
|  **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
|  Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., | Royal Caribbean Cruises Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/01/28 | 2800 | 2849490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/32 | 2575 | 2661630 |
|  |  |  | 5511120 |
|  **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
|  Gohl Capital Ltd. (Malaysia), | Gohl Capital Ltd. (Malaysia), | Gohl Capital Ltd. (Malaysia), | Gohl Capital Ltd. (Malaysia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 01/24/27 | 1810 | 1794163 |
|  Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., | Las Vegas Sands Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/18/26 | 1130 | 1124150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 06/15/28 | 24430 | 25051189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 06/01/27 | 425 | 433125 |
|  Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., | Marriott International, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 04/15/29 | 2150 | 2198720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series FF | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series FF |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 06/15/30 | 1610 | 1634349 |
|  Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/08/28(a) | 1065 | 1085746 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Lodging (cont'd.)** | **Lodging (cont'd.)** | **Lodging (cont'd.)** | **Lodging (cont'd.)** |
|  Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), | Wynn Macau Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 08/26/28 | 1068 | 1065885 |
|  |  |  | 34387327 |
|  **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
|  AGCO Corp., | AGCO Corp., | AGCO Corp., | AGCO Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | 03/21/34 | 485 | 507387 |
|  CNH Industrial Capital LLC, | CNH Industrial Capital LLC, | CNH Industrial Capital LLC, | CNH Industrial Capital LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.550% | 04/10/28 | 10940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11016336 |
|  CNH Industrial NV, | CNH Industrial NV, | CNH Industrial NV, | CNH Industrial NV, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 11/15/27 | 86 | 85624 |
|  Flowserve Corp., | Flowserve Corp., | Flowserve Corp., | Flowserve Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 01/15/32 | 4025 | 3600611 |
|  Ingersoll Rand, Inc., | Ingersoll Rand, Inc., | Ingersoll Rand, Inc., | Ingersoll Rand, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.314% | 06/15/31 | 920 | 962587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 06/15/34 | 750 | 780207 |
|  Nordson Corp., | Nordson Corp., | Nordson Corp., | Nordson Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 09/15/28 | 3110 | 3219372 |
|  Regal Rexnord Corp., | Regal Rexnord Corp., | Regal Rexnord Corp., | Regal Rexnord Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 02/15/26 | 5930 | 5939977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 04/15/28 | 74 | 76503 |
|  Weir Group, Inc. (United Kingdom), | Weir Group, Inc. (United Kingdom), | Weir Group, Inc. (United Kingdom), | Weir Group, Inc. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 05/06/30 | 8000 | 8218646 |
|  Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 09/15/28 | 1345 | 1361910 |
|  |  |  | 35769160 |
|  **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 1025 | 959115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 02/01/32(a) | 3719 | 3200461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 04/01/31 | 1160 | 1043877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 6060 | 4308030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/42 | 3320 | 2297428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 06/01/52 | 5001 | 3228919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 03/01/50 | 300 | 225572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/30/29 | 7445 | 7533825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/01/53(a) | 319 | 252332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 04/01/38 | 2850 | 2623708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 05/01/47 | 1805 | 1485681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.484% | 10/23/45 | 3533 | 3323372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.650% | 02/01/34 | 2300 | 2425125 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 02/01/50 | 725 | 485445 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A47

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** | **Media (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 04/01/40 | 5035 | 4146438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | 03/01/38 | 1040 | 905342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/15/64 | 9010 | 8049444 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.800% | 10/01/30 | 1215 | 1062762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | 09/01/34 | 837 | 823190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 06/15/31 | 4225 | 3760610 |
|  Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, | Time Warner Cable LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/01/41 | 143 | 125439 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52266115 |
|  **Mining — 1.2%** | **Mining — 1.2%** | **Mining — 1.2%** | **Mining — 1.2%** |
|  Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), | Barrick North America Finance LLC (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 05/01/43 | 370 | 376361 |
|  Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), | Barrick PD Australia Finance Pty Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 10/15/39 | 4835 | 5087380 |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/08/30 | 14490 | 15064529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 09/08/33 | 15000 | 15572355 |
|  Corp. Nacional del Cobre de Chile (Chile), | Corp. Nacional del Cobre de Chile (Chile), | Corp. Nacional del Cobre de Chile (Chile), | Corp. Nacional del Cobre de Chile (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 09/08/53 | 500 | 511670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/31 | 200 | 191375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.300% | 09/08/53 | 2395 | 2450899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.440% | 01/26/36 | 1270 | 1373219 |
|  Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), | Freeport Indonesia PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.315% | 04/14/32 | 3057 | 3111216 |
|  Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., | Freeport-McMoRan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 03/01/30 | 796 | 789725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 08/01/28 | 785 | 784772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 08/01/30 | 297 | 299253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/27 | 181 | 181291 |
|  Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), | Kinross Gold Corp. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/15/33 | 48540 | 52991696 |
|  Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., | Newmont Corp./Newcrest Finance Pty Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | 03/15/34 | 12640 | 13241981 |
|  South32 Treasury Ltd. (Australia), | South32 Treasury Ltd. (Australia), | South32 Treasury Ltd. (Australia), | South32 Treasury Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | 04/14/32 | 4309 | 4153199 |
|  |  |  | 116180921 |
|  **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
|  Textron, Inc., | Textron, Inc., | Textron, Inc., | Textron, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | 03/15/31 | 5450 | 4938509 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 1295 | $1334251 |
|  **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
|  CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 03/01/30 | 5500 | 5602450 |
|  **Oil & Gas — 2.3%** | **Oil & Gas — 2.3%** | **Oil & Gas — 2.3%** | **Oil & Gas — 2.3%** |
|  Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), | Aker BP ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 07/15/31 | 20110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18441863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 01/15/30 | 10000 | 9666752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 06/13/28 | 1113 | 1145735 |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/38 | 2975 | 3152925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.450% | 06/30/33 | 2760 | 2975955 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 02/15/52 | 360 | 250117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 06/15/37 | 5941 | 5773112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 06/15/47 | 693 | 635905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 11/15/39 | 542 | 595618 |
|  Continental Resources, Inc., | Continental Resources, Inc., | Continental Resources, Inc., | Continental Resources, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 01/15/28 | 405 | 404044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.268% | 11/15/26 | 745 | 731531 |
|  Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., | Devon Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | 07/15/41(a) | 2910 | 2818316 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 12/01/26 | 21444 | 21290699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 01/30/30 | 660 | 679052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 04/18/34 | 2953 | 3023699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | 04/01/35 | 830 | 853782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/18/54 | 1240 | 1172787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.900% | 04/18/64 | 1295 | 1226599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 | 28411 | 30638514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/53 | 985 | 996569 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 04/29/30 | 3849 | 3899999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 01/19/29 | 11055 | 11858146 |
|  Energean Israel Finance Ltd. (Israel), | Energean Israel Finance Ltd. (Israel), | Energean Israel Finance Ltd. (Israel), | Energean Israel Finance Ltd. (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 03/30/31 | 140 | 135374 |
|  Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), | Equinor ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 04/06/50 | 305 | 230786 |
|  Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., | Expand Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 02/01/32 | 1139 | 1125136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 03/15/30 | 600 | 609123 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A48

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), | KazMunayGas National Co. JSC (Kazakhstan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/14/33 | 400 | $360876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/19/27 | 200 | 200416 |
|  Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., | Marathon Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | 04/01/28 | 16930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16840321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 09/15/44 | 136 | 116515 |
|  Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., | Occidental Petroleum Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | 01/01/31 | 1606 | 1696188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 09/01/28 | 540 | 565946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 09/01/30 | 365 | 392135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 05/01/31 | 2199 | 2471395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875% | 07/15/30 | 2905 | 3352129 |
|  Pertamina Persero PT (Indonesia), | Pertamina Persero PT (Indonesia), | Pertamina Persero PT (Indonesia), | Pertamina Persero PT (Indonesia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 11/07/48 | 200 | 213938 |
|  Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), | Petrobras Global Finance BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 01/16/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | 5347992 |
|  Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), | Petroleos Mexicanos (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/28/31(a) | 5126 | 4961455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 01/23/29 | 2335 | 2375863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/15/35 | 134 | 126865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 06/15/38 | 463 | 421793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 02/16/32 | 11737 | 11703315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.840% | 01/23/30 | 2278 | 2314220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.000% | 02/07/33 | 480 | 554866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/21/27 | 1058 | 1227431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 06/02/29 | 12716 | 13632951 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/30 | 1690 | 1531180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.150% | 01/15/31 | 6545 | 5940649 |
|  SA Global Sukuk Ltd. (Saudi Arabia), | SA Global Sukuk Ltd. (Saudi Arabia), | SA Global Sukuk Ltd. (Saudi Arabia), | SA Global Sukuk Ltd. (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.694% | 06/17/31 | 200 | 181574 |
|  Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), | Santos Finance Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.649% | 04/29/31 | 19302 | 18030641 |
|  State Oil Co. of the Azerbaijan Republic (Azerbaijan), | State Oil Co. of the Azerbaijan Republic (Azerbaijan), | State Oil Co. of the Azerbaijan Republic (Azerbaijan), | State Oil Co. of the Azerbaijan Republic (Azerbaijan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.950% | 03/18/30 | 650 | 702767 |
|  Suncor Energy, Inc. (Canada), | Suncor Energy, Inc. (Canada), | Suncor Energy, Inc. (Canada), | Suncor Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/04/51 | 270 | 191759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.800% | 05/15/38 | 753 | 823843 |
|  Thaioil Treasury Center Co. Ltd. (Thailand), | Thaioil Treasury Center Co. Ltd. (Thailand), | Thaioil Treasury Center Co. Ltd. (Thailand), | Thaioil Treasury Center Co. Ltd. (Thailand), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/23/43 | 488 | 435394 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** | **Oil & Gas (cont'd.)** |
|  Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 1875 | 1979699 |
|  |  |  | 223026254 |
|  **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
|  Cameron International Corp., | Cameron International Corp., | Cameron International Corp., | Cameron International Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 1330 | 1317141 |
|  **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
|  Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., | Berry Global, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/28 | 9455 | 9747799 |
|  **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
|  AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., | AbbVie, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/21/39 | 13010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11615790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/14/45 | 1875 | 1695364 |
|  Bayer US Finance II LLC (Germany), | Bayer US Finance II LLC (Germany), | Bayer US Finance II LLC (Germany), | Bayer US Finance II LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/28 | 20000 | 20003330 |
|  Bayer US Finance LLC (Germany), | Bayer US Finance LLC (Germany), | Bayer US Finance LLC (Germany), | Bayer US Finance LLC (Germany), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/21/30 | 1235 | 1318694 |
|  Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., | Becton Dickinson & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.823% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/30 | 3660 | 3450508 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/21/30 | 1065 | 946387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 14984 | 14464858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/48 | 5270 | 4651717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/45 | 95 | 85877 |
|  Mylan, Inc., | Mylan, Inc., | Mylan, Inc., | Mylan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/29/43 | 4800 | 4130613 |
|  Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), | Takeda Pharmaceutical Co. Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.025% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/09/40 | 750 | 573131 |
|  Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., | Utah Acquisition Sub, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/46 | 6760 | 5560724 |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/22/40 | 16227 | 12452931 |
|  |  |  | 80949924 |
|  **Pipelines — 3.5%** | **Pipelines — 3.5%** | **Pipelines — 3.5%** | **Pipelines — 3.5%** |
|  Boardwalk Pipelines LP, | Boardwalk Pipelines LP, | Boardwalk Pipelines LP, | Boardwalk Pipelines LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 2435 | 2302786 |
|  Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/26 | 7555 | 7546284 |
|  Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, | Columbia Pipelines Holding Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.681% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/34 | 1970 | 2026856 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A49

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, | Columbia Pipelines Operating Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.036% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/33 | 24400 | 26119396 |
|  DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, | DCP Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32 | 5000 | 4600889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/44 | 1900 | 1838352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/27 | 4900 | 4991338 |
|  Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., | Eastern Gas Transmission & Storage, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/44 | 165 | 141972 |
|  Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), | Enbridge, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/26 | 117 | 117243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/53 | 487 | 534320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/84(a) | 15065 | 17263548 |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/29 | 5630 | 5784763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/28 | 3980 | 4046143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/47 | 270 | 240190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 5353 | 4811157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/28 | 64 | 65706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/34 | 1055 | 1084875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/34 | 480 | 494080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/54 | 695 | 659461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/48 | 6575 | 6380104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 9500 | 9625837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/28 | 7370 | 7750043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/42 | 2565 | 2563434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/45 | 210 | 206570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/49 | 2640 | 2615737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/30 | 4810 | 5197076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/33 | 16730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18357950 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 540 | 570099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 3 Month SOFR + 3.039% | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 3 Month SOFR + 3.039% | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 3 Month SOFR + 3.039% | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 3 Month SOFR + 3.039% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.831%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/67 | 12000 | 11882071 |
|  Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, | Florida Gas Transmission Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/31 | 2540 | 2251592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/30 | 7835 | 7235995 |
|  Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, | Kinder Morgan Energy Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 540 | 476763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/44 | 186 | 176002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 3798 | 3644653 |
|  Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., | Kinder Morgan, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 3135 | 2076879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/46 | 5840 | 5251512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/45 | 540 | 522003 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/38 | 855 | $780494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/48 | 1145 | 952318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/47 | 2975 | 2659573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 3629 | 3228959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35 | 5305 | 5343742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/34 | 4973 | 5077342 |
|  Northern Natural Gas Co., | Northern Natural Gas Co., | Northern Natural Gas Co., | Northern Natural Gas Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/16/51 | 2900 | 1940753 |
|  ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, | ONEOK Partners LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/37 | 4839 | 5350978 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/30 | 1000 | 951269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/29 | 1720 | 1666462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/29 | 965 | 968248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/31 | 1315 | 1322447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/32 | 380 | 381816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 6812 | 6758774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/48(a) | 1855 | 1673477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 375 | 389623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/30 | 5305 | 5591476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 2370 | 2544140 |
|  Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., | Plains All American Pipeline LP/PAA Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/29 | 41 | 39851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/30 | 308 | 298814 |
|  Southern Gas Corridor CJSC (Azerbaijan), | Southern Gas Corridor CJSC (Azerbaijan), | Southern Gas Corridor CJSC (Azerbaijan), | Southern Gas Corridor CJSC (Azerbaijan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/24/26 | 200 | 200944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/24/26 | 260 | 261227 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/33 | 2255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/52 | 360 | 307461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/35 | 4895 | 5016257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/30/34 | 3212 | 3508649 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., | Targa Resources Partners LP/Targa Resources Partners Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/28 | 385 | 385168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 6045 | 6140536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 444 | 449317 |
|  Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, | Western Midstream Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 12696 | 12438373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/28 | 16985 | 17046951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/28 | 3000 | 3035333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 985 | 1044131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/29 | 4361 | 4590965 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/31 | 5152 | 4706315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/30 | 4025 | 3863498 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A50

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** | **Pipelines (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/51 | 2050 | 1427946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/32 | 8280 | 8296370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/45 | 2882 | 2585910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/45 | 575 | 528277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/34 | 4223 | 4296114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/28 | 9328 | 9604220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/52 | 615 | 568994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/04/44 | 2840 | 2723382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/35 | 25530 | 26524876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 3777 | 4287897 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345371647 |
|  **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/31 | 4250 | 3811990 |
|  **Real Estate Investment Trusts (REITs) — 2.2%** | **Real Estate Investment Trusts (REITs) — 2.2%** | **Real Estate Investment Trusts (REITs) — 2.2%** | **Real Estate Investment Trusts (REITs) — 2.2%** |
|  Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., | Alexandria Real Estate Equities, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/34(a) | 2815 | 2410184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/36 | 300 | 296611 |
|  American Tower Corp., | American Tower Corp., | American Tower Corp., | American Tower Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/31/28 | 4250 | 4031865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 | 9495 | 9909210 |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 1740 | 1669780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/16/31 | 5150 | 4627490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/27 | 5390 | 5377766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/30(a) | 14133 | 13937288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/29 | 6005 | 5979253 |
|  Broadstone Net Lease LLC, | Broadstone Net Lease LLC, | Broadstone Net Lease LLC, | Broadstone Net Lease LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/31 | 4780 | 4230551 |
|  COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/31(a) | 14685 | 13400982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/33 | 1545 | 1319357 |
|  Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., | Crown Castle, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/28 | 12380 | 12555823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/11/28 | 24515 | 24894752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/34 | 985 | 1033154 |
|  GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., | GLP Capital LP/GLP Financing II, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 510 | 487827 |
|  Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, | Healthpeak OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 3385 | 3137392 |
|  Highwoods Realty LP, | Highwoods Realty LP, | Highwoods Realty LP, | Highwoods Realty LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/31 | 1475 | 1322373 |
|  Host Hotels & Resorts LP, | Host Hotels & Resorts LP, | Host Hotels & Resorts LP, | Host Hotels & Resorts LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.900% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/31 | 4420 | 4005523 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, | Invitation Homes Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/31 | 1400 | 1223789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | 1035 | 1022258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 511 | 531370 |
|  Kilroy Realty LP, | Kilroy Realty LP, | Kilroy Realty LP, | Kilroy Realty LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/29 | 75 | 73503 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/30(a) | 6235 | 5844672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/33 | 2035 | 2032858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/34 | 3380 | 3729782 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 12734 | 12377891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/32(a) | 3700 | 3340991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 3100 | 2950350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/34(a) | 3665 | 3756527 |
|  Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 2800 | 2664446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/31 | 29515 | 26847671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/32 | 13027 | 12644451 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/30 | 20 | 19421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/26 | 305 | 305069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/26 | 3406 | 3407712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/29 | 375 | 374410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/27 | 65 | 65730 |
|  Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, | Welltower OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/31 | 10195 | 9448610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/30 | 3400 | 3261838 |
|  WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., | WP Carey, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 13255 | 11182799 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221733329 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/31 | 2435 | 2151636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/30 | 805 | 812687 |
|  AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., | AutoZone, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/31 | 530 | 464405 |
|  Dollar Tree, Inc., | Dollar Tree, Inc., | Dollar Tree, Inc., | Dollar Tree, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/28 | 2910 | 2913698 |
|  Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., | Ferguson Enterprises, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/03/34 | 240 | 242089 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A51

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |
|  Genuine Parts Co., | Genuine Parts Co., | Genuine Parts Co., | Genuine Parts Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 4880 | $5157742 |
|  Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., | Lowe's Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 1361 | 1072695 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12814952 |
|  **Semiconductors — 0.4%** | **Semiconductors — 0.4%** | **Semiconductors — 0.4%** |  |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 195 | 178287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/41 | 16350 | 13329889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/33 | 6960 | 6443605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 2345 | 2360544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/12/29 | 2140 | 2203416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/35 | 2075 | 1788553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/36 | 12390 | 10512871 |
|  Intel Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/49 | 3344 | 2141315 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), | NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/11/31 | 3545 | 3206098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/30 | 500 | 481850 |
|  |  |  | 42646428 |
|  **Software — 0.2%** | **Software — 0.2%** |  |  |
|  Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., | Fiserv, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/29 | 11415 | 11071229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/02/28 | 5380 | 5508412 |
|  Oracle Corp., | Oracle Corp., | Oracle Corp., | Oracle Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/50 | 118 | 73450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/25/51 | 3499 | 2302844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.150% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/09/29 | 73 | 76186 |
|  |  |  | 19032121 |
|  **Telecommunications — 1.5%** | **Telecommunications — 1.5%** | **Telecommunications — 1.5%** |  |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/32 | 7740 | 6795223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/33 | 650 | 554932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 14600 | 11470296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/55 | 2264 | 1508636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/35 | 620 | 595531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/39 | 7695 | 8447177 |
|  Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), | Digicel Group Holdings Ltd. (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30(x) | 870 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/30^(x) | 581 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), | Digicel International Finance Ltd./DIFL US LLC (Jamaica), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/32(x) | 9990 | $10370919 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/29 | 725 | 711638 |
|  Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., | Motorola Solutions, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/34 | 920 | 950303 |
|  Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), | Rogers Communications, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32(a) | 1220 | 1147978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 2185 | 2225266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/34 | 2450 | 2467690 |
|  Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., | Sprint Capital Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/28 | 2650 | 2844265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 1925 | 2329104 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/26 | 85 | 84779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 55831 | 51000166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 650 | 621020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/31 | 491 | 456219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/41 | 926 | 689815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/30 | 2490 | 2447392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 60 | 60031 |
|  Total Play Telecomunicaciones SA de CV (Mexico), | Total Play Telecomunicaciones SA de CV (Mexico), | Total Play Telecomunicaciones SA de CV (Mexico), | Total Play Telecomunicaciones SA de CV (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/32 | 319 | 305219 |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/32 | 6475 | 5707099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/40 | 13999 | 10006180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/22/41 | 22445 | 17574689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.780% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/35 | 7060 | 6951963 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148323618 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |  |
|  Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/55(a) | 1610 | 1584059 |
|  Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), | Canadian Pacific Railway Co. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50(a) | 3555 | 2564187 |
|  Indian Railway Finance Corp. Ltd. (India), | Indian Railway Finance Corp. Ltd. (India), | Indian Railway Finance Corp. Ltd. (India), | Indian Railway Finance Corp. Ltd. (India), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.570% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/21/32(a) | 3680 | 3494749 |
|  Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), | Lima Metro Line 2 Finance Ltd. (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/05/34 | 76 | 78911 |
|  MV24 Capital BV (Brazil), | MV24 Capital BV (Brazil), | MV24 Capital BV (Brazil), | MV24 Capital BV (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.748% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/34 | 139 | 137687 |
|  |  |  | 7859593 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A52

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., | Penske Truck Leasing Co. LP/PTL Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.700% | 02/01/28 | 20860 | $21457062 |
|  **TOTAL CORPORATE BONDS**<br> (cost $3,674,177,592) | **TOTAL CORPORATE BONDS**<br> (cost $3,674,177,592) | **TOTAL CORPORATE BONDS**<br> (cost $3,674,177,592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795881964 |
| **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** | **MUNICIPAL BONDS — 0.7%** |  |
|  **Alabama — 0.0%** | **Alabama — 0.0%** | **Alabama — 0.0%** | **Alabama — 0.0%** |
|  Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, | Alabama Economic Settlement Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.263% | 09/15/32 | 765 | 764359 |
|  **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** | **Arizona — 0.0%** |
|  Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, | Salt River Project Agricultural Improvement & Power District, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.839% | 01/01/41 | 830 | 818095 |
|  **California — 0.1%** | **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |
|  Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, | Bay Area Toll Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.263% | 04/01/49 | 4270 | 4518652 |
|  California State Public Works Board, | California State Public Works Board, | California State Public Works Board, | California State Public Works Board, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.804% | 03/01/35 | 200 | 224928 |
|  City of Los Angeles Department of Airports, | City of Los Angeles Department of Airports, | City of Los Angeles Department of Airports, | City of Los Angeles Department of Airports, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.582% | 05/15/39 | 4270 | 4602899 |
|  Northern California Power Agency, | Northern California Power Agency, | Northern California Power Agency, | Northern California Power Agency, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.311% | 06/01/40 | 200 | 225549 |
|  San Jose Redevelopment Agency Successor Agency, | San Jose Redevelopment Agency Successor Agency, | San Jose Redevelopment Agency Successor Agency, | San Jose Redevelopment Agency Successor Agency, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Series A-T | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Series A-T | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Series A-T | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Series A-T |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 08/01/34 | 165 | 154284 |
|  State of California, | State of California, | State of California, | State of California, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 04/01/34 | 120 | 139913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625% | 03/01/40 | 300 | 363288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.550% | 04/01/39 | 165 | 199992 |
|  University of California, | University of California, | University of California, | University of California, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.931% | 05/15/45 | 340 | 310656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.767% | 05/15/2115 | 883 | 722747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.131% | 05/15/45 | 375 | 336956 |
|  |  |  | 11799864 |
|  **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** | **Colorado — 0.0%** |
|  Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, | Regional Transportation District Sales Tax Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.844% | 11/01/50 | 955 | 963071 |
|  **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** | **District of Columbia — 0.0%** |
|  District of Columbia Water & Sewer Authority, | District of Columbia Water & Sewer Authority, | District of Columbia Water & Sewer Authority, | District of Columbia Water & Sewer Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.814% | 10/01/2114 | 550 | 474517 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **Florida — 0.0%** | **Florida — 0.0%** | **Florida — 0.0%** | **Florida — 0.0%** |
|  Escambia County Health Facilities Authority, | Escambia County Health Facilities Authority, | Escambia County Health Facilities Authority, | Escambia County Health Facilities Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.607% | 08/15/40 | 30 | $24775 |
|  Florida Development Finance Corp., | Florida Development Finance Corp., | Florida Development Finance Corp., | Florida Development Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.109% | 04/01/50 | 610 | 511202 |
|  State Board of Administration Finance Corp., | State Board of Administration Finance Corp., | State Board of Administration Finance Corp., | State Board of Administration Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.154% | 07/01/30 | 384 | 352623 |
|  |  |  | 888600 |
|  **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** | **Georgia — 0.0%** |
|  Municipal Electric Authority of Georgia, | Municipal Electric Authority of Georgia, | Municipal Electric Authority of Georgia, | Municipal Electric Authority of Georgia, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.655% | 04/01/57 | 1975 | 2134197 |
|  **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** | **Illinois — 0.0%** |
|  Chicago O'Hare International Airport, | Chicago O'Hare International Airport, | Chicago O'Hare International Airport, | Chicago O'Hare International Airport, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.395% | 01/01/40 | 325 | 360874 |
|  Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, | Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, | Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, | Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.899% | 12/01/40 | 529 | 591920 |
|  Metropolitan Water Reclamation District of Greater Chicago, | Metropolitan Water Reclamation District of Greater Chicago, | Metropolitan Water Reclamation District of Greater Chicago, | Metropolitan Water Reclamation District of Greater Chicago, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Limited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Limited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Limited, Taxable, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Limited, Taxable, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.720% | 12/01/38 | 210 | 217718 |
|  Sales Tax Securitization Corp., | Sales Tax Securitization Corp., | Sales Tax Securitization Corp., | Sales Tax Securitization Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.411% | 01/01/43 | 90 | 71241 |
|  State of Illinois, | State of Illinois, | State of Illinois, | State of Illinois, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.350% | 07/01/35 | 354 | 385044 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.100% | 06/01/33 | 410 | 420417 |
|  |  |  | 2047214 |
|  **Michigan — 0.1%** | **Michigan — 0.1%** | **Michigan — 0.1%** | **Michigan — 0.1%** |
|  Detroit City School District, | Detroit City School District, | Detroit City School District, | Detroit City School District, |
| &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited | &nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.645% | 05/01/29 | 240 | 255848 |
|  Michigan Finance Authority, | Michigan Finance Authority, | Michigan Finance Authority, | Michigan Finance Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.384% | 12/01/40 | 2055 | 1739196 |
|  Michigan State University, | Michigan State University, | Michigan State University, | Michigan State University, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.165% | 08/15/2122 | 6285 | 4551494 |
|  University of Michigan, | University of Michigan, | University of Michigan, | University of Michigan, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.504% | 04/01/52 | 1122 | 822025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.454% | 04/01/2122 | 4350 | 3374170 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10742733 |
|  **Missouri — 0.1%** | **Missouri — 0.1%** | **Missouri — 0.1%** | **Missouri — 0.1%** |
|  Curators of the University of Missouri (The), | Curators of the University of Missouri (The), | Curators of the University of Missouri (The), | Curators of the University of Missouri (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.792% | 11/01/41 | 135 | 140847 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A53

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **Missouri (cont'd.)** | **Missouri (cont'd.)** | **Missouri (cont'd.)** | **Missouri (cont'd.)** |
|  Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, | Health & Educational Facilities Authority of the State of Missouri, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229% | 05/15/50 | 5000 | 3556593 |
|  |  |  | 3697440 |
|  **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |
|  New Jersey Economic Development Authority, | New Jersey Economic Development Authority, | New Jersey Economic Development Authority, | New Jersey Economic Development Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.425% | 02/15/29 | 176 | 183865 |
|  New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, | New Jersey Turnpike Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.102% | 01/01/41 | 2240 | 2615168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.414% | 01/01/40 | 552 | 666347 |
|  Rutgers The State University of New Jersey, | Rutgers The State University of New Jersey, | Rutgers The State University of New Jersey, | Rutgers The State University of New Jersey, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.665% | 05/01/40 | 785 | 810663 |
|  |  |  | 4276043 |
|  **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
|  Empire State Development Corp., | Empire State Development Corp., | Empire State Development Corp., | Empire State Development Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% | 03/15/39 | 1525 | 1575439 |
|  Metropolitan Transportation Authority, | Metropolitan Transportation Authority, | Metropolitan Transportation Authority, | Metropolitan Transportation Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.687% | 11/15/40 | 1500 | 1644638 |
|  New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, | New York City Municipal Water Finance Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.882% | 06/15/44 | 675 | 688066 |
|  New York State Dormitory Authority, | New York State Dormitory Authority, | New York State Dormitory Authority, | New York State Dormitory Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.879% | 07/01/46 | 375 | 300291 |
|  New York State Urban Development Corp., | New York State Urban Development Corp., | New York State Urban Development Corp., | New York State Urban Development Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.838% | 03/15/40 | 2000 | 2094839 |
|  Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, | Port Authority of New York & New Jersey, |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.458% | 10/01/62 | 4930 | 4081935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 192 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810% | 10/15/65 | 895 | 790626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 210 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 210 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 210 | &nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.031% | 09/01/48 | 415 | 338891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 182 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 182 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 182 | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.310% | 08/01/46 | 50 | 48596 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11563321 |
|  **North Carolina — 0.0%** | **North Carolina — 0.0%** | **North Carolina — 0.0%** | **North Carolina — 0.0%** |
|  University of North Carolina at Chapel Hill, | University of North Carolina at Chapel Hill, | University of North Carolina at Chapel Hill, | University of North Carolina at Chapel Hill, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.847% | 12/01/34 | 145 | 139417 |
|  **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** | **Ohio — 0.0%** |
|  American Municipal Power, Inc., | American Municipal Power, Inc., | American Municipal Power, Inc., | American Municipal Power, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.084% | 02/15/50 | 1065 | 1344724 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** | **MUNICIPAL BONDS (continued)** |
|  **Ohio (cont'd.)** | **Ohio (cont'd.)** | **Ohio (cont'd.)** | **Ohio (cont'd.)** |
|  Ohio State University (The), | Ohio State University (The), | Ohio State University (The), | Ohio State University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.800% | 06/01/2111 | 2205 | 1840968 |
|  |  |  | 3185692 |
|  **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** |
|  Pennsylvania State University (The), | Pennsylvania State University (The), | Pennsylvania State University (The), | Pennsylvania State University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.840% | 09/01/50 | 190 | 127763 |
|  Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, | Pennsylvania Turnpike Commission, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.105% | 12/01/39 | 1245 | 1346768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.511% | 12/01/45 | 2800 | 2786322 |
|  Pocono Mountains Industrial Park Authority, | Pocono Mountains Industrial Park Authority, | Pocono Mountains Industrial Park Authority, | Pocono Mountains Industrial Park Authority, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 08/15/49 | 130 | 116514 |
|  |  |  | 4377367 |
|  **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** | **Texas — 0.0%** |
|  City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, | City of San Antonio Electric & Gas Systems Revenue, |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.985% | 02/01/39 | 155 | 166342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.427% | 02/01/42 | 1005 | 935951 |
|  Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, | Dallas Fort Worth International Airport, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.919% | 11/01/50 | 825 | 578526 |
|  Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., | Texas Private Activity Bond Surface Transportation Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.922% | 12/31/49 | 480 | 383752 |
|  |  |  | 2064571 |
|  **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** | **Virginia — 0.0%** |
|  University of Virginia, | University of Virginia, | University of Virginia, | University of Virginia, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.584% | 11/01/51 | 315 | 193589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.179% | 09/01/2117 | 3720 | 2742178 |
|  |  |  | 2935767 |
|  **Washington — 0.1%** | **Washington — 0.1%** | **Washington — 0.1%** | **Washington — 0.1%** |
|  Washington St. Hsg. Fin. Commn. Rev., | Washington St. Hsg. Fin. Commn. Rev., | Washington St. Hsg. Fin. Commn. Rev., | Washington St. Hsg. Fin. Commn. Rev., |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series 2023-01, Class X | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series 2023-01, Class X | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series 2023-01, Class X | &nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series 2023-01, Class X |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.451%(cc) | 04/20/37 | 53521 | 5133130 |
|  **Wisconsin — 0.0%** | **Wisconsin — 0.0%** | **Wisconsin — 0.0%** | **Wisconsin — 0.0%** |
|  State of Wisconsin, | State of Wisconsin, | State of Wisconsin, | State of Wisconsin, |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.954% | 05/01/36 | 250 | 238063 |
|  **TOTAL MUNICIPAL BONDS**<br> (cost $75,745,104) | **TOTAL MUNICIPAL BONDS**<br> (cost $75,745,104) | **TOTAL MUNICIPAL BONDS**<br> (cost $75,745,104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68243461 |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.2%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 6.2%** |
|  Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, | Angel Oak Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.518%(cc) | 05/25/65 | 51 | 47801 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A54

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-06, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.805%(cc) | 05/25/65 | 385 | 331079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.909%(cc) | 01/25/66 | 188 | 165577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.115%(cc) | 01/25/66 | 855 | 754889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.985%(cc) | 04/25/66 | 180 | 156747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.975%(cc) | 10/25/70 | 9815 | 9828913 |
|  Aran Funding DAC (Ireland), | Aran Funding DAC (Ireland), | Aran Funding DAC (Ireland), | Aran Funding DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.026%(c) | 12/24/65 | 6870 | 8072913 |
|  Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, | Banc of America Funding Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.328%(cc) | 10/20/46 | 17 | 14605 |
|  Bayview Financing Trust, | Bayview Financing Trust, | Bayview Financing Trust, | Bayview Financing Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 4.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 4.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 4.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 4.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.800%(c) | 07/01/26 | 6281 | 6314863 |
|  Bear Stearns Adjustable Rate Mortgage Trust, | Bear Stearns Adjustable Rate Mortgage Trust, | Bear Stearns Adjustable Rate Mortgage Trust, | Bear Stearns Adjustable Rate Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.905%(cc) | 08/25/35 | 52 | 48655 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 08/25/64 | 3567 | 3181084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%(cc) | 12/25/64 | 282 | 248529 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV01, Class A29, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | 07/01/51 | 1853 | 1534678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | 06/25/64 | 5435 | 5407271 |
|  Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, | Citigroup Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.530%(cc) | 09/25/47 | 364 | 336782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.100%(cc) | 02/25/63 | 24722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23713539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.227%(cc) | 02/25/63 | 2196 | 1959054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%(cc) | 02/25/63 | 664 | 529033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 02/25/63 | 240 | 179977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.177%(s) | 02/25/63 | 609 | 79078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.412%(s) | 02/25/63 | 1103 | 95221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.432%(cc) | 02/25/63 | 1476 | 1245222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%(cc) | 02/25/63 | 1126 | 922663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 02/25/63 | 31 | 28767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 02/25/63 | 32135 | 3214 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.018%(cc) | 01/25/64 | 32243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30422484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.018%(cc) | 01/25/64 | 1509 | 1137611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.182%(cc) | 01/25/64 | 604 | 376108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.182%(cc) | 01/25/64 | 382 | 217839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.182%(cc) | 01/25/64 | 483 | 233372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.182%(cc) | 01/25/64 | 459 | 182745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.182%(cc) | 01/25/64 | 1288 | 906609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.182%(cc) | 01/25/64 | 805 | 536990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 01/25/64 | 70 | 62273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 01/25/64 | 37774 | 3777 |
|  Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., | Citigroup Mortgage Loan Trust, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | 08/25/50 | 1393 | 1231723 |
|  COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, | COLT Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.352%(cc) | 03/25/70 | 13568 | 13641752 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.974%(c) | 10/25/41 | 2740 | 2784068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.424%(c) | 10/25/41 | 461 | 463200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1, 144A, 30 Day Average SOFR + 3.300% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.174%(c) | 11/25/41 | 160 | 163092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.124%(c) | 03/25/42 | 3275 | 3472760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.124%(c) | 03/25/42 | 730 | 765414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.974%(c) | 03/25/42 | 1265 | 1295639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.474%(c) | 07/25/42 | 4024 | 4286539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.474%(c) | 07/25/42 | 1000 | 1033694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.274%(c) | 12/25/42 | 174 | 177254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R02, Class 1M1, 144A, 30 Day Average SOFR + 2.300% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.174%(c) | 01/25/43 | 1437 | 1465531 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A55

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.374%(c) | 10/25/43 | 543 | $543660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.574%(c) | 07/25/44 | 1250 | 1254300 |
|  Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, | Countrywide Home Loan Mortgage Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-09, Class 1A1, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-09, Class 1A1, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-09, Class 1A1, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-09, Class 1A1, 1 Month SOFR + 0.714% (Cap N/A, Floor 0.600%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.446%(c) | 05/25/35 | 188 | 168680 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A, 1 Month SOFR + 0.814% (Cap 7.000%, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A, 1 Month SOFR + 0.814% (Cap 7.000%, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A, 1 Month SOFR + 0.814% (Cap 7.000%, Floor 0.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03R, Class 2A1, 144A, 1 Month SOFR + 0.814% (Cap 7.000%, Floor 0.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/27/37 | 118 | 114851 |
|  Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., | Eagle Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.324%(c) | 04/25/34 | 155 | 155371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.865%(c) | 09/26/33 | 661 | 662113 |
|  EFMT, | EFMT, | EFMT, | EFMT, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.387%(cc) | 05/26/70 | 15794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15913431 |
|  Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, | Ellington Financial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.046%(cc) | 11/25/59 | 24 | 23712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.931%(cc) | 06/25/66 | 111 | 94079 |
|  Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, | Fannie Mae Interest Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 319, Class 2, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 02/25/32 | —(r) | 58 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-54, Class ZM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-54, Class ZM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-54, Class ZM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-54, Class ZM |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/25/35 | 18 | 17774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-43, Class AH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-43, Class AH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-43, Class AH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-43, Class AH |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/25/40 | 2 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-134, Class IL, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-134, Class IL, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-134, Class IL, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-134, Class IL, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 12/25/32 | 159 | 13069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-10, Class KM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-10, Class KM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-10, Class KM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-10, Class KM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 09/25/43 | 5 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-35, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-35, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-35, Class CA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-35, Class CA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/25/44 | 2 | 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-33, Class LB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-33, Class LB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-33, Class LB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-33, Class LB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/25/39 | 7 | 6616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16, Class MB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16, Class MB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16, Class MB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16, Class MB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/25/46 | 438 | 436970 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.874%(c) | 12/25/50 | 200 | 213538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.874%(c) | 11/25/50 | 1965 | 2158594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.524%(c) | 01/25/34 | 260 | 260890 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.274%(c) | 10/25/41 | 2200 | $2238695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.374%(c) | 10/25/41 | 320 | 320905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.674%(c) | 11/25/41 | 4400 | 4432785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.224%(c) | 09/25/41 | 700 | 710003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.974%(c) | 09/25/41 | 4320 | 4354502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.224%(c) | 12/25/41 | 5900 | 5950394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.374%(c) | 01/25/42 | 210 | 213005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.774%(c) | 04/25/42 | 3100 | 3177185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.224%(c) | 05/25/42 | 1300 | 1341444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.574%(c) | 09/25/42 | 4500 | 4694085 |
|  FHLMC Whole Loan Securities Trust, | FHLMC Whole Loan Securities Trust, | FHLMC Whole Loan Securities Trust, | FHLMC Whole Loan Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SC01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SC01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SC01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-SC01, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.653%(cc) | 12/25/46 | 268 | 265570 |
|  First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, | First Horizon Alternative Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA01, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA01, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA01, Class 1A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AA01, Class 1A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.636%(cc) | 03/25/35 | 129 | 71933 |
|  Flagstar Mortgage Trust, | Flagstar Mortgage Trust, | Flagstar Mortgage Trust, | Flagstar Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03INV, Class B3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.438%(cc) | 05/25/48 | 4305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070519 |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2906, Class GZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2906, Class GZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2906, Class GZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 2906, Class GZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/15/34 | 80 | 82581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ | &nbsp;&nbsp;&nbsp;&nbsp; Series 4289, Class WZ |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/15/44 | 579 | 533903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4623, Class MF, 30 Day Average SOFR + 0.614% (Cap 6.500%, Floor 0.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 4623, Class MF, 30 Day Average SOFR + 0.614% (Cap 6.500%, Floor 0.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 4623, Class MF, 30 Day Average SOFR + 0.614% (Cap 6.500%, Floor 0.500%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 4623, Class MF, 30 Day Average SOFR + 0.614% (Cap 6.500%, Floor 0.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.598%(c) | 10/15/46 | 14 | 14137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 07/25/55 | 4000 | 4053188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 06/25/55 | 46021 | 46631445 |
|  Freddie Mac Seasoned Credit Risk Transfer Trust, | Freddie Mac Seasoned Credit Risk Transfer Trust, | Freddie Mac Seasoned Credit Risk Transfer Trust, | Freddie Mac Seasoned Credit Risk Transfer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class MV |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/25/58 | 7 | 7031 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A56

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class MA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class MA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class MA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class MA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/25/58 | 5 | 5064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/25/59 | 7 | 6831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-04, Class MV |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/25/59 | 8 | 7066 |
|  Galton Funding Mortgage Trust, | Galton Funding Mortgage Trust, | Galton Funding Mortgage Trust, | Galton Funding Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A23, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A23, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 11/25/57 | 145 | 132713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class A22, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class A22, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class A22, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02, Class A22, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 10/25/58 | 89 | 84809 |
|  GCAT Trust, | GCAT Trust, | GCAT Trust, | GCAT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(cc) | 10/25/70 | 8492 | 8497357 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-12, Class KN | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-12, Class KN | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-12, Class KN | &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-12, Class KN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/20/41 | 3 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-24, Class OI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-24, Class OI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-24, Class OI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-24, Class OI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/43 | 121 | 18940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-82, Class IG, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-82, Class IG, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-82, Class IG, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-82, Class IG, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/20/43 | 375 | 53404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-184, Class JH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-184, Class JH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-184, Class JH | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-184, Class JH |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/20/47 | 10 | 9626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08, Class DA | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-08, Class DA |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 11/20/47 | 112 | 106052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-63, Class LM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-63, Class LM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-63, Class LM | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-63, Class LM |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 10/20/50 | 1490 | 1266062 |
|  Greenpoint Mortgage Pass-Through Certificates, | Greenpoint Mortgage Pass-Through Certificates, | Greenpoint Mortgage Pass-Through Certificates, | Greenpoint Mortgage Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-01, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.033%(cc) | 10/25/33 | 23 | 22519 |
|  GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, | GS Mortgage-Backed Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-EB01A, Class 2A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-EB01A, Class 2A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-EB01A, Class 2A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-EB01A, Class 2A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.938%(cc) | 07/25/44 | 12 | 12049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A14, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.906%(cc) | 10/25/50 | 1012 | 882974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR01, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | 11/25/51 | 1409 | 1165769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR02, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | 02/25/52 | 1448 | 1203894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000% | 01/25/64 | 31 | 30165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.390%(cc) | 01/25/64 | 28279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25274110 |
|  HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, | HarborView Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A1A, 1 Month SOFR + 0.654% (Cap 10.500%, Floor 0.540%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A1A, 1 Month SOFR + 0.654% (Cap 10.500%, Floor 0.540%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A1A, 1 Month SOFR + 0.654% (Cap 10.500%, Floor 0.540%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A1A, 1 Month SOFR + 0.654% (Cap 10.500%, Floor 0.540%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.386%(c) | 03/19/35 | 635 | 617059 |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV03, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 05/25/50 | 372 | 336915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A11, 144A, 1 Month SOFR + 0.944% (Cap 6.000%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.676%(c) | 08/25/50 | 192 | 181659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 08/25/50 | 319 | 287807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A13, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(cc) | 10/25/50 | 446 | 390646 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(cc) | 10/25/50 | 161 | 140889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LTV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LTV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LTV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-LTV01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 06/25/50 | 25 | 24741 |
|  Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), | Kinbane DAC (Ireland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.003%(c) | 01/24/63 | 6236 | 7334040 |
|  Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, | Legacy Mortgage Asset Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%(cc) | 01/25/61 | 29275 | 29315042 |
|  LHOME Mortgage Trust, | LHOME Mortgage Trust, | LHOME Mortgage Trust, | LHOME Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.921%(cc) | 07/25/39 | 5500 | 5526842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.652%(cc) | 01/25/40 | 15700 | 15801422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.612%(cc) | 04/25/40 | 10000 | 10073821 |
|  Lincoln Senior Participation Trust, | Lincoln Senior Participation Trust, | Lincoln Senior Participation Trust, | Lincoln Senior Participation Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1X, 144A, 1 Month SOFR + 2.200% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1X, 144A, 1 Month SOFR + 2.200% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1X, 144A, 1 Month SOFR + 2.200% | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1X, 144A, 1 Month SOFR + 2.200% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.154%(c) | 06/27/27^ | 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000000 |
|  MetLife Securitization Trust, | MetLife Securitization Trust, | MetLife Securitization Trust, | MetLife Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | 03/25/57 | 152 | 149282 |
|  MFA Trust, | MFA Trust, | MFA Trust, | MFA Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.675%(cc) | 05/27/70 | 18695 | 18852412 |
|  Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, | Morgan Stanley Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A9, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A9, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A9, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A9, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | 05/25/51 | 113 | 93988 |
|  New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, | New Residential Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.596%(c) | 01/25/48 | 93 | 91141 |
|  NLT Trust, | NLT Trust, | NLT Trust, | NLT Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.506%(cc) | 02/25/70 | 22925 | 23167893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.708%(cc) | 02/25/70 | 2571 | 2598377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.860%(cc) | 02/25/70 | 4411 | 4456398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.399%(cc) | 02/25/70 | 35052 | 255445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.595%(cc) | 02/25/70 | 1388 | 1383821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.595%(cc) | 02/25/70 | 1092 | 1065904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.595%(cc) | 02/25/70 | 685 | 629941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.314%(cc) | 02/25/70 | 1980 | 2009382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.901%(cc) | 02/25/70^ | 35052 | 595884 |
|  Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., | Oaktown Re VII Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.774%(c) | 04/25/34 | 2883 | 2907855 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A57

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  OBX Trust, | OBX Trust, | OBX Trust, | OBX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.496%(c) | 06/25/57 | 1140 | $1117400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-EXP03, Class 2A2, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-EXP03, Class 2A2, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-EXP03, Class 2A2, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-EXP03, Class 2A2, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.946%(c) | 10/25/59 | 4 | 3940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 1A8, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 1A8, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 1A8, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 1A8, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 02/25/60 | 45 | 40153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 2A2, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 2A2, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 2A2, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP01, Class 2A2, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.796%(c) | 02/25/60 | 15 | 14971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A8, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A8, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A8, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP02, Class A8, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%(cc) | 05/25/60 | 117 | 103908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.597%(cc) | 11/25/64 | 17158 | 17310979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400%(cc) | 02/25/55 | 13802 | 13896574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.453%(cc) | 05/25/65 | 9300 | 9375202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.418%(cc) | 05/25/65 | 16282 | 16414229 |
|  PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, | PMT Credit Risk Transfer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.215%(c) | 03/29/27 | 17129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17294630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.965%(c) | 09/27/28 | 13979 | 14156832 |
|  PRET Trust, | PRET Trust, | PRET Trust, | PRET Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%(cc) | 06/25/64 | 8192 | 7891344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.063%(cc) | 02/25/55 | 16377 | 16407599 |
|  PRPM LLC, | PRPM LLC, | PRPM LLC, | PRPM LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 05/25/54 | 2988 | 2919450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%(cc) | 02/25/55 | 9126 | 9085826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 03/25/55 | 11619 | 11424296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 03/25/55 | 2310 | 2219624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 03/25/55 | 1362 | 1293346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 03/25/55 | 1329 | 1247331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 03/25/55 | 469 | 436315 |
|  PRPM Trust, | PRPM Trust, | PRPM Trust, | PRPM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.802%(cc) | 11/25/69 | 9707 | 9787555 |
|  Radnor Re Ltd., | Radnor Re Ltd., | Radnor Re Ltd., | Radnor Re Ltd., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.574%(c) | 11/25/31 | 1514 | 1529805 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES (continued)** |
|  RFMSI Trust, | RFMSI Trust, | RFMSI Trust, | RFMSI Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-S09, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-S09, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-S09, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2003-S09, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/25/32 | 1 | 801 |
|  Roc Mortgage Trust, | Roc Mortgage Trust, | Roc Mortgage Trust, | Roc Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%(cc) | 02/25/40 | 12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12566599 |
|  Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, | Sequoia Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class B1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.779%(cc) | 08/25/47 | 1001 | 953634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH01, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH01, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 03/25/48 | 41 | 37371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CH02, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%(cc) | 06/25/48 | 319 | 296871 |
|  Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, | Starwood Mortgage Residential Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.027%(cc) | 11/25/55 | 389 | 373095 |
|  Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, | Structured Adjustable Rate Mortgage Loan Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.759%(cc) | 12/25/34 | 588 | 548091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 2A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.420%(cc) | 02/25/35 | 529 | 504088 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%(cc) | 03/25/58 | 79 | 77157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.846%(c) | 10/25/59 | 499 | 499358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A2B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A2B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A2B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A2B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 01/25/60 | 4514 | 4015285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%(cc) | 07/25/68 | 3645 | 3544100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | 12/25/61 | 1592 | 1477373 |
|  UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, | UWM Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV02, Class A15, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%(cc) | 09/25/51 | 1451 | 1201977 |
|  Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, | Verus Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.815%(cc) | 01/25/66 | 80 | 72077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.155%(cc) | 01/25/66 | 355 | 323362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.218%(cc) | 09/25/66 | 731 | 638289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.095%(cc) | 02/25/69 | 1039 | 1048265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.427%(cc) | 06/25/70 | 13789 | 13899396 |
|  Vista Point Securitization Trust, | Vista Point Securitization Trust, | Vista Point Securitization Trust, | Vista Point Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.475%(cc) | 04/25/65 | 559 | 542476 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, | Washington Mutual Mortgage Pass-Through Certificates Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR08, Class A1, 1 Month SOFR + 0.954% (Cap 10.500%, Floor 0.840%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR08, Class A1, 1 Month SOFR + 0.954% (Cap 10.500%, Floor 0.840%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR08, Class A1, 1 Month SOFR + 0.954% (Cap 10.500%, Floor 0.840%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR08, Class A1, 1 Month SOFR + 0.954% (Cap 10.500%, Floor 0.840%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.686%(c) | 06/25/44 | 488 | 493810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 3A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 3A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 3A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY01, Class 3A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.104%(cc) | 02/25/37 | 1454 | 1251190 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A58

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA03, Class 2A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA03, Class 2A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA03, Class 2A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA03, Class 2A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 0.770% (Cap N/A, Floor 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA03, Class 2A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 0.770% (Cap N/A, Floor 0.770%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.799%(c) | 04/25/47 |  | 1354 | $1194645 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $604,031,850) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $604,031,850) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $604,031,850) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $604,031,850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613871934 |
|  **SOVEREIGN BONDS — 2.1%** | **SOVEREIGN BONDS — 2.1%** | **SOVEREIGN BONDS — 2.1%** | **SOVEREIGN BONDS — 2.1%** | **SOVEREIGN BONDS — 2.1%** |
|  Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), | Amazon Conservation DAC (Ecuador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.034% | 01/16/42 |  | 200 | 206330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.034% | 01/16/42 |  | 19000 | 19601323 |
|  Angolan Government International Bond (Angola), | Angolan Government International Bond (Angola), | Angolan Government International Bond (Angola), | Angolan Government International Bond (Angola), | Angolan Government International Bond (Angola), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375% | 05/08/48 |  | 400 | 350606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750% | 04/14/32 |  | 539 | 524182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.125% | 11/26/49 |  | 622 | 535686 |
|  Argentine Republic Government International Bond (Argentina), | Argentine Republic Government International Bond (Argentina), | Argentine Republic Government International Bond (Argentina), | Argentine Republic Government International Bond (Argentina), | Argentine Republic Government International Bond (Argentina), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125% | 07/09/30 | EUR | 3668 | 3567049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.750%(cc) | 07/09/30 |  | 7883 | 6716337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.000% | 07/09/29 |  | 16487 | 14697782 |
|  Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), | Bermuda Government International Bond (Bermuda), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 08/20/30 |  | 2441 | 2219784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/15/32 |  | 200 | 202126 |
|  Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), | Brazil Minas SPE via State of Minas Gerais (Brazil), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.333% | 02/15/28 |  | 3247 | 3247760 |
|  Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), | Colombia Government International Bond (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 09/19/28 | EUR | 17242 | 20080433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/19/32 | EUR | 3736 | 4214925 |
|  Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), | Dominican Republic International Bond (Dominican Republic), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/22/29 |  | 4058 | 4104667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 01/30/60 |  | 550 | 491700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.400% | 06/05/49 |  | 250 | 249312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 01/21/41 |  | 173 | 157084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/22/29 |  | 13629 | 13785733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.950% | 01/25/27 |  | 412 | 416120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 07/19/28 |  | 2579 | 2645732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/22/33 |  | 519 | 531561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.050% | 02/03/31 |  | 151 | 162165 |
|  Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), | Ecuador Social Bond Sarl (Ecuador), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.350% | 01/30/35^ |  | 40400 | 702960 |
|  Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), | Gabon Blue Bond Master Trust 2 (Gabon), |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | &nbsp;&nbsp;&nbsp;&nbsp; Insured Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.097% | 08/01/38 |  | 19000 | 19320150 |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 15Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 06/05/35 | EUR | 345 | 324477 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), | Ivory Coast Government International Bond (Ivory Coast), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 01/30/32 | EUR | 8261 | $9417854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/22/30 | EUR | 11268 | 13288501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | 10/17/31 | EUR | 14474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17137419 |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.659% | 05/24/31 |  | 2145 | 1911195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/12/34 |  | 256 | 221440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.280% | 08/14/41 |  | 500 | 401000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/31/50 |  | 621 | 469786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 02/10/48 |  | 514 | 398350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 05/19/33 |  | 2664 | 2557440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 02/09/28 |  | 200 | 204700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 02/09/35 |  | 200 | 209246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.050% | 01/11/40 |  | 888 | 883915 |
|  Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), | Panama Government International Bond (Panama), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.700% | 01/26/36 (a) |  | 1260 | 1353190 |
|  Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), | Peruvian Government International Bond (Peru), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/08/35 |  | 1210 | 1234805 |
|  Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), | Philippine Government International Bond (Philippines), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500% | 02/02/30 |  | 1000 | 1201560 |
|  Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), | Platinum for Belize Blue Investment Co. LLC (Belize), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.470% | 10/20/40 |  | 2000 | 1790040 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/14/31 |  | 496 | 450537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/14/31 |  | 114 | 103551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.624% | 05/26/30 | EUR | 255 | 295088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 11/25/27 |  | 154 | 156454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/16/30 |  | 10870 | 11196970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 02/17/28 |  | 194 | 202157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375% | 12/02/29 | EUR | 90 | 96868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/28/32 | EUR | 55 | 55104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 04/03/34 | EUR | 345 | 357478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 03/11/29 | EUR | 95 | 109278 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 03/04/28 |  | 800 | 793504 |
|  Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), | Serbia International Bond (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 06/26/29 | EUR | 6595 | 7175594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.650% | 03/03/33 | EUR | 2521 | 2472000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 05/26/28 |  | 4786 | 4956103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 12/01/30 |  | 774 | 674734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 05/26/28 |  | 2710 | 2806318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 09/26/33 |  | 200 | 214500 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $192,720,865) | **TOTAL SOVEREIGN BONDS**<br> (cost $192,720,865) | **TOTAL SOVEREIGN BONDS**<br> (cost $192,720,865) | **TOTAL SOVEREIGN BONDS**<br> (cost $192,720,865) | 203852663 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A59

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.3%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.3%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.3%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.3%** |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/50 | 348 | $287121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 281 | 230655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 11284 | 9205596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 9062 | 7390860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 37005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30156806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 29608 | 24119805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 48 | 39027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 51557 | 42040106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 29 | 24015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 22 | 18371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 49 | 40310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 55 | 45516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 44 | 40203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 240 | 207272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 2288 | 1955632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 4211 | 3594374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 9347 | 7983638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 495 | 420228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 11475 | 9802320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 384 | 327251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 80 | 68637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 17244 | 14708736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 5663 | 4837485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 22097 | 19063086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 52550 | 44885497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 12444 | 10526453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 25493 | 21738436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 216 | 185985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 963 | 830161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 4384 | 3734522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 54365 | 46112536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 819 | 709550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 14784 | 12603807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 292 | 251107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 3013 | 2568043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 35245 | 30047810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 515 | 444677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 570 | 485494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 1785 | 1520772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/51 | 484 | 416003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/51 | 870 | 747208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/51 | 912 | 784652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 53 | 45627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 1071 | 910162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 1716 | 1482416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 90 | 77721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 952 | 815696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 4464 | 3836800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 19121 | 16503396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 149 | 126461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 679 | 584323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 4210 | 3617876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 39 | 33796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 414 | 352281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 1113 | 960709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/27 | 1 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 7 | 6750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/30 | 85 | $84071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 350 | 340900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/34 | 343 | 335020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/34 | 29 | 28183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/35 | 75 | 72965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 11 | 10357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 55 | 51171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 14 | 13123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 4 | 3432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 8 | 7481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 40 | 37400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/43 | 39 | 36125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/45 | 6 | 5553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/45 | 48 | 44258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/45 | 10 | 9204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/45 | 73 | 67225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/45 | 39 | 35447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 142 | 128875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 971 | 880768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/48 | 7 | 6185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/49 | 510 | 464639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/49 | 520 | 471664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 21 | 18893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 202 | 182671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/50 | 22 | 20248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/50 | 224 | 201421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 939 | 848873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 3390 | 3056117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 82 | 72337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 1229 | 1100822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 55602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49339502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 29536 | 26184594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 3408 | 3068269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 21006 | 18616631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 1725 | 1553642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 1891 | 1698277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | 23 | 22652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/32 | 47 | 46711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/33 | 22 | 22016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/34 | 51 | 50398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/42 | 1 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 8 | 7670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 81 | 78098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 16 | 15185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 13 | 11980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 16 | 15087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 83 | 79818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 1 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 19 | 18575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 84 | 80891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 122 | 116109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 3 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 31 | 29241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 13 | 12629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/42 | 189 | 180596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 144 | 137486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 4 | 3818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 18 | 17027 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A60

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 115 | $109715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 334 | 318436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 22 | 21147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/43 | 38 | 36620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/44 | 192 | 183342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/44 | 3213 | 3064939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/44 | 270 | 258094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 234 | 222219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/44 | 6816 | 6499218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/45 | 98 | 92880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/45 | 110 | 104150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/45 | 22 | 20859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/45 | 134 | 127141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 86 | 81629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/46 | 192 | 182599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/46 | 61 | 58360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 1160 | 1090420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/47 | 61 | 57257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/48 | 2076 | 1953609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 806 | 759132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/49 | 5 | 4747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/49 | 46 | 43296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/49 | 106 | 100316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/50 | 780 | 730988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/50 | 2798 | 2618834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 5202 | 4826785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 5537 | 5151897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 125 | 116038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 28040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25986318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 21 | 19764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 72 | 66850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/33 | 52 | 52347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/34 | 22 | 22009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 1114 | 1101963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/38 | 146 | 144298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/40 | 117 | 115693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/40 | 1 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/40 | 458 | 449516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 2 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 3 | 3270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 5 | 5006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/40 | 4 | 3918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/40 | 306 | 301142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 1 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 97 | 94780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 216 | 210730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 247 | 242458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 289 | 282863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 10 | 10037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 60 | 58420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 378 | 370928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 20 | 19973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 70 | 68465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/41 | 47 | 45941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 158 | 154451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/42 | 4 | 3882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 2 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 6 | 5635 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 18 | $17545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 39 | 38337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/42 | 6 | 6135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 365 | 357473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 26 | 25591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 170 | 166544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 23 | 22144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/43 | 107 | 104862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/44 | 51 | 50144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/45 | 53 | 51331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/45 | 19 | 18507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/45 | 36 | 34532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/46 | 3 | 3159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/46 | 7 | 6577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/46 | 88 | 85564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 2 | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/48 | 4 | 4021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/48 | 95 | 92043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/48 | 490 | 473253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/50 | 33 | 32164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 1868 | 1804026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 5592 | 5335799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 56994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54392155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/37 | 107 | 107163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/39 | 27 | 27352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/39 | 29 | 29592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 17 | 17362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/39 | 124 | 125355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/39 | 9 | 9391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 3 | 2943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 8 | 8119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 52 | 52587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 167 | 169007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 374 | 377185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/39 | 13 | 13144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/40 | 24 | 24247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/40 | 16 | 16373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 28 | 27881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 41 | 41289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 31 | 31249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/40 | 26 | 26310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 151 | 152230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/41 | 38 | 38128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 5 | 5527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 7 | 7035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 7 | 7173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 14 | 14591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/41 | 36 | 35773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 54 | 53952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 98 | 98453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 302 | 304103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 302 | 304449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/42 | 15 | 14767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/42 | 245 | 246240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/42 | 15 | 15631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 5 | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 9 | 9027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 14 | 13601 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A61

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/44 | 167 | $167821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/46 | 31 | 31335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/48 | 273 | 272077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 122 | 120600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 9353 | 9161048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/33 | —(r) | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 1 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 1 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 2 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 2 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 330 | 338806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/35 | 50 | 51861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 1 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/39 | 2 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/40 | 3 | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/40 | 25 | 25549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/40 | 26 | 26430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/40 | 2 | 2348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/40 | 19 | 19240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 10 | 9811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 28 | 28691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 98 | 100968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 45 | 46758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 3 | 2625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 5 | 4775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 13 | 13170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 15 | 14922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 19548 | 19579391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 12262 | 12293707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 91 | 91164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 3071 | 3075691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 1984 | 1989103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/53 | 483 | 483779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/54 | 9301 | 9277688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/54 | 12210 | 12179919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/55 | 2085 | 2080304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/34 | 10 | 10749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 7 | 6776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/36 | 13 | 13123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/38 | 203 | 212347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 79 | 83107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 3867 | 3936959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 4376 | 4454161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 11452 | 11659458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 29253 | 29813924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/54 | 380 | 385581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/54 | 10765 | 10920202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/55 | 58309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59137401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/55 | 22999 | 23325654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/32 | —(r) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 2 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/33 | 5 | 4996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/33 | 52 | 54364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/37 | —(r) | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/38 | 3 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/38 | 2 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/38 | 3 | 3228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 980 | 1013817 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 5420 | 5587048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 6261 | 6456672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 2164 | 2231337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/54 | 26230 | 26933260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/32 | 240 | 271394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 4 | 4367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/39 | 11 | 10974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/53 | 6579 | 6848944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 | —(r) | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/32 | 1 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/53 | 1923 | 2023275 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.625% (Cap 10.401%, Floor 1.625%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.625% (Cap 10.401%, Floor 1.625%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.625% (Cap 10.401%, Floor 1.625%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.625% (Cap 10.401%, Floor 1.625%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/37 | 11 | 11315 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.733% (Cap 10.026%, Floor 1.733%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.733% (Cap 10.026%, Floor 1.733%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.733% (Cap 10.026%, Floor 1.733%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.733% (Cap 10.026%, Floor 1.733%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.733%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 5 | 5242 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.209%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.209%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.209%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.209%, Floor 1.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.406%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 70 | 72969 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.421%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.421%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.421%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 8.421%, Floor 1.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.202%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 36 | 37640 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.750% (Cap 9.435%, Floor 1.750%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | 1 | 806 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.715%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.715%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.715%, Floor 1.815%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.815% (Cap 10.715%, Floor 1.815%) |
|  6.146%(c) | 01/01/37 | 1 | 1416 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.848% (Cap 10.048%, Floor 1.848%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.848% (Cap 10.048%, Floor 1.848%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.848% (Cap 10.048%, Floor 1.848%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.848% (Cap 10.048%, Floor 1.848%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.384%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/36 | 1 | 1267 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.911% (Cap 11.166%, Floor 1.911%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.219%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | —(r) | 309 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.934% (Cap 10.453%, Floor 1.934%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.934% (Cap 10.453%, Floor 1.934%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.934% (Cap 10.453%, Floor 1.934%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.934% (Cap 10.453%, Floor 1.934%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.933%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 1 | 694 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.936% (Cap 7.779%, Floor 1.936%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.936% (Cap 7.779%, Floor 1.936%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.936% (Cap 7.779%, Floor 1.936%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 1.936% (Cap 7.779%, Floor 1.936%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.643%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 7 | 7792 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.032% (Cap 11.126%, Floor 2.032%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.032% (Cap 11.126%, Floor 2.032%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.032% (Cap 11.126%, Floor 2.032%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.032% (Cap 11.126%, Floor 2.032%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.398%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 2 | 2038 |
|  Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) | Federal Home Loan Mortgage Corp., 1 Year RFUCCT + 2.069% (Cap 10.954%, Floor 2.069%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.589%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 1 | 885 |
|  Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) | Federal Home Loan Mortgage Corp., 1 Year US Treasury Yield Curve Rate CMT + 2.250% (Cap 11.385%, Floor 2.250%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.317%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | —(r) | 165 |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 37259 | 28779260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 3143 | 2425324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 84962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65576984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/28 | 2 | 1922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 108 | 89321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 150 | 124576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 1206 | 984515 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A62

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/50 | 91 | $74809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/50 | 10172 | 8299121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 16 | 13292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 10106 | 8250632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 11 | 9191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 14673 | 11973038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 16 | 13331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 7126 | 5810603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 70243 | 57244188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 149816 | 122045939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 42 | 34543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 23 | 18985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 44 | 36549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 50 | 41155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 2855 | 2320684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 33 | 27004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA | 126000 | 106499532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/29 | 4 | 3879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/30 | 6 | 6310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/31 | 33 | 32201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 1211 | 1173527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/37 | 641 | 600704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/37 | 77 | 72211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/40 | 32 | 28761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/46 | 68 | 58714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 15 | 13166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 6 | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 19 | 15975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 791 | 669931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/50 | 581 | 498215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 19 | 16280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 28 | 24130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 150 | 128202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 1335 | 1151034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 2228 | 1926520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 3505 | 2995130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 959 | 828603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 3335 | 2881933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 5536 | 4794309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 92 | 79386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/50 | 1794 | 1532657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/50 | 9549 | 8157616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 522 | 449372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/51 | 60509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51581615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 538 | 463680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/51 | 7215 | 6159295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/51 | 725 | 618181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 521 | 444244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/51 | 10975 | 9363490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 50 | 42868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 206 | 173840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 262 | 226309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 342 | 294948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 517 | 438852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 660 | 563655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 3381 | 2918425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 43807 | 37360787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 514 | 443402 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 865 | $749435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 2705 | 2328236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 14701 | 12535659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 4937 | 4209220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 34 | 29349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 155 | 132149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 188 | 159315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 441 | 379453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 2050 | 1754550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 3968 | 3381427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 5145 | 4417622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 3623 | 3117940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 13511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11509979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 153 | 131937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/51 | 2127 | 1814808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 71 | 61051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 110 | 94944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 91 | 78315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 92 | 78760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 2257 | 1921550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 3468 | 2952129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 6318 | 5407024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 11664 | 9948412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 187 | 160668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 49 | 42283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 108 | 92274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 151 | 128881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 385 | 332631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 1359 | 1170877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 3071 | 2611717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/27 | 10 | 10347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/27 | 1 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/27 | 1 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/27 | 5 | 4851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/27 | 1 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/27 | 1 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/27 | 3 | 2934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/28 | 3 | 2963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/28 | 3 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/28 | 3 | 2897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/28 | 3 | 2833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/28 | 4 | 3520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 3 | 3433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/28 | 19 | 18883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/28 | 3 | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/28 | 4 | 3931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/28 | 5 | 4497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/28 | 3 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 2 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/28 | 73 | 71879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/29 | 3 | 3295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/29 | 83 | 82378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/29 | 6 | 5759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/30 | 15 | 15174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/32 | 42 | 40879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/32 | 49 | 47553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 18 | 17614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/33 | 11 | 10334 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A63

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/33 | 4 | $3839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/34 | 22 | 21741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/34 | 76 | 73354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/35 | 20 | 19190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/35 | 127 | 122973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/35 | 1353 | 1308394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/35 | 287 | 279247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 11 | 10174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 46 | 43275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 13 | 12525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/37 | 751 | 734437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 134 | 123959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 121 | 111848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 329 | 304713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 78 | 71949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 80 | 73668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 15 | 13749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 72 | 66925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 3 | 2602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 4 | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 7 | 6446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 13 | 12267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 18 | 16819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 57 | 52837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/43 | 108 | 99456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/43 | 86 | 79161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 4 | 3816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 1 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 7 | 6839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 11 | 10307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 20 | 18664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 32 | 29808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 57 | 52579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 240 | 221516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 68 | 63050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/43 | 25 | 23216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/43 | 209 | 191501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/43 | 335 | 308987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/43 | 840 | 775449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/44 | 28 | 25764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/44 | 1 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/45 | 68 | 62749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/45 | 162 | 148750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/46 | 1732 | 1571187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/46 | 345 | 317897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/46 | 153 | 138508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/46 | 18 | 16537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/46 | 81 | 73121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 58 | 52557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 62 | 56678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 80 | 72128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 215 | 196111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 304 | 277473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 576 | 525715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 2078 | 1920645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 2868 | 2602799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 39 | 35513 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 62 | $56593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 65 | 59152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 66 | 59932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/47 | 45 | 40708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/47 | 1377 | 1249600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/47 | 575 | 527454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 812 | 740951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 11 | 9702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/48 | 8527 | 7871598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/49 | 534 | 486321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/49 | 3519 | 3166040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/49 | 129 | 115799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 125 | 112248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 220 | 198608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/50 | 18479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16810797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 21 | 19310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 4008 | 3611688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 118 | 105017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 207 | 186667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 637 | 574997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 401 | 357807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 604 | 539171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 27 | 24319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/50 | 4468 | 3984387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/50 | 1264 | 1129724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/51 | 2880 | 2564956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/51 | 28 | 25615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 9317 | 8294052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/51 | 8563 | 7606377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 6824 | 6061625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/51 | 8478 | 7526313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 68 | 60526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 125 | 111674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/51 | 1767 | 1574254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 69 | 62237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/52 | 24275 | 21494782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 14177 | 12567962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 53086 | 47054326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/30 | 9 | 9285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/30 | 58 | 58037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/32 | 205 | 201840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/32 | 55 | 54888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/34 | 3 | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/34 | 5 | 5308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/34 | 11 | 10617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/34 | 16 | 16127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/34 | 355 | 352257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/34 | 18 | 17395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/34 | 53 | 51937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/34 | 68 | 66763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | 49 | 48235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/37 | 42 | 40918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/38 | 18 | 17096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 4 | 4297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/41 | 37 | 35552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/42 | 92 | 88231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/42 | 150 | 143892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/42 | 66 | 62967 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A64

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/42 | 139 | $132060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 17 | 16377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 74 | 70049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 307 | 294352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 165 | 156436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 281 | 266443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 473 | 451212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 2372 | 2262776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 266 | 252448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/42 | 44 | 41629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 46 | 43607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 311 | 295043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/43 | 36 | 34279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/43 | 456 | 435101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/43 | 8 | 7994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/43 | 178 | 170082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/43 | 185 | 176192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 16 | 15623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 60 | 57475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 67 | 63947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 105 | 99728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/43 | 326 | 311368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/43 | 50 | 47726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/43 | 51 | 48446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/43 | 56 | 53832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/43 | 24 | 23190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 285 | 271793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 1222 | 1169424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/44 | 29 | 27460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/45 | —(r) | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/45 | 9 | 8795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/45 | 38 | 36273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/45 | 440 | 419385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/45 | 27 | 25378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/45 | 54 | 50863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/45 | 54 | 51139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/45 | 11 | 10142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/45 | 33 | 30834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/45 | 92 | 87431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/45 | 747 | 711866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/46 | 20 | 18676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/46 | 303 | 287617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 2 | 2290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/46 | 37 | 35356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/46 | 98 | 93532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/46 | 89 | 84255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/46 | 332 | 315550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/47 | 302 | 285036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/47 | 1657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/47 | 354 | 335221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/47 | 47 | 44614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/47 | 22 | 20875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 96 | 90594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/47 | 27 | 25071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 3 | 3007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 19 | 18023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/48 | 119 | 113233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/48 | 17 | 16142 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/48 | 550 | $516999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 2024 | 1912966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/49 | 19 | 17563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/49 | 521 | 489482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/49 | 90 | 85030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/50 | 4158 | 3910452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 138 | 128674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/50 | 1093 | 1022888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/50 | 136 | 127706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/51 | 4460 | 4153503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 3139 | 2923435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/52 | 27390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25509115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/52 | 20370 | 18901860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 32835 | 30430368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 20 | 18280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 148 | 137080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 814 | 754126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 42 | 38974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/31 | 13 | 12689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 525 | 525239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 121 | 119962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/40 | 223 | 219532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/40 | 27 | 26887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/40 | 206 | 202186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 261 | 252725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/41 | 30 | 29782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/41 | 169 | 165078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 10 | 9528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 18 | 18045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 25 | 24237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 39 | 38506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 105 | 103031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 364 | 356120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/41 | 279 | 272952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 91 | 89290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/42 | 8 | 8091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/42 | 129 | 124084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 14 | 14171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 90 | 87127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 143 | 140270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/43 | 6 | 6275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/43 | 59 | 57569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/44 | 90 | 88087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/45 | 207 | 202217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/45 | 84 | 82165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/45 | 71 | 69201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/45 | 36 | 34776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/45 | 67 | 64269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/45 | 35 | 34294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/45 | 4 | 3782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/45 | 61 | 58666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/46 | 25 | 24309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/46 | 31 | 29716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 9 | 8291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 216 | 211276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 231 | 225944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/46 | 34 | 32702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/46 | 26 | 24895 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A65

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/46 | 57 | $55009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 4 | 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/47 | 1396 | 1350772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/47 | 738 | 714444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/47 | 226 | 218891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 43 | 41958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/47 | 863 | 835585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/47 | 210 | 203382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 52 | 50287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/48 | 848 | 823075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/48 | 165 | 159463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/49 | 240 | 230591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/51 | 3302 | 3154886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/52 | 13018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12402874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 34 | 32793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 75567 | 72027076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 7443 | 7161605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/53 | 7298 | 6966053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/35 | 7 | 6557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/39 | 57 | 57897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/39 | 230 | 232002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 29 | 29459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/39 | 78 | 79038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/39 | 102 | 102462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/39 | 27 | 27465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/39 | 144 | 145402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/39 | 359 | 362227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/40 | 3 | 3306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/40 | 219 | 220890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/40 | 24 | 23920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 18 | 17936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/40 | 256 | 258336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 10 | 10005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/40 | 363 | 365446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 27 | 27135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 43 | 43589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 183 | 184102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 362 | 365006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 41 | 40948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 44 | 44325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 64 | 64483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/41 | 113 | 113341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 370 | 372395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/41 | 4 | 4314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/41 | 9 | 8830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/41 | 350 | 352529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 25 | 25099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 29 | 29478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/41 | 6 | 5657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 5 | 4780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 7 | 6679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/41 | 5 | 5203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/41 | 110 | 110226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/42 | 48 | 47810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/42 | 8 | 8502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 8 | 8447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/42 | 16 | 16023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/42 | 67 | 67312 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/43 | 16 | $15830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/43 | 16 | 15554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/44 | 11 | 11018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/44 | 31 | 30546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/44 | 17 | 17017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/44 | 20 | 20003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/44 | 57 | 57246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/45 | 14 | 14371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/45 | 31 | 30777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/45 | 33 | 33291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/45 | 440 | 441078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/46 | 55 | 55198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 11 | 11102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/46 | 51 | 51699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/46 | 7 | 7275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/46 | 36 | 36290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/46 | 24 | 23819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/46 | 31 | 30866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/47 | 8 | 8427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/47 | 13 | 12875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/47 | 15 | 15268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/47 | 75 | 75844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/47 | 589 | 584896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/48 | 323 | 321015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/48 | 125 | 124192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/48 | 446 | 441850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/48 | 2198 | 2179115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/49 | 2162 | 2149287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/49 | 4 | 3721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/50 | 108 | 106260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/50 | 91 | 90040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 983 | 963547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 52552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51517357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/33 | 4 | 3646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 1 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 21 | 20908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/34 | 2 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/34 | 2 | 2496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/34 | 1 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/35 | 102 | 104366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35 | 11 | 11574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35 | 114 | 116706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/35 | 13 | 13493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/35 | 4 | 3577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/35 | 6 | 6516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/35 | 14 | 13832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 1 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 2 | 2522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 3 | 3341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/35 | 8 | 8583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/35 | 22 | 22500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/35 | 89 | 91390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/35 | 191 | 196376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/36 | 34 | 34641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 3 | 3234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 115 | 118149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/37 | 2 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/37 | 300 | 304875 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A66

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/38 | 12 | $11767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/38 | 81 | 83154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 10 | 10250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 45 | 45554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/40 | 21 | 21630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/40 | 40 | 40715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/40 | 52 | 53710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/40 | 79 | 81354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/41 | 177 | 181926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 10 | 10486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/41 | 25 | 25479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 57 | 58656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/41 | 4 | 3806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/41 | 71 | 72710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/41 | 41 | 42019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/42 | 88 | 90588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 37 | 38426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/42 | 58 | 59359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/42 | 118 | 121266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/44 | 156 | 160423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/45 | 429 | 440866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/47 | 751 | 771506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/49 | 459 | 467084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/52 | 3559 | 3565296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/52 | 10079 | 10094755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 30171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30217478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 802 | 808364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 21731 | 21764774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 42 | 41620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 2894 | 2903317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/54 | 1480 | 1476644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/54 | 3742 | 3734033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/54 | 1048 | 1045668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/54 | 39575 | 39477038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/55 | 1157 | 1153783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.310%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/41 | 36 | 36960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/34 | 2 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/34 | 44 | 44849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 3 | 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/34 | 12 | 12124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/35 | 5 | 4801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35 | 7 | 7828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/35 | 8 | 8723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/35 | 42 | 43919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 11 | 11533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 52 | 52997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/36 | 2 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/36 | 13 | 13492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/36 | 2 | 2207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/36 | 2 | 2518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/36 | 52 | 54013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/36 | 108 | 112899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/36 | 236 | 246543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 1 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 3 | 2826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 11 | 11820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 17 | 17374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 66 | 68710 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 113 | $117192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 123 | 128126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/37 | 48 | 50631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/38 | 17 | 17427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/38 | 111 | 115583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/38 | 64 | 66741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/39 | 35 | 36960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/39 | 37 | 38839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/40 | 66 | 68854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/41 | —(r) | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/41 | 110 | 114637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/52 | 800 | 814361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/52 | 192 | 195116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/52 | 247 | 252213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 2771 | 2830574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 83985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85723166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/53 | 26145 | 26616636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/53 | 1017 | 1035088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/55 | 39419 | 39978937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/32 | 2 | 2485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/33 | 2 | 2418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/33 | 3 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/34 | 58 | 60016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/34 | 2 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 2 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/34 | 108 | 112805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35 | 2 | 2263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/35 | 2 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/35 | 20 | 20887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 4 | 4211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/36 | 150 | 156943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/36 | —(r) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/36 | 36 | 37759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/36 | 43 | 45200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/36 | 5 | 4894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | 4 | 4640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | 285 | 295667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 10 | 10427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 2 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | —(r) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/37 | 4 | 4313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 3 | 3371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/37 | 36 | 37619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/37 | 17 | 17907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/37 | 101 | 106726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/37 | 245 | 259196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/37 | —(r) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/37 | 2 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/37 | 5 | 5076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 33 | 34003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 185 | 191951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/37 | 4 | 4523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/38 | 13 | 13821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/38 | 163 | 172795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/38 | 6 | 6211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/38 | 38 | 39982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/38 | 6 | 6145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/38 | 6 | 6823 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A67

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/38 | 32 | $| 34114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/38 | 2 |  | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/39 | 2 |  | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 40 |  | 42581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/39 | 189 |  | 199975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 50 |  | 52508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/40 | 2 |  | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/40 | 23 |  | 24640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/40 | 43 |  | 45730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/41 | 32 |  | 34038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/52 | 7327 |  | 7553070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/52 | 6542 |  | 6747361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/52 | 15098 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15597727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/54 | 2547 |  | 2637263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/54 | 14966 |  | 15366552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/32 | 1 |  | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/32 | 9 |  | 9810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/32 | 16 |  | 16865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/32 | 2 |  | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/32 | 4 |  | 4027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 5 |  | 4870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 37 |  | 39088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/36 | 1 |  | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/36 | 170 |  | 180773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 6 |  | 6588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 27 |  | 28111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 34 |  | 35511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | 19 |  | 19575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/01/36 | 78 |  | 83262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | 2 |  | 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/36 | 39 |  | 40949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 1 |  | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/36 | 3 |  | 3598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/36 | 1 |  | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/37 | 31 |  | 33250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/37 | 126 |  | 134119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/38 | 12 |  | 12281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/39 | 10 |  | 10292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/39 | 50 |  | 52924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/40 | 44 |  | 47255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/01/40 | 50 |  | 53269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/53 | 3449 |  | 3582521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.793%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/39 | 9 |  | 8991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/31 | —(r) |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/32 | —(r) |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/37 | 14 |  | 14512 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.340% (Cap 11.165%, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.215%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 1 |  | 1392 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.523% (Cap 9.846%, Floor 1.523%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.317%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/35 | 1 |  | 746 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.613% (Cap 10.260%, Floor 1.613%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.613% (Cap 10.260%, Floor 1.613%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.613% (Cap 10.260%, Floor 1.613%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.613% (Cap 10.260%, Floor 1.613%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.613% (Cap 10.260%, Floor 1.613%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.280%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | 3 |  | 3257 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.655% (Cap 11.030%, Floor 1.655%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.280%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/37 | 1 |  | 844 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.700% (Cap 10.450%, Floor 1.700%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.700% (Cap 10.450%, Floor 1.700%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.700% (Cap 10.450%, Floor 1.700%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.700% (Cap 10.450%, Floor 1.700%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.200%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/37 | 4 | $3672 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.800% (Cap 7.700%, Floor 1.800%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.800% (Cap 7.700%, Floor 1.800%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.800% (Cap 7.700%, Floor 1.800%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.800% (Cap 7.700%, Floor 1.800%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.596%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/01/42 | 30 | 31620 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.806% (Cap 8.531%, Floor 1.806%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.806% (Cap 8.531%, Floor 1.806%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.806% (Cap 8.531%, Floor 1.806%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.806% (Cap 8.531%, Floor 1.806%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.387%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/40 | 34 | 35230 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.818% (Cap 7.594%, Floor 1.818%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.818% (Cap 7.594%, Floor 1.818%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.818% (Cap 7.594%, Floor 1.818%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.818% (Cap 7.594%, Floor 1.818%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.712%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/42 | 7 | 6970 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.857% (Cap 11.111%, Floor 1.857%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.857% (Cap 11.111%, Floor 1.857%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.857% (Cap 11.111%, Floor 1.857%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.857% (Cap 11.111%, Floor 1.857%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.453%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/01/36 | 2 | 1752 |
|  Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) | Federal National Mortgage Assoc., 1 Year RFUCCT + 1.892% (Cap 10.392%, Floor 1.892%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.392%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/01/35 | —(r) | 402 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/36 | 229 | 209216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/37 | 317 | 288808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/37 | 531 | 484171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/50 | 1015 | 840978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/50 | 14477 | 11993387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/51 | 7390 | 6122676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/51 | 34634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28692664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/51 | 2116 | 1752856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/50 | 1211 | 1046337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/51 | 8946 | 7720706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/42 | 14 | 12411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/42 | 4 | 3808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/43 | 12 | 10607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/43 | 1 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/43 | 27 | 24460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/43 | 305 | 281830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/43 | 292 | 269110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/44 | 32 | 29210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/44 | 103 | 94549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/45 | 1761 | 1608330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/45 | 115 | 104950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 49 | 43951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 102 | 92267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 291 | 265071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 127 | 115388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 266 | 239082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 67 | 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 89 | 80671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 141 | 128655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 146 | 131158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 296 | 267047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 301 | 271072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/46 | 84 | 75705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/46 | 129 | 116510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/46 | 141 | 127177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/46 | 62 | 55792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/46 | 75 | 67711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/46 | 79 | 72321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/46 | 2486 | 2262468 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A68

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/46 | 641 | $584881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/47 | 9 | 8612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/49 | 199 | 176411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/49 | 428 | 378399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/49 | 6 | 5095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/50 | 10 | 8975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/50 | 886 | 777389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/50 | 205 | 179807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/41 | 27 | 25390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/41 | 20 | 18264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/42 | 3 | 3171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/42 | 57 | 53037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/42 | 19 | 17690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/42 | 67 | 62511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/42 | 8 | 7736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/42 | 20 | 18523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/42 | 12 | 11613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/42 | 14 | 12871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/42 | 140 | 132822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/42 | 5 | 4271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/42 | 13 | 11929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/42 | 26 | 24091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/42 | 31 | 29088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/42 | 237 | 224316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/42 | 5 | 4240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/42 | 123 | 116650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/43 | 14 | 12718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/43 | 25 | 23191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/43 | 18 | 16982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/43 | 8 | 7770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/43 | 298 | 272950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/43 | 1426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/43 | 30 | 27780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/43 | 40 | 37509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/43 | 4 | 4121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/43 | 756 | 713316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/43 | 82 | 76135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/43 | 9 | 8370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/43 | 32 | 29765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/43 | 5 | 4656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/43 | 393 | 367051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/43 | 114 | 106113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/44 | 18 | 16738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/44 | 1 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/44 | 46 | 42337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/45 | 52 | 48278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/45 | 161 | 147340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/45 | 90 | 83664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/45 | 5 | 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/46 | 18 | 16039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/46 | 682 | 635088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/46 | 9 | 7880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/46 | 24 | 22639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 2 | 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 2 | 2279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 5 | 4477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 5 | 4695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 7 | 6241 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 10 | $9180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 61 | 56656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 6 | 5164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 6 | 5271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 7 | 6179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 7 | 6673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 25 | 22673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/46 | 1709 | 1592296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 155 | 142969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 490 | 452270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/46 | 157 | 145970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/46 | 1837 | 1709981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/46 | 89 | 82904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/47 | 49 | 45911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/47 | 1330 | 1239288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/48 | 54 | 50138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/48 | 75 | 68894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/48 | 816 | 756959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/48 | 1397 | 1294326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/49 | 1 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/49 | 3 | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/49 | 4 | 3515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/50 | 602 | 554917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/50 | 1187 | 1094198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/50 | 152 | 139715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/50 | 227 | 209304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/50 | 249 | 229188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/51 | 8533 | 7831461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/51 | 74755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68630309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/52 | 14839 | 13655888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/52 | 24634 | 22699730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/52 | 1505 | 1382401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/26 | —(r) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/40 | 93 | 90749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/40 | 96 | 93213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/41 | 2 | 2215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/41 | 123 | 120078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/41 | 2 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/41 | 98 | 95436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/41 | 193 | 187860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/41 | 11 | 10252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/41 | 39 | 37383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/41 | 43 | 41327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/41 | 272 | 264831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/41 | 38 | 36843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/41 | 19 | 18081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/42 | 10 | 10147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/42 | 18 | 17883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/42 | 16 | 15613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/43 | 7 | 6951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/44 | 35 | 33513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/44 | 11 | 10555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/45 | 1091 | 1054978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/45 | 71 | 68871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/45 | 769 | 742920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/46 | 18 | 17723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 22 | 21253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/46 | 369 | 355214 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A69

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/47 | 8 | $7717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/47 | 8 | 7757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/47 | 1537 | 1481056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/47 | 31 | 30318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/47 | 710 | 684253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/47 | 168 | 161778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/48 | 252 | 239817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/48 | 1096 | 1053005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/49 | 163 | 156457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/49 | 66 | 62460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/50 | 1517 | 1452349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/52 | 4897 | 4665493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/52 | 32021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30520196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/52 | 13743 | 13073270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/35 | 5 | 4630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/39 | 3 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/39 | 17 | 16624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/39 | 91 | 91273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/39 | 1 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/39 | 7 | 6949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/39 | 3 | 3418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/39 | 6 | 5593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/39 | 26 | 25778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/40 | 11 | 10953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/40 | 223 | 224394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/40 | 22 | 22022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/40 | 419 | 422053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 1 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 9 | 8994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 10 | 10409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 33 | 32653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 101 | 100935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/40 | 1 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/40 | 2 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/40 | 14 | 14446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/40 | 48 | 48310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/40 | 107 | 107269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/40 | 5 | 4880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/40 | 57 | 57203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/40 | 253 | 255232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/41 | 11 | 11021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/41 | 250 | 251934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/41 | 40 | 40068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/41 | 280 | 281788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/41 | 1 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/41 | 18 | 18467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/41 | 3 | 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/41 | 34 | 34608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/41 | 215 | 216679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/41 | 562 | 566174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/42 | 1 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/42 | 6 | 5799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/43 | 1 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/44 | 1 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/44 | 1 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/45 | 1 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/45 | 169 | 168579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/46 | 126 | 125929 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/46 | 1 | $1470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/46 | 1 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/46 | 50 | 49869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/46 | 82 | 81629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/46 | 67 | 66892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/46 | 63 | 63248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/47 | 182 | 181587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/47 | 128 | 127380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/48 | 270 | 267601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/48 | 45 | 43504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/49 | 24 | 23371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/49 | 337 | 328905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/52 | 17622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17299844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/52 | 64865 | 63681066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/33 | —(r) | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/33 | 3 | 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/33 | 1 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/34 | —(r) | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/34 | 43 | 44017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/34 | 2 | 2440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/35 | 2 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/35 | 2 | 1763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/35 | —(r) | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/35 | 2 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/20/35 | 2 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/36 | 1 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/36 | 3 | 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/39 | 2 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/39 | 3 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/39 | 39 | 39834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/39 | 3 | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/39 | 32 | 32896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/39 | 6 | 6267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/39 | 22 | 22586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/39 | 2 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/39 | 4 | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/40 | 4 | 3611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/40 | 60 | 61975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/40 | 62 | 63864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/40 | 30 | 30358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/40 | 164 | 168470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 20 | 20086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/40 | 24 | 25022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/40 | 119 | 122334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/40 | 3 | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/40 | 7 | 7023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/40 | 92 | 94510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/40 | 4 | 4558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/40 | 5 | 5312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/20/40 | 59 | 60683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/40 | 19 | 19586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/40 | 10 | 10454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/41 | 121 | 123932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/41 | 7 | 6711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/41 | 133 | 136984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/20/42 | 1 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/20/42 | 7 | 7406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/47 | 144 | 147206 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A70

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 07/20/47 | 25 | $| 25755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/20/47 | 9 |  | 9626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/20/47 | 17 |  | 16936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/20/47 | 89 |  | 90566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 02/20/48 | 16 |  | 16265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/20/48 | 59 |  | 59783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/20/48 | 6 |  | 5802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/20/48 | 20 |  | 19595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/20/48 | 96 |  | 96957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/20/48 | 572 |  | 581140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/20/48 | 424 |  | 429808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/20/49 | 28 |  | 28466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 08/20/52 | 4173 |  | 4182039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/20/52 | 2799 |  | 2806700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/20/52 | 1410 |  | 1413010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/20/52 | 721 |  | 722402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/20/52 | 566 |  | 566887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/20/53 | 2189 |  | 2190016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/20/32 | —(r) |  | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/20/34 | 1 |  | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/20/36 | 246 |  | 254438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 08/20/38 | 4 |  | 3843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/20/48 | 143 |  | 147320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/20/48 | 106 |  | 110084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/20/48 | 93 |  | 96290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/20/48 | 1 |  | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/20/48 | 28 |  | 28479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/20/48 | 134 |  | 137613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 12/20/48 | 464 |  | 478059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/20/49 | 115 |  | 117804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 03/20/49 | 145 |  | 149488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 04/20/49 | 8 |  | 7871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 06/20/52 | 195 |  | 198637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/20/38 | 393 |  | 413665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 05/15/40 | 112 |  | 118284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 10/20/52 | 732 |  | 752898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 11/20/52 | 1360 |  | 1397564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 02/20/53 | 8602 |  | 8833381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 04/20/53 | 7320 |  | 7508490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/20/54 | 3782 |  | 3856247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | TBA(tt) | 500 |  | 516836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | TBA | 12000 |  | 12390469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500% | 03/20/54 | 5465 |  | 5659755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/20/29 | 3 |  | 2588 |
|  Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds | Tennessee Valley Authority Generic Strips, Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.083%(s) | 03/15/33 | 205 |  | 148098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.148%(s) | 09/15/30 | 138 |  | 113666 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $2,687,901,476) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $2,687,901,476) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $2,687,901,476) |  | 2699576823 |
|  **U.S. TREASURY OBLIGATIONS — 2.1%** | **U.S. TREASURY OBLIGATIONS — 2.1%** | **U.S. TREASURY OBLIGATIONS — 2.1%** | **U.S. TREASURY OBLIGATIONS — 2.1%** | **U.S. TREASURY OBLIGATIONS — 2.1%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 11/15/42(k) | 50095 |  | 45977817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 08/15/44 | 5615 |  | 5161413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 11/15/44(h)(kk) | 91830 |  | 90108187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 11/15/43(h)(k) | 32900 |  | 32946266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/55 | 290 |  | 285605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 08/15/45 | 28780 |  | 29099278 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal <br>Amount**<br>**(000)#** | **Value** |
|  **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** | **U.S. TREASURY OBLIGATIONS (continued)** |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 09/15/28 | 760 | $756972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | 12/31/30 | 330 | 328479 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.568%(s) | 11/15/42(k) | 920 | 399078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.810%(s) | 02/15/41 | 140 | 67457 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $209,630,329) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $209,630,329) | **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $209,630,329) | 205130552 |
|  |  | **Shares** |  |
| COMMON STOCK — 0.1% | COMMON STOCK — 0.1% | COMMON STOCK — 0.1% | COMMON STOCK — 0.1% |
| Wireless Telecommunication Services | Wireless Telecommunication Services | Wireless Telecommunication Services | Wireless Telecommunication Services |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) | &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) | 313445 | 5602829 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $380,103) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $380,103) |  |  |
| PREFERRED STOCK — 0.0% | PREFERRED STOCK — 0.0% | PREFERRED STOCK — 0.0% | PREFERRED STOCK — 0.0% |
| Wireless Telecommunication Services | Wireless Telecommunication Services | Wireless Telecommunication Services | Wireless Telecommunication Services |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | 20412 | 253944 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $72,070) | &nbsp;&nbsp;&nbsp;&nbsp; (cost $72,070) |  |  |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $9,449,032,685) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $9,449,032,685) | **TOTAL LONG-TERM INVESTMENTS**<br> (cost $9,449,032,685) | 9650739081 |
| SHORT-TERM INVESTMENTS — 3.1% | SHORT-TERM INVESTMENTS — 3.1% | SHORT-TERM INVESTMENTS — 3.1% | SHORT-TERM INVESTMENTS — 3.1% |
| AFFILIATED MUTUAL FUNDS | AFFILIATED MUTUAL FUNDS | AFFILIATED MUTUAL FUNDS | AFFILIATED MUTUAL FUNDS |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 199846461 | 199846461 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $110,568,148; includes $110,151,395 of cash collateral for securities on loan)(b)(wb) | &nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $110,568,148; includes $110,151,395 of cash collateral for securities on loan)(b)(wb) | 110665951 | 110599551 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $310,414,609) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $310,414,609) | **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $310,414,609) | 310446012 |
|  **TOTAL INVESTMENTS—100.8%**<br>(cost $9,759,447,294) | **TOTAL INVESTMENTS—100.8%**<br>(cost $9,759,447,294) | **TOTAL INVESTMENTS—100.8%**<br>(cost $9,759,447,294) | 9961185093 |
|  **Liabilities in excess of other assets(z) — (0.8)%** | **Liabilities in excess of other assets(z) — (0.8)%** | **Liabilities in excess of other assets(z) — (0.8)%** | (78372151) |
|  **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** | $9882812942 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $17,272,298 and 0.2% of net assets.  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A71

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $107,890,226; cash collateral of $110,151,395 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(kk) Represents security, or a portion thereof, segregated as collateral for TBA securities.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Principal or notional amount is less than $500 par.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(tt) All or partial principal amount represents "TBA" mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of $500,000 is 0.0% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original**<br>**Cost** | **Market<br>Value** | **Percentage**<br>**of**<br>**Net Assets** |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%, 12/31/30 | 11/14/23 | $87 | $87 | 0.0% |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 | 58 | 1 | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 72070 | 253944 | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24-01/30/24 | 380103 | 5602829 | 0.1 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25 | 9990000 | 10370919 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $10442318 | $16227780 | 0.2% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration**<br>**Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 569 | 2 Year U.S. Treasury Notes | Mar. 2026 | $118800976 | $44528 |
| 2339 | 10 Year U.S. Treasury Notes | Mar. 2026 | 262991313 | (23754) |
| 1041 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 119731271 | (374845) |
| 490 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 56640938 | 382077 |
| 5812 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 685816000 | (9571348) |
|  |  |  |  | (9543342) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 364 | 5 Year Euro-Bobl | Mar. 2026 | 49690088 | 356717 |
| 290 | 5 Year U.S. Treasury Notes | Mar. 2026 | 31698360 | (43387) |
| 107 | 10 Year Euro-Bund | Mar. 2026 | 16041468 | 219960 |
|  |  |  |  | 533290 |
|  |  |  |  | $(9010052) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A72

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional<br>Amount**<br>**(000)** | **Notional<br>Amount**<br>**(000)** | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | MSI | EUR | 22157 | $25808809 | $26049849 | $241040 | $— |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br>Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | JPM | GBP | 2617 | $3423792 | $3526973 | $— | $(103181) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | MSI | EUR | 120161 | 138766986 | 141273216 |  | (2506230) |
|  |  |  |  | $142190778 | $144800189 |  | (2609411) |
|  |  |  |  |  |  | $241040 | $(2609411) |

---

#### Credit default swap agreements outstanding at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed** <br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Arab Republic of Egypt (D01) | 12/20/30 | 1.000%(Q) | 500 | $36526 | $26 | $36500 DB |
|  Dominican Republic (D01) | 12/20/30 | 1.000%(Q) | 500 | 9299 | 26 | 9273 DB |
|  Emirate of Abu Dhabi (D01) | 12/20/30 | 1.000%(Q) | 500 | (16723) | 26 | (16749) DB |
|  Federal Republic of Nigeria (D01) | 12/20/30 | 1.000%(Q) | 500 | 43923 | 26 | 43897 DB |
|  Federation of Malaysia (D01) | 12/20/30 | 1.000%(Q) | 500 | (14247) | 26 | (14273) DB |
|  Federative Republic of Brazil (D01) | 12/20/30 | 1.000%(Q) | 2250 | 37496 | 119 | 37377 DB |
|  Kingdom of Bahrain (D01) | 12/20/30 | 1.000%(Q) | 500 | 17927 | 26 | 17901 DB |
|  Kingdom of Morocco (D01) | 12/20/30 | 1.000%(Q) | 500 | (7178) | 26 | (7204) DB |
|  Kingdom of Saudi Arabia (D01) | 12/20/30 | 1.000%(Q) | 2250 | (34010) | 119 | (34129) DB |
|  People's Republic of China (D01) | 12/20/30 | 1.000%(Q) | 2250 | (58454) | 119 | (58573) DB |
|  Republic of Argentina (D01) | 12/20/30 | 1.000%(Q) | 500 | 105344 | 26 | 105318 DB |
|  Republic of Chile (D01) | 12/20/30 | 1.000%(Q) | 1000 | (26416) | 53 | (26469) DB |
|  Republic of Colombia (D01) | 12/20/30 | 1.000%(Q) | 1500 | 70456 | 79 | 70377 DB |
|  Republic of Indonesia (D01) | 12/20/30 | 1.000%(Q) | 1750 | (25134) | 92 | (25226) DB |
|  Republic of Ivory Coast (D01) | 12/20/30 | 1.000%(Q) | 500 | 33001 | 26 | 32975 DB |
|  Republic of Panama (D01) | 12/20/30 | 1.000%(Q) | 750 | 8033 | 40 | 7993 DB |
|  Republic of Peru (D01) | 12/20/30 | 1.000%(Q) | 750 | (10322) | 40 | (10362) DB |
|  Republic of Philippines (D01) | 12/20/30 | 1.000%(Q) | 750 | (14898) | 40 | (14938) DB |
|  Republic of South Africa (D01) | 12/20/30 | 1.000%(Q) | 2250 | 34438 | 119 | 34319 DB |
|  Republic of Turkey (D01) | 12/20/30 | 1.000%(Q) | 2250 | 101558 | 119 | 101439 DB |
|  Sultanate of Oman (D01) | 12/20/30 | 1.000%(Q) | 500 | (7340) | 26 | (7366) DB |
|  United Mexican States (D01) | 12/20/30 | 1.000%(Q) | 2250 | (10963) | 119 | (11082) DB |
|  Arab Republic of Egypt (D02) | 12/20/30 | 1.000%(Q) | 4000 | 292213 | 316 | 291897 DB |
|  Dominican Republic (D02) | 12/20/30 | 1.000%(Q) | 4000 | 74397 | 316 | 74081 DB |
|  Emirate of Abu Dhabi (D02) | 12/20/30 | 1.000%(Q) | 4000 | (133783) | 316 | (134099) DB |
|  Federal Republic of Nigeria (D02) | 12/20/30 | 1.000%(Q) | 4000 | 351389 | 316 | 351073 DB |
|  Federation of Malaysia (D02) | 12/20/30 | 1.000%(Q) | 4000 | (113973) | 316 | (114289) DB |
|  Federative Republic of Brazil (D02) | 12/20/30 | 1.000%(Q) | 18000 | 299961 | 1423 | 298538 DB |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A73

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Credit default swap agreements outstanding at December 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed** <br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Kingdom of Bahrain (D02) | 12/20/30 | 1.000%(Q) | 4000 | $143420 | $316 | $143104 | DB |
|  Kingdom of Morocco (D02) | 12/20/30 | 1.000%(Q) | 4000 | (57422) | 316 | (57738) | DB |
|  Kingdom of Saudi Arabia (D02) | 12/20/30 | 1.000%(Q) | 18000 | (272087) | 1423 | (273510) | DB |
|  People's Republic of China (D02) | 12/20/30 | 1.000%(Q) | 18000 | (467633) | 1423 | (469056) | DB |
|  Republic of Argentina (D02) | 12/20/30 | 1.000%(Q) | 4000 | 842758 | 316 | 842442 | DB |
|  Republic of Chile (D02) | 12/20/30 | 1.000%(Q) | 8000 | (211334) | 633 | (211967) | DB |
|  Republic of Colombia (D02) | 12/20/30 | 1.000%(Q) | 12000 | 563650 | 949 | 562701 | DB |
|  Republic of Indonesia (D02) | 12/20/30 | 1.000%(Q) | 14000 | (201067) | 1107 | (202174) | DB |
|  Republic of Ivory Coast (D02) | 12/20/30 | 1.000%(Q) | 4000 | 264011 | 316 | 263695 | DB |
|  Republic of Panama (D02) | 12/20/30 | 1.000%(Q) | 6000 | 64256 | 474 | 63782 | DB |
|  Republic of Peru (D02) | 12/20/30 | 1.000%(Q) | 6000 | (82580) | 474 | (83054) | DB |
|  Republic of Philippines (D02) | 12/20/30 | 1.000%(Q) | 6000 | (119191) | 474 | (119665) | DB |
|  Republic of South Africa (D02) | 12/20/30 | 1.000%(Q) | 18000 | 275504 | 1423 | 274081 | DB |
|  Republic of Turkey (D02) | 12/20/30 | 1.000%(Q) | 18000 | 812457 | 1423 | 811034 | DB |
|  Sultanate of Oman (D02) | 12/20/30 | 1.000%(Q) | 4000 | (58716) | 316 | (59032) | DB |
|  United Mexican States (D02) | 12/20/30 | 1.000%(Q) | 18000 | (87707) | 1423 | (89130) | DB |
|  Arab Republic of Egypt (D03) | 12/20/30 | 1.000%(Q) | 2000 | 146107 | 423 | 145684 | BOA |
|  Dominican Republic (D03) | 12/20/30 | 1.000%(Q) | 2000 | 37199 | 423 | 36776 | BOA |
|  Emirate of Abu Dhabi (D03) | 12/20/30 | 1.000%(Q) | 2000 | (66891) | 423 | (67314) | BOA |
|  Federal Republic of Nigeria (D03) | 12/20/30 | 1.000%(Q) | 2000 | 175695 | 423 | 175272 | BOA |
|  Federation of Malaysia (D03) | 12/20/30 | 1.000%(Q) | 2000 | (56986) | 423 | (57409) | BOA |
|  Federative Republic of Brazil (D03) | 12/20/30 | 1.000%(Q) | 9000 | 149980 | 1902 | 148078 | BOA |
|  Kingdom of Bahrain (D03) | 12/20/30 | 1.000%(Q) | 2000 | 71710 | 423 | 71287 | BOA |
|  Kingdom of Morocco (D03) | 12/20/30 | 1.000%(Q) | 2000 | (28711) | 423 | (29134) | BOA |
|  Kingdom of Saudi Arabia (D03) | 12/20/30 | 1.000%(Q) | 9000 | (136044) | 1902 | (137946) | BOA |
|  People's Republic of China (D03) | 12/20/30 | 1.000%(Q) | 9000 | (233817) | 1902 | (235719) | BOA |
|  Republic of Argentina (D03) | 12/20/30 | 1.000%(Q) | 2000 | 421379 | 423 | 420956 | BOA |
|  Republic of Chile (D03) | 12/20/30 | 1.000%(Q) | 4000 | (105667) | 846 | (106513) | BOA |
|  Republic of Colombia (D03) | 12/20/30 | 1.000%(Q) | 6000 | 281824 | 1268 | 280556 | BOA |
|  Republic of Indonesia (D03) | 12/20/30 | 1.000%(Q) | 7000 | (100533) | 1480 | (102013) | BOA |
|  Republic of Ivory Coast (D03) | 12/20/30 | 1.000%(Q) | 2000 | 132006 | 423 | 131583 | BOA |
|  Republic of Panama (D03) | 12/20/30 | 1.000%(Q) | 3000 | 32128 | 634 | 31494 | BOA |
|  Republic of Peru (D03) | 12/20/30 | 1.000%(Q) | 3000 | (41290) | 634 | (41924) | BOA |
|  Republic of Philippines (D03) | 12/20/30 | 1.000%(Q) | 3000 | (59595) | 634 | (60229) | BOA |
|  Republic of South Africa (D03) | 12/20/30 | 1.000%(Q) | 9000 | 137751 | 1902 | 135849 | BOA |
|  Republic of Turkey (D03) | 12/20/30 | 1.000%(Q) | 9000 | 406228 | 1902 | 404326 | BOA |
|  Sultanate of Oman (D03) | 12/20/30 | 1.000%(Q) | 2000 | (29357) | 423 | (29780) | BOA |
|  United Mexican States (D03) | 12/20/30 | 1.000%(Q) | 9000 | (43854) | 1902 | (45756) | BOA |
|  Arab Republic of Egypt (D04) | 12/20/30 | 1.000%(Q) | 4000 | 292214 | 846 | 291368 | BOA |
|  Dominican Republic (D04) | 12/20/30 | 1.000%(Q) | 4000 | 74398 | 846 | 73552 | BOA |
|  Emirate of Abu Dhabi (D04) | 12/20/30 | 1.000%(Q) | 4000 | (133782) | 846 | (134628) | BOA |
|  Federal Republic of Nigeria (D04) | 12/20/30 | 1.000%(Q) | 4000 | 351390 | 846 | 350544 | BOA |
|  Federation of Malaysia (D04) | 12/20/30 | 1.000%(Q) | 4000 | (113972) | 846 | (114818) | BOA |
|  Federative Republic of Brazil (D04) | 12/20/30 | 1.000%(Q) | 18000 | 299961 | 3805 | 296156 | BOA |
|  Kingdom of Bahrain (D04) | 12/20/30 | 1.000%(Q) | 4000 | 143420 | 846 | 142574 | BOA |
|  Kingdom of Morocco (D04) | 12/20/30 | 1.000%(Q) | 4000 | (57421) | 846 | (58267) | BOA |
|  Kingdom of Saudi Arabia (D04) | 12/20/30 | 1.000%(Q) | 18000 | (272087) | 3805 | (275892) | BOA |
|  People's Republic of China (D04) | 12/20/30 | 1.000%(Q) | 18000 | (467633) | 3805 | (471438) | BOA |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A74

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed** <br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Argentina (D04) | 12/20/30 | 1.000%(Q) | 4000 | $842758 | $846 | $841912 | BOA |
|  Republic of Chile (D04) | 12/20/30 | 1.000%(Q) | 8000 | (211334) | 1691 | (213025) | BOA |
|  Republic of Colombia (D04) | 12/20/30 | 1.000%(Q) | 12000 | 563650 | 2537 | 561113 | BOA |
|  Republic of Indonesia (D04) | 12/20/30 | 1.000%(Q) | 14000 | (201067) | 2959 | (204026) | BOA |
|  Republic of Ivory Coast (D04) | 12/20/30 | 1.000%(Q) | 4000 | 264012 | 846 | 263166 | BOA |
|  Republic of Panama (D04) | 12/20/30 | 1.000%(Q) | 6000 | 64256 | 1268 | 62988 | BOA |
|  Republic of Peru (D04) | 12/20/30 | 1.000%(Q) | 6000 | (82580) | 1268 | (83848) | BOA |
|  Republic of Philippines (D04) | 12/20/30 | 1.000%(Q) | 6000 | (119191) | 1268 | (120459) | BOA |
|  Republic of South Africa (D04) | 12/20/30 | 1.000%(Q) | 18000 | 275504 | 3805 | 271699 | BOA |
|  Republic of Turkey (D04) | 12/20/30 | 1.000%(Q) | 18000 | 812457 | 3805 | 808652 | BOA |
|  Sultanate of Oman (D04) | 12/20/30 | 1.000%(Q) | 4000 | (58715) | 846 | (59561) | BOA |
|  United Mexican States (D04) | 12/20/30 | 1.000%(Q) | 18000 | (87707) | 3805 | (91512) | BOA |
|  Arab Republic of Egypt (D05) | 12/20/30 | 1.000%(Q) | 2000 | 146107 | 903 | 145204 | BOA |
|  Dominican Republic (D05) | 12/20/30 | 1.000%(Q) | 2000 | 37199 | 903 | 36296 | BOA |
|  Emirate of Abu Dhabi (D05) | 12/20/30 | 1.000%(Q) | 2000 | (66891) | 903 | (67794) | BOA |
|  Federal Republic of Nigeria (D05) | 12/20/30 | 1.000%(Q) | 2000 | 175695 | 903 | 174792 | BOA |
|  Federation of Malaysia (D05) | 12/20/30 | 1.000%(Q) | 2000 | (56986) | 903 | (57889) | BOA |
|  Federative Republic of Brazil (D05) | 12/20/30 | 1.000%(Q) | 9000 | 149980 | 4062 | 145918 | BOA |
|  Kingdom of Bahrain (D05) | 12/20/30 | 1.000%(Q) | 2000 | 71710 | 903 | 70807 | BOA |
|  Kingdom of Morocco (D05) | 12/20/30 | 1.000%(Q) | 2000 | (28710) | 903 | (29613) | BOA |
|  Kingdom of Saudi Arabia (D05) | 12/20/30 | 1.000%(Q) | 9000 | (136043) | 4062 | (140105) | BOA |
|  People's Republic of China (D05) | 12/20/30 | 1.000%(Q) | 9000 | (233816) | 4062 | (237878) | BOA |
|  Republic of Argentina (D05) | 12/20/30 | 1.000%(Q) | 2000 | 421379 | 903 | 420476 | BOA |
|  Republic of Chile (D05) | 12/20/30 | 1.000%(Q) | 4000 | (105667) | 1805 | (107472) | BOA |
|  Republic of Colombia (D05) | 12/20/30 | 1.000%(Q) | 6000 | 281825 | 2708 | 279117 | BOA |
|  Republic of Indonesia (D05) | 12/20/30 | 1.000%(Q) | 7000 | (100534) | 3159 | (103693) | BOA |
|  Republic of Ivory Coast (D05) | 12/20/30 | 1.000%(Q) | 2000 | 132006 | 903 | 131103 | BOA |
|  Republic of Panama (D05) | 12/20/30 | 1.000%(Q) | 3000 | 32128 | 1354 | 30774 | BOA |
|  Republic of Peru (D05) | 12/20/30 | 1.000%(Q) | 3000 | (41290) | 1354 | (42644) | BOA |
|  Republic of Philippines (D05) | 12/20/30 | 1.000%(Q) | 3000 | (59595) | 1354 | (60949) | BOA |
|  Republic of South Africa (D05) | 12/20/30 | 1.000%(Q) | 9000 | 137752 | 4062 | 133690 | BOA |
|  Republic of Turkey (D05) | 12/20/30 | 1.000%(Q) | 9000 | 406228 | 4062 | 402166 | BOA |
|  Sultanate of Oman (D05) | 12/20/30 | 1.000%(Q) | 2000 | (29357) | 903 | (30260) | BOA |
|  United Mexican States (D05) | 12/20/30 | 1.000%(Q) | 9000 | (43853) | 4062 | (47915) | BOA |
|  Arab Republic of Egypt (D06) | 12/20/30 | 1.000%(Q) | 2000 | 146106 | 1225 | 144881 | BOA |
|  Dominican Republic (D06) | 12/20/30 | 1.000%(Q) | 2000 | 37199 | 1225 | 35974 | BOA |
|  Emirate of Abu Dhabi (D06) | 12/20/30 | 1.000%(Q) | 2000 | (66891) | 1225 | (68116) | BOA |
|  Federal Republic of Nigeria (D06) | 12/20/30 | 1.000%(Q) | 2000 | 175695 | 1225 | 174470 | BOA |
|  Federation of Malaysia (D06) | 12/20/30 | 1.000%(Q) | 2000 | (56987) | 1225 | (58212) | BOA |
|  Federative Republic of Brazil (D06) | 12/20/30 | 1.000%(Q) | 9000 | 149980 | 5513 | 144467 | BOA |
|  Kingdom of Bahrain (D06) | 12/20/30 | 1.000%(Q) | 2000 | 71710 | 1225 | 70485 | BOA |
|  Kingdom of Morocco (D06) | 12/20/30 | 1.000%(Q) | 2000 | (28711) | 1225 | (29936) | BOA |
|  Kingdom of Saudi Arabia (D06) | 12/20/30 | 1.000%(Q) | 9000 | (136044) | 5513 | (141557) | BOA |
|  People's Republic of China (D06) | 12/20/30 | 1.000%(Q) | 9000 | (233816) | 5513 | (239329) | BOA |
|  Republic of Argentina (D06) | 12/20/30 | 1.000%(Q) | 2000 | 421379 | 1225 | 420154 | BOA |
|  Republic of Chile (D06) | 12/20/30 | 1.000%(Q) | 4000 | (105667) | 2450 | (108117) | BOA |
|  Republic of Colombia (D06) | 12/20/30 | 1.000%(Q) | 6000 | 281825 | 3675 | 278150 | BOA |
|  Republic of Indonesia (D06) | 12/20/30 | 1.000%(Q) | 7000 | (100533) | 4288 | (104821) | BOA |
|  Republic of Ivory Coast (D06) | 12/20/30 | 1.000%(Q) | 2000 | 132006 | 1225 | 130781 | BOA |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A75

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed** <br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Panama (D06) | 12/20/30 | 1.000%(Q) | 3000 | $32128 | $1838 | $30290 | BOA |
|  Republic of Peru (D06) | 12/20/30 | 1.000%(Q) | 3000 | (41290) | 1838 | (43128) | BOA |
|  Republic of Philippines (D06) | 12/20/30 | 1.000%(Q) | 3000 | (59595) | 1838 | (61433) | BOA |
|  Republic of South Africa (D06) | 12/20/30 | 1.000%(Q) | 9000 | 137752 | 5513 | 132239 | BOA |
|  Republic of Turkey (D06) | 12/20/30 | 1.000%(Q) | 9000 | 406228 | 5513 | 400715 | BOA |
|  Sultanate of Oman (D06) | 12/20/30 | 1.000%(Q) | 2000 | (29358) | 1225 | (30583) | BOA |
|  United Mexican States (D06) | 12/20/30 | 1.000%(Q) | 9000 | (43853) | 5513 | (49366) | BOA |
|  Arab Republic of Egypt (D07) | 12/20/30 | 1.000%(Q) | 4000 | 292213 | 3208 | 289005 | DB |
|  Dominican Republic (D07) | 12/20/30 | 1.000%(Q) | 4000 | 74398 | 3208 | 71190 | DB |
|  Emirate of Abu Dhabi (D07) | 12/20/30 | 1.000%(Q) | 4000 | (133782) | 3208 | (136990) | DB |
|  Federal Republic of Nigeria (D07) | 12/20/30 | 1.000%(Q) | 4000 | 351390 | 3208 | 348182 | DB |
|  Federation of Malaysia (D07) | 12/20/30 | 1.000%(Q) | 4000 | (113973) | 3208 | (117181) | DB |
|  Federative Republic of Brazil (D07) | 12/20/30 | 1.000%(Q) | 18000 | 299961 | 14435 | 285526 | DB |
|  Kingdom of Bahrain (D07) | 12/20/30 | 1.000%(Q) | 4000 | 143420 | 3208 | 140212 | DB |
|  Kingdom of Morocco (D07) | 12/20/30 | 1.000%(Q) | 4000 | (57421) | 3208 | (60629) | DB |
|  Kingdom of Saudi Arabia (D07) | 12/20/30 | 1.000%(Q) | 18000 | (272087) | 14435 | (286522) | DB |
|  People's Republic of China (D07) | 12/20/30 | 1.000%(Q) | 18000 | (467633) | 14435 | (482068) | DB |
|  Republic of Argentina (D07) | 12/20/30 | 1.000%(Q) | 4000 | 842758 | 3208 | 839550 | DB |
|  Republic of Chile (D07) | 12/20/30 | 1.000%(Q) | 8000 | (211334) | 6416 | (217750) | DB |
|  Republic of Colombia (D07) | 12/20/30 | 1.000%(Q) | 12000 | 563649 | 9623 | 554026 | DB |
|  Republic of Indonesia (D07) | 12/20/30 | 1.000%(Q) | 14000 | (201067) | 11227 | (212294) | DB |
|  Republic of Ivory Coast (D07) | 12/20/30 | 1.000%(Q) | 4000 | 264012 | 3208 | 260804 | DB |
|  Republic of Panama (D07) | 12/20/30 | 1.000%(Q) | 6000 | 64256 | 4812 | 59444 | DB |
|  Republic of Peru (D07) | 12/20/30 | 1.000%(Q) | 6000 | (82580) | 4812 | (87392) | DB |
|  Republic of Philippines (D07) | 12/20/30 | 1.000%(Q) | 6000 | (119190) | 4812 | (124002) | DB |
|  Republic of South Africa (D07) | 12/20/30 | 1.000%(Q) | 18000 | 275504 | 14435 | 261069 | DB |
|  Republic of Turkey (D07) | 12/20/30 | 1.000%(Q) | 18000 | 812457 | 14435 | 798022 | DB |
|  Sultanate of Oman (D07) | 12/20/30 | 1.000%(Q) | 4000 | (58715) | 3208 | (61923) | DB |
|  United Mexican States (D07) | 12/20/30 | 1.000%(Q) | 18000 | (87707) | 14435 | (102142) | DB |
|  |  |  |  | $10075691 | $347329 | $9728362 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** |  |
|  CDX.EM.44.V1 (D01) | 12/20/30 | 1.000 %(Q) | 25000 | 1.242% | $(261879) | $(3688) | $(258191) | DB |
|  CDX.EM.44.V1 (D02) | 12/20/30 | 1.000 %(Q) | 200000 | 1.242% | (2095033) | (34787) | (2060246) | DB |
|  CDX.EM.44.V1 (D03) | 12/20/30 | 1.000 %(Q) | 100000 | 1.242% | (1047517) | (30651) | (1016866) | BOA |
|  CDX.EM.44.V1 (D04) | 12/20/30 | 1.000 %(Q) | 200000 | 1.242% | (2095033) | (61302) | (2033731) | BOA |
|  CDX.EM.44.V1 (D05) | 12/20/30 | 1.000 %(Q) | 100000 | 1.242% | (1047517) | (54690) | (992827) | BOA |
|  CDX.EM.44.V1 (D06) | 12/20/30 | 1.000 %(Q) | 100000 | 1.242% | (1047517) | (70843) | (976674) | BOA |
|  CDX.EM.44.V1 (D07) | 12/20/30 | 1.000 %(Q) | 200000 | 1.242% | (2095033) | (179636) | (1915397) | DB |
|  |  |  |  |  | $(9689529) | $(435597) | $(9253932) |  |

---

\*\* The Portfolio entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Portfolio bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). Individual packages in the tables above are denoted by the corresponding footnotes (D01 - D07). 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A76

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** |
|  GS_24-PCA | 08/02/27 | 1.650%(M) | 31169 | \* | $44479 | $(10200) | $54679 | GSI |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |
|  Republic of France | 12/20/30 | 0.250%(Q) | 8730 | $(45338) | $(25920) | $(19418) | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) | 13095 | (435633) | (491266) | 55633 | BARC |
|  Republic of Panama | 06/20/28 | 1.000%(Q) | 16475 | (116304) | (77324) | (38980) | DB |
|  |  |  |  | $(597275) | $(594510) | $(2765) |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |
|  Alphabet, Inc. | 06/20/30 | 1.000 %(Q) |  | 13060 | 0.348% | $357268 | $321707 | $35561 | GSI |
|  Bank of Montreal^ | 11/20/29 | 1.250 %(Q) |  | 3835 | \* | 15492 |  | 15492 | GSI |
|  Bank of Nova Scotia | 12/20/26 | 1.000 %(Q) |  | 5572 | 0.138% | 47715 | 38758 | 8957 | CITI |
|  Barclays Bank PLC | 06/20/26 | 1.000 %(Q) | EUR | 3650 | 0.215% | 17059 | 13632 | 3427 | GSI |
|  Canadian Imperial Bank of Commerce^ | 06/20/28 | 1.100 %(Q) |  | 3065 | \* | 14242 |  | 14242 | GSI |
|  Citigroup, Inc. | 12/20/26 | 1.000 %(Q) |  | 3570 | 0.284% | 25533 | 23852 | 1681 | GSI |
|  Federative Republic of Brazil | 06/20/26 | 1.000 %(Q) |  | 4710 | 0.488% | 12591 | 13109 | (518) | BARC |
|  Hellenic Republic | 12/20/26 | 1.000 %(Q) |  | 9942 | 0.072% | 91523 | 87537 | 3986 | BARC |
|  Hellenic Republic | 06/20/27 | 1.000 %(Q) |  | 2875 | 0.112% | 37670 | 29420 | 8250 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000 %(Q) |  | 2160 | 0.132% | 36619 | 26883 | 9736 | BARC |
|  HSBC Bank PLC | 12/20/26 | 1.000 %(Q) |  | 8431 | 0.166% | 69952 | 68616 | 1336 | MSI |
|  Kingdom of Norway | 12/20/26 | — %(Q) |  | 27580 | 0.047% | (12544) | (13314) | 770 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000 %(Q) |  | 4205 | 0.231% | 8203 | 6936 | 1267 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000 %(Q) |  | 4205 | 0.238% | 16166 | 14500 | 1666 | CITI |
|  Kingdom of Spain | 06/20/26 | — %(Q) | EUR | 10000 | 0.028% | (1531) | (1109) | (422) | BARC |
|  Kingdom of Spain | 06/20/26 | 1.000 %(Q) | EUR | 7027 | 0.028% | 40158 | 37331 | 2827 | BARC |
|  Nomura Holdings, Inc. | 06/20/26 | 1.000 %(Q) |  | 11450 | 0.242% | 43809 | 40212 | 3597 | BARC |
|  Oracle Corp. | 06/20/30 | 1.000 %(Q) |  | 5660 | 1.367% | (81957) | 115218 | (197175) | GSI |
|  Pacific Life | 08/20/35 | 2.500 %(Q) |  | 4600 | 2.864% | (121351) | (16) | (121335) | GSI |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100 %(M) |  | 12000 | \* | 54358 |  | 54358 | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750 %(M) |  | 16100 | \* | 231694 |  | 231694 | GSI |
|  Republic of Argentina | 12/20/26 | 5.000 %(Q) |  | 6600 | 5.239% | (5529) | (66629) | 61100 | MSI |
|  Republic of France | 06/20/26 | 5.000 %(Q) | EUR | 2000 | 1.814% | 38315 | 27175 | 11140 | GSI |
|  Republic of France | 06/20/27 | 0.250 %(Q) |  | 4760 | 0.113% | 9741 | 8542 | 1199 | BARC |
|  Republic of France | 12/20/30 | 0.250 %(Q) |  | 8730 | 0.298% | (18597) | (53378) | 34781 | BARC |
|  Republic of France | 06/20/35 | 0.250 %(Q) |  | 3630 | 0.590% | (97065) | (121376) | 24311 | BARC |
|  Republic of France | 06/20/35 | 0.250 %(Q) |  | 2350 | 0.590% | (62838) | (81220) | 18382 | BARC |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A77

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  Republic of Italy | 12/20/30 | 1.000%(Q) |  | 13095 | 0.281% | $435632 | $368131 | $67501 | BARC |
|  Republic of Ivory Coast | 06/20/27 | 1.000%(Q) |  | 1000 | 1.198% | (2551) | (2203) | (348) | BARC |
|  Republic of Panama | 06/20/26 | 1.000%(Q) |  | 6147 | 0.459% | 17282 | 14351 | 2931 | CITI |
|  Republic of Panama^ | 06/20/28 | 1.000%(Q) |  | 16475 | \* | (37611) | (114952) | 77341 | DB |
|  Republic of Romania | 12/20/26 | 1.000%(Q) |  | 946 | 0.379% | 5902 | 4512 | 1390 | BOA |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000%(Q) |  | 7422 | 0.115% | 65227 | 63278 | 1949 | MSI |
|  Slovak Republic | 12/20/27 | 1.000%(Q) |  | 3455 | 0.155% | 57027 | 54908 | 2119 | BARC |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) |  | 9990 | 1.706% | (30081) | (23086) | (6995) | GSI |
|  Standard Chartered PLC | 12/20/26 | 1.000%(Q) |  | 4440 | 0.187% | 35937 | 35282 | 655 | MSI |
|  State of Qatar | 12/20/26 | 1.000%(Q) |  | 4920 | 0.084% | 44735 | 41502 | 3233 | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250%(Q) | EUR | 15000 | 0.049% | 17942 | 10850 | 7092 | BARC |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000%(Q) |  | 5705 | 0.135% | 24696 | 19270 | 5426 | GSI |
|  |  |  |  |  |  | $1400833 | $1008229 | $392604 |  |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

\* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Portfolio is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

A78

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Interest rate swap agreement outstanding at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** |
| 47105 | 08/15/39 | 3.773%(A) | 1 Day SOFR(2)(A)/ 3.870% | $— | $(1203507) | $(1203507) |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### Total return swap agreement outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long<br>(Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |
|  Total Return Benchmark Bond Index(T)†† | 1 Day USOIS -30bps(T)/ 3.340% | GSI | 04/20/26 | (227586) | $6845448 | $— | $6845448 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +25bps(T)/ 3.890% | BOA | 02/23/26 | 87160 | (586931) |  | (586931) |
|  |  |  |  |  | $6258517 | $— | $6258517 |

---

(1) On a long total return swap, the Portfolio receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Portfolio makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

†† See the table below for the swap constituents. To the extent that any swap is composed of greater than 50 constituents, the Portfolio is only required to disclose the top 50.

The following table represents the individual positions and related values of underlying securities of Total Return Benchmark Bond Index total return swap with GSI, as of December 31, 2025, termination date 04/20/2026:

#### Corporate Bond:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br>Value** | **% of Total<br>Index Value** |
|  J M Smucker Co. (The) | 12160000 | $13288700 | 1.25% |
|  Barclays PLC | 12160000 | 13030010 | 1.22% |
|  QUALCOMM, Inc. | 12160000 | 12902558 | 1.21% |
|  Travelers Cos., Inc. (The) | 12160000 | 12781595 | 1.20% |
|  Cigna Group (The) | 12160000 | 12778255 | 1.20% |
|  Siemens Funding BV | 12160000 | 12740501 | 1.19% |
|  Brookfield Asset Management Ltd. | 12160000 | 12709336 | 1.19% |
|  Brown & Brown, Inc. | 12160000 | 12705572 | 1.19% |
|  HCA, Inc. | 12160000 | 12694207 | 1.19% |
|  United Parcel Service, Inc. | 12160000 | 12687076 | 1.19% |
|  BHP Billiton Finance USA Ltd. | 12160000 | 12683016 | 1.19% |
|  AT&T, Inc. | 12160000 | 12677014 | 1.19% |
|  CVS Health Corp. | 12160000 | 12673878 | 1.19% |
|  Burlington Northern Santa Fe LLC | 12160000 | 12667083 | 1.19% |
|  Rio Tinto Finance USA PLC | 12160000 | 12642179 | 1.18% |
|  NextEra Energy Capital Holdings, Inc. | 12160000 | 12560671 | 1.18% |
|  Merck & Co., Inc. | 12160000 | 12539250 | 1.18% |
|  Eli Lilly & Co. | 12160000 | 12536875 | 1.17% |
|  Athene Holding Ltd. | 12160000 | 12514024 | 1.17% |
|  Wynnton Funding Trust II | 12160000 | 12502528 | 1.17% |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. | 12160000 | 12500745 | 1.17% |
|  American Water Capital Corp. | 12160000 | 12496875 | 1.17% |
|  Kinder Morgan, Inc. | 12160000 | 12441972 | 1.17% |
|  Caterpillar, Inc. | 12160000 | 12380601 | 1.16% |
|  Citigroup, Inc. | 12160000 | 12366875 | 1.16% |
|  NiSource, Inc. | 12160000 | 12334143 | 1.16% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A79

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Corporate Bond (continued):

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br>Value** | **% of Total<br>Index Value** |
|  Constellation Energy Generation LLC | 12160000 | $12315675 | 1.15% |
|  HCA, Inc. | 12160000 | 12310930 | 1.15% |
|  Takeda Pharmaceutical Co. Ltd. | 12160000 | 12298652 | 1.15% |
|  UnitedHealth Group, Inc. | 12160000 | 12283802 | 1.15% |
|  IBM Corp. | 12160000 | 12281219 | 1.15% |
|  Synopsys, Inc. | 12160000 | 12275950 | 1.15% |
|  T-Mobile USA, Inc. | 12160000 | 12252002 | 1.15% |
|  Steel Dynamics, Inc. | 12160000 | 12227196 | 1.15% |
|  Bristol-Myers Squibb Co. | 12160000 | 12222799 | 1.15% |
|  Union Pacific Corp. | 12160000 | 12217439 | 1.15% |
|  Targa Resources Corp. | 12160000 | 12211504 | 1.14% |
|  Amgen, Inc. | 12160000 | 12182300 | 1.14% |
|  AEP Texas, Inc. | 12160000 | 12178298 | 1.14% |
|  Comcast Corp. | 12160000 | 12163870 | 1.14% |
|  Elevance Health, Inc. | 12160000 | 12159414 | 1.14% |
|  Raymond James Financial, Inc. | 12160000 | 12156567 | 1.14% |
|  Energy Transfer LP | 12160000 | 12143514 | 1.14% |
|  Rwe Finance US LLC | 12160000 | 12139984 | 1.14% |
|  Morgan Stanley | 12160000 | 12135605 | 1.14% |
|  Gilead Sciences, Inc. | 12160000 | 12124133 | 1.14% |
|  Enterprise Products Operating LLC | 12160000 | 12071910 | 1.13% |
|  Virginia Electric and Power Co. | 12160000 | 12070894 | 1.13% |
|  Duke Energy Corp. | 12160000 | 12068077 | 1.13% |
|  Coca-Cola Co. (The) | 12160000 | 12061377 | 1.13% |
|  |  | $621388650 |  |

---

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $1832841 | $(1517590) | $25934518 | $(18757053) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $— | $2871629 |
|  MLC |  | 43637928 |
|  **Total** | $— | $46509557 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A80

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $199437179 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 11902009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 71674607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 4044461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 24392458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 168370096 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 107729507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 15695944 | 3396855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Business Loan |  | 31608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 19862640 |  |
|  Commercial Mortgage-Backed Securities |  | 1431787547 |  |
|  Corporate Bonds |  | 3795881963 | 1 |
|  Municipal Bonds |  | 68243461 |  |
|  Residential Mortgage-Backed Securities |  | 601276050 | 12595884 |
|  Sovereign Bonds |  | 203149703 | 702960 |
|  U.S. Government Agency Obligations |  | 2699576823 |  |
|  U.S. Treasury Obligations |  | 205130552 |  |
|  Common Stock |  | 5602829 |  |
|  Preferred Stock |  |  | 253944 |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 310446012 |  |  |
|  **Total** | $**310446012** | $**9633789437** | $**16949644** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $1003282 | $— | $— |
|  OTC Forward Foreign Currency Exchange Contract |  | 241040 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 18426079 |  |
|  OTC Credit Default Swap Agreements |  | 1556702 | 360265 |
|  OTC Total Return Swap Agreement |  | 6845448 |  |
|  **Total** | $**1003282** | $**27069269** | $**360265** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(10013334) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contracts |  | (2609411) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (18039917) |  |
|  OTC Credit Default Swap Agreements |  | (1031319) | (37611) |
|  Centrally Cleared Interest Rate Swap Agreement |  | (1203507) |  |
|  OTC Total Return Swap Agreement |  | (586931) |  |
|  **Total** | $**(10013334)** | $**(23471085)** | $**(37611)** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 27.3 |
|  Commercial Mortgage-Backed Securities | 14.5 |
|  Banks | 13.8 |
|  Residential Mortgage-Backed Securities | 6.4 |
|  Pipelines | 3.5 |

---

---

| | |
|:---|:---|
|  Affiliated Mutual Funds (1.1% represents investments purchased with collateral from securities on loan) | 3.1 |
|  Oil & Gas | 2.3 |
|  Real Estate Investment Trusts (REITs) | 2.2 |
|  Electric | 2.2 |
|  U.S. Treasury Obligations | 2.1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A81

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Sovereign Bonds | 2.1 |
|  Automobiles | 2.0 |
|  Home Equity Loans | 1.7 |
|  Telecommunications | 1.5 |
|  Healthcare-Services | 1.5 |
|  Mining | 1.2 |
|  Other | 1.1 |
|  Auto Manufacturers | 0.9 |
|  Pharmaceuticals | 0.8 |
|  Internet | 0.8 |
|  Consumer Loans | 0.7 |
|  Municipal Bonds | 0.7 |
|  Insurance | 0.7 |
|  Commercial Services | 0.7 |
|  Aerospace & Defense | 0.6 |
|  Agriculture | 0.6 |
|  Media | 0.5 |
|  Diversified Financial Services | 0.5 |
|  Chemicals | 0.5 |
|  Semiconductors | 0.4 |
|  Airlines | 0.4 |
|  Machinery-Diversified | 0.4 |
|  Lodging | 0.3 |
|  Foods | 0.3 |
|  Engineering & Construction | 0.3 |
|  Equipment | 0.3 |
|  Trucking & Leasing | 0.2 |
|  Student Loans | 0.2 |
|  Software | 0.2 |
|  Building Materials | 0.2 |

---

---

| | |
|:---|:---|
|  Retail | 0.1% |
|  Computers | 0.1 |
|  Collateralized Loan Obligations | 0.1 |
|  Packaging & Containers | 0.1 |
|  Transportation | 0.1 |
|  Biotechnology | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Office/Business Equipment | 0.1 |
|  Leisure Time | 0.1 |
|  Investment Companies | 0.1 |
|  Miscellaneous Manufacturing | 0.1 |
|  Gas | 0.0 \* |
|  Credit Cards | 0.0 \* |
|  Healthcare-Products | 0.0 \* |
|  Real Estate | 0.0 \* |
|  Beverages | 0.0 \* |
|  Auto Parts & Equipment | 0.0 \* |
|  Forest Products & Paper | 0.0 \* |
|  Multi-National | 0.0 \* |
|  Oil & Gas Services | 0.0 \* |
|  Iron/Steel | 0.0 \* |
|  Cosmetics/Personal Care | 0.0 \* |
|  Small Business Loan | 0.0 \* |
|  | 100.8 |
|  Liabilities in excess of other assets | (0.8) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as<br>hedging instruments, carried at fair<br>value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts | Premiums paid for OTC swap agreements | $1832841 | Premiums received for OTC swap agreements | $1517590 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 19089070 | Unrealized depreciation on OTC swap agreements | 18170122 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 241040 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 2609411 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 1003282 \* | Due from/to broker-variation margin futures | 10013334 \* |
|  Interest rate contracts |  |  | Due from/to broker-variation margin swaps | 1203507 \* |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 6845448 | Unrealized depreciation on OTC swap agreements | 586931 |
|  |  | $29011681 |  | $34100895 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A82

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $4618695 |
|  Foreign exchange contracts |  | (8828447) |  |
|  Interest rate contracts | (34410314) |  | (8173306) |
|  **Total** | $(34410314) | $(8828447) | $(3554611) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $1035745 |
|  Foreign exchange contracts |  | (3424869) |  |
|  Interest rate contracts | 1999568 |  | 15930948 |
|  **Total** | $1999568 | $(3424869) | $16966693 |

---

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $1160172805 |
|  Futures Contracts - Short Positions (1) | 293540446 |
|  Forward Foreign Currency Exchange Contracts - Purchased (2) | 96368894 |
|  Forward Foreign Currency Exchange Contracts - Sold (2) | 246225857 |
|  Credit Default Swap Agreements - Buy Protection (1) | 818178165 |
|  Credit Default Swap Agreements - Sell Protection (1) | 1138588305 |
|  Interest Rate Swap Agreements (1) | 47105000 |
|  Total Return Swap Agreements (1) | 132677196 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Notional Amount in USD.

(2) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets/(Liabilities)**  | **Collateral<br>Pledged/(Received)(2)** | **Net** <br> **Amount**  |
|  Securities on Loan | $107890226 | $(107890226) | $— |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A83

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $961842 | $(810492) | $151350 | $— | $151350 |
|  BOA | 10054246 | (10426536) | (372290) |  | (372290) |
|  CITI | 89366 |  | 89366 | (89366) |  |
|  DB | 8635687 | (8612179) | 23508 |  | 23508 |
|  GSI | 7794002 | (358807) | 7435195 | (6058000) | 1377195 |
|  JPM |  | (103181) | (103181) |  | (103181) |
|  MSI | 473256 | (2572859) | (2099603) | 2099603 |  |
|  | $28008399 | $(22884054) | $5124345 | $(4047763) | $1076582 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A84

------

<br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $107,890,226: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $9,449,032,685) | $9650739081.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $310,414,609) | 310446012.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $1,205,122) | 1214739.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 363043747.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 73168171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 25934518.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 1832841.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 241040.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 134511.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 10426754660.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 403624542.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 110151395.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 18757053.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 3472336.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 2964175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 2609411.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received for OTC swap agreements | 1517590.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 670160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin swaps | 166357.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 8090.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian | 131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 543941718.0 |
|  **NET ASSETS** | $9882812942.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $9882812942.0 |
|  Net asset value and redemption price per share, $9,882,812,942 / 827,203,120 outstanding shares of beneficial interest | $11.95 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $581728189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 9033158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $261,051) | 261087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 591022434 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 646583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 192680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 141802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 131918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 92602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 28103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 23988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 20803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 54514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1343334 |
|  **NET INVESTMENT INCOME (LOSS)** | 589679100 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(3279)) | 35498078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (34410314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (8828447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | (3554611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 4468770 |
|  | (6826524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(18)) | 242857043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 1999568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (3424869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 16966693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 179281 |
|  | 258577716 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 251751192 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $841430292 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $589679100 | $511718746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (6826524) | 58852985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 258577716 | (279831047) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 841430292 | 290740684 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [275,431,191 and 229,523,626 shares, respectively] | 3128121300 | 2505523056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares issued in merger [0 and 165,820,077 shares, respectively] |  | 1870450466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [470,765,727 and 254,313,321 shares, respectively] | (5378500726) | (2784780160) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (2250379426) | 1591193362 |
|  **TOTAL INCREASE (DECREASE)** | (1408949134) | 1881934046 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 11291762076 | 9409828030 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $9882812942 | $11291762076 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A85

------

---

| | |
|:---|:---|
|  | <br> **AST PGIM FIXED INCOME CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **June 27, 2022<sup>(a)</sup>through** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **June 27, 2022<sup>(a)</sup>through** |
|  | **2025** | **2024** | **2023** | **December 31, 2022** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
|  Net Asset Value, beginning of period | $11.04 | $10.67 | $9.83 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |
|  Net investment income (loss) | 0.63 | 0.59 | 0.54 | 0.24 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.28 | (0.22) | 0.30 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.91 | 0.37 | 0.84 | (0.17) |
|  Net Asset Value, end of period | $11.95 | $11.04 | $10.67 | $9.83 |
|  **Total Return<sup>(c)</sup>** | 8.24% | 3.47% | 8.43% | (1.60)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (in millions) | $9883 | $11292 | $9410 | $6296 |
|  Average net assets (in millions) | $10818 | $9427 | $8093 | $5563 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.01% | 0.01% | 0.01% | 0.01 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.01% | 0.01% | 0.01% | 0.01 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.45% | 5.43% | 5.31% | 4.73 %<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)(g)</sup> | 123% | 70% | 174% | 232% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

**SEE NOTES TO FINANCIAL STATEMENTS.**

A86

------

---

| | | |
|:---|:---|:---|
|  | <br> ***AST TARGET MATURITY CENTRAL PORTFOLIO*** <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **LONG-TERM INVESTMENTS — 97.8%** | **LONG-TERM INVESTMENTS — 97.8%** | **LONG-TERM INVESTMENTS — 97.8%** | **LONG-TERM INVESTMENTS — 97.8%** |
|  **ASSET-BACKED SECURITIES — 16.3%** | **ASSET-BACKED SECURITIES — 16.3%** | **ASSET-BACKED SECURITIES — 16.3%** | **ASSET-BACKED SECURITIES — 16.3%** |
|  **Automobiles — 6.5%** | **Automobiles — 6.5%** | **Automobiles — 6.5%** | **Automobiles — 6.5%** |
|  AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, | AmeriCredit Automobile Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/18/28 | 800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A2A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.220% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/19/29 | 500 | 500767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A3, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A3, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.120% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/20/30 | 400 | 401157 |
|  ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, | ARI Fleet Lease Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/32 | 208 | 208982 |
|  Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, | Avis Budget Rental Car Funding AESOP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.020% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/27 | 167 | 166328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.660% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/28 | 600 | 586403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.620% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/27 | 485 | 485520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.440% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/22/28 | 900 | 910777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.360% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/20/30 | 500 | 515539 |
|  BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, | BOF VII AL Funding Trust I, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.291% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/26/32 | 328 | 333587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.632% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/26/32 | 137 | 138844 |
|  CarMax Auto Owner Trust, | CarMax Auto Owner Trust, | CarMax Auto Owner Trust, | CarMax Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/27 | 50 | 49768 |
|  Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, | Ford Credit Auto Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.530% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/34 | 900 | 881700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.850% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/35 | 1600 | 1631944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.280% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/36 | 1000 | 1033577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.870%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/36 | 1800 | 1845893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.860%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/37 | 2000 | 2055295 |
|  Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, | Ford Credit Floorplan Master Owner Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/28 | 1200 | 1203825 |
|  GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, | GM Financial Revolving Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.170% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/12/34 | 100 | 98115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.640% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/11/37 | 1800 | 1835421 |
|  OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, | OneMain Direct Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.650% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/14/29 | 308 | 308399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.410% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/14/29 | 1900 | 1914332 |
|  Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, | Santander Drive Auto Receivables Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.090% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/30 | 353 | 355175 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** | **Automobiles (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.770% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/30 | 500 | 509278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.040% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/31 | 800 | 820156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/17/30 | 500 | 510858 |
|  SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, | SFS Auto Receivables Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.710% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/22/30 | 100 | 102406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.970% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/20/31 | 200 | 205704 |
|  Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, | Wheels Fleet Lease Funding LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.800% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/18/38 | 488 | 491446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.080% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/18/40 | 500 | 501295 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21415044 |
|  **Collateralized Loan Obligations — 7.2%** | **Collateralized Loan Obligations — 7.2%** | **Collateralized Loan Obligations — 7.2%** | **Collateralized Loan Obligations — 7.2%** |
|  Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), | Anchorage Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.274%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/35 | 750 | 750080 |
|  Ballyrock CLO Ltd. (Cayman Islands), | Ballyrock CLO Ltd. (Cayman Islands), | Ballyrock CLO Ltd. (Cayman Islands), | Ballyrock CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 1.010%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.156%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/31 | 383 | 383545 |
|  BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), | BlueMountain CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-30A, Class AR2, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-30A, Class AR2, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-30A, Class AR2, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-30A, Class AR2, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.055%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/35 | 1700 | 1700022 |
|  Broad River BSL Funding CLO Ltd. (Cayman Islands), | Broad River BSL Funding CLO Ltd. (Cayman Islands), | Broad River BSL Funding CLO Ltd. (Cayman Islands), | Broad River BSL Funding CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.316%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/20/34 | 250 | 250102 |
|  Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), | Crown City CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.224%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/35 | 750 | 750102 |
|  Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), | Elmwood CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.234%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/37 | 750 | 752599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.242%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/17/37 | 2750 | 2759779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/22/38 | 2000 | 2003002 |
|  Golub Capital Partners CLO, | Golub Capital Partners CLO, | Golub Capital Partners CLO, | Golub Capital Partners CLO, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-70A, Class A1R, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-70A, Class A1R, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-70A, Class A1R, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-70A, Class A1R, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.025%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/37 | 1700 | 1699986 |
|  Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), | Marble Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1R2, 144A, 3 Month SOFR + 1.210% (Cap N/A, Floor 1.210%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.115%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/38 | 1900 | 1900258 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A87

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
|  Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), | Mountain View CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.173%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/12/30 | 92 | $92349 |
|  Ocean Trails CLO (Cayman Islands), | Ocean Trails CLO (Cayman Islands), | Ocean Trails CLO (Cayman Islands), | Ocean Trails CLO (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R2, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.088%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/38 | 1600 | 1603715 |
|  Octagon Ltd. (Cayman Islands), | Octagon Ltd. (Cayman Islands), | Octagon Ltd. (Cayman Islands), | Octagon Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.231%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/20/38 | 2200 | 2205620 |
|  Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), | Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.346%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/34 | 250 | 250096 |
|  Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), | Regatta Funding Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.408%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/25/37 | 2250 | 2255627 |
|  Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), | Rockford Tower CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.306%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/20/31 | 141 | 141228 |
|  Romark WM-R Ltd. (Cayman Islands), | Romark WM-R Ltd. (Cayman Islands), | Romark WM-R Ltd. (Cayman Islands), | Romark WM-R Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.176%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/31 | 167 | 166530 |
|  Shackleton CLO Ltd. (Cayman Islands), | Shackleton CLO Ltd. (Cayman Islands), | Shackleton CLO Ltd. (Cayman Islands), | Shackleton CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.231%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/07/31 | 26 | 25477 |
|  Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), | Sixth Street CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-12A, Class A1R2, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-12A, Class A1R2, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-12A, Class A1R2, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-12A, Class A1R2, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.970%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/17/39 | 1750 | 1752292 |
|  Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), | Sound Point CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.191%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/23/31 | 68 | 68037 |
|  Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), | Texas Debt Capital CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.005%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/24/38 | 1750 | 1747908 |
|  Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), | Venture CLO Ltd. (Cayman Islands), |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.426%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/32 | 175 | 175483 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23433837 |
|  **Consumer Loans — 1.9%** | **Consumer Loans — 1.9%** | **Consumer Loans — 1.9%** | **Consumer Loans — 1.9%** |
|  Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, | Affirm Asset Securitization Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.610% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/29 | 1600 | 1602496 |
|  Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, | Affirm Master Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.990% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/33 | 1100 | 1110945 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** | **ASSET-BACKED SECURITIES (continued)** |
|  **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** | **Consumer Loans (cont'd.)** |
|  GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, | GreenSky Home Improvement Issuer Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A4, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A4, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/25/60 | 595 | 599826 |
|  OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, | OneMain Financial Issuance Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/14/35 | 461 | 453343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.744%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/16/36 | 600 | 600697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.890% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/14/34 | 131 | 131595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.840% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/36 | 1800 | 1835996 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334898 |
|  **Home Equity Loans — 0.7%** | **Home Equity Loans — 0.7%** | **Home Equity Loans — 0.7%** | **Home Equity Loans — 0.7%** |
|  JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, | JPMorgan Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.118%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/55 | 431 | 430719 |
|  RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, | RCKT Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.591%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/44 | 613 | 621886 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.294%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/25/63 | 196 | 198771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.848%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/64 | 57 | 57424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/64 | 54 | 54958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.290%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/25/64 | 370 | 373858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.122%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/25/64 | 343 | 343416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.705%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/25/55 | 336 | 339179 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420211 |
|  **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** | **Student Loans — 0.0%** |
|  ELFI Graduate Loan Program LLC, | ELFI Graduate Loan Program LLC, | ELFI Graduate Loan Program LLC, | ELFI Graduate Loan Program LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.730% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/25/45 | 23 | 20897 |
|  SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, | SoFi Professional Loan Program Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.540% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/46 | 29 | 27905 |
|  |  |  | 48802 |
|  **TOTAL ASSET-BACKED SECURITIES**<br> (cost $53,174,849) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $53,174,849) | **TOTAL ASSET-BACKED SECURITIES**<br> (cost $53,174,849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53652792 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.9%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 9.9%** |
|  3650R Commercial Mortgage Trust, | 3650R Commercial Mortgage Trust, | 3650R Commercial Mortgage Trust, | 3650R Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PF01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PF01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PF01, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PF01, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.122% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/54 | 108 | 106214 |
|  BANK, | BANK, | BANK, | BANK, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.254% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/15/60 | 234 | 231627 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A88

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 75 | 74105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN19, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.926% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/61 | 4257 | 4064881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.758% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/62 | 1619 | 1533923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.391% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/63 | 29 | 28508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.399% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/15/63 | 650 | 609877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.155% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/63 | 250 | 231010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN28, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN28, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN28, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN28, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.584% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/63 | 1453 | 1295708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN36, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.801% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/64 | 15 | 14661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.274% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/64 | 322 | 317758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK42, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK42, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK42, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-BNK42, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.493%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/55 | 850 | 834575 |
|  Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, | Barclays Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.043% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/54 | 165 | 148437 |
|  Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, | Benchmark Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.475% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/53 | 74 | 73174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.042% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/53 | 1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.546% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/53 | 2100 | 1905362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.945% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/53 | 750 | 705928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.704% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/17/53 | 500 | 449451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class A4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class A4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class A4A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class A4A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.823% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/54 | 100 | 87913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.010% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/54 | 1200 | 1089170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.271% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/15/54 | 250 | 237379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B35, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B35, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B35, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B35, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.443%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/15/55 | 3400 | 3428724 |
|  BPR Trust, | BPR Trust, | BPR Trust, | BPR Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.215%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/38 | 990 | 988797 |
|  CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, | CD Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD2, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD2, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.248% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/10/49 | 246 | 244507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.190% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/13/50 | 484 | 477547 |
|  CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, | CFCRE Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.585% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/10/54 | 48 | 48023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.572% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/15/50 | 1399 | 1384528 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (continued) |
|  CGMS Commercial Mortgage Trust, | CGMS Commercial Mortgage Trust, | CGMS Commercial Mortgage Trust, | CGMS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.197% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/50 | 285 | $281261 |
|  Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, | Citigroup Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P04, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.646% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/10/49 | 20 | 19882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class AAB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class AAB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.509% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/14/50 | 87 | 86430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.203% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/50 | 1030 | 1015344 |
|  Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, | Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.826% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/10/49 | 291 | 288631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/10/49 | 176 | 175528 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.795%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/49 | 500 | 497235 |
|  CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, | CSAIL Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.763% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/15/52 | 1380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C19, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C19, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.320% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/15/53 | 1000 | 930253 |
|  FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, | FHLMC Multifamily Structured Pass-Through Certificates, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series K736, Class X1, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.259%(cc) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/25/26 | 40492 | 150523 |
|  GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, | GS Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.639% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/13/53 | 100 | 96892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC45, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.658% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/13/53 | 100 | 94133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/12/53 | 1068 | 981790 |
|  JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, | JPMBB Commercial Mortgage Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.639% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/47 | 137 | 135013 |
|  Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, | Morgan Stanley Bank of America Merrill Lynch Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.840% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/49 | 473 | 469444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.514% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/15/49 | 198 | 196800 |
|  Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, | Morgan Stanley Capital I Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A1 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A1 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.881% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/54 | 262 | 258657 |
|  UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, | UBS Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class ASB | &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class ASB |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.903% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/51 | 153 | 152380 |
|  Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, | Wells Fargo Commercial Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.652% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/49 | 2000 | 1979067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A4 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A4 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.942% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/49 | 275 | 272623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A2 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C41, Class A2 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.590% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/15/50 | 988 | 970053 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A89

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A3 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A3 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.462% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/53 | 100 | 97284 |
|  **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $31,689,193) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $31,689,193) | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $31,689,193) | 32415887 |
|  **CORPORATE BONDS — 32.2%** | **CORPORATE BONDS — 32.2%** | **CORPORATE BONDS — 32.2%** | **CORPORATE BONDS — 32.2%** |
|  **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
|  Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), | Boeing Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.196% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/04/26 | 500 | 499072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/01/30 | 1130 | 1070852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/38 | 780 | 656856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/01/48 | 850 | 606194 |
|  General Dynamics Corp., | General Dynamics Corp., | General Dynamics Corp., | General Dynamics Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/30 | 5 | 4909 |
|  |  |  | 2837883 |
|  **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
|  BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), | BAT Capital Corp. (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.557% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/27 | 54 | 53574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/32 | 1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603905 |
|  BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), | BAT International Finance PLC (United Kingdom), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.448% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/16/28 | 290 | 292088 |
|  |  |  | 1949567 |
|  **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
|  United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, | United Airlines 2019-2 Class AA Pass-Through Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | &nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/01/33 | 37 | 33455 |
|  **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** | **Auto Manufacturers — 1.1%** |
|  Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, | Ford Motor Credit Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/10/26 | 375 | 370894 |
|  General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., | General Motors Financial Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/08/31 | 425 | 381961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/10/28 | 545 | 524691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/15/28 | 945 | 901024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/09/27 | 550 | 555874 |
|  Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, | Hyundai Capital America, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/23/27 | 850 | 859417 |
|  |  |  | 3593861 |
|  **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
|  Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., | Clarios Global LP/Clarios US Finance Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/15/30 | 50 | 52193 |
|  Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., | Qnity Electronics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/33 | 15 | 15578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/15/32 | 20 | 20487 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** | **Auto Parts & Equipment (cont'd.)** |
|  Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., | Tenneco, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/17/28 | 150 | 150654 |
|  |  |  | 238912 |
|  **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** |
|  Bank of America Corp., | Bank of America Corp., | Bank of America Corp., | Bank of America Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.087%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/14/29 | 260 | 247918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.972%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/04/33 | 2890 | 2641755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.194%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/23/30 | 35 | 33807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/27/28 | 2720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.651%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/11/32 | 40 | 36734 |
|  BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), | BNP Paribas SA (France), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.904%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/30/28 | 500 | 480970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.132%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/20/33 | 225 | 205192 |
|  Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), | Cassa Depositi e Prestiti SpA (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10/01/30 | 200 | 199734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/30/29 | 200 | 210385 |
|  Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., | Citigroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.666%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/29/31 | 630 | 589895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.976%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11/05/30 | 250 | 238075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.057%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/33 | 3005 | 2751649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.450% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/29/27 | 15 | 15096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.827%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/13/35 | 435 | 452468 |
|  Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), | Goldman Sachs Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.431%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/09/27 | 50 | 49742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.542%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/10/27 | 5150 | 5060368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.992%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/27/32 | 180 | 159846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/07/30 | 25 | 23498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/32 | 260 | 237095 |
|  JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., | JPMorgan Chase & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | &nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.406%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/01/26(oo) | 240 | 240392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.578%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/22/27 | 260 | 257931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.953%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/04/32 | 30 | 26751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.069%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/01/29 | 150 | 143177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.963%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/25/33 | 4735 | 4342732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.005%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/23/29 | 55 | 54947 |
|  Morgan Stanley, | Morgan Stanley, | Morgan Stanley, | Morgan Stanley, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.593%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 05/04/27 | 290 | 287484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.210%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 04/20/28 | 485 | 485978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.239%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/21/32 | 15 | 13320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.699%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/22/31 | 1040 | 975932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.943%(ff) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 01/21/33 | 2935 | 2678780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.350% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 09/08/26 | 545 | 545645 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A90

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** | **Banks (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 04/23/27 | 55 | 54960 |
|  PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), | PNC Financial Services Group, Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 01/22/30 | 20 | 18827 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), | Sumitomo Mitsui Financial Group, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.902% | 09/17/28 | 260 | 245453 |
|  Sumitomo Mitsui Trust Bank Ltd. (Japan), | Sumitomo Mitsui Trust Bank Ltd. (Japan), | Sumitomo Mitsui Trust Bank Ltd. (Japan), | Sumitomo Mitsui Trust Bank Ltd. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 03/10/27 | 200 | 197341 |
|  UBS AG (Switzerland), | UBS AG (Switzerland), | UBS AG (Switzerland), | UBS AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.250% | 06/01/26 | 205 | 202721 |
|  UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), | UBS Group AG (Switzerland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.091%(ff) | 05/14/32 | 250 | 231611 |
|  Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., | Wells Fargo & Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%(ff) | 02/11/31 | 3210 | 2998127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.526%(ff) | 03/24/28 | 695 | 690403 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31057165 |
|  **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
|  PepsiCo, Inc., | PepsiCo, Inc., | PepsiCo, Inc., | PepsiCo, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 03/19/27 | 20 | 19752 |
|  **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
|  Amgen, Inc., | Amgen, Inc., | Amgen, Inc., | Amgen, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/22/29 | 30 | 29072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.150% | 02/21/40 | 395 | 311483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 11/15/41 | 400 | 387275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/02/33 | 580 | 600796 |
|  |  |  | 1328626 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Carlisle Cos., Inc., | Carlisle Cos., Inc., | Carlisle Cos., Inc., | Carlisle Cos., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 03/01/32 | 45 | 39265 |
|  Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., | Quikrete Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375% | 03/01/32 | 140 | 145683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/01/33 | 15 | 15663 |
|  |  |  | 200611 |
|  **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
|  FMC Corp., | FMC Corp., | FMC Corp., | FMC Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 10/01/29 | 180 | 160340 |
|  OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), | OCP SA (Morocco), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.100% | 04/30/30 | 245 | 255809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 05/02/34 | 415 | 447557 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** |
|  Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., | Solstice Advanced Materials, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625% | 09/30/33 | 60 | 60570 |
|  |  |  | 924276 |
|  **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
|  DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), | DP World Ltd. (United Arab Emirates), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375% | 09/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | 270198 |
|  Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), | Trustees of Princeton University (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.201% | 03/01/52 | 695 | 578458 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848656 |
|  **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
|  Procter & Gamble Co. (The), | Procter & Gamble Co. (The), | Procter & Gamble Co. (The), | Procter & Gamble Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/25/30 | 5 | 4821 |
|  **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** |
|  Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, | Cantor Fitzgerald LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 04/14/27 | 1990 | 1981521 |
|  Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., | Capital One Financial Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.273%(ff) | 03/01/30 | 20 | 19409 |
|  Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), | Charles Schwab Corp. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 10/01/29 | 70 | 66713 |
|  Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), | Nomura Holdings, Inc. (Japan), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.172% | 07/14/28 | 200 | 190169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.710% | 01/22/29 | 200 | 190957 |
|  Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), | Ontario Teachers' Finance Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 09/21/26 | 250 | 244902 |
|  |  |  | 2693671 |
|  **Electric — 3.1%** | **Electric — 3.1%** | **Electric — 3.1%** | **Electric — 3.1%** |
|  AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., | AEP Texas, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.100% | 07/01/30 | 1445 | 1316312 |
|  Arizona Public Service Co., | Arizona Public Service Co., | Arizona Public Service Co., | Arizona Public Service Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 12/15/31 | 50 | 43859 |
|  Atlantic City Electric Co., | Atlantic City Electric Co., | Atlantic City Electric Co., | Atlantic City Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 03/15/31 | 20 | 18134 |
|  CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, | CenterPoint Energy Houston Electric LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series AE |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.350% | 04/01/31 | 20 | 18100 |
|  Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., | Commonwealth Edison Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 03/15/51 | 1570 | 1042808 |
|  Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., | Dominion Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/15/27 | 30 | 29854 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A91

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** | **Electric (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.850% | 08/15/26 | 75 | 74453 |
|  Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., | Duke Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 09/01/26 | 185 | 183418 |
|  Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, | Duke Energy Florida LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 12/15/31 | 15 | 13555 |
|  Emera US Finance LP (Canada), | Emera US Finance LP (Canada), | Emera US Finance LP (Canada), | Emera US Finance LP (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 06/15/26 | 1190 | 1186953 |
|  Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), | Enel Finance International NV (Italy), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125% | 07/12/28 | 210 | 199559 |
|  Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, | Entergy Louisiana LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust Bond | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust Bond | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust Bond | &nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 03/15/33 | 3000 | 2894169 |
|  Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), | Eskom Holdings (South Africa), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.350% | 08/10/28 | 200 | 206875 |
|  Nevada Power Co., | Nevada Power Co., | Nevada Power Co., | Nevada Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC | &nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series CC |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 05/01/29 | 40 | 39396 |
|  Northern States Power Co., | Northern States Power Co., | Northern States Power Co., | Northern States Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 06/01/52 | 110 | 93501 |
|  Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., | Pacific Gas & Electric Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 07/01/50 | 500 | 423369 |
|  Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, | Public Service Co. of Colorado, |
| &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | &nbsp;&nbsp;&nbsp;&nbsp; First Mortgage |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 09/15/42 | 1985 | 1563031 |
|  Southern Co. (The), | Southern Co. (The), | Southern Co. (The), | Southern Co. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21-B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21-B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21-B | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 21-B |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 03/15/28 | 35 | 33334 |
|  Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., | Virginia Electric & Power Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 07/15/29 | 45 | 43164 |
|  Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, | Vistra Operations Co. LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.700% | 01/30/27 | 690 | 685369 |
|  WEC Energy Group, Inc., | WEC Energy Group, Inc., | WEC Energy Group, Inc., | WEC Energy Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 12/15/28 | 200 | 190143 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10299356 |
|  **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** |
|  Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), | Mexico City Airport Trust (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/30/28 | 580 | 566591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 10/31/26 | 640 | 637203 |
|  |  |  | 1203794 |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., | Caesars Entertainment, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 02/15/30 | 200 | 207117 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** |
|  Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, | Voyager Parent LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.250% | 07/01/32 | 145 | 153798 |
|  |  |  | 360915 |
|  **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
|  Waste Connections, Inc., | Waste Connections, Inc., | Waste Connections, Inc., | Waste Connections, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.200% | 01/15/32 | 35 | 30893 |
|  **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** | **Foods — 0.1%** |
|  JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, | JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 04/01/33 | 330 | 344118 |
|  **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
|  Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., | Atmos Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 09/15/29 | 30 | 28519 |
|  Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., | Piedmont Natural Gas Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 05/15/52 | 860 | 769698 |
|  |  |  | 798217 |
|  **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
|  Agilent Technologies, Inc., | Agilent Technologies, Inc., | Agilent Technologies, Inc., | Agilent Technologies, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 03/12/31 | 20 | 18105 |
|  Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., | Thermo Fisher Scientific, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 10/01/29 | 5 | 4754 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22859 |
|  **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** | **Healthcare-Services — 1.0%** |
|  AdventHealth Obligated Group, | AdventHealth Obligated Group, | AdventHealth Obligated Group, | AdventHealth Obligated Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E | &nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.795% | 11/15/51 | 1500 | 932258 |
|  Cigna Group (The), | Cigna Group (The), | Cigna Group (The), | Cigna Group (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 03/01/27 | 60 | 59621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.400% | 03/15/30 | 292 | 271131 |
|  CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, | CommonSpirit Health, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.352% | 09/01/30 | 320 | 318849 |
|  Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., | Elevance Health, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875% | 09/15/29 | 65 | 61923 |
|  HCA, Inc., | HCA, Inc., | HCA, Inc., | HCA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 03/15/27 | 160 | 158344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375% | 03/15/29 | 10 | 9745 |
|  Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., | Quest Diagnostics, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.950% | 06/30/30 | 75 | 70944 |
|  UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., | UnitedHealth Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 05/15/31 | 20 | 18045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 05/15/52 | 720 | 622513 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A92

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** | **Healthcare-Services (cont'd.)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 04/15/34 | 245 | 248935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 06/15/35 | 75 | 77648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 07/15/64 | 255 | 249123 |
|  Universal Health Services, Inc., | Universal Health Services, Inc., | Universal Health Services, Inc., | Universal Health Services, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 01/15/32 | 30 | 26498 |
|  |  |  | 3125577 |
|  **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
|  Toll Brothers Finance Corp., | Toll Brothers Finance Corp., | Toll Brothers Finance Corp., | Toll Brothers Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 03/15/27 | 720 | 725209 |
|  **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** | **Household Products/Wares — 0.0%** |
|  Kimberly-Clark Corp., | Kimberly-Clark Corp., | Kimberly-Clark Corp., | Kimberly-Clark Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 03/26/30 | 2 | 1926 |
|  **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
|  Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., | Newell Brands, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.500% | 06/01/28 | 60 | 62849 |
|  **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
|  Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., | Corebridge Financial, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.650% | 04/05/27 | 90 | 89470 |
|  Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, | Corebridge Global Funding, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.900% | 08/21/32 | 745 | 749763 |
|  Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., | Liberty Mutual Group, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.950% | 05/15/60 | 500 | 346600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.569% | 02/01/29 | 907 | 911436 |
|  Unum Group, | Unum Group, | Unum Group, | Unum Group, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/15/29 | 50 | 49488 |
|  |  |  | 2146757 |
|  **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** |
|  Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., | Alphabet, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375% | 11/15/32 | 80 | 80250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 11/15/35 | 230 | 230147 |
|  Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, | Beignet Investor LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.581% | 05/30/49 | 818 | 865989 |
|  Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., | Meta Platforms, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.600% | 11/15/32 | 135 | 136108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 11/15/35 | 430 | 429670 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742164 |
|  **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
|  Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), | Champion Iron Canada, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 07/15/32 | 125 | 132530 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
|  Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), | Sands China Ltd. (Macau), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.400% | 08/08/28(a) | 400 | $407792 |
|  **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
|  Caterpillar, Inc., | Caterpillar, Inc., | Caterpillar, Inc., | Caterpillar, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 03/12/31 | 25 | 22508 |
|  **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
|  Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., | Chart Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.500% | 01/01/30 | 75 | 78256 |
|  Flowserve Corp., | Flowserve Corp., | Flowserve Corp., | Flowserve Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 01/15/32 | 15 | 13418 |
|  Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., | Westinghouse Air Brake Technologies Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.700% | 09/15/28 | 275 | 278458 |
|  |  |  | 370132 |
|  **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, | Charter Communications Operating LLC/Charter Communications Operating Capital, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 01/15/29 | 130 | 121644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 02/01/32 | 510 | 438891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/30/29 | 1235 | 1249735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 07/01/49 | 385 | 301872 |
|  Comcast Corp., | Comcast Corp., | Comcast Corp., | Comcast Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 02/01/30 | 70 | 66012 |
|  Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., | Cox Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 06/15/31 | 380 | 338232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 08/15/27 | 600 | 592966 |
|  |  |  | 3109352 |
|  **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
|  BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), | BHP Billiton Finance USA Ltd. (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.300% | 02/21/35 | 75 | 77374 |
|  First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), | First Quantum Minerals Ltd. (Zambia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.250% | 02/15/34 | 200 | 210190 |
|  Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), | Rio Tinto Finance USA PLC (Australia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 03/14/35 | 55 | 56736 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344300 |
|  **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** |
|  Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), | Corp. Andina de Fomento (Supranational Bank), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/24/29 | 445 | 458488 |
|  **Office/Business Equipment — 0.4%** | **Office/Business Equipment — 0.4%** | **Office/Business Equipment — 0.4%** | **Office/Business Equipment — 0.4%** |
|  CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., | CDW LLC/CDW Finance Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.670% | 12/01/26 | 1265 | 1248353 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A93

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** |
|  Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), | Canadian Natural Resources Ltd. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 12/15/29 | 2150 | $2205662 |
|  Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), | Cenovus Energy, Inc. (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 01/15/32 | 1995 | 1766036 |
|  Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., | Diamondback Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 03/15/33 | 130 | 140192 |
|  Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), | Ecopetrol SA (Colombia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625% | 01/19/29 | 790 | 847393 |
|  Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), | Korea National Oil Corp. (South Korea), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 04/03/26 | 220 | 220220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875% | 04/03/28 | 210 | 213839 |
|  Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., | Pioneer Natural Resources Co., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.900% | 08/15/30 | 810 | 733879 |
|  Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., | Valero Energy Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.800% | 12/01/31 | 15 | 13678 |
|  Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), | Var Energi ASA (Norway), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/18/27 | 1460 | 1473026 |
|  Vital Energy, Inc., | Vital Energy, Inc., | Vital Energy, Inc., | Vital Energy, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875% | 04/15/32 | 190 | 187225 |
|  |  |  | 7801150 |
|  **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
|  AptarGroup, Inc., | AptarGroup, Inc., | AptarGroup, Inc., | AptarGroup, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 03/15/32 | 1300 | 1214308 |
|  Ball Corp., | Ball Corp., | Ball Corp., | Ball Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 09/15/33 | 235 | 239377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 06/15/29 | 350 | 360157 |
|  Graphic Packaging International LLC, | Graphic Packaging International LLC, | Graphic Packaging International LLC, | Graphic Packaging International LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.512% | 04/15/26 | 150 | 148610 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962452 |
|  **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
|  Cencora, Inc., | Cencora, Inc., | Cencora, Inc., | Cencora, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 03/15/31(x) | 20 | 18432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.450% | 12/15/27(x) | 30 | 29741 |
|  CVS Health Corp., | CVS Health Corp., | CVS Health Corp., | CVS Health Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750% | 08/21/30 | 90 | 79976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 08/21/40 | 760 | 542743 |
|  Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, | Shire Acquisitions Investments Ireland DAC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.200% | 09/23/26 | 9 | 8944 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** | **Pharmaceuticals (cont'd.)** |
|  Viatris, Inc., | Viatris, Inc., | Viatris, Inc., | Viatris, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 06/22/30 | 630 | 575585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 06/22/40 | 55 | 42208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/22/50 | 650 | 433065 |
|  |  |  | 1730694 |
|  **Pipelines — 1.9%** | **Pipelines — 1.9%** | **Pipelines — 1.9%** | **Pipelines — 1.9%** |
|  Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, | Energy Transfer LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 04/15/29 | 240 | 246597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 06/15/28 | 505 | 513393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.150% | 03/15/45 | 1080 | 957186 |
|  Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, | Enterprise Products Operating LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125% | 07/31/29 | 40 | 38795 |
|  MPLX LP, | MPLX LP, | MPLX LP, | MPLX LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.950% | 03/14/52 | 1125 | 946896 |
|  ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., | ONEOK, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.100% | 03/15/30 | 645 | 613568 |
|  Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, | Rockies Express Pipeline LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/33 | 70 | 73868 |
|  Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., | Targa Resources Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 02/01/33 | 1345 | 1287324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.250% | 07/01/52 | 305 | 307049 |
|  Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), | Williams Cos., Inc. (The), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.600% | 03/15/31 | 280 | 255778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 11/15/30 | 965 | 926280 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6166734 |
|  **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
|  Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), | Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125% | 02/01/29 | 600 | 597239 |
|  **Real Estate Investment Trusts (REITs) — 1.6%** | **Real Estate Investment Trusts (REITs) — 1.6%** | **Real Estate Investment Trusts (REITs) — 1.6%** | **Real Estate Investment Trusts (REITs) — 1.6%** |
|  Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, | Brixmor Operating Partnership LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 04/01/28 | 15 | 14395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/16/31 | 5 | 4493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.050% | 07/01/30 | 1980 | 1952581 |
|  COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, | COPT Defense Properties LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.750% | 04/15/31 | 5 | 4563 |
|  CubeSmart LP, | CubeSmart LP, | CubeSmart LP, | CubeSmart LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 12/15/28 | 105 | 99741 |
|  Digital Realty Trust LP, | Digital Realty Trust LP, | Digital Realty Trust LP, | Digital Realty Trust LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600% | 07/01/29 | 40 | 39202 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A94

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** | **Real Estate Investment Trusts (REITs) (cont'd.)** |
|  Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, | Essex Portfolio LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.700% | 03/01/28 | 40 | 37974 |
|  Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, | Kimco Realty OP LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250% | 12/01/31 | 50 | 44377 |
|  Phillips Edison Grocery Center Operating Partnership I LP, | Phillips Edison Grocery Center Operating Partnership I LP, | Phillips Edison Grocery Center Operating Partnership I LP, | Phillips Edison Grocery Center Operating Partnership I LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625% | 11/15/31 | 395 | 354163 |
|  Realty Income Corp., | Realty Income Corp., | Realty Income Corp., | Realty Income Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.400% | 01/15/28 | 15 | 14838 |
|  Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, | Sun Communities Operating LP, |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.300% | 11/01/28 | 1855 | 1765195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.700% | 07/15/31 | 20 | 18192 |
|  VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., | VICI Properties LP/VICI Note Co., Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 02/01/27 | 910 | 920220 |
|  |  |  | 5269934 |
|  **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** | **Retail — 0.1%** |
|  AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., | AutoNation, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850% | 03/01/32 | 300 | 282116 |
|  McDonald's Corp., | McDonald's Corp., | McDonald's Corp., | McDonald's Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 07/01/27 | 15 | 14922 |
|  |  |  | 297038 |
|  **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
|  Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., | Broadcom, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.419% | 04/15/33 | 2275 | 2106207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.137% | 11/15/35 | 470 | 405118 |
|  Intel Corp., | Intel Corp., | Intel Corp., | Intel Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750% | 03/25/27 | 30 | 29868 |
|  |  |  | 2541193 |
|  **Shipbuilding — 0.4%** | **Shipbuilding — 0.4%** | **Shipbuilding — 0.4%** | **Shipbuilding — 0.4%** |
|  Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., | Huntington Ingalls Industries, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.200% | 05/01/30 | 1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257917 |
|  **Telecommunications — 1.5%** | **Telecommunications — 1.5%** | **Telecommunications — 1.5%** | **Telecommunications — 1.5%** |
|  AT&T, Inc., | AT&T, Inc., | AT&T, Inc., | AT&T, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/41 | 1725 | 1355223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.550% | 09/15/55 | 610 | 406479 |
|  Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., | Level 3 Financing, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 06/30/33 | 120 | 122808 |
|  T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., | T-Mobile USA, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 02/15/31 | 1475 | 1347374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 04/15/30 | 415 | 407899 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** | **CORPORATE BONDS (continued)** |
|  **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
|  Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., | Verizon Communications, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.355% | 03/15/32 | 318 | 280287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.550% | 03/21/31 | 390 | 356181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.650% | 11/20/40 | 430 | 307355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.401% | 07/02/37 | 411 | 415628 |
|  |  |  | 4999234 |
|  **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
|  Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, | Burlington Northern Santa Fe LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.050% | 03/01/41 | 215 | 210965 |
|  **TOTAL CORPORATE BONDS**<br> (cost $105,948,408) | **TOTAL CORPORATE BONDS**<br> (cost $105,948,408) | **TOTAL CORPORATE BONDS**<br> (cost $105,948,408) | 105523895 |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.1%** | **RESIDENTIAL MORTGAGE-BACKED SECURITIES — 4.1%** |
|  ATLX Trust, | ATLX Trust, | ATLX Trust, | ATLX Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.850%(cc) | 04/25/63 | 3162 | 3088848 |
|  Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, | Chase Home Lending Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500%(cc) | 06/25/62 | 608 | 562327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%(cc) | 09/25/64 | 446 | 398344 |
|  CIM Trust, | CIM Trust, | CIM Trust, | CIM Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%(cc) | 06/25/64 | 388 | 386234 |
|  Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, | Connecticut Avenue Securities Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.374%(c) | 10/25/43 | 200 | 199927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.874%(c) | 05/25/45 | 202 | 201971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R05, Class 2A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.874%(c) | 07/25/45 | 598 | 599193 |
|  Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, | Credit Suisse Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.904%(cc) | 04/25/62 | 355 | 341738 |
|  Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, | Fannie Mae REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 01/25/51 | 1131 | 214023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-51, Class PS, IO, 30 Day Average SOFR x (1) + 5.950% (Cap 5.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.076%(c) | 08/25/52 | 4107 | 397467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 07/25/55 | 2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058299 |
|  FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, | FHLMC Structured Agency Credit Risk REMIC Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.774%(c) | 04/25/42 | 2181 | 2235304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA06, Class M1A, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.024%(c) | 09/25/42 | 207 | 207962 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A95

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) | **RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (continued) |
|  Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, | Freddie Mac REMIC, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/25/52 | 174 | $3530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.804%(c) | 06/25/55 | 1283 | 1300300 |
|  Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, | Freddie Mac Strips, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/25/53 | 896 | 191315 |
|  Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., | Government National Mortgage Assoc., |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/50 | 442 | 73694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/20/51 | 482 | 65873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-046, Class S, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 03/20/52 | 445 | 8338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 580 | 15649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-068, Class SP, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 04/20/52 | 549 | 17319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class GS, IO, 30 Day Average SOFR x (1) + 3.650% (Cap 3.650%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 05/20/52 | 429 | 8411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 08/20/51 | 2114 | 226634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.032%(c) | 07/20/52 | 1131 | 25935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-133, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.032%(c) | 07/20/52 | 863 | 21305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%(c) | 08/20/52 | 900 | 15992 |
|  PRET Trust, | PRET Trust, | PRET Trust, | PRET Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.075%(cc) | 06/25/64 | 349 | 335802 |
|  Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, | Towd Point Mortgage Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1B, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%(cc) | 12/25/61 | 300 | 282223 |
|  **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $13,050,952) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $13,050,952) | **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br>(cost $13,050,952) | 13483957 |
|  **SOVEREIGN BONDS — 2.3%** | **SOVEREIGN BONDS — 2.3%** | **SOVEREIGN BONDS — 2.3%** | **SOVEREIGN BONDS — 2.3%** |
|  Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), | Hungary Government International Bond (Hungary), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 09/26/30 | 380 | 390265 |
|  Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), | Israel Government International Bond (Israel), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/19/30 | 768 | 794112 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity** <br>**Date** | **Principal** <br>**Amount**<br>**(000)#** | **Value** |
|  **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** | **SOVEREIGN BONDS (continued)** |
|  Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), | Mexico Government International Bond (Mexico), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875% | 05/13/37 | 880 | 939400 |
|  Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), | Oman Government International Bond (Oman), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750% | 06/15/26 | 1216 | 1216000 |
|  Province of Alberta (Canada), | Province of Alberta (Canada), | Province of Alberta (Canada), | Province of Alberta (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.300% | 07/22/30 | 640 | 571776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.300% | 03/15/28 | 1000 | 990972 |
|  Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), | Province of Quebec (Canada), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.350% | 05/28/30 | 200 | 179800 |
|  Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), | Republic of Poland Government International Bond (Poland), |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | &nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375% | 02/12/35 | 560 | 581420 |
|  Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), | Romanian Government International Bond (Romania), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.750% | 09/16/30 | 1240 | 1277299 |
|  Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), | Saudi Government International Bond (Saudi Arabia), |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125% | 01/13/28 | 600 | 612750 |
|  **TOTAL SOVEREIGN BONDS**<br> (cost $7,399,978) | **TOTAL SOVEREIGN BONDS**<br> (cost $7,399,978) | **TOTAL SOVEREIGN BONDS**<br> (cost $7,399,978) | 7553794 |
|  **U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.9%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 27.9%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.250% | 09/10/32 | 850 | 860809 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/42 | 365 | 316253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 74 | 60020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 06/01/51 | 3499 | 2847225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 07/01/51 | 463 | 376250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 09/01/51 | 1959 | 1610236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 10/01/35 | 535 | 511593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/51 | 1640 | 1397487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 1561 | 1329730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 1705 | 1457984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/46 | 923 | 839191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 12/01/46 | 451 | 409839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 09/01/50 | 4146 | 3700408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 416 | 368743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 806 | 723030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/01/37 | 275 | 267601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/01/48 | 496 | 467429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/52 | 1094 | 1044373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/01/52 | 163 | 155239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/52 | 1411 | 1382947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/52 | 1459 | 1460972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 11/01/52 | 400 | 401440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 01/01/53 | 1594 | 1596127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/01/53 | 518 | 518230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/53 | 1575 | 1576845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 01/01/53 | 3104 | 3159581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 02/01/53 | 827 | 841735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 12/01/52 | 707 | 729350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 09/15/29 | 90 | 99593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.750% | 03/15/31 | 1230 | 1400431 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A96

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
|  Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. | Federal National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875% | 08/05/30 | 175 | $154179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 11/01/50 | 405 | 312745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 02/01/51 | 2719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 03/01/31 | 252 | 242400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/32 | 532 | 507845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/42 | 1439 | 1247657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/01/50 | 1068 | 872220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 12/01/50 | 107 | 87023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/01/51 | 1354 | 1104954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 02/01/51 | 38 | 30837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 04/01/51 | 3001 | 2444780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 05/01/51 | 1445 | 1176224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/32 | 282 | 272316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/32 | 317 | 306161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 09/01/32 | 300 | 289732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/01/35 | 1017 | 977446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/51 | 420 | 358041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 06/01/51 | 2362 | 2014198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 08/01/51 | 383 | 326254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 02/01/52 | 1903 | 1633325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 04/01/52 | 967 | 830875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 05/01/35 | 997 | 964466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/36 | 756 | 733765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 07/01/36 | 608 | 587497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 06/01/51 | 499 | 441545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 02/01/52 | 1490 | 1321346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 04/01/52 | 885 | 785256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/48 | 2226 | 2087735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/01/52 | 746 | 694362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 05/01/52 | 2691 | 2494186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/01/50 | 382 | 368918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 05/01/50 | 408 | 391447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/01/52 | 2936 | 2801697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 08/01/52 | 1115 | 1058814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.336%(s) | 03/17/31 | 710 | 575540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 07/01/52 | 330 | 323338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/01/52 | 125 | 122584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 09/01/52 | 693 | 678871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 12/01/52 | 586 | 574146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 01/01/53 | 453 | 443701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 06/01/52 | 674 | 675139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 09/01/52 | 619 | 620245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 10/01/52 | 1652 | 1657462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | TBA | 500 | 506991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 11/01/53 | 863 | 876974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 01/01/53 | 1710 | 1758435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000% | 09/01/53 | 360 | 370300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625% | 11/15/30 | 290 | 327008 |
|  Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. | Government National Mortgage Assoc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 10/20/50 | 1778 | 1473234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000% | 01/20/51 | 643 | 532643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500% | 07/20/51 | 1019 | 879656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 03/20/47 | 1042 | 949199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000% | 01/20/50 | 468 | 421668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/20/42 | 351 | 332056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 03/20/43 | 210 | 197992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 06/20/46 | 2312 | 2153264 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interest**<br> **Rate** | **Maturity <br>Date** | **Principal <br>Amount**<br>**(000)#** | **Principal <br>Amount**<br>**(000)#** | **Value** | **Value** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.500% | 02/20/52 |  | 1561 | $| 1432406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 09/20/47 |  | 1528 |  | 1472078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/48 |  | 116 |  | 111429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/20/48 |  | 416 |  | 399569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 04/20/49 |  | 412 |  | 394175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 01/20/50 |  | 46 |  | 44402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 02/20/50 |  | 67 |  | 64454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 07/20/50 |  | 102 |  | 97301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000% | 06/20/52 |  | 399 |  | 380186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 08/20/48 |  | 1071 |  | 1063011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500% | 05/20/52 |  | 772 |  | 758582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 03/20/53 |  | 228 |  | 227957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 05/20/53 |  | 1791 |  | 1821064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500% | 10/20/54 |  | 1023 |  | 1034651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 06/20/54 |  | 941 |  | 971982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.000% | 11/20/54 |  | 308 |  | 317369 |
|  Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes | Tennessee Valley Authority, Sr. Unsec'd. Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500% | 09/15/31 |  | 145 |  | 126986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.250% | 02/01/55 |  | 250 |  | 248325 |
|  **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $93,417,607) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $93,417,607) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $93,417,607) | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $93,417,607) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91345999 |
|  **U.S. TREASURY OBLIGATIONS — 5.1%** | **U.S. TREASURY OBLIGATIONS — 5.1%** | **U.S. TREASURY OBLIGATIONS — 5.1%** | **U.S. TREASURY OBLIGATIONS — 5.1%** | **U.S. TREASURY OBLIGATIONS — 5.1%** | **U.S. TREASURY OBLIGATIONS — 5.1%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250% | 05/15/42 |  | 1495 |  | 1248792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% | 05/15/43 |  | 1140 |  | 1024041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 05/15/44 |  | 2645 |  | 2600779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625% | 11/15/44 |  | 4310 |  | 4229188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000% | 05/15/45 |  | 3170 |  | 3258661 |
|  U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon | U.S. Treasury Strips Coupon |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.072%(s) | 08/15/37 |  | 315 |  | 186689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.229%(s) | 05/15/41(k) |  | 3590 |  | 1705435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.273%(s) | 05/15/43(k) |  | 5150 |  | 2168664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.920%(s) | 08/15/48 |  | 305 |  | 96986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.245%(s) | 08/15/45 |  | 260 |  | 96317 |
|  **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $17,900,902) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $17,900,902) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $17,900,902) | **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $17,900,902) |  | 16615552 |
|  **TOTAL LONG-TERM INVESTMENTS—97.8%**<br> (cost $322,581,889) | **TOTAL LONG-TERM INVESTMENTS—97.8%**<br> (cost $322,581,889) | **TOTAL LONG-TERM INVESTMENTS—97.8%**<br> (cost $322,581,889) | **TOTAL LONG-TERM INVESTMENTS—97.8%**<br> (cost $322,581,889) |  | 320591876 |
|  |  | **Shares** | **Shares** |  |  |
| SHORT-TERM INVESTMENTS — 1.6% | SHORT-TERM INVESTMENTS — 1.6% | SHORT-TERM INVESTMENTS — 1.6% | SHORT-TERM INVESTMENTS — 1.6% | SHORT-TERM INVESTMENTS — 1.6% | SHORT-TERM INVESTMENTS — 1.6% |
| AFFILIATED MUTUAL FUNDS — 1.6% | AFFILIATED MUTUAL FUNDS — 1.6% | AFFILIATED MUTUAL FUNDS — 1.6% | AFFILIATED MUTUAL FUNDS — 1.6% | AFFILIATED MUTUAL FUNDS — 1.6% | AFFILIATED MUTUAL FUNDS — 1.6% |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | 4879929 |  | 4879929 |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $407,807; includes $405,920 of cash collateral for securities on loan)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $407,807; includes $405,920 of cash collateral for securities on loan)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%) (cost $407,807; includes $405,920 of cash collateral for securities on loan)(b)(wb) | 408113 |  | 407869 |
|  **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $5,287,736) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $5,287,736) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $5,287,736) | **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $5,287,736) |  | 5287798 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A97

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
|  | **Value** |
|  **OPTIONS PURCHASED\*~ — 0.0%**<br> (cost $4,749) | $4321 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $5,292,485) | 5292119 |
|  **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN—99.4%**<br> (cost $327,874,374) | 325883995 |
|  **OPTIONS WRITTEN\*~ — (0.0)%<br>(premiums received $4,133)** | (4154) |
|  **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN—99.4%**<br>(cost $327,870,241) | 325879841 |
|  **Other assets in excess of liabilities(z) — 0.6%** | 1884258 |
|  **NET ASSETS — 100.0%** | $327764099 |

---

See the Glossary for a list of the abbreviation(s) used in the annual report.

\* Non-income producing security.

# Principal or notional amount is shown in U.S. dollars unless otherwise stated. 

~ See tables subsequent to the Schedule of Investments for options detail.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $395,327; cash collateral of $405,920 (included in liabilities) was received with which the Portfolio purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Portfolio may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable rate instrument. The interest rate shown reflects the rate in effect at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) Variable rate instrument. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) Perpetual security. Maturity date represents next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;(wb) Represents an investment in a Fund affiliated with the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition<br>Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage<br>of<br>Net Assets** |
|  Cencora, Inc., Sr. Unsec'd. Notes, 2.700%, 03/15/31 | 04/25/22 | $17661 | $18432 | 0.0% |
|  Cencora, Inc., Sr. Unsec'd. Notes, 3.450%, 12/15/27 | 04/25/22 | 29358 | 29741 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $47019 | $48173 | 0.0% |

---

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
|  Federal National Mortgage Assoc. | 2.000% | TBA | 01/14/26 | $(2000) | $(1616242) |
|  Federal National Mortgage Assoc. | 3.000% | TBA | 01/14/26 | (1000) | (884336) |
|  Federal National Mortgage Assoc. | 5.500% | TBA | 02/12/26 | (2500) | (2532613) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br> (proceeds receivable $5,028,262) |  |  |  |  | $(5033191) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A98

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Options Purchased:

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  | 273 | $— |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  | 545 |  |
|  **Total OTC Traded** (cost $607) |  |  |  |  |  |  | $— |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year Interest Rate<br>Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.870% | 3.21%(A) | 705 | $4321 |
|  2-Year Interest Rate<br>Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.870% | 8.19%(A) | 705 |  |
|  **Total OTC Swaptions** (cost $4,142) |  |  |  |  |  |  |  | $4321 |
|  **Total Options Purchased** (cost $4,749) |  |  |  |  |  |  |  | $4321 |

---

#### Options Written:

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year Interest Rate<br>Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.870% | 705 | $(2512) |
|  2-Year Interest Rate<br>Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.870% | 705 | (1642) |
|  **Total Options Written** (premiums received $ |  | 4133) |  |  |  |  |  | $(4154) |

---

#### Futures contracts outstanding at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 53 | 2 Year U.S. Treasury Notes | Mar. 2026 | $11065820 | $2767 |
| 68 | 5 Year U.S. Treasury Notes | Mar. 2026 | 7432719 | (20171) |
| 54 | 10 Year U.S. Treasury Notes | Mar. 2026 | 6071625 | 1179 |
| 116 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 13341813 | (37751) |
| 24 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 2774250 | 9404 |
| 149 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 17582000 | (231385) |
|  |  |  |  | $(275957) |

---

#### Forward foreign currency exchange contracts outstanding at December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale** **Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/09/26 | MSI | EUR | 128 | $147603 | $150269 | $— | $(2666) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A99

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Credit default swap agreements outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed <br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>December 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Hellenic Republic | 06/20/27 | 1.000 %(Q) | 95 | 0.112% | $1245 | $972 | $273 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000 %(Q) | 70 | 0.132% | 1187 | 871 | 316 | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250 %(Q) | EUR 155 | 0.049% | 185 | 112 | 73 | BARC |
|  |  |  |  |  | $2617 | $1955 | $662 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/ Obligation** | **Termination<br>Date** | **Fixed <br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>December 31,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |  |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000 %(Q) | 530 | 0.500% | $11857 | $12148 | $291 |

---

The Portfolio entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Portfolio is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) If the Portfolio is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3) Notional amount represents the maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Portfolio is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

#### Interest rate swap agreement outstanding at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed** <br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>December 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** | **Centrally Cleared Interest Rate Swap Agreement:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655 | 12/14/54 | 3.136 %(A) | 1 Day SOFR(1)(A)/ 3.870% | $9579 | $26083 | $16504 |

---

(1) The Portfolio pays the fixed rate and receives the floating rate.

(2) The Portfolio pays the floating rate and receives the fixed rate.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A100

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

#### Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreements | $1955 | $— | $662 | $— |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  BOS | $– | $252727 |
|  MLC | – | 1807781 |
|  **Total** | $– | $2060508 |

---

#### Fair Value Measurements:
Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of December 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $21415044 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 23433837 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 6334898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 2420211 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 48802 |  |
|  Commercial Mortgage-Backed Securities |  | 32415887 |  |
|  Corporate Bonds |  | 105523895 |  |
|  Residential Mortgage-Backed Securities |  | 13483957 |  |
|  Sovereign Bonds |  | 7553794 |  |
|  U.S. Government Agency Obligations |  | 91345999 |  |
|  U.S. Treasury Obligations |  | 16615552 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 5287798 |  |  |
|  Options Purchased |  | 4321 |  |
|  **Total** | $**5287798** | $**320596197** | $**—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**—** | $**(4154)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $13350 | $— | $— |
|  Centrally Cleared Credit Default Swap Agreement |  | 291 |  |
|  OTC Credit Default Swap Agreements |  | 2617 |  |
|  Centrally Cleared Interest Rate Swap Agreement |  | 16504 |  |
|  **Total** | $**13350** | $**19412** | $**—** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $— | $(5033191) | $— |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A101

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Liabilities (continued)** |  |  |  |
|  Futures Contracts | $(289307) | $— | $— |
|  OTC Forward Foreign Currency Exchange Contract. |  | (2666) |  |
|  **Total** | $**(289307)** | $**(5035857)** | **$—** |

---

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forward foreign currency exchange contracts and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

#### Industry Classification:
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 27.9 |
|  Commercial Mortgage-Backed Securities | 9.9 |
|  Banks | 9.5 |
|  Collateralized Loan Obligations | 7.2 |
|  Automobiles | 6.5 |
|  U.S. Treasury Obligations | 5.1 |
|  Residential Mortgage-Backed Securities | 4.1 |
|  Electric | 3.1 |
|  Oil & Gas | 2.4 |
|  Sovereign Bonds | 2.3 |
|  Consumer Loans | 1.9 |
|  Pipelines | 1.9 |
|  Affiliated Mutual Funds (0.1% represents investments purchased with collateral from securities on loan) | 1.6 |
|  Real Estate Investment Trusts (REITs) | 1.6 |
|  Telecommunications | 1.5 |
|  Auto Manufacturers | 1.1 |
|  Healthcare-Services | 1 |
|  Media | 0.9 |
|  Aerospace & Defense | 0.9 |
|  Diversified Financial Services | 0.8 |
|  Semiconductors | 0.8 |
|  Home Equity Loans | 0.7 |
|  Insurance | 0.7 |
|  Packaging & Containers | 0.6 |
|  Agriculture | 0.6 |
|  Internet | 0.5 |
|  Pharmaceuticals | 0.5 |
|  Biotechnology | 0.4 |
|  Shipbuilding | 0.4 |
|  Office/Business Equipment | 0.4 |
|  Engineering & Construction | 0.4 |
|  Chemicals | 0.3 |

---

---

| | | |
|:---|:---|:---|
|  Commercial Services | 0.3 | % |
|  Gas | 0.2 |  |
|  Home Builders | 0.2 |  |
|  Real Estate | 0.2 |  |
|  Multi-National | 0.1 |  |
|  Lodging | 0.1 |  |
|  Machinery-Diversified | 0.1 |  |
|  Entertainment | 0.1 |  |
|  Mining | 0.1 |  |
|  Foods | 0.1 |  |
|  Retail | 0.1 |  |
|  Auto Parts & Equipment | 0.1 |  |
|  Transportation | 0.1 |  |
|  Building Materials | 0.1 |  |
|  Iron/Steel | 0.0 | \* |
|  Housewares | 0.0 | \* |
|  Student Loans | 0.0 | \* |
|  Airlines | 0.0 | \* |
|  Environmental Control | 0.0 | \* |
|  Healthcare-Products | 0.0 | \* |
|  Machinery-Construction & Mining | 0.0 | \* |
|  Beverages | 0.0 | \* |
|  Cosmetics/Personal Care | 0.0 | \* |
|  Options Purchased | 0.0 | \* |
|  Household Products/Wares | 0.0 | \* |
|  | 99.4 |  |
|  Options Written | (0.0) |)\* |
|  Other assets in excess of liabilities | 0.6 |  |
|  | 100.0 | % |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Portfolio invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Portfolio's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of December 31, 2025 as presented in the Statement of Assets and Liabilities:

#### SEE NOTES TO FINANCIAL STATEMENTS.
A102

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair<br>Value** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair<br>Value** |
|  Credit contracts | Due from/to broker-variation<br>margin swaps | $291 \* |  | $— |
|  Credit contracts | Premiums paid for OTC swap<br>agreements | 1955 |  |  |
|  Credit contracts | Unrealized appreciation on OTC<br>swap agreements | 662 |  |  |
|  Foreign exchange contracts |  |  | Unrealized depreciation on OTC<br>forward foreign currency<br>exchange contracts | 2666 |
|  Interest rate contracts | Due from/to broker-variation<br>margin futures | 13350 \* | Due from/to broker-variation<br>margin futures | 289307 \* |
|  Interest rate contracts | Due from/to broker-variation<br>margin swaps | 16504 \* |  |  |
|  |  |  | Options written outstanding, at |  |
|  Interest rate contracts | Unaffiliated investments | 4321 | value | 4154 |
|  |  | $37083 |  | $296127 |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** |<br>**Swaps** |
|  Credit contracts | $— | $— | $— | $— | $100905 |
|  Foreign exchange contracts |  |  |  | (26923) |  |
|  Interest rate contracts | (6515) | 4258 | (566667) |  | (15386) |
|  **Total** | $(6515) | $4258 | $(566667) | $(26923) | $85519 |

---

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $— | $— | $— | $— | $(16997) |
|  Foreign exchange contracts |  |  |  | (3746) |  |
|  Interest rate contracts | 2913 | 2895 | 1028165 |  | 16504 |
|  **Total** | $2913 | $2895 | $1028165 | $(3746) | $(493) |

---

(2) Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the year ended December 31, 2025, the Portfolio's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $2944 |
|  Options Written (2) | &nbsp;&nbsp;&nbsp;&nbsp;4327000 |
|  Futures Contracts - Long Positions (2) | 59918322 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

A103

------

---

| | | |
|:---|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|  |
| <br> **SCHEDULE OF INVESTMENTS** |  | <br> **as of December 31, 2025** |

---

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Short Positions (2) | $432622 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252241 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600978 |
|  Credit Default Swap Agreements - Buy Protection (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794967 |
|  Credit Default Swap Agreements - Sell Protection (2) | 8136600 |
|  Interest Rate Swap Agreements (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524000 |

---

\* Average volume is based on average quarter end balances for the year ended December 31, 2025.

(1) Cost.

(2) Notional Amount in USD. (3) Value at Settlement Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Portfolio invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

#### Offsetting of financial instrument/transaction assets and liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net<br>Amount** |
|  Securities on Loan | $395327 | $(395327) | $— |

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#### Offsetting of OTC derivative assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $2617 | $— | $2617 | $– | $2617 |
|  BNP | 4321 | (4154) | 167 | – | 167 |
|  MSI |  | (2666) | (2666) | – | (2666) |
|  | $6938 | $(6820) | $118 | $– | $118 |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Portfolio is limited to the market value of financial instruments/transactions and the Portfolio's OTC derivative exposure by counterparty.

#### SEE NOTES TO FINANCIAL STATEMENTS.
A104

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<br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>

#### STATEMENT OF ASSETS AND LIABILITIES
as of December 31, 2025

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| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $395,327: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $322,586,638) | $320596197.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $5,287,736) | 5287798.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $870) | 873.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 8636754.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 2150116.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Portfolio shares sold | 522624.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 13352.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid for OTC swap agreements | 1955.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 662.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker-variation margin swaps | 97.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 6107.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 337216535.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $5,028,262) | 5033191.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 3674462.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 405920.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Portfolio shares purchased | 122033.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker-variation margin futures | 105560.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 102812.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written outstanding, at value (premiums received $4,133) | 4154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 2666.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 1160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 478.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 9452436.0 |
|  **NET ASSETS** | $327764099.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Partners' Equity | $327764099.0 |
|  Net asset value and redemption price per share, $327,764,099 / 29,265,025 outstanding shares of beneficial interest | $11.2 |

---

#### STATEMENT OF OPERATIONS
Year Ended December 31, 2025

---

| | |
|:---|:---|
|  **NET INVESTMENT INCOME (LOSS)** |  |
|  **INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $17358568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 236901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated income from securities lending, net | 3364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income | 17598833 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 75239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 59899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 41121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 19215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 14380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 12712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $5,540) | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 5884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pricing fees | 5182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 4563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 259281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (79000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 180281 |
|  **NET INVESTMENT INCOME (LOSS)** | 17418552 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $389) | (1442429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (566667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contract transactions | (26923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 4258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements transactions | 85519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 6184 |
|  | (1940058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(304)) | 9763919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 1028165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts | (3746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 2895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 250 |
|  | 10790990 |
| **NET GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** | 8850932 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $26269484 |

---

#### STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **INCREASE (DECREASE) IN NET ASSETS** |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $17418552 | $20011159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (1940058) | (2938590) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 10790990 | (6771851) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 26269484 | 10300718 |
|  **PORTFOLIO SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares sold [10,357,493 and 8,891,955 shares, respectively] | 110764457 | 91151826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio shares purchased [17,129,766 and 20,885,583 shares, respectively] | (184224475) | (214439697) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS FROM PORTFOLIO SHARE TRANSACTIONS**  | (73460018) | (123287871) |
|  **TOTAL INCREASE (DECREASE)** | (47190534) | (112987153) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 374954633 | 487941786 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $327764099 | $374954633 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
A105

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---

| | |
|:---|:---|
|  | <br> **AST TARGET MATURITY CENTRAL PORTFOLIO** *(*CONTINUED*)* <br>|
| <br> **FINANCIAL HIGHLIGHTS** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **April 25, 2022<sup>(a)</sup>**<br> **through** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **April 25, 2022<sup>(a)</sup>**<br> **through** |
|  | **2025** | **2024** | **2023** | **December 31, 2022** |
|  **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
|  Net Asset Value, beginning of period | $10.40 | $10.16 | $9.52 | $10.00 |
|  **Income (Loss) From Investment Operations:** |  |  |  |  |
|  Net investment income (loss) | 0.52 | 0.48 | 0.44 | 0.24 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.28 | (0.24) | 0.20 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.80 | 0.24 | 0.64 | (0.48) |
|  Net Asset Value, end of period | $11.20 | $10.40 | $10.16 | $9.52 |
|  **Total Return<sup>(c)</sup>** | 7.69% | 2.36% | 6.72% | (4.80)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |
|  Net assets, end of period (in millions) | $328 | $375 | $488 | $582 |
|  Average net assets (in millions) | $361 | $428 | $534 | $628 |
|  Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.05% | 0.05% | 0.05% | 0.03 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.07% | 0.06% | 0.05% | 0.03 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.83% | 4.68% | 4.51% | 3.61 %<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)(g)</sup> | 126% | 118% | 189% | 362% |

---

(a) Commencement of operations.

(b) Calculated based on average shares outstanding during the period.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any, and does not reflect the effect of insurance contract charges. Total return does not reflect expenses associated with the separate account such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total returns for all periods shown. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would be lower. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Portfolio invests.

(e) Annualized, with the exception of certain non-recurring expenses.

(f) The Portfolio accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(g) The Portfolio's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Portfolio's portfolio turnover rate may be higher.

A106

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#### NOTES TO FINANCIAL STATEMENTS OF

#### ADVANCED SERIES TRUST
1. Organization

Advanced Series Trust (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust operates as a series company and as of December 31, 2025 consisted of 33 separate portfolios. The information presented in these financial statements pertains only to the 3 portfolios listed below (each, a "Portfolio" and collectively, the "Portfolios") together with their investment objective(s). Each Portfolio is a diversified portfolio for purposes of the 1940 Act.

Shares of each Portfolio may be purchased only by separate accounts of participating insurance companies for investing assets which are attributable to variable annuity contracts and variable life insurance policies (the "Participating Insurance Companies"). These separate accounts place orders to purchase and redeem shares of the Portfolios primarily based upon the amount of premium payments to be invested, and the amount of surrender and transfer requests to be effected on a specific day under the variable annuity contracts and variable life insurance policies.

The Portfolios have the following investment objectives:

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| | |
|:---|:---|
| **Portfolio** | **Investment Objective** |
|  AST J.P. Morgan Fixed Income Central Portfolio<br> ("J.P. Morgan Fixed Income Central") | The highest total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  AST PGIM Fixed Income Central Portfolio<br> ("PGIM Fixed Income Central") | The highest total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |
|  AST Target Maturity Central Portfolio<br> ("Target Maturity Central") | The highest total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. |

---

2. Accounting Policies

The Trust follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies*. The following is a summary of significant accounting policies followed by the Trust in the preparation of the Portfolios' financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Trust and the Portfolios consistently follow such policies in the preparation of their financial statements.

The Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Portfolios' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Portfolios, as listed in the Portfolios' Statement of Additional Information, act as each Portfolio's chief operating decision maker ("CODM"). The CODM has determined that each Portfolio has a single operating segment as the CODM monitors the operating results of each Portfolio as a whole and the Portfolios' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Portfolios' subadviser.

B1

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The CODM allocates resources and assesses performance based on the operating results of each Portfolio, which is consistent with the results presented in the Portfolio's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* Each Portfolio holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Portfolios' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The Trust's Board of Trustees (the "Board") has approved the Portfolios' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Portfolio investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit each Portfolio to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Portfolios' foreign investments may change on days when investors cannot purchase or redeem Portfolio shares.

Various inputs determine how the Portfolios' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Portfolio is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Private debt/loans are generally valued at prices obtained by independent valuation providers. Such valuation providers typically utilize the income approach as the primary methodology, but may use other fair value approaches based on facts

B2

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and circumstances. Valuations received from the independent valuation providers are reviewed by the Valuation Designee to ensure the valuations are in accordance with the Funds' valuation policies and procedures as well as all relevant valuation and accounting standards. Private debt/loans are generally classified as Level 3 in the fair value hierarchy.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Portfolios utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Portfolios are presented at the foreign exchange rates and market values at the close of the period, the Portfolios do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Portfolios do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Forward and Cross Currency Contracts:* A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Certain Portfolios entered into forward currency contracts, as defined in the prospectus, of the applicable Portfolios in order to hedge their exposure to changes in foreign currency exchange rates on

B3

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their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposures to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Portfolios' maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

*Options:* Certain Portfolios purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Portfolio currently owns or intends to purchase. The Portfolios may also use options to gain additional market exposure. The Portfolios' principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Portfolio purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Portfolio writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Portfolio realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Portfolio has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Portfolio, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Portfolio, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Portfolio since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Portfolio writes an option on a swap, an amount equal to any premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Portfolio becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Portfolio becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Portfolio will be obligated to be party to a swap agreement if an option on a swap is exercised.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Portfolios are required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Portfolios each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Certain Portfolios invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Portfolios intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Portfolios may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Portfolios since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

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*Swap Agreements:* Certain Portfolios entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

*Interest Rate Swaps:* Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. Certain Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Portfolios used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Portfolios' maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract's remaining life.

*Credit Default Swaps ("CDS"):* CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a "credit event") for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

Certain Portfolios are subject to credit risk in the normal course of pursuing their investment objectives, and as such, have entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be "short the credit" because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Portfolio's maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Portfolio generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs.As the seller, the Portfolio effectively increases its investment risk because, in addition to its total net assets, the Portfolio may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Portfolio, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Portfolio entered into for the same referenced entity or index. As a buyer of protection, the Portfolio generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Portfolio is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

*Total Return Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. Certain Portfolios are subject to risk exposures associated with the referenced asset in the normal course of pursuing their investment objectives. Certain Portfolios entered into total return swaps to manage their exposure to a security or an index. The Portfolios' maximum risk of loss from counterparty credit risk is the change in the value of the security, in favor of the Portfolio, from the point of entering into the contract.

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*Floating Rate and Other Loans:* Certain Portfolios invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Portfolios acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Portfolios generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Portfolios generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Portfolios generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Portfolios may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Portfolios will assume the credit risk of both the borrower and the institution selling the participation to the Portfolios.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Portfolio. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The Trust, on behalf of each Portfolio is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Portfolio. For multi-sleeve Portfolios, different subadvisers who manage their respective sleeve, may enter into such agreements with the same counterparty and are disclosed separately for each sleeve when presenting information about offsetting and related netting arrangements for OTC derivatives. A master netting arrangement between each Portfolio and the counterparty permits each Portfolio to offset amounts payable by each Portfolio to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Portfolio to cover each Portfolios' exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The Trust, on behalf of certain Portfolios, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Portfolio is held in a segregated account by the Portfolio's custodian and with respect to those amounts which can be sold or re-pledged, are presented in the Schedule of Investments. Collateral pledged by the Portfolio is segregated by the Portfolio's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Portfolio and the applicable counterparty. Collateral requirements are determined based on the Portfolio's net position with each counterparty. Termination events applicable to the Portfolio may occur upon a decline in the Portfolio's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Portfolio's counterparties to elect early termination could impact the Portfolio's future derivative activity.

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the

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possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Payment-In-Kind:*Certain Portfolios invested in the open market or received pursuant to debt restructuring securities that pay-in-kind ("PIK") the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have the same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

*Delayed-Delivery Transactions:* Certain Portfolios purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Portfolio will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value ("NAV"). The Portfolio may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Portfolio forfeits its eligibility to realize future gains (losses) with respect to the security.

*Securities Lending:* Certain Portfolios lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Portfolios. Upon termination of the loan, the borrower will return to the Portfolios securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Portfolios have the right to repurchase the securities in the open market using the collateral.

The Portfolios recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Portfolios also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Mortgage Dollar Rolls:* Certain Portfolios entered into mortgage dollar rolls in which the Portfolios sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Portfolios forgo principal and interest paid on the securities. The Portfolios are compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Portfolios maintain a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Portfolios are subject to the risk that the market value of the securities the Portfolios are obligated to repurchase under the agreement may decline below the repurchase price.

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* Certain Portfolios invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions

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received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Portfolios become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts.

*Taxes:* For federal income tax purposes, each Portfolio is treated as a separate taxpaying entity. Each Portfolio currently intends to be treated as a partnership for US federal income tax purposes that is not a "publicly traded partnership" as defined in Section 7704 of the Internal Revenue Code of 1986, as amended (the "Code") for US federal income tax purposes. No provision has been made in the financial statements for U.S. federal, state, or local taxes, as any tax liability arising from operations of the Portfolios is the responsibility of the Participating Insurance Companies. Each Portfolio is not generally subject to entity-level taxation. Shareholders of each Portfolio are subject to taxes on their distributive share of partnership items. Withholding taxes on foreign dividends, interest and capital gains are accrued in accordance with each Portfolio's understanding of the applicable country's tax rules and regulations. Such taxes are accrued net of reclaimable amounts, at the time the related income/gain is recorded taking into account any agreements in place with Prudential Financial, Inc. ("Prudential") as referenced below. Each Portfolio generally attempts to manage its diversification in a manner that supports the diversification requirements of the underlying separate accounts.

*Distributions:* Distributions, if any, from each Portfolio are made in cash and automatically reinvested in additional shares of the Portfolio. Distributions are recorded on the ex-date.

*Estimates:* The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3. Agreements

The Trust, on behalf of the Portfolios, has entered into investment management agreements with the Investment Manager which provide that the Investment Manager will furnish each Portfolio with investment advice, investment management and administrative services subject to the supervision of the Board and in conformity with the stated policies of the Portfolios. The Investment Manager has engaged the firms referenced in the below table as subadvisers for their respective Portfolios. Subadvisory fees are paid by the Investment Manager out of the management fee that it receives from the Portfolios.

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| | |
|:---|:---|
| **Portfolio** | **Subadviser(s)** |
|  J.P. Morgan Fixed Income Central | J.P. Morgan Investment Management Inc. ("J.P. Morgan") |
|  PGIM Fixed Income Central | PGIM Fixed Income ("PFI") (a business unit of PGIM, Inc.); PGIM Limited (an indirect, wholly-owned subsidiary of PGIM, Inc.) |
|  Target Maturity Central | PFI; PGIM Limited |

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*Management Fees and Expense Limitations:* As noted in the table below, the Investment Manager does not directly charge a management fee to the Portfolios for its services. Rather, the Manager is paid directly based on the assets in each of the Investing Portfolios that invest in the Portfolios listed in the table below. To the extent the subadvisers to the Portfolios are paid subadvisory fees for subadvisory services provided to the Portfolios, the Investment Manager, and not the Portfolios, pays such subadvisory fees.

Any amounts paid or payable by the Portfolios to the Investment Manager if any, under the agreements are reflected in the Statement of Operations. The Investment Manager has contractually agreed to waive a portion of its investment management fee and/or reimburse certain expenses of the Portfolio so that the Portfolio's investment management fee plus other expenses (exclusive, in all cases, of brokerage, taxes (such as income and foreign withholding taxes, including stamp duty and deferred tax expenses), extraordinary expenses, acquired fund fees and expenses, and certain other Portfolio expenses such as dividend and interest expense and broker charges on short sales), do not exceed the percentage stated below of the Portfolio's average daily net assets unless otherwise noted. Fees and/or expenses waived and/or reimbursed by the Investment Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Investment Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable.

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Each voluntary waiver/reimbursement, if any, may be modified or terminated by the Investment Manager at any time without notice.

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| | |
|:---|:---|
| **Portfolio** | **Effective<br>Management Fee,<br>after any waivers<br>and/or expense<br>reimbursements** |
|  J.P. Morgan Fixed Income Central\*<br> – —% | —% |
|  PGIM Fixed Income Central\*\*<br> – —% | —% |
|  Target Maturity Central\*\*\*<br> – —% | —% |

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| | |
|:---|:---|
| **Portfolio** | **Fee Waivers and/or**<br> **Expense Limitations** |
|  J.P. Morgan Fixed Income Central | contractually limit expenses to 0.05% through June 30, 2026 |
|  PGIM Fixed Income Central | contractually limit expenses to 0.05% through June 30, 2026 |
|  Target Maturity Central | contractually limit expenses to 0.05% through June 30, 2026 |

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\* Certain Asset Allocation Portfolios of Advanced Series Trust, subadvised by J.P. Morgan (J.P. Morgan AA Portfolios) and the AST Investment Grade Bond Portfolio (ASTIG, and together with J.P. Morgan AA Portfolios, the Investing Portfolios) will invest in the J.P. Morgan Fixed Income Central. The Manager receives a management fee rate for services provided to the Investing Portfolios pursuant to Investment Management Agreement for each of the Investing Portfolios. 

\*\* Certain Asset Allocation Portfolios of Advanced Series Trust, subadvised by PGIM, Inc. and PGIM Limited (PGIM AA Portfolios) and the AST Investment Grade Bond Portfolio (ASTIG, and together with PGIM AA Portfolios, the PGIM Investing Portfolios) will invest in the PGIM Fixed Income Central. The Investment Manager receives a management fee rate for services provided to the PGIM Investing Portfolios pursuant to Investment Management Agreement for each of the PGIM Investing Portfolios. 

\*\*\* Each of the AST Target Maturity Bond Portfolios (as defined below) invest in Target Maturity Central. The Investment Manager receives a management fee for services provided to Target Maturity Central pursuant to the Investment Management Agreement in place with respect to each of the AST Target Maturity Bond Portfolios. The AST Target Maturity Bond Portfolios are: AST Bond Portfolio 2026, AST Bond Portfolio 2027, AST Bond Portfolio 2028, AST Bond Portfolio 2029, AST Bond Portfolio 2030, AST Bond Portfolio 2031, AST Bond Portfolio 2032, AST Bond Portfolio 2033, AST Bond Portfolio 2034, AST Bond Portfolio 2035 and AST Bond 2036. 

AST Investment Services, Inc., PGIM Investments, PGIM, Inc., PFI and PGIM Limited are indirect, wholly-owned subsidiaries of Prudential.

4. Other Transactions with Affiliates

#### a.) Related Parties
Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent and shareholder servicing agent of the Portfolios. The transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

Certain officers and a Trustee of the Trust are officers, employees or directors of the Investment Manager. The Trust pays no compensation directly to its officers, employees or any Trustee who receives compensation from the Investment Manager, a subadviser or their respective affiliates. The Investment Manager also pays for occupancy and certain clerical and administrative expenses. The Portfolios bear all other costs and expenses.

The Portfolios may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income

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from securities lending, net", respectively.

Certain Portfolios may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended December 31, 2025 no such transactions were entered into by the Portfolios.

#### b.) Foreign Withholding Tax Reclaims
The Portfolios are considered partnerships for tax purposes rather than regulated investment companies ("RICs"). As a result of their partnership status, the Portfolios are subject to higher foreign withholding tax rates on dividend and interest income in certain foreign jurisdictions and/or are subject to delays in repayment of taxes withheld by certain foreign jurisdictions (collectively, "excess withholding tax").

Prudential instituted a process in consultation with the Trust's independent trustees to reimburse the affected Portfolios for any excess withholding tax on the first business day following the pay-date of the applicable dividend or interest income event regardless of whether the excess withholding tax is due to timing differences (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is reclaimable) or permanent detriments (i.e., jurisdictions in which the Portfolio was subject to a higher withholding tax rate due to its tax status which is not reclaimable) resulting from the Portfolios' partnership tax status.

In cases in which the excess withholding tax is due to timing differences and is reclaimable from the foreign jurisdiction, the affected Portfolios have the ability to recover the excess withholding tax withheld by filing a reclaim with the relevant foreign tax authority. To avoid a Portfolio receiving and retaining a duplicate payment for the same excess withholding tax, payments received by an applicable Portfolio from a foreign tax authority for reclaims for which a Portfolio previously received reimbursement from Prudential will be payable to Prudential. Pending tax reclaim amounts due to Prudential for excess withholding tax which Prudential previously paid to the Portfolios are reported as "Payable to affiliate" on the Statement of Assets and Liabilities and any amounts accrued but not yet reimbursed by Prudential for excess withholding tax is recorded as "Receivable from affiliate" on the Statement of Assets and Liabilities. The full amount of tax reclaims due to a Portfolio, inclusive of timing differences and routine tax reclaims for foreign jurisdictions where the Portfolios do not incur an excess withholding tax is included as "Tax reclaim receivable" on the Statement of Assets and Liabilities. To the extent that there are costs associated with the filing of any reclaim attributable to excess withholding tax, those costs are borne by Prudential.

For the year ended December 31, 2025, there were no amounts paid by Prudential for excess withholding taxes related to permanent tax detriments and timing differences as described above for certain countries due to the Portfolios' status as partnerships for tax purposes.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments, in-kind transactions and U.S. Government securities) for the year ended December 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** |
|  J.P. Morgan Fixed Income Central | $1334263742 | $1192532450 |
|  PGIM Fixed Income Central | 12706820624 | 13636581223 |
|  Target Maturity Central | 414160368 | 480086901 |

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A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended December 31, 2025, is presented as follows:

#### J.P. Morgan Fixed Income Central

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of Year** | **Cost of**<br> **Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)(wb) |
| $92294960 | $764205946 | $740537075 | $— | $— | $115963831 | 115963831 | $4905986 | $— |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | Realized<br>Gain<br>(Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |
| $75201279 | $534250299 | $548795502 | $3293 | $1276 | $60660645 | 60697063 | $102386<sup>(1)</sup> | $— |
| $167496239 | $1298456245 | $1289332577 | $3293 | $1276 | $176624476 |  | $5008372 | $— |

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#### PGIM Fixed Income Central

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |  |
| $556714789 | $3825557117 | $4182425445 | $— | $— | $199846461 | 199846461 | $9033158 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)<sup>(b)(wb)</sup> |  |
| 190271586 | 1113324050 | 1192992788 | (18) | (3279) | 110599551 | 110665951 | 261051<sup>(1)</sup> |  |
| $746986375 | $4938881167 | $5375418233 | $(18) | $(3279) | $310446012 |  | $9294209 | $— |

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#### Target Maturity Central

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.896%)<sup>(wb)</sup> |  |
| $5857925 | $143345020 | $144323016 | $— | $— | $4879929 | 4879929 | $236901 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.934%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)(b)(wb) | PGIM Institutional Money Market Fund (7-day effective yield 3.934%)(b)(wb) |  |
| 2722608 | 27625685 | 29940509 | (304) | 389 | 407869 | 408113 | 3364<sup>(1)</sup> |  |
| $8580533 | $170970705 | $174263525 | $(304) | $389 | $5287798 |  | $240265 | $— |

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(1) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(wb) Represents an investment in a Fund affiliated with the Manager.

6. Tax Information

All Portfolios are treated as partnerships for federal income tax purposes. The character of the cash distributions, if any, made by the partnerships is generally classified as nontaxable return of capital distributions. After each fiscal year each shareholder of record will receive information regarding their distributive allocable share of the partnership's income, gains, losses and deductions.

With respect to the Portfolios, book cost of assets differs from tax cost of assets as a result of each Portfolio's adoption of a mark-to-market method of accounting for tax purposes. Under this method, tax cost of assets will approximate fair market value.

The Investment Manager has analyzed the Portfolios' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Portfolios' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Portfolios' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended December 31, 2025 are subject to such review.

7. Borrowings

The Trust, on behalf of the Portfolios, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an

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alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

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| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
|  **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 | $1200000000 |
|  **Annualized Commitment Fee on**<br> **the Unused Portion of the SCA** | 0.15% | 0.15% |
|  **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent |

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Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Investment Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Portfolios did not utilize the SCA during the reporting period ended December 31, 2025.

8. Capital and Ownership

The Agreement and Declaration of Trust permits the Trust's Board to issue multiple classes of shares, and within each class, an unlimited number of shares of beneficial interest of the Portfolios with a par value of $0.001 per share. As of December 31, 2025, all Portfolios offer only a single share class to investors.

As of December 31, 2025, all shares of the Portfolios were owned of record directly or by other Portfolios as part of their investments by insurance affiliates of Prudential.

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| | | |
|:---|:---|:---|
| **Portfolio** | **Number of Shares** | **Percentage of<br> Outstanding Shares** |
|  J.P. Morgan Fixed Income Central | 309260767 | 100.0% |
|  PGIM Fixed Income Central | 827203120 | 100.0 |
|  Target Maturity Central | 29265025 | 100.0 |

---

The following number of shareholders of record, each holding greater than 5% of the Portfolio, held the following percentage of outstanding shares, on behalf of multiple beneficial owners:

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| | | |
|:---|:---|:---|
| Portfolio | Number of Shareholders | Percentage of Outstanding Shares |
|  J.P. Morgan Fixed Income Central | 4 | 99.9% |
|  PGIM Fixed Income Central | 5 | 91.3 |
|  Target Maturity Central | 6 | 90.5 |

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9. Risks of Investing in the Portfolios

Each Portfolio's principal risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Portfolio, please refer to the Prospectus and Statement of Additional Information of that Portfolio.

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| | | | |
|:---|:---|:---|:---|
| **Risks** | **J.P. Morgan**<br> **Fixed Income**<br> **Central** | **PGIM Fixed**<br> **Income**<br> **Central** | **Target <br>Maturity <br>Central** |
| Asset-Backed and/or Mortgage-Backed Securities | X | X | X |
| Cyber Security | X | X | X |
| Derivatives | X | X | X |
| Dollar Roll Transactions | X | X | X |
| Equity and Equity-Related Securities | X | X | X |

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| | | | |
|:---|:---|:---|:---|
| Risks | J.P. Morgan<br>Fixed Income<br>Central | PGIM Fixed<br>Income<br>Central | Target <br>Maturity <br>Central |
| Expense | X | X | X |
| Fixed Income Securities | X | X | X |
| Fund of Funds | X | X | X |
| High Yield | X | X | X |
| Large Shareholder | X | X | X |
| Liquidity and Valuation | X | X | X |
| Market and Management | X | X | X |
| Portfolio Turnover | X | X | X |
| Regulatory | X | X | X |
| Sovereign Debt Securities | X | X | X |
| US Government Securities | X | X | X |

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*Asset-Backed and/or Mortgage-Backed Securities Risk*: Asset-backed and mortgage-backed securities primarily are fixed income securities that represent an interest in an underlying pool of assets, such as credit card receivables or, in the case of mortgage-backed securities, mortgage loans on residential and/or commercial real estate. Asset-backed and mortgage-backed securities are subject to interest rate risk, credit risk, and liquidity risk, which are further described under Fixed Income Securities Risk.

Asset-backed and mortgage-backed securities may also be subject to prepayment and extension risks. In a period of declining interest rates, borrowers may repay principal on mortgages or other loan obligations underlying a security more quickly than anticipated, which may require a Portfolio to reinvest the repayment proceeds in securities that pay lower interest rates (prepayment risk). In a period of rising interest rates, prepayments may occur at a slower rate than expected, which may prevent a Portfolio from reinvesting repayment proceeds in securities that pay higher interest rates (extension risk). The more a Portfolio invests in longer-term asset-backed securities, the more likely it will be affected by changes in interest rates, which may result in lower than anticipated yield-to-maturity and expected returns as well as reduced market value of such securities.

Mortgage-backed securities are a specific type of asset-backed security—one backed by mortgage loans on residential and/or commercial real estate. Therefore, they also have risks related to real estate, including significant sensitivity to changes in real estate prices and interest rates and, in the case of commercial mortgages, office and factory occupancy rates. Mortgage-backed securities issued by private non-government entities are subject to the risks that the underlying mortgage borrowers fail to make timely payments of interest and principal and that any guarantee or other structural feature, if present, is insufficient to enable the timely payment of interest and principal on the mortgage-backed securities. Moreover, securities backed by mortgages issued by private, non-government issuers may experience higher rates of default on the underlying mortgages than government-issued mortgages because private issuer mortgage loans often do not meet the underwriting standards of government-issued mortgages. Private issuer mortgage-backed securities may include loans on commercial or residential properties. Although certain mortgage-backed securities issued by private non-government entities are guaranteed as to timely payment of interest and principal by a government-sponsored entity, the market price for such securities is not guaranteed and will fluctuate. Asset-backed securities backed by sub-prime mortgage loans expose a Portfolio to potentially greater declines in value due to defaults because sub-prime mortgage loans are typically made to less creditworthy borrowers and thus have a greater risk of default than conventional mortgage loans.

A Portfolio may invest in securities issued or guaranteed by the US Government or its agencies and instrumentalities, such as Ginnie Mae, Fannie Mae, or Freddie Mac. Unlike Ginnie Mae securities, securities issued or guaranteed by US Government-related organizations such as Fannie Mae or Freddie Mac are not backed by the full faith and credit of the US Government, and no assurance can be given that the US Government would provide financial support to such securities.

*Cyber Security Risk:* Failures or breaches of the electronic systems of a Portfolio, the Portfolio's manager, subadviser, distributor, and other service providers, or the issuers of securities in which the Portfolio invests have the ability to cause disruptions and negatively impact the Portfolio's business operations, potentially resulting in financial losses to the Portfolio and its shareholders. While each Portfolio has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, a Portfolio cannot control the cyber security plans and systems of the Portfolio's service providers or issuers of securities in which the Portfolio invests.

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*Derivatives Risk:* A derivative is a financial contract, the value of which depends upon, or is derived from, the value of one or more underlying investments, such as an asset, reference rate, or index, and may relate to stocks, bonds, interest rates, currencies, and currency exchange rates. Derivatives in which the Portfolios may invest include exchange-traded instruments as well as privately-negotiated instruments, also called over-the-counter instruments. Examples of derivatives include, but are not limited to, options, futures, forward agreements, interest rate swap agreements, credit default swap agreements, and credit-linked securities. A Portfolio may, but is not required to, use derivatives to seek to earn income or enhance returns, manage or adjust its risk profile, replace more traditional direct investments, or obtain exposure to certain markets. The use of derivatives to seek to earn income or enhance returns may be considered speculative. The use of derivative instruments also exposes a Portfolio to transaction costs. Derivatives involve the risk that changes in their value may not correlate perfectly with the assets, rates, indices or instruments they are designed to hedge or closely track. In addition, fluctuations in derivatives' values may not correlate perfectly with the securities markets. For exchange-traded and/or centrally cleared derivatives, such as futures, many options and certain swaps, the primary credit/counterparty risk is the creditworthiness of a Portfolio's clearing broker and the central clearing house itself through which such derivative positions are traded and held. Such risk is concentrated in relatively few clearinghouses and clearing members.

The use of derivatives is a highly specialized activity that involves a variety of risks and costs that are different from, or possibly greater than, investing directly in traditional equity and debt securities, including:

*Counterparty credit risk:* There is a risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable to make timely payments or otherwise honor its financial obligations to a Portfolio. This risk is especially important in the context of privately negotiated instruments. For example, a Portfolio would be exposed to counterparty credit risk to the extent it enters into a credit default swap, that is, it purchases protection against a default by a debt issuer, and the swap counterparty does not maintain adequate reserves to cover such a default.

*Leverage risk:* Borrowings, certain derivatives and other trading strategies can create leverage (i.e., a Portfolio's investment exposures exceed its net asset value). Leverage can result in losses to a Portfolio that exceed the amount originally invested. A Portfolio may manage some of its derivative positions by offsetting derivative positions against one another or against other assets. To the extent offsetting positions do not behave in relation to one another as expected, a Portfolio may perform as if it were leveraged. The use of leverage may cause a Portfolio to liquidate positions when it may not be advantageous to do so to satisfy its obligations or to meet margin requirements.

*Liquidity and Valuation risk:* Certain exchange-traded derivatives may be difficult or impossible to buy or sell at the time that the seller would like, or at the price that the seller believes the derivative is currently worth. Privately-negotiated instruments may be difficult to terminate, and from time to time, a Portfolio may find it difficult to enter into a transaction that would offset the losses incurred by another derivative that it holds. Derivatives, and especially privately-negotiated instruments, also involve the risk of incorrect valuation (that is, the value assigned to the derivative may not always reflect its risks or potential rewards).

*Hedging risk:* Hedging is a strategy in which a Portfolio uses a derivative to offset the risks associated with its other portfolio holdings. While hedging can reduce losses, it can also reduce or eliminate gains or magnify losses if the market moves in a manner different from that anticipated by the Portfolio. Hedging also involves the risk that changes in the value of the derivative will not match the value of the holdings being hedged, to the extent expected by the Portfolio, in which case any losses on the holdings being hedged may not be reduced and in fact, may be increased. No assurance can be given that any hedging strategy will reduce risk or that hedging transactions will be either available or cost effective. A Portfolio is not required to use hedging and may choose not to do so.

*Futures and Forward Contracts risk:* The primary risks associated with the use of futures or forward contracts are: (a) the imperfect correlation between the change in market value of the instruments held by a Portfolio and the price of the futures or forward contract; (b) possible lack of a liquid market for a futures or forward contract and the resulting inability to close a futures or forward contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of securities or commodities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty to the futures or forward contract will default in the performance of its obligations. Additionally, not all forward contracts require a counterparty to post collateral, which may expose a Portfolio to greater losses in the event of a default by a counterparty.

*Government Regulation of Derivatives Risk:* The derivatives markets are subject to various regulations. For example, the SEC has adopted Rule 18f-4 under the 1940 Act which governs the use of derivative investments and certain financing transactions (e.g., reverse repurchase agreements) by registered investment companies. Among other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of derivative instruments and financing transactions and to adopt and implement a

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derivatives risk management program. Rule 18f-4 as well as other applicable government regulations more generally can, among other things, adversely affect the value of the investments held by a Portfolio, restrict a Portfolio's ability to engage in derivatives transactions (for example, by making certain derivatives transactions no longer available to that Portfolio) and/or increase the costs of such derivatives transactions (for example, by increasing margin or capital requirements), which could adversely affect investors. Regulations may also limit and/or delay a Portfolio's ability to recover amounts owed to it (including collateral held by its counterparties) which could increase counterparty risk. In particular, position limits imposed on a Portfolio or its counterparties may impact that Portfolio's ability to invest in a manner that efficiently meets its investment objective, and requirements, including capital and mandatory clearing for certain swaps, may increase the cost of a Portfolio's investments and cost of doing business, which could adversely affect investors. Because derivatives regulations are evolving, their ultimate impact remains unclear.

*Dollar Roll Transactions Risk:* Dollar rolls involve the sale by a Portfolio of a security for delivery in the current month with a promise to repurchase from the buyer a substantially similar—but not necessarily the same—security at a set price and date in the future. In a dollar roll, the Portfolio takes the risk that: (i) the market price of the mortgage-backed securities will drop below their future repurchase price; (ii) the securities that it repurchases at a later date will have less favorable market characteristics; (iii) the other party to the agreement will not be able to perform; (iv) the roll adds leverage to the Portfolio; and (v) the roll increases the Portfolio's sensitivity to interest rate changes. In addition, investments in dollar rolls may increase the portfolio turnover rate of the Portfolio. A dollar roll can be viewed as a borrowing. If a Portfolio makes additional investments while a dollar roll is outstanding, this may be considered a form of leverage.

*Equity and Equity-Related Securities Risk:* From time to time, the Portfolio may purchase or hold equity or equity-related securities incidental to the purchase or ownership of fixed income instruments or in connection with a reorganization of a borrower. These include common stock, preferred stock or securities that may be converted into or exchanged for common stock—known as convertible securities—like rights and warrants. There is a risk that the value of a particular stock or equity-related security held by a Portfolio could fluctuate, perhaps greatly, in response to a number of factors, such as changes in the issuer's financial condition, changes in interest rates, or heightened levels of inflation. In addition to an individual stock losing value, the value of the equity markets or a sector of those markets in which a Portfolio invests could go down. A Portfolio's holdings can vary from broad market indexes, and the performance of a Portfolio can deviate from the performance of such indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments. Such events may result in losses to a Portfolio. Preferred stock generally pays dividends at a specified rate and has preference over common stock in the payment of dividends and the liquidation of assets, but does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, and general market conditions of the markets on which the stock trades. The most significant risks associated with investments in preferred stock include the risk of losses attributable to adverse changes in interest rates, broader market conditions and the financial condition of the stock's issuer. Preferred stock may also be subordinated to bonds or other debt instruments in a company's capital structure and is typically less liquid than common stock. Equity securities may have greater price volatility than other types of investments. These risks are generally magnified in the case of equity investments in distressed companies.

*Expense Risk:* Your actual cost of investing in a Portfolio may be higher than the expenses shown in "Annual Portfolio Operating Expenses" for a variety of reasons. For example, Portfolio operating expense ratios may be higher than those shown if a Portfolio's average net assets decrease, fee waivers or expense limitations change, or the Portfolio incurs more expenses than expected. Net assets are more likely to decrease and Portfolio expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Portfolio securities can increase expenses.

*Fixed Income Securities Risk:* Investment in fixed income securities involves a variety of risks, including credit risk, liquidity risk and interest rate risk. The market price of a fixed-income investment can decline due to market-related factors, including rising interest rates and widening credit spreads, rising inflation, or decreased liquidity due, for example, to market uncertainty about the value of a fixed-income investment (or class of fixed income investments).

*Credit risk*: Credit risk is the risk that an issuer or guarantor of a security will be unable or unwilling to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is less able or willing to make required principal and interest payments. The risk that such issuer or guarantor is less willing or able to make required principal and interest payments is heightened in market environments where interest rates are rising. The downgrade of the credit of a security held by a Portfolio may decrease its value. Credit ratings are intended to provide a measure of credit risk. However, credit ratings are only the opinions of the credit rating agency issuing the ratings and are not guarantees as to quality. The lower the rating of a debt security held by a Portfolio, the greater the degree of credit risk that is perceived to exist by the credit rating agency with respect to that security. Increasing the amount of Portfolio assets allocated to lower-rated securities generally will increase the credit risk to which a Portfolio is subject. Information on the ratings issued to debt securities by certain credit rating agencies is included in Appendix I to the

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Statement of Additional Information (SAI). Not all securities are rated. In the event that the relevant credit rating agencies assign different ratings to the same security, a Portfolio's Subadviser may determine which rating it believes best reflects the security's quality and risk at that time. A Portfolio will not necessarily sell a security when its rating is reduced below its rating at the time of purchase. Some, but not all, US government securities are insured or guaranteed by the US government, while others are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Although credit risk may be lower for US government securities than for other investment-grade securities, the return may be lower.

*Liquidity risk*: Liquidity risk is the risk that a Portfolio may not be able to sell some or all of the securities it holds, either at the price it values the security or at any price. Liquidity risk also includes the risk that there may be delays in selling a security, if it can be sold at all, which could prevent a Portfolio from taking advantage of other investment opportunities. The liquidity of asset-backed and mortgage-backed securities may change over time. During periods of deteriorating economic conditions, such as recessions or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, with respect to securitizations involving loans, sales contracts, receivables and other obligations underlying asset-backed securities. In addition, liquidity risk refers to the risk that a Portfolio may not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, redemption requests by certain large shareholders such as institutional investors, or other reasons. Meeting such redemption requests may cause a Portfolio to have to liquidate portfolio securities at disadvantageous prices or times and/or unfavorable conditions and, thus, could reduce the returns of a Portfolio and dilute remaining investors' interests. The reduction in dealer market-making capacity in fixed income markets that has occurred in recent years also has the potential to decrease liquidity.

*Interest rate risk:* Interest rate risk is the risk that the value of an investment will fluctuate because of a change in interest rates. The prices of fixed income securities generally move in the opposite direction to that of market interest rates. Changes in interest rates may also affect the liquidity of a Portfolio's investments in fixed income securities. Interest rates in the US may increase, possibly suddenly and significantly, with unpredictable effects on the markets and a Portfolio's investments. A wide variety of factors can cause interest rates to rise, including central bank monetary policies and inflation rates. As interest rates rise, the value of fixed income investments typically decreases and there is risk that rates across the financial system also may rise. To the extent rates increase substantially and/or rapidly, a Portfolio with significant investment in fixed income investments may be subject to significant losses. Generally, the longer the maturity of a fixed income security, the greater is the decline in its value when rates increase. As a result, portfolios with longer durations and longer weighted average maturities generally have more volatile share prices than portfolios with shorter durations and shorter weighted average maturities. Certain securities acquired by a Portfolio may pay interest at a variable rate or the principal amount of the security periodically adjusts according to the rate of inflation or other measure. In either case, the interest rate at issuance is generally lower than the fixed interest rate of bonds of similar seniority from the same issuer; however, variable interest rate securities generally are subject to a lower risk that their value will decrease during periods of increasing interest rates and increasing inflation. Decreases in interest rates create the potential for a decrease in income earned by a Portfolio. During periods of very low or negative interest rates, a Portfolio may be unable to maintain positive returns. Very low or negative interest rates may magnify interest rate risk. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Portfolio performance to the extent the Portfolio is exposed to such interest rates.

*Fund of Funds Risk:* A Portfolio that is structured as a "fund of funds" invests primarily in a combination of underlying investment companies and other underlying portfolios describes in such Portfolio's Prospectus. In addition to the risks associated with the investment in the underlying portfolios, these Portfolios are subject to the following risks:

To the extent that a Portfolio concentrates its assets among underlying portfolios that invest principally in one or several asset classes, a Portfolio may from time to time underperform mutual funds exposed primarily to other asset classes. For example, a Portfolio may be overweighed in the equity asset class when the stock market is falling and the fixed income market is rising. Likewise, a Portfolio may be overweighted in the fixed income asset class when the fixed income market is falling and the stock market is rising.

The ability of a Portfolio to achieve its investment objective depends on the ability of the selected underlying portfolios to achieve their investment objectives. There is a risk that the selected underlying portfolios will underperform relevant markets, relevant indices, or other portfolios with similar investment objectives and strategies.

A Portfolio will incur its pro rata share of the expenses of an underlying portfolio in which the Portfolio invests, such as investment advisory and other management expenses, and shareholders incur the operating expenses of these underlying portfolios

B16

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The performance of a Portfolio may be affected by large purchases and redemptions of underlying portfolio shares. For example, large purchases and redemptions may cause an underlying portfolio to hold a greater percentage of its assets in cash than other portfolios pursuing similar strategies, and large redemptions may cause an underlying portfolio to sell assets at inopportune times. Underlying portfolios that have experienced significant redemptions may, as a result, have higher expense ratios than other portfolios pursuing similar strategies. The Manager and a Portfolio's Subadviser(s) seek to minimize the impact of large purchases and redemptions of underlying portfolio shares, but their abilities to do so may be limited.

There is a potential conflict of interest between a Portfolio and its Manager and a Portfolio's Subadviser(s). Because the amount of the management fees to be retained by the Manager and their affiliates may differ depending upon which underlying portfolios are used in connection with a Portfolio, there is a potential conflict of interest for the Manager and a Portfolio's Subadviser(s) in selecting the underlying portfolios. In addition, the Manager and a Portfolio's Subadviser(s) may have an incentive to take into account the effect on an underlying portfolio in which the Portfolio may invest in determining whether, and under what circumstances, to purchase or sell shares in that underlying portfolio. Although the Manager and a Portfolio's Subadviser(s) take steps to address the potential conflicts of interest, it is possible that the potential conflicts could impact the Portfolios.

*High Yield Risk:* Investments in high yield securities and unrated securities of similar credit quality (commonly known as "high yield securities" or "junk bonds") may be subject to greater levels of interest rate, credit, call and liquidity risk than investments in investment grade securities. High yield securities are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or period of rising interest rates could adversely affect the market for high yield securities and reduce a Portfolio's ability to sell its high yield securities at an advantageous time or price. An economic downturn generally leads to a higher non-payment rate, and a high yield investment may lose significant value before a default occurs.

In addition, the market for lower-rated bonds may be thinner and less active than the market for higher-rated bonds, and the prices of lower-rated bonds may fluctuate more than the prices of higher-rated bonds, particularly in times of market stress. High yield securities frequently have redemption features that permit an issuer to repurchase the security from a Portfolio prior to maturity, which may result in the Portfolio having to reinvest the proceeds in other high yield securities or similar instruments that may pay lower interest rates.

*Large Shareholder Risk:* Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of Portfolio shares. There is no requirement that these entities maintain their investment in the Portfolio. There is a risk that such large shareholders may redeem all or a substantial portion of their investments in a Portfolio at any time, which could result in the Portfolio needing to sell or dispose of investments at disadvantageous prices and have a significant negative impact on the Portfolio's NAV, liquidity, and brokerage costs. Large shareholder redemptions may cause a Portfolio to have to sell or dispose of investments at inopportune times or disadvantageous prices. These transactions may adversely affect the Portfolio's performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of a Portfolio and result in credit line borrowing fees and/or overdraft charges to the Portfolio until the sales of portfolio securities necessary to cover the redemption request settle. It is also possible that a significant redemption could result in an increase in Portfolio expenses on account of being spread over a smaller asset base, and therefore make it more difficult for the Portfolio to implement its investment objective and strategies. Large redemptions could also result in tax consequences to shareholders.

*Liquidity and Valuation Risk:* From time to time, a Portfolio may hold one or more securities for which there are no or few buyers and sellers, or where the securities are subject to limitations on transfer. In those cases, a Portfolio may have difficulty determining the values of those securities for the purpose of determining a Portfolio's net asset value. A Portfolio also may have difficulty disposing of those securities at an advantageous time or at the values determined by the Portfolio for the purpose of determining the Portfolio's net asset value, especially during periods of significant net redemptions of Portfolio shares. As a result, a Portfolio may be unable to achieve its desired level of exposure to certain issuers, asset classes or sectors. Private equity investments and private real estate-related investments are generally classified as illiquid investments and generally cannot be readily sold. As a result, private real estate-related investments owned by a Portfolio may be valued at fair value pursuant to policies and procedures adopted and implemented by the Manager acting in its capacity as valuation designee under Rule 2a-5. Fair value determinations are inherently subjective and reflect good faith judgments based on available information. Accordingly, no assurance can be given that the fair value prices accurately reflect the price a Portfolio would receive upon the sale of the investment. A Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

B17

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Portfolios with principal investment strategies that involve foreign securities, private placement investments, derivatives, or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity and valuation risk.

*Market and Management Risk:* Markets in which the Portfolio invests may experience volatility and go down in value, and possibly sharply and unpredictably in short periods of time. Investment techniques, risk analyses, and investment strategies, which may include quantitative models or methods, used by a subadviser in making investment decisions for the Portfolio are subject to human error and may not produce the intended or desired results. While a portfolio manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. The value of the Portfolio's investments may be negatively affected by the occurrence of domestic or global events, including war, terrorism, significant or unexpected failures, near-failures or credit downgrades of key institutions, unexpected changes in the prices of key commodities, government actions, including the threat of or actual imposition of tariffs, environmental disasters, natural disasters, sanctions, cybersecurity events, supply chain disruptions, political or civil instability, and public health emergencies, among others. Such events may reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and significantly adversely impact the economy. These events can disrupt the operations of the Portfolio and its services providers, adversely affect the liquidity and volatility of investments held by the Portfolio, and negatively impact the Portfolio's performance. There is no guarantee that the investment objective of the Portfolio will be achieved. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

*Portfolio Turnover Risk:* A Subadviser generally does not consider the length of time a Portfolio has held a particular security in making investment decisions. In fact, a Subadviser may engage in active and frequent trading on behalf of a Portfolio—that is, frequent trading of its securities—in order to take advantage of new investment opportunities or yield differentials. A Portfolio's turnover rate may be higher than that of other mutual funds due to a Subadviser's investment strategies and the above-referenced asset transfer programs. Portfolio turnover generally involves some expense to a Portfolio, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. A Portfolio may experience an increase in its portfolio turnover rate when the Portfolio's portfolio is modified in connection with a change in investment objective, strategies, or a Subadviser.

*Regulatory Risk*: Each Portfolio is subject to a variety of laws and regulations which govern its operations. Each Portfolio is subject to regulation by the SEC. Similarly, the businesses and other issuers of the securities and other instruments in which a Portfolio invests are also subject to considerable regulation. These laws and regulations are subject to change. Changes in laws and regulations may materially impact a Portfolio, a security, business, sector or market. For example, changes in laws or regulations made by the government or a regulatory body may impact the ability of a Portfolio to achieve its investment objective, or may impact a Portfolio's investment policies and/or strategies, or may reduce the attractiveness of an investment.

*Sovereign Debt Securities Risk:* Investing in sovereign debt securities exposes a Portfolio to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities. Periods of economic and political uncertainty may result in the illiquidity and increased price volatility of sovereign debt securities held by a Portfolio. The issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors. In addition, foreign governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

*US Government Securities Risk:* US Treasury obligations are backed by the "full faith and credit" of the US Government. Securities issued or guaranteed by federal agencies or authorities and US Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the US Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the US Government. These securities may be supported by the ability to borrow from the US Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the US Treasury. Further, the US Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the US Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the US Government being downgraded and reduced prices of US Treasury securities. If the US Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the US Government may default on payments on certain US Government securities,

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including those held by a Portfolio, which could have a negative impact on the Portfolio. An increase in demand for US Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

10. Reorganization

On August 23, 2024, the Board approved an Agreement and Plan of Reorganization (the "Plan") which provided for the transfer of all the assets of AST T. Rowe Price Fixed Income Central Portfolio ("T. Rowe Price Fixed Income Central") (the "Merged Portfolio") for shares of PGIM Fixed Income Central (the "Acquiring Portfolio") and the assumption of the liabilities of the Merged Portfolio, respectively. The reorganization took place at the close of business on December 6, 2024.

On the reorganization date, the Merged Portfolio had the following total investment cost and value, representing the principal assets acquired by the Acquiring Portfolio:

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| | | |
|:---|:---|:---|
| Merged Portfolio | Total Investment<br>Value | Total Investment <br>Cost |
| T. Rowe Price Fixed Income Central | $1852931064 | $1828395103 |

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The purpose of the transaction was to combine two portfolios with substantially similar investment objectives, policies and strategies.

The acquisition was accomplished by a tax-free exchange of the following shares on December 6, 2024:

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| | | |
|:---|:---|:---|
| Merged Portfolio |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |
| T. Rowe Price Fixed Income Central |  | 166343587 |
| Acquiring Portfolio | Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  PGIM Fixed Income Central | 165820077 | $1870450466 |

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For financial reporting purposes, assets received and shares issued by the Acquiring Portfolio were recorded at fair value; however, the cost basis of the investments received from the Merged Portfolio was carried forward to reflect the tax-free status of the acquisition.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

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| | | |
|:---|:---|:---|
| Merged Portfolio | Unrealized<br>Appreciation<br>on Investments | Net Assets |
| T. Rowe Price Fixed Income Central | $24535961 | $1870450466 |
| Acquiring Portfolio |  | Net Assets |
|  PGIM Fixed Income Central |  | $9206833669 |

---

Assuming the acquisition had been completed on January 1, 2024, the Acquiring Portfolio's unaudited pro forma results of operations for the year ended December 31, 2024 would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
| Acquiring Portfolio | Net<br>investment<br>income (a) | Net realized and<br>unrealized loss<br>on investments (b) | Net increase in<br>net assets resulting<br>from operations |
|  PGIM Fixed Income Central | $613612005 | $(245306346) | $368305659 |

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(a) Net investment income as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net investment income from the Merged Portfolio pre-merger as follows: T. Rowe Price Fixed Income Central $101,893,259.

(b) Net realized and unrealized loss on investments as reported in the Statement of Operations (Year ended December 31, 2024) of the Acquiring Portfolio, plus net realized and unrealized loss on investments from the Merged Portfolio pre-merger as follows: T. Rowe Price Fixed Income Central $(24,328,284).

Since both the Merged Portfolio and the Acquiring Portfolio sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment portfolios had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Portfolio that have been included in the Acquiring Portfolio's Statement of Operations since December 6, 2024.

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11. Recent Accounting Pronouncement and Regulatory Developments

During the reporting period, the Portfolios adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) -Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Portfolios did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

12. Subsequent Event

Each Portfolio's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of December 31, 2025.

B20

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Advanced Series Trust and Shareholders of AST J.P. Morgan Fixed Income Central Portfolio, AST PGIM Fixed Income Central Portfolio and AST Target Maturity Central Portfolio

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of AST J.P. Morgan Fixed Income Central Portfolio, AST PGIM Fixed Income Central Portfolio and AST Target Maturity Central Portfolio (three of the portfolios constituting Advanced Series Trust, hereafter collectively referred to as the "Portfolios") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the relevant ethical requirements relating to our audits, which include standards of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, as well as U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent, issuers of privately held securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 24, 2026

We have served as the auditor of one or more investment companies in the Prudential Insurance Portfolios complex since 2020.

C1

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#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract - None.

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Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not

applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

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| | |
|:---|:---|
| Item 15 | – Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

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Item 16 – Controls and Procedures

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

(a)(1) [Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.](d57466dex99codeeth.htm)

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d57466dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d57466dex99906cert.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  Registrant: | <u>Advanced Series Trust</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | February 24, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Kenneth Allen</u> |
|  | Kenneth Allen |
|  | President and Principal Executive Officer |
| Date: | February 24, 2026 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |
| Date: | February 24, 2026 |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**I. Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") is established for the funds listed on Attachment A hereto (each a Fund" and together the "Funds") pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission ("SEC"). The Code applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the "Covered Officers" each of whom are set forth in Exhibit B) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the SEC and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund's investment adviser, principal underwriter, administrator, or other service providers to the Fund (together "Service Providers"), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Directors/Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports
of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds' Chief Legal Officer or other senior legal officer, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or
employment relationship with, any of a Fund's Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside the Fund, including to the Fund's Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of
a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board of Directors/Trustees that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

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The Funds will follow the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported
to her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should
be reviewed by a Fund's Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund's Board or Board Committee comprised of Independent Directors/Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based upon its review of any matter referred to it, a Fund's Board or Board Committee comprised of
Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund's Board or Board Committee
comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund's investment
adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

**IX. Recordkeeping** 

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

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**EXHIBIT A** 

**<u>Funds Covered by this Code of Ethics</u>**

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential's Gibraltar Fund, Inc.

• The Prudential Series Fund

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**EXHIBIT B** 

**Persons Covered by this Code of Ethics** 

**Stuart S. Parker** – President and Principal Executive Officer of the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Kenneth Allen** – President and Principal Executive Officer of Advanced Series Trust, Prudential's Gibraltar Fund, Inc. and The Prudential Series Fund.

**Christian J. Kelly** – Chief Financial Officer and Principal Financial Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

**Russ Shupak**- Treasurer and Principal Accounting Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Elyse McLaughlin**- Treasurer and Principal Accounting Officer for the Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

## Ex-99.Cert

Item 19

**Advanced Series Trust** 

Annual period ending 12/31/25

File No. 811-05186

**<u>CERTIFICATIONS</u>**

I, Kenneth Allen, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advanced Series Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 24, 2026 |  |
|  | <u>/s/ Kenneth Allen</u> |
|  | Kenneth Allen |
|  | President and Principal Executive Officer |

---

------

Item 19

**Advanced Series Trust** 

Annual period ending 12/31/25

File No. 811-05186

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Advanced Series Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 24, 2026 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Advanced Series Trust</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
| February 24, 2026 | <u>/s/ Kenneth Allen</u> |
|  | Kenneth Allen |
|  | President and Principal Executive Officer |
| February 24, 2026 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*